MAKING MONEY ON CAP’N TRADE: “The EU's emission trading scheme (ETS) may have been the deciding factor in the closure of the Corus Redcar steel-making plant – reported last week , giving the company a windfall bonus of up to £1.2 billion from the plant closure – on top of other savings.”

It’s a clever scam - and perfectly legal. The company can effectively double it’s “cap’n trade” income by closing its steel plant in England, "offshoring" production to India and bringing that steel plant’s emissions down from over twice the EU level to the level currently produced by the steel plant in England. The details are here.

Sweet.

Linked from the Wall Street Journal (scroll down).