You'll be hard pressed to find ethereals more honest, hard-working or pleasant to be around than us. All we require is loyalty, dedication, and a reasonable amount of moral flexibility - Consortium Recruiter
Proving that even ethereals can have the souls of goblins, the Consortium seeks to develop the resources of Outland and its people for the purposes of trade. Nexus-Prince Haramad rules from the Netherstorm, where Karaaz is the primary Consortium vendor, but (because trade goes whereever there are markets to exploit), you may even find their presence in far distant lands.
The Consortium rewards its members (those with Friendly or better standing). Beginning at Friendly, Gezhe at Aeris Landing in Nagrand will offer the quest "Membership Benefits". This is a monthly repeatable quest (resets on the first day of each month) which provides a bag of gems. Higher levels of reputation result in more and better gems.
The Consortium is also involved in the questline which yields the Arcatraz key, beginning with the quest "Assisting the Consortium" given out in the inn in Area 52, Netherstorm.
Reputation from Kills
Most mobs in the Mana Tombs give 5-20 reputation, bosses 70 through Honored. Heroic runs (requiring the Auchindoun key which needs Honored with Lower City) grant rep through Exalted.
Gaining favor with the Consortium just requires assisting them with their business endeavors. The Consortium provides a series of tasks, beginning with recruitment (" The Consortium Needs You!") by a Consortium Recruiter (conveniently found outside Telaar or Garadar) to tasks around Oshu'gun in Nagrand and finally to the Netherstorm itself. Upon reaching Honored, a new questline opens involving the Ethereum Prison.
Repeatable Reputation Quests for the Consortium
The Consortium has a number of operations which could use some mortal assistance. Until Friendly with the Consortium, you may retrieve crystal fragments from the Oshu'gun diamond or Pairs of Ivory Tusks from wild elekks. Beginning at Friendly, you can gain reputation by "removing obstacles" to Consortium activities.
Once you make it to Nagrand (in your low 60's), starting the Consortium questline is a good investment. You can easily collect the crystal fragments around Oshu'gun - if you're careful, about half of them won't even require fighting. If you're an alt or have wealthy guildmates, the tusks and fragments can easily be purchased off the AH. You only need 12 turn-ins (120 fragments or 36 sets of tusks) to make Friendly. Once Friendly, you can begin getting the monthly gem distribution from Gezhe at Aeris Landing.
If you're also interested in gaining reputation with the Mag'har or Kurenai, you should then begin farming Boulderfist or Warmaul ogres (Warmaul are slightly closer to Garadar, Boulderfist to Telaar). Save the warbeads for Consortium turn-ins. Note that the drop rate for warbeads is about 1 in 3, so on the average, you will need to kill 120 ogres for 1000 Consortium rep. This will also yield you 1200 Mag'har/Kurenai rep.
Once you hit 70, you should be able to easily handle the Zaxxis ethereals at The Heap in the Netherstorm (next to Manaforge B'naar near Area 52). At this point (once you're Honored with the Consortium), go to Stormspire and seek out Protectorate Advisor Rahim. He points you to Commander Ameer at the Protectorate Watch Post (east of Stormspire). This questline leads you to "A Mission of Mercy." Once you complete that, the Zaxxis ethereals (among others) also have the chance to drop Ethereum Prison Keys, allowing you to farm reputation that much quicker. Also, if you have a dependable group, you should run the daily instance quests given out by the Nether-Stalkers in Lower City.
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