Wednesday, 28 April 2010

Holy Cow! Carbon Trading Has Barely Gotten Off The Ground, And There's Already A Huge Financial Scandal In Europe

The news out of Europe is that Deutsche Bank and several others have been raided in a C02 swapping tax evasion scheme.

This is amazing news because the carbon market -- a concept beloved by both banks and environmentalists -- is still nascent.

No, we don't yet know how this is going to play out but really the fact that a market that's barely gotten off the ground is already drawing suspicious of tax evasion is very damning, and suggests that banks can't be trusted if the market ever gets huge


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