Andy Kroll

Andy Kroll

Senior Reporter

Andy Kroll is Mother Jones' Dark Money reporter. He is based in the DC bureau. His work has also appeared at the Wall Street Journal, the Detroit News, the Guardian, the American Prospect, and TomDispatch.com, where he's an associate editor. Email him at akroll (at) motherjones (dot) com. He tweets at @AndrewKroll.

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CO2 Eating Trees to the Rescue!

| Thu Aug. 27, 2009 5:52 PM EDT

Could a forest of fake, CO2-gobbling trees save the planet? 

On their own, no. But if successfully deployed, they might buy the planet some precious time as we try to end our addiction to fossil fuels and curb dangerous greenhouse gas emissions. At least that's what a new report released by the Institution of Mechanical Engineers says. The report's support for artificial trees (the scientists say about 100,000 would suffice) is the latest in the ongoing debate over geoengineering—the deliberate modification of the planet's atmosphere to slow global warming.

While earlier geoengineering schemes focused on blocking out solar radiation to reduce the heat trapped near the Earth's surface, current proposals like the one outlined in this new report are aimed at actually pulling existing CO2 out of the atmosphere. Which makes sense, because even if we stopped emitting carbon today, the CO2 already floating around could continue global warming for another 1,000 years. Those geoengineering trees, it seems, can't come soon enough.

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Uncloaking the Fed's Bailout

| Wed Aug. 26, 2009 8:15 PM EDT

In a major victory for the business press and anyone who longs for more transparency at the Federal Reserve, a federal judge in New York ruled on Tuesday that the Fed must fork over  financial rescue records to two Bloomberg journalists. The reporters, Mark Pittman and Craig Torres, had sued the Fed's board of governors after it refused to hand over bailout-related documents. What's more, the Fed had refused to search for certain information relating to its actions in early 2008—namely, when the Fed's New York branch loaned JPMorgan Chase nearly $13 billion to buy Bear Stearns. (JPMorgan and Bear Stearns ended up paying back the $13 billion loan plus $4 million in interest.)

The Fed's bailout manuevers have come under criticism from members of Congress (especially Rep. Alan Grayson (D-Fla.)) and the media, including our own Nomi Prins. Like when the Fed let Goldman Sachs use investment-bank risk models even after it had converted into a bank holding company in order to qualify for bailout funds, allowing Goldman to make big-time, risky bets with taxpayers' money.

Needless to say, this is an important victory for the press covering the bailout, and for shedding some light on the incredibly opaque actions the Fed has taken to rescue the financial system.  The decision's timing couldn't be better. It comes right after Fed chairman Ben Bernanke was nominated for a second term, so closer scrutiny of his decisions when the economy was near rock-bottom will be in the spotlight. The decision also comes as the Treasury Dept. weighs letting the Fed play a larger role in financial regulation by monitoring those "too big to fail" banks in our system—an idea I and others strongly oppose. I'll be curious to see what those two crusading Bloomberg reporters turn up.

The Destroyers to the Rescue?

| Wed Aug. 26, 2009 3:36 PM EDT

On the back of today's Mother Jones investigation into the government's $75 billion, largely taxpayer-funded foreclosure relief program—a program shaping up to be a massive bust yet doling out millions and even billions to some questionable mortgage servicers—the Center for Public Integrity has released its own analysis of the program, the Home Affordable Modification Program. CPI found that of the top 25 HAMP servicers, at least 21 "were heavily involved in the subprime lending industry." Of the tens of billions allocated to HAMP, much "is going directly to the same financial institutions that helped create the subprime mortgage mess in the first place," says CIP executive director Bill Buzenberg. The fox, in other words, is guarding the heavily mortgaged hen house.

By all measurements, HAMP has been a bust. As I write in a story published today on MotherJones.com:

Industry experts are now questioning how many of the program’s estimated 235,000 modifications will actually benefit homeowners in the long term, and say that homeowners clamoring to participate in HAMP have created an industrywide logjam for mortgage servicers, resulting in substantial delays and backed-up customer service support. ...

The Treasury’s first servicer performance report (PDF), covering March to July 2009, found that servicers had offered modifications to just 15 percent of eligible delinquent homeowners, and initiated them for just 9 percent of that group...  Lawmakers in Washington, including Sen. Dick Durbin (D-Ill.) and Rep. Barney Frank (D-Mass.), chairman of the powerful House financial services committee, have begun to voice doubts over whether HAMP servicers are doing enough to help homeowners. Now Frank and Durbin are revisiting the idea of allowing bankruptcy court judges to modify mortgage terms, an option called “cramdown” that the Senate rejected earlier this year.

Will U.S. Back Bogus Afghan Elections?

| Wed Aug. 19, 2009 5:16 PM EDT

The fact that tomorrow's presidential election in Afghanistan will be mired in corruption, fraud, and backroom dealing is all but certain, writes The Nation's Ann Jones, author of Kabul In Winter and an incisive voice on all things Afghan. The more pressing question, she says, is this: Will the U.S., in the name of demonstrating Afghanistan's "progress" toward democracy, validate the election and deem it "credible"?

If it does (and it very likely might), tomorrow will be a sad day for democracy. According to Jones, here are just a few of the reaosns why progress will be the last thing this election represents: 

Stacking the Deck: All the members of the so-called Independent Election Commission were appointed by President Karzai, and they've never disguised their allegiance to him. So the initial vetting process for candidates eliminated some promising challengers and spared old cronies, including the war criminals the process was meant to screen out.

Backroom Deals: One after another, potential and declared candidates have bowed out to back Karzai. Word leaks out about which ministries they've been promised. Karzai buys the support of local leaders running for provincial offices, using (illegally) all the perks of office, from airplanes to free airtime on national TV, to help his friends and himself. One of his deals brought him Hazara support in exchange for the notorious Shia Personal Status Law, enforcing a wife's sexual servitude in violation of the Afghan Constitution.

Voter Fraud: In May in Ghazni, $200 would buy 200 blank registration cards, but lots of people, including minors, already had plenty. Men were able to get a bunch by handing in a list of women for whom they will vote by proxy. Since no central registry exists, verification is impossible. A recent report places the number of voter registration cards distributed (not including fakes) at 17 million, almost twice the estimated number of eligible voters in the country.

Juan Cole points out that 33 polling stations in Ghazni province won't be open tomorrow because of poor security, and that the Taliban are confiscating voting cards house by house. And, of course, there are those letters and warnings from the Taliban. The ones that say they'll attack and even kill anyone who votes.

Election gaming might even extend to the Americans. Reports have emerged in the run-up to the election that the U.S. envoy to Afghanistan and Pakistan, Richard Holbrooke, might be brokering a backroom deal to install Ashraf Ghani, the more Westernized presidential candidate who's currently running in third, as an executive in the Karzai administration if Ghani agrees to drop out and back Karzai in the election. Time has likely run out for that deal, however.

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