Ethanol is a scam designed to keep the demand for oil high. It keeps the farmers buying more diesel, chemicals and fertilizer. The Bush/Cheney plan is completely criminal. We would be better off if the government didn't get involved at all.
Its more an example of short sighted thinking and politics trumping science than a scam to me - but it depends how you define it I guess.  Tha CAFE formula only counting the gasoline for the mileage instead of the lower mileage ethanol is amazing.
Sigh*