"Organized crime may be responsible for theft of European Union emission allowances this month, and national authorities are working with Europol...a top EU climate official said." Sweden admits it has Austria's stolen 'carbon credits' but says it might just be 'a coincidence.'
2/1/2011, "Austria Asks Sweden to Return Carbon Permits Worth $3.9 Million," Bloomberg, by Johan Carlstrom and Mathew Carr
"Sweden is in talks with Austria about giving back European Union carbon allowances that may have been stolen in online attacks that have shaken confidence in an 80 billion-euro ($110 billion) market.
Austria requested the return of allowances valued at more than 25 million kronor ($3.9 million) that are now in an account controlled by Sweden, Ola Westberg, a spokesman for the Nordic country’s energy agency, said yesterday in an interview.
“A request from Austria has been made for their return,” Westberg said. “This is something that will have to be decided by the Swedish prosecutor’s office,” he said, declining to provide a timeframe for the ruling.
The EU announced the suspension on Jan. 19 of registries in 30 countries that track ownership of carbon dioxide allowances. That triggered a halt of spot trading in carbon, which accounted for about 12 percent of a total market, valued at about 80 billion euros last year....The halt may make the carbon market “untenable,” the European Federation of Energy Traders said yesterday, and Barclays Plc said it curtailed trading....
Sweden energy agency said in a Jan. 25 statement that it was holding permits with serial numbers matching those reported missing in Austria. “That the emission permits ended up in Sweden was probably a coincidence,” according to the statement.
“This type of criminality tries to make as many transactions as possible in a short period of time, hoping someone will buy them in good faith,” according to the statement. “We may have just been a transit country.”
Organized crime may be responsible for the theft of European Union emission allowances this month, and national authorities are working with Europol to catch the criminals, a top EU climate official said this week.
A series of computer-hacking attacks show some member states and firms neglected security rules, Jos Delbeke, director general for climate at the European Commission, said Jan. 28.
“Investigations are now being carried out by member states, and the Europol is involved,” he said. “They are looking everywhere where evidence can be found. Apart from Austria, Czech Republic and Greece, there were a few other countries where we had strong suspicions.”
- He declined to elaborate."...
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Ed. note: This article is one of many about the greatest scam ever perpetrated on humanity, ie the 'climate' scam. They come right out and tell you it's a scam but no elected official cares.
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UBS says EU carbon trading a $287 billion waste:
11/23/11, "Europe's $287 billion carbon 'waste': UBS report," The Australian, by 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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Soros says carbon trading can be 'gamed' which is why he likes it (under subhead "Not Convinced"):
12/4/09, "Carbon Capitalists Warming to Climate Market using Derivatives," Bloomberg, by A. Kassenar
"Even George Soros, the billionaire hedge fund operator,
- says money managers would find ways to manipulate cap-and-trade markets.
“The system can be gamed,” Soros, 79, remarked at a London School of Economics seminar in July.
- “That’s why financial types like me like it -- because there are financial opportunities.”...
- And derivatives related to carbon must be part of the mix, she says.
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CO2 trading is completely dead. Even if it weren't dead, it's hopelessly overrun with crime. Crime is taken for granted in Europe.
2/1/11, ""Broken" EU spot CO2 market will struggle to revive," Forexpros, Reuters
"Liability rules differ across countries and are yet to be tested. In theory, Britain and Germany, for example, have opposite laws, where the seller and buyer respectively get legal ownership of stolen permits.
"The spot market will not be the same. The serious question of legal liability may mean the spot market remains all but dead," Andrew Ager, head of emissions trading at Bache Commodities, told Reuters.
"With different member states applying different legal interpretations for affected carbon permits it is a legal minefield with no clear path to safety," he added....
Regarding security, it was still too easy to open a carbon trading account in some EU countries, which provides easy access to the market. Restricting access to polluters and regulated traders could help prevent theft in the future, analysts said."...
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