Barclays Bank closes US carbon desk in latest setback to cap and trade high fliers

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11/23/11, UBS Bank says EU emissions trading is a 'waste,' cost consumers $287 billion for next to no impact on climate.
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1/20/12, "Barclays Closes US Carbon Desk In Latest Cap And Trade Setback," Simon Lomax, AOL Energy

"A major European bank closed its US carbon trading business this week in a sign that 2012 is a "make-or-break" year for cap-and-trade programs designed to fight climate change.

London-based Barclays determined the US carbon market, currently comprised of a handful of states, is too small to justify the expense of a dedicated trading desk in New York, according to sources familiar with the decision. Barclays was a major player in US greenhouse-gas trading programs on the East and West coasts and remains active in Europe's carbon market, the largest in the world. Seth Martin, a Barclays spokesman, declined to comment.

"That is not good news for carbon-dioxide trading, especially not in the US," says Gary Hart, a market analyst for ICAP Energy and a veteran pollution-rights trader. "There's such uncertainty around the use of carbon cap-and-trade programs."

The carbon cap-and-trade concept, which regulates the greenhouse gases linked to climate change by letting companies buy and sell pollution allowances, has suffered a major reversal of fortune since President Barack Obama's election in 2008. Obama pushed Congress to create a national carbon market, by some estimates worth roughly $100 billion a year. The proposed market, similar to the European Union Emissions Trading System, caught the attention of major financial institutions, such as Barclays and JP Morgan which saw U.S.-issued carbon allowances as a potentially lucrative new commodity....

Even Europe's carbon cap-and-trade program, in place since 2005, has been rocked by tax-fraud and computer-hacking scandals. Since Obama's election, carbon prices there have plummeted about 60%, according to Paris-based environmental-trading exchange Blue Next amid weak economic growth."...
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10/8/10, "Murder on the Carbon Express: Interpol Takes on Emissions Fraud," Mother Jones, by Mark Schapiro
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7/16/10, "Carbon Trading Used as Money-Laundering Front," Jakarta Globe

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11/23/11, "Europe's $287bn carbon 'waste': UBS report," The Australian, Sid Maher

"Swiss banking giant UBS says the European Union's emissions trading scheme has cost the continent's consumers $287 billion for "almost zero impact" on cutting carbon emissions, and has warned that the EU's carbon pricing market is on the verge of a crash next year."

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Christian Science Monitor, 4/20/10, "Buying Carbon offsets may ease eco-guilt but not global warming," by Doug Struck.

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7/02/09, "The Great American Bubble Machine: How Goldman Sachs has Engineered Every Major Market Manipulation Since the Great Depression," Rolling Stone, by Matt Taibbi

"A groundbreaking new commodities bubble,

• disguised as an "environmental plan"

• called cap-and-trade."...

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Billions being stolen in carbon schemes could have helped poor and starving children. Millionaires jetting to 'climate' summits care nothing about the poor or the environment. The global 'climate' scam keeps stealing tax money and all they can do is hope people in 27 countries will "update their virus software." A massive crime disguised as 'caring.' Europeans must get a backbone and vote their criminals out.

12/1/10, "EU Carbon permits missing from registry due to (computer) virus," Reuters, Nina Chestney

"One million European carbon permits (valued at $19.54 million US) have gone missing from the Romanian subsidiary of cement company Holcim's (HOLN.VX) emissions registry account due to a computer virus,

• the EU Commission said on Wednesday.

Holcim Romania says on its website that its account with the Romanian national registry for greenhouse gases was illegally accessed and

• 1.6 million carbon permits went missing."...

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7/3/10, "Deutsche Bank was warned about carbon raid-report," Reuters

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RGGI, the Northeast states' "Regional Greenhouse Gas Initiative: "The secrets 10 states and Wall Street don't want you to know," by Mark Lagerkvist, NJ Watchdog, 7/28/10

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10/3/2011, "Carbon credits tarnished by human rights 'disgrace'," EurActiv, EU News

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11/10/11, "The great offsets scam begins," Australia Herald Sun, Andrew Bolt

"Most of the Gillard Government’s planned cuts to our emissions actually involves paying foreigners to cut their own. From 2020, we’ll be spending more than $3 billion a year on foreign carbon credits, rising to an astonishing $57 billion a year by 2050, according to Treasury modelling."

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"Renewable Energy law is...not an instrument to combat climate change" per Germany Green Party email. ie, People know switching to wind turbines will not save our grandchildren (James Hanson, Prince Charles). They do know insulating a building reduces CO2 more efficiently than wind turbines, per Green Party expert email.

2/10/2009, "Wind Turbines in Europe Do Nothing for Emissions-Reduction Goals," Der Spiegel, Anselm Waldermann

"Despite Europe's boom in solar and wind energy, CO2 emissions haven't been reduced by even a single gram. Now, even the Green Party is taking a new look at the issue -- as shown in e-mails obtained by SPIEGEL ONLINE.

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12/3/2011, "Carbon traders cut as climate talks stall," Sydney Morning Herald



via Tom Nelson