Saturday, December 19, 2009

EU Cap-and-Trade trading dominated by organized crime

Why am I not surprised? - Fraud in Europe's Cap and Trade System a 'Red Flag,' Critics Say
The top cops in Europe say carbon-trading has fallen prey to an organized crime scheme that has robbed the continent of $7.4 billion -- a massive fraud that lawmakers and energy experts say should send a "red flag" to the U.S., where the House approved cap-and-trade legislation over the summer amid stiff opposition.

In a statement released last week, the Europol police agency said Europe's cap-and-trade system has been the victim of organized crime during the past 18 months, resulting in losses of roughly $7.4 billion. The agency, headquartered in the Netherlands, estimated that in some countries up to 90 percent of the entire market volume was caused by fraudulent activities.

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