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« WATCH: Cops Taser Woman For Buying Too Many IPhones | Main | HSBC CARTOONS »
Friday
Dec142012

BUSTED: Deutsche Bank Raided In Carbon Tax Fraud

Blythe Masters, the Queen Bee of Carbon Tax...

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Deutsche Bank Offices Raided in Carbon Tax Fraud

German prosecutors have raided offices belonging to Deutsche Bank as part of an investigation into a tax evasion scheme involving the trading of carbon permits.  The Frankfurt prosecutor's office said 25 employees of the bank were suspected of serious tax evasion, money laundering and obstruction of justice.  Arrest warrants have been issued for five of those employees.

Green Energy Gets The Blues: Tough Times Ahead

Green energy companies are feeling the backlash from subsidy cuts, austerity measures and economic uncertainties. Bloomberg's James Evans discusses the problems ahead in 2013 for the alternative energy industry.

Rise in renewable energy will require MORE use of fossil fuels

One of the hidden costs of solar and wind power — and a problem the state is not yet prepared to meet — is that wind and solar energy must be backed up by other sources, typically gas-fired generators. As more solar and wind energy generators come online, fulfilling a legal mandate to produce one-third of California's electricity by 2020, the demand will rise for more backup power from fossil fuel plants.

Canwea president says prospect for wind energy in Canada are excellent

Premier Dalton McGuinty has promised municipalities more of a voice on wind turbine projects within their borders. But on Thursday, the province said municipalities won't be able to reject wind projects.

Energy groups to Obama: Change in wind credit would boost investment

A change to the text of a wind-power tax credit would increase investment in several types of renewable energy, industry groups told President Obama.  The groups say that while credits for their industries are locked in through 2013, altering the incentive’s language within the Senate Finance Committee’s tax package would boost investment for 2013.

New York State Windpower: Enough Business/Government Cronyism

The sad reality is, however, that with 66 corporate lobbyists for every elected official roaming the halls in Washington, D.C., Big Corporate Big Bucks are working hard to buy the legislation that best suits their bottom lines – taxpayers and sound science be damned.

Update in New York

Supreme Court dismisses lawsuit in Litchfield wind turbine case

LITCHFIELD, N.Y. (WKTV) - The courts have ruled in favor of the Town of Litchfield's ban on industrial wind turbines. There was a lawsuit filed against the town board by leaseholders and their relatives. This ruling means the proposal to building 492 foot industrial turbines in the town- can not move forward.

Supreme court justice Norman Seigel made the ruling on December 6th. The plaintiffs did not challenge any particular provision of the law, which allows wind energy facilities up to 50 kilowatts for personal use, but bans the construction of larger turbines. The law was enacted in March 2012 after two years of deliberations.  Judge Seigel ruled in favor of the town's request for dismissal.

Rise in renewable energy will require more use of "fossil" fuels 

One of the hidden costs of solar and wind power — and a problem the state is not yet prepared to meet — is that wind and solar energy must be backed up by other sources, typically gas-fired generators. As more solar and wind energy generators come online, fulfilling a legal mandate to produce one-third of California's electricity by 2020, the demand will rise for more backup power from fossil fuel plants.

http://www.caiso.com/docs/2003/09/08/2003090815135425649.pdf

Berman foreign aid reform tackles climate change

The bill doesn't spell out specific amounts or regional programs, but rather creates new requirements and priorities for the disbursement of foreign aid. These include a section on “Sustaining the Global Environment,” which permits activities aimed at addressing climate change, and another on “Advancing Peace” that calls for the creation of a Bureau of Conflict and Stabilization Operations.

Norway Begins Four Year Test Of Thorium Reactor

A Norwegian company is breaking with convention and switching to an alternative energy it hopes will be safer, cleaner and more efficient. But this isn’t about ditching fossil fuels, but rather about making the switch from uranium to thorium. Oslo based Thor Energy is pairing up with the Norwegian government and US-based (butJapanese/Toshiba ownedWestinghouse to begin a four year test that they hope will dispel doubts and make thorium the rule rather than the exception. The thorium will run at a government reactor in Halden. 

