What you didn't hear much about today...at least in the American news media and barely anything via finance news...the German cops got orders via the prosecutors and executed search warrants.
The target? Carbon trading. Yeah....legalized carbon trading.
Two hundred and thirty offices and homes were raided in a $238 million dollar episode of tax evasion.
Course, you might ask.....the trigger? Links to emissions trading. If you recall from about two months ago...Interpol and several law enforcement groups were hinting of a massive fraud effort in carbon trading...with the mafia possibly tied to it. Along the way....I'm guessing alot of naive folks who thought they were on the front end of a wave.
Part of this deal....relates to what they call "carousel fraud". Basically, you jump into a mess of speculation....make some profits quickly....and then disappear. So you help to drive up a price...profit...sell...and collect the money overnight, to fall back into the crowd of onlookers.
A trend? The cops and the banks aren't saying. But it doesn't help the cap & trade argument going on in the US...to watch events like this occur.
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