Crooks get gold ring on Europe’s ‘carbon carousel’ 

For those who still believe the global warming people are all about saving the planet instead of lining their own pockets, here’s another clue:

Prosecutors in Frankfort, Germany investigating massive carbon trading fraud froze the assets of their nation’s largest bank and second-largest utility, Bloomberg reports. This is comparable to telling Bank of America and Southern California Edison that they can’t take any money out of their own bank accounts.

Deutsche Bank and RWE officials say they are cooperating with officials and not a target of the probe.

However, a total of 230 offices and homes were raided in the “carbon carousel” fraud, in which carbon traders made off with $180 million euros. Similar investigations were launched in the U.K., France, Belgium and the Netherlands last year. In fact, Europol – Europe’s law enforcement agency – believes that almost a third of the activity on the world’s largest carbon trading market over the last 18 months has been fraudulent.

According to Europol, here’s how the “carbon carousel” works: Members of organized crime set up front companies and open accounts with their respective national carbon registries so they can buy emission allowances on one of Europe’s six official carbon exchanges.

They sell the allowances to a broker in another country, who charges a value-added tax on the transaction. However, instead of turning the tax money over to authorities, the criminals disappear and use the purloined cash to set up new front companies.

Since the whole carbon trading scheme is based on dubious science Europeans should never have accepted in the first place, this would be nothing more than a good come-uppance for them were it not for the fact that the real victims are thousands of legitimate businesses forced by their own governments to fork over billions to these crooks – all in the name of global warming.

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