Mobsters Benefit From Environmentalist Subsidies

Apparently, the largest Italian mafia syndicate invested greatly into renewable energy — this would also undoubtedly be because there are guaranteed profits when you have governments set on investing in the future:

The still-emerging links of the mafia to the once-booming wind and solar sector here are raising fresh questions about the use of government subsidies to fuel a shift toward cleaner energies, with critics claiming that huge state incentives created excessive profits for companies and a market bubble ripe for fraud. China-based Suntech, the world’s largest solar panel maker, last month said it would need to restate more than two years of financial results because of allegedly fake capital put up to finance new plants in Italy. The discoveries here also follow “eco-corruption” cases in Spain, where a number of companies stand accused of illegally tapping state aid.

Washington Post

I cannot fault governments with an interest in developing solar and windpower but naturally without oversight these things just become huge fiascoes.

Leave a Reply