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Here's something to consider for those who wondered why the usual suspects flew up in arms earlier this week over reports that 'Circle of Commitment', countries including the U.S., were seeking to wrest control of the Kyoto revenue mechanism to the World Bank (there's no such move afoot, incidentally; that was merely an overwrought reaction to said suspects finding something that they hadn't been allowed to write).

That of course would have implications for the "global carbon offset market" if Kyoto II ropes us in and finally begins chugging down the tracks, next stop "Oil for Food on Steroids".

Today's Open Europe press briefing includes the following item (in bold in original):

A press release from the European police force Europol states that the VAT fraud afflicting the EU's Emissions Trading Scheme in the past 18 months, has resulted in the loss of approximately €5 billion euros for several national tax revenues. It is estimated that in some countries, up to 90% of the whole market volume was caused by fraudulent activities. Europol

It seems so hard to believe that a scheme concocted by Ken Lay and the boys at Enron in the mid-1990s, adopted recently by derivatives-types as their next playground, pushed all along by Goldman Sachs and feverishly demanded by George Soros should have to suffer the indignity of such charges.