Some of Germany’s leading media outlets are reporting that 500 German police officers and tax authorities raided mighty Deutsche Bank in Frankfurt earlier today. According to Die Welt here, five managers have been linked to a scam involving the trading of carbon permits. Arrest warrants have been issued. Also see Reuters here.
500 police officers raid, investigate Deutsche Bank for tax evasion surroundiung carbon trading. Photo source: Wikipedia, Creative Commons Attribution-Share Alike 3.0 Unported license.
No wonder Deutsche Bank had always been such an active proponent of global warming and the emissions trading scheme. There was lots of easy cash to be made! Gee, I wonder at whose expense?
Die Welt writes:
Hundreds of police officers marched into the twin towers of Deutsche Bank, more than 20 police vehicles were parked in front of the high-rises and other office buildings. At times staff were not even permitted to use the elevators. Eight police officers were posted in the entrance with large caliber guns in reach.”
This is not the first time DB has been investigated for tax evasion involving the trade of carbon emission permits. Investigations were conducted in 2010. There have been other raids. Die Welt writes:
Indeed it became clear that the affair has reached a new level of escalation today.”
The alleged scam is not isolated to the lower or midde management levels, but reaches the very top. Deutsche Bank co-chief executive Juergen Fitschen is also the focus of the widening carbon trading tax evasion probe.
Also Reuters here writes:
Prosecutors said they were investigating 25 bank staff on suspicion of severe tax evasion, money laundering and obstruction of justice, and searched the headquarters and private residences in Berlin, Duesseldorf and Frankfurt.”
Reuters adds that back in October a German judge had sentenced six men to jail. “He stopped short of prosecuting Deutsche Bank staff but noted that the bank – through its conduct – had left the door open for tax evasion.”
Today 500 authorities used that open door. Obviously German authorities feel the carbon trading scam is much broader in scope.
A ring of traders was accused of participating in a conspiracy to evade around 300 million euros in value-added tax (VAT) on carbon permits between August 2009 and April 2010.”
According to the nwzonline.de, Judge Martin Bach sharply criticized Deutsche Bank for the trading that took place in European foreign countries, and thus evading tax obligations.
All that is left now is for the government to expand the investigation to include the scam that is “man-made global warming”.
It’s probably not just tax evasion but a VAT carousel fr**d- in which you shift some good from border to border, claiming VAT compensation from one country pretending you paid the VAT in the other, a scheme specific to the EU. It works with any good – carbon credits are especially well suited as they’re immaterial.
Hi Dirk
Just watched the “heute journal” (something I rarely do) and they showed exactly how the carousel scheme works. Of course, they didn’t mention once the word “CO2”.
Carousel vat scam with using carbon credits – a victim less crime – NO – the German taxpayer: is taken for a ride.
Deutsche Bank, the great CAGW scam propagandists, recently they’ve been pulling strings behind the scenes in the UK and in Poland and guess what?
YEP, these great investors and even bigger profiteers – in the green energy scam……………………think shale gas is a bad idea – well duh!?#!
Have a look and think Foxtrot Oscar to DB.
http://www.nohotair.co.uk/index.php?option=com_content&view=article&id=2452:deutsche-bank-on-polish-shale&catid=110:shale-gas26&Itemid=171
“Eight police officers were posted in the entrance with large caliber guns in reach.”
Take a look at this:
http://www.dpciwholesale.com/Sig-Sauer-SP2022-CO2-BB-Hand-Gun-Silver-Metal.html
For under $50 US, you too can have a scary looking gun that operates from a CO2 cartridge. Maybe the writer could tell us something meaningful rather than a useless supposition. Or did the writer ask an officer whether she/he brought the small caliber or the large caliber for this raid.
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Anyway, the schemers are scamming the scoundrels that have bought into the hoax perpetuated by the eco-nuts and perplexed climate experts from which non-solutions to a non-problem spring like mushrooms from a darkened cave filled with horse puck. And the taxpayers pay at each stage of this farce. Will anyone go to jail? No one that matters.
[…] 500 German Authorities Raid Deutsche Bank Amid Alleged Tax Evasion Scam Surrounding CO2 Certificate … […]
It is difficult at this distance to follow German politics, but it seems that there has been a change of direction. More coal fired power stations, a raid on a stalwart of CO2 trading, an unexpected (by the public) and large increase in the subsidy for renewables announced during very cold weather. Shortly I expect a report that renewables aren’t performing as well as expected.
With an election next year it might be time for some politicians to discover that the public is paying too much for electricity, and that the poor are freezing to death as a consequence.
It may not be the end of the scam, but surely the beginning of the end.