Monday, September 09, 2013

C
​arbon Crooks movie is getting a lot of attention in Denmark and surrounding countries. A few nordic websites are beginning to cover the story. But also, now, some English language sites have picked it up. Redd Monitor (http://www.redd-monitor.org/2013/09/04/carbon-crooks-a-new-documentary-about-carbon-trading/) is one. 

One thing I have noticed is that most of the reviews focus on the more salient, headline grabbing points: 1)Criminals hacked into registries and stole outright electronic carbon credits and 2) through a scam involving Value Added Tax, other Criminals were able to defraud the EU governments out of over 8 billion Euro!​

What the reviewers miss is the story about Connie Hedagaard and how she ignored the VAT "carousel fraud" when she was told early on about it. The point inferred here is that they didn't want any bad PR that would hurt emissions trading. 

I was in the carbon market and find it incredibly hard to believe that some investigators let this go on as long as it did. 

When I lost my job, it was about six months after the worst of the VAT fraud, but the hacking and selling the credits was still going on. (I lost my job because I found out about illegal dealings and a case of collusion in my employer, brought to my attention because of a carbon theft; call me and I will tell you the whole story so you don't end up trading with these guys in Amsterdam).

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