GOP Solyndra Point Man Says Romney Dropped The Ball

Rep. Cliff Stearns (R-Fla.), the lead GOP investigator of the bankrupt solar company Solyndra, said failed presidential hopeful Mitt Romney should have done more to capitalize on the collapse of the White House-backed panel manufacturer.

Italy raids target mafia moves on wind, solar farms

Police said mafia bosses had obtained contracts to build photovoltaic and wind energy systems in Palermo, Agrigento and Trapani. Some of the money they made went to fugitive mafia chief Matteo Messina Danaro, currently one of the world's top wanted criminals. The six people arrested are suspected of mafia association and corruption. The mafia has been heavily involved in renewable energy in Italy for years.

North Carolina ocean waters chosen for offshore wind

...But offshore wind energy remains among the most expensive forms of electricity today, and building a wind farm in the sea has proven an elusive goal in this country. The industry is still distrusted by some as a subsidy-dependent boondoggle, even though advocates depictwind energy as a clean and safe alternative to mining, fracking, energy imports and nuclear waste.

An offshore wind farm long planned in Nantucket Sound off Cape Cod in Massachusetts is tied up in legal challenges, while plans to build one in Delaware waters fell through in recent weeks because of the likely expiration of federal tax incentives for these multibillion dollar projects.

“The biggest challenge is: Who’s going to buy the power?” said Brian O’Hara, president of the N.C. Offshore Wind Coalition. “If you can figure that out, then you’ve got a project.”

One company that expects to file a notice of interest in bidding for leases is Arcadia Offshore, the New Jersey company whose Delaware deal collapsed for lack of subsidies. Arcadia president Peter Mandelstam said the process will be complex and time-consuming, requiring extensive environmental analyses and public hearings; even if everything goes smoothly, construction could take five years to get under way and two years to complete.

---

Developing Story in Massachusetts

Flashback:  Mary O'Donnell Winds Up In Kingston

Update:  Mary O'Donnell Selling 3 Wind Turbines

Background from a trusted source:

"The Patrick Admin launched the Mary O'Donnell wind turbine show in New Bedford at an offshore wind event.  They put their eggs in her basket and now she's regretting she ever opened Pandora's Box."

---

Read Last Week's Green Corruption Stories...

 

Photos by William Banzai7...

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Reader Comments (19)

Thanks again DB. I would like comments from the readers on the format I tried this time and any suggestions on how to improve later postings, (including any subject matter that readers would be interested in), and want to express my sincerest thanks to The Daily Bail for allowing me to do this and for technical assistance given by Steve himself, who has taken his valuable time to help out with a few glitches on my end.

Thanks!
Dec 14, 2012 at 5:33 PM | Unregistered Commenterjohn
Here's another Blythe Masters pic.

http://www.flickr.com/photos/expd/7563079132/
Dec 14, 2012 at 6:12 PM | Registered CommenterDailyBail
Just Because...

I have written posted a few blurbs about Angus King, (I- Maine), in the Green Energy Blues Thread. Look at this photo and then research Harry Reid's son's involvement in the renewables sector.

What the hell... I'll do it for you.

http://www.breitbart.com/Big-Government/2012/09/04/Harry-Reid-s-Son-Representing-Chinese-Solar-Panel-Plant-In-5-Billion-Nevada-Deal

And look at this photo and read the article carefully.

http://bangordailynews.com/2012/12/13/opinion/committees-give-angus-king-running-start/
Dec 14, 2012 at 8:07 PM | Unregistered Commenterjohn
John, Harry screw me Reid does not talk to his son. Now that is a quiet Thanksgiving table. I guess all you can hear are the rattle snakes . Har. The Chinese got a real deal on the land there. Wonder how the bank accounts look. These people sell out for way less than they should.
Dec 14, 2012 at 9:51 PM | Unregistered CommenterSKINFLINT
Banzai is the shit.
Dec 14, 2012 at 9:53 PM | Unregistered CommenterSKINFLINT
Here is a bit on load shedding and grid stability (this is a bit technical but a really good read).

