Another billion in European carbon trading fraud-150 rich guys in on scam. The rich and royal all love that global warming

3/5/11, "Newspaper: German (carbon trading) tax scam may have netted 1 billion dollars," Monsters and Critics, Deutsche Press, Munich

"A massive tax scam uncovered in Germany a year ago may have netted 1 billion dollars for the brains behind it, a German newspaper reported Saturday, quoting investigators.

In a so-called carousel scheme, more than 150 executives and entrepreneurs are suspected of shunting carbon-emission certificates back and forth across borders so as to avoid value-added tax.

The Sueddeutsche Zeitung reported that tax investigators in various cities in Germany had pooled their data in recent weeks to calculate the overall damage, which was not announced at the time of police raids a year ago.

The newspaper quoted Frankfurt public prosecutors saying the estimate was that 50 companies had avoided taxes totalling 850 million euros (1.17 billion dollars).

Four accused are in custody.

Alexander Badle of the Frankfurt public prosecutions office told the German Press Agency dpa the newspaper report was correct, but said the 'tangible' loss was the 220 million euros in tax 'refunds' paid to the alleged fraudsters though they had no right to it.

Emission certificates are rights issued by governments to emit carbon dioxide into the atmosphere. Trading them enables the market to decide which operator can reduce emissions

• at the least cost."

via Tom Nelson