This stuff is going to be FUN!
From Dow Jones via NASDAQ:
BRATISLAVA, Slovakia (AFP)--Slovakia's Prime Minister Robert Fico said Tuesday he would dismiss the country's Environment Minister Jan Chrbet over a controversial sale of excessive carbon credit last year.
The Environment Ministry last year sold between 10 and 15 metric tons of carbon emissions to a U.S.-based company with an unclear background for a considerably lower price than the neighboring Czech Republic and Ukraine.
"I will ask the president to dismiss Jan Chrbet because he failed politically and tried to escape the responsibility," Fico said after the minister refused to publish the contract....MORE
Other than failing and trying to escape responsibility...."Heckuva job Brownie!"
Actually the Minister gave Interblue Group quite the sweetheart deal. From the Slovak Spectator:
...Interblue Group, a company which set up and registered in the United States just months before the contract was signed, bought quotas to emit 10 million tonnes of gases from the Slovak state at a price of €6.05 per tonne. The Czech Republic and Ukraine reportedly sold their quotas at €9-10 per tonne....Figuring the price was low by 3.50 euros it works out to $47 Million. That leaves a lot on the table for the country but probably more importantly to Mr. Chrbet, a lot of room for, umm, political contributions.
The joys of a politically mandated market.