Wall Street is thirsty for its next big investment opportunity: The West's vanishing water

  • 📰 KSLcom
  • ⏱ Reading Time:
  • 70 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Critics accuse Greenstone — a subsidiary of the East Coast financial services conglomerate MassMutual — of trying to profit off Cibola's most precious and limited resource: water.

filed by La Paz, Mohave and Yuma counties against the federal Bureau of Reclamation for signing off on the water transfer.

In a court-filed response to the counties' lawsuit, DOJ attorneys argued that Reclamation's environmental assessment "fully satisfied" the National Environmental Policy Act. It convincingly demonstrated that the transfer would not result in any significant impacts to the environment: at most, it will result in a trivial reduction in the flows in one stretch of the Lower Colorado River.

"Greenstone is going to make millions at the expense of what it's going to do to our communities in the future and the precedence it's going to set," said Irwin. "We are in the midst of an extreme drought, our communities need this water. At some point, the state has a responsibility to protect the people that are here and to protect our water and not cater to those that are buying property for the water rights to make millions off of it to benefit metropolitan areas.

"As property owners, my clients hold a water right," Gammage said. "This is the same as all the farmers along the river, who hold land that has been irrigated, in most cases for over 100 years. That water right is valuable property, which can be transferred. It's like buying and selling land, except that, Colorado River water can only be transferred if it goes through an extensive review process at both the state and federal levels.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 549. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Top Wall Street analysts prefer these five stocks despite ongoing uncertaintyTipRanks analyst ranking service pinpoints Wall Street's best-performing stocks, including Apple and Foot Locker. For my experience, when you read about free stock tips in CNBC, it’s usually too late to buy those stocks even if they are good stocks. Remember - there’s no free lunch in Wall St. 😉😁
Source: CNBC - 🏆 12. / 72 Read more »

These are the three most disliked Dow stocks by Wall Street analystsThe Dow Jones Industrial Average gained 1.2% last week. Yet it was anything but a smooth ride for investors. Why INTEL building chip factories in USA?
Source: CNBC - 🏆 12. / 72 Read more »