European carbon futures prices dropped from the standard 30 euros to
23 euros in the wake of Lehman Brothers shutting down its carbon desk
after the bank went into bankruptcy protection.
While the U.S. investment bank filed for bankruptcy Merrill Lynch,
faced with toxic mortgage debt, sold out to the Bank of America.
Merrill's carbon desk has remained open with trade holding up at the
23 euros mark.
Meanwhile crude oil dropped by $4 to $97 a barrel on concerns over the
U.S. financial system and signs that Hurricane Ike's damage would not
be as high as first expected.
CARBON CONFUSION
http://www.youtube.com/watch?v=ZjfxtUMY0x4
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