http://www.midwestreliability.org/04_standards/drafting_teams/ufls/BarryFrancisPresentation081024.pdf
Dec 15, 2012 at 9:18 AM | Unregistered Commenterjohn
UPDATE: Solar City did receive a subpoena according to my last post ref:

Report: Solar firms under investigation for stimulus swindle

http://thehill.com/blogs/e2-wire/e2-wire/272999-report-solar-firms-under-federal-probe-regarding-stimulus-program


This isn't good.

Cleantech companies look to follow SolarCity to IPO

http://www.mercurynews.com/business/ci_22195381/cleantech-companies-look-follow-solarcity-ipo
Dec 16, 2012 at 4:16 PM | Unregistered Commenterjohn
I have also seen reports of other Carbon Credit schemes for over a year now including counterfeiting.

Nice link on the grid John, many of us who were in the industry know the grid has not been optimal for a very long time.
Dec 18, 2012 at 2:08 AM | Unregistered CommenterS. Gompers
The Deutsche Bank, Monte Paschi Cover-Up: Tier 1 Capital and an Equity Swap

http://www.zerohedge.com/contributed/2013-02-15/deutsche-bank-monte-paschi-cover-tier-1-capital-and-equity-swap
Feb 16, 2013 at 8:05 AM | Unregistered Commenterjohn
Deutsche Bank Cuts 2012 Profit on Litigation Reserves

http://www.bloomberg.com/news/2013-03-20/deutsche-bank-raises-litigation-reserve-on-u-s-mortgages.html


Move linked to US mortgage lawsuits and other regulatory probes
Mar 23, 2013 at 1:40 PM | Registered CommenterJohn
INTERPOL: INTERPOL report warns carbon trading at increased risk of criminal exploitation
http://www.interpol.int/en/Internet/News-and-media/News-media-releases/2013/PR090

(36 pages) June 2013: INTERPOL: INTERPOL Guide to Carbon Trading Crime
http://www.interpol.int/Media/files/Crime-areas/Environmental-crime/Guide-to-Carbon-Trading-Crime
Aug 12, 2013 at 8:03 AM | Unregistered Commenterjohn
Climate change bus tour comes to Maine
http://www.pressherald.com/news/Climate-change-bus-tour-comes-to-Maine-.html

The “I Will Act on Climate” bus is coming to Bangor and Portland on Monday as part of its tour to more than 20 states to rally support for action that would address climate change…

…The bus tour is organized by the Natural Resources Defense Council, the Center for American Progress, the Environmental Defense Fund, the National Wildlife Federation and other conservation and public-interest groups.
Aug 12, 2013 at 8:28 AM | Unregistered Commenterjohn
Who is the money behind these enterprises?
Aug 13, 2013 at 2:04 PM | Unregistered CommenterSKINFLINT
Working on that, Skin...

But here is an update ;)


What if you put on a presidentially sponsored climate rally, and nobody showed up?

http://wattsupwiththat.com/2013/08/13/what-if-you-put-on-a-presidentially-sponsored-climate-rally-and-nobody-showed-up/
Aug 13, 2013 at 6:56 PM | Unregistered Commenterjohn
JPM may be parting ways with Blithe Masters

http://www.zerohedge.com/news/2013-09-10/jpm-may-be-parting-ways-blythe-masters


See main DB article for more.
Sep 10, 2013 at 2:42 PM | Unregistered CommenterJohn
The Farce Is Complete: Blythe Masters Joining CFTC

http://www.zerohedge.com/news/2014-02-06/farce-complete-blythe-masters-joining-cftc

We thought today's newsflow and "market action" ranked pretty high on the absurd surrealism scale. And then we saw this.

