"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Sunday, August 8, 2010

Scamming the Global Warming scammers! The Great Carbon Caper!

When you are selling nothing but pieces of paper it is not surprising to find that up to 90% of market volume in some countries is fraudulent. Criminals (and most everyone else) are much cleverer than the bureaucrats who set up the dopey scheme causing losses of up to 5 billion Euros (6.6 Billion USD) . To this day it seems only a few charges have been laid for only a small part  of these losses.

The European Union (EU) Emission Trading System (ETS) has been the victim of fraudulent traders in the past 18 months. This resulted in losses of approximately 5 billion euros for several national tax revenues. It is estimated that in some countries, up to 90% of the whole market volume was caused by fraudulent activities.

Indications of suspicious trading activities were noted in late 2008, when several market platforms saw an unprecedented increase in the trade volume of European Unit Allowances (EUAs). Market volume peaked in May 2009, with several hundred million EUAs traded in e.g. in France and Denmark. At that time the market price of 1 EUA, which equals 1 ton of carbon dioxide, was around EUR 12,5.
As an immediate measure to prevent further losses France, the Netherlands, the UK and most recently Spain, have all changed their taxation rules on these transactions. After these measures were taken, the market volume in the aforementioned countries dropped by up to 90 percent.
With the support of Belgium, Denmark, France, the Netherlands, Spain and the United Kingdom Europol has set up a specific project to collect and analyse information in order to identify and disrupt the organised criminal structures behind these fraud schemes. There are reasons to believe that fraudsters might soon migrate towards the gas and electricity branches of the energy sector.
Mr. Wainwright, Director of Europol, says "These criminal activities endanger the credibility of the European Union Emission Trading System and lead to the loss of significant tax revenue for governments. Europol is using its expertise and information capabilities to help target the organised crime groups involved". Europol has therefore offered its support to the European Commission - DG Environment to safeguard the integrity of the Community Independent Transaction Log."
With suspicions around in late 2008 and the rort "peaking" in May 2009 it is hard to imagine what the Euro-dimwits were doing for 6-7 months while billions of dollars were disappearing down the gurgler.
Putting this in perspective the UK's Great Train Robbery netted only 2 million Euros making the latest heist over 2000 times as large.

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