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Denmark At Center Of $49B Carbon Fraud

From the Danish news outlet, Politiken:

DK centre for CO2 fraud

The Danish CO2 register at the centre of European CO2 fraud for billions.

30. Nov 2010

Denmark is at the centre of an extensive, international CO2 quota fraud that runs into the billions, according to the conclusions of a report from Tax Minister Troels Lund Poulsen (Lib) to the Energy Policy Committee, Ekstra Bladet reports.

Environment Committee Chairwoman Ida Auken says the report is sheer admission from the Tax Ministry.

“The Danish quota register is the centre for all of Europe’s fraud – we now have it black on white from the ministry itself,” Auken tells Ekstra Bladet and urges Climate Minister Lykke Friis to help the Naitonal Auditors to clean up.

“The Climate and Energy Minister has been trying to cover up the size of the scandal that is on her table. Now the Tax Minister has revealed the issue and passed the buck on to her,” Auken says, adding that the case is so big that responsibility must be placed in the issue.

38 billion [$49.5 billion]

The report says that there has been fraudulent trading in CO2 quotas across the European Union, with many of the cases pointing back to Denmark.

Investigations are being carried out in several countries, with the Danish Fraud Squad involved in investigations in Germany, Spain, Norway and Belgium. In France alone, authorities have found some 151 quota accounts in the Danish register which they suspect have been used to carry out VAT fraud in CO2 quota trading.

So, at the very least, it would appear that some ne’er-do-wells haven’t been paying the VAT on their carbon credit trades.

The Tax Ministry has been working on the issue for some months, but several countries are said to be slow in providing the necessary information.

Tax Minister Troels Lund Poulsen has written to Parliament saying he plans to make personal contact with his colleagues in France and Germany in order to get more information.

The problem with the Danish system is that from 2007-2009 it was possible to open an account in the register without proof of identity, requiring no more than a mailing address – something that was attractive for European VAT speculators [sic].

The English translation, done by the source, leaves a little to be desired. But you get the drift.

Of course you would expect any industry that is founded upon a fraud to be given to further fraud. But $50 billion dollars is a lot of fraud, even by ‘global warming’ standards.

In fact, that is more money than a lot of the recent EU bailouts.

This article was posted by Steve on Tuesday, November 30th, 2010. Comments are currently closed.

10 Responses to “Denmark At Center Of $49B Carbon Fraud”

  1. NoNeoCommies says:

    I hope no one is surprised that people would look at this fraudulent framework and think: “I should get in on this scam and get rich!”

  2. bill says:

    Aww man, you mean it was a fraud all along? What part, the CO2 part, or just the whole thing?

  3. GL0120 says:

    Opening an account with no proof of identity?
    Who did they think they were, ACORN?

  4. Papa Louie says:

    Something really is rotten in Denmark. They have been fencing hot carbon credits. I thought the idea was to reduce global warming not contribute to it. I also thought the idea was to redistribute the wealth from carbon producing countries to less developed countries who need help coping with climate disruption. Instead, wealth is being redistributed from the suckers buying carbon credits to the even less deserving ruling class and their friends running this fraudulent scheme.

    The rich always get richer. The only question is whether it be the innovative rich getting richer through industry, or the undeserving rich, like Al Gore, getting rich through fraud and manipulation.

  5. Liberals Demise says:

    Algore’s ponzi scheme is crumbling and he was last seen counting extra carbon credits while burning the 200 watt bulbs after midnight.
    Sweet, huh?

  6. GetBackJack says:

    The carbon credit scam always sounded a lot like the PAY US FOR YOUR AIR scam on Mars in Total Recall.

    • AcornsRNutz says:

      Or President Scroob in “Spaceballs”. It wouldbe hilarious if it wasn’t so frightening in its economic implications.

  7. Grzegorz says:

    Who cares about global warming? That babe in the photo is *cute*!!!

  8. Chuckk says:

    Co2 is colorless, odorless tasteless and is the most common chemical appearing naturally in the air. Now we have people/companies buying and selling it. Thanks to Al Gore and his followers. This reminds me of the selling of Indulgences in the Middle Ages. How far we have advanced.

  9. Gladius et Scutum says:

    This size of fraud requires something called “control fraud”. Common identity theft etc.. won’t do it. Control fraud means corrupt auditors and/or tax collectors. If you recall, when Enron went down, its auditing firm, Arthur Andersen went down too. Dozens of claims of phony audit reports started to become public. Many of us who had access to their work had been crying foul for years. Bernie Madoff needed his very own “special” auditor.

    I guess this was just too large to hide, but notice that the Danes won’t mention the obvious corruption in their own financial and tax system, and it probably reaches all the way to Brussels.

    A fellow named William K. Black with the Institute for Fraud Prevention wrote an excellent paper (2005) on how fraud needs to be a part of economic models, but I’m having trouble linking it.

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