BLYTHE MASTERS TO JOIN CFTC GLOBAL MARKETS COMMITTEE
JPMORGAN’S BLYTHE MASTERS TO JOIN CFTC ADVISORY COMMITTEE
CFTC SPOKESMAN COMMENTS ON BLYTHE MASTERS JOINING COMMITTEE
That's right - you read it correct: "Blythe Masters, head of JPMorgan Chase & Co.’s commodities division, is joining an advisory committee of the U.S. Commodity Futures Trading Commission, said Steve Adamske, a spokesman for the regulator. Masters, 44, was invited by acting Chairman Mark Wetjen to sit on a global markets committee at the Washington-based regulator of futures and swaps, according to a person with knowledge of the matter. Masters is scheduled to participate in a CFTC meeting on Feb. 12 to discuss cross-border guidance on rules, the person said."

Ok - ignore, if you will, all alegations about Blythe Masters "interventions" in the precious metals markets.

But don't ignore Blythe's CNBC interview in which the soon to be former JPMorganite said, days before the London Whale fiasco was exposed and so were JPM's attempts to corner the bond market, that JPM has "offsetting positions. We have no stake in whether prices rise or decline. Rather we're running a flat or relatively flat matched book" - a statement that was a bold faced lie, and was followed up with "what is commonly out there is that JPMorgan is manipulating the metals market. It's not part of our business model. it would be wrong and we don't do it."

No, Blythe had much greater manipulative ambitions, namely becoming the next Enron, which we learned after than the FERC fined JPMorgan - and the group ran by Blythe Masters - for manipulating electricity prices in California and other states.

Fast forward to today when we learn that this certified commodity market manipulator just got a job with none other than the head commodity regulators in the US?

In other words, you too can get a job at the CFTC if only you can answer yes to the following two questions (h/t Manal):

Has your bank manipulated energy markets under your watch, and
Have you been found guilty of commodity price manipulation
We could ask what Elizabeth Warren would think about this hilarious rotating door out of the most punished for its legal transgressions bank - with about $25 billion in legal fees, expenses and settlement charges - the same Warren who earlier today was parading with pandering populism at the Senate hearing, as a result of which nothing would change…

-------------

Blythe Maters Senate Testimony re: carbon…

http://www.epw.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=7b637e60-0d4d-4982-ae01-6a2f4f304288
Feb 7, 2014 at 7:47 AM | Registered CommenterJohn
Meet The Mysterious Firm That Is About To Leave Blythe Masters Without A Job

http://www.zerohedge.com/news/2014-03-07/meet-mysterious-firm-about-leave-blythe-masters-without-job

It was about a month ago when it was revealed that the infamous JPMorgan physical commodities group, plagued by both perpetual accusations of precious metal manipulation and legal charges most recently with FERC for $410 million that it had manipulated electricity markets, was in exclusive talks to be sold to Geneva-based Marcuria Group. It was also revealed that Blythe Masters, JPMorgan’s commodities chief, "probably won’t join Mercuria as part of the deal." Of course, we all learned the very next day that Ms. Masters - an affirmed commodities market manipulator - and soon to be out of a job, had shockingly intended to join the CFTC trading commission as an advisor, a decisions which was promptly reversed following an epic outcry on the internet. This is all great news, but one thing remained unclear: just who is this mysterious Swiss-based company that is about to leave Blythe without a job?

Today, courtesy of Bloomberg we have the answer: Mercuria is a massive independent trading behemoth, with revenue surpassing a stunning $100 billion last year, which was started less than ten years ago by Marco Dunand and Daniel Jaeggi, who each own 15% of the firm's equity. And it probably should come as no surprise that the company where the two traders honed their trading skill is, drumroll, Goldman Sachs...
Mar 7, 2014 at 5:57 PM | Unregistered Commenterjohn

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