"Fictitious trades, fictitious companies, bogus addresses" The Süddeutschen Zeitung reports that German fraud investigators have found that €850 million fell off the table when shady companies swarmed into the carbon trading, emissions and energy business.  The criminal companies rake in tens to hundreds of millions, fend off regulators with delaying tactics and then announce bankruptcy or disappear. Düsseldorf tax investigators found that in less than a quarter of an hour emissions certificates might change hands five times.  The same CO2 allowance would trade up to 18 times. A perverse form of recycling as the Süddeutschen Zeitung makes clear. Elements [...]