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.
"These criminal activities endanger the credibility of the European Union Emission Trading System and lead to the loss of significant tax revenue for governments," Rob Wainwright, Europol's director, said in a statement.
Could it happen here, too?
Asked by Anonymous at 11:27 AM on Dec. 19, 2009 in Politics & Current Events
Answer by jesse123456 at 12:58 PM on Dec. 19, 2009
Fraud? In our government? Naaaawwwwwww, that could never happen here *sarcasm*.
Answer by QuinnMae at 11:31 AM on Dec. 19, 2009
Answer by mancosmomma at 11:35 AM on Dec. 19, 2009
I know. Like it doesn't happen already? *shaking my head*
I think the phrase 'the road to hell is paved with good intentions' has more meaning now than it ever has before.
Answer by QuinnMae at 12:07 PM on Dec. 19, 2009
Answer by tnmomofive at 1:30 PM on Dec. 19, 2009