Friday, February 05, 2010

Big Carbon Trading Fraud Uncovered in Europe - Tooth Fairy Implicated

This is just hilarious.
Feb. 5 (Bloomberg) -- European regulators need to take “decisive action” after a new round of fraud tainted the world’s biggest emissions market, according to the head of carbon trading at Barclays Capital.

Germany’s Federal Environment Agency said Feb. 3 that about 250,000 CO2 allowances with a market value of 3.2 million euros ($4.4 million) were improperly transferred after cyber attacks. The so-called “phishing” incident comes after Europe lost a total of 5 billion euros in revenue for the 18 months ending in December 2009 because of value-added tax fraud in the CO2 market, according to Europol, the law enforcement agency.
So let's see if we can get this straight. A con game based on junk science designed to prevent glaciers from melting that really aren't by reducing a tiny build up of harmless gases that will increase no matter what the Euros do has been pilfered by thieves. This is like Oceans 11 for the Global Warming set.

I guess this is all OK morally since they're stealing from thieves. Whatever.


Dean said...


B-Daddy said...

What do you expect when you are trading an odorless, tasteless gas that has no intrinsic value.

Road Dawg said...

Ohhhhhh, the irony. Very well put Mr.Cat!