YOU KNOW, I NEVER WOULD HAVE GUESSED - AT 11:54 A.M. ET:  One by one, news stories document the shady side of the global-warming industry.  Fox News reports:

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.

That $7.4-billion could have built a lot of schools or bought some needed defense equipment.

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.

Launched in 2005, the Emission Trading System seeks to reduce greenhouse gas emissions -- which many scientists believe contribute to global warming -- by allocating carbon pollution allowances to member states to fulfill its obligations under the U.N.'s Kyoto Protocol. Companies that emit less than their allowance can sell the difference on the trading market to firms that exceed their established limits.

COMMENT:  Why do I get the feeling that money is behind much of the global-warming business?  A lot of people seem to be getting rich, while we're expected to write the checks.

December 19, 2009