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 Guardian, Men's Journal, 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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Will Salazar Save Alaskan Watershed?

| Thu Aug. 27, 2009 9:35 PM EDT

The battle over the fate of the Bristol Bay watershed in southwestern Alaska—one of the most abundant sources of salmon in the world, a boon to local native towns, and home to some of the largest untapped gold mines in the country—staggers on. In its waning days, the Bush administration submitted a plan to open up a million acres of the region to mining projects and oil and gas leasing. But in the latest development, a cadre of sportsmen and conservation groups are petitioning the Obama administration to ban those operations. They recently sent a letter to Interior Secretary Ken Salazar expressing fear that the projects could damage the local fishing industry and leech the harmful, toxic kind of waste generated by industrial mines into the surrounding ecosystems. "We look forward to working with the BLM as we move quickly to reverse the wrong-headed decisions that were made in the closing months of the last administration and implement a common sense plan for fish and wildlife in Bristol Bay," the letter says, the AP reported.

This tussle over the fate of Bristol Bay isn't new. Indeed, one of the most incisive and vivid accounts of a similar struggle over the Pebble Mine, near the BLM's proposed mining area, appeared here in 2006, in a piece titled "The Midas Touch" by Kenneth Miller. Miller traveled to isolated Igiugig, Alaska to see the forces and characters at play (like fisherman, lodge owner, and former pro hockey player Brian Kraft) in this saga. He described their problem like this:

Kraft’s attachment to this stretch of clear, swift water goes deeper than the bottom line. “This river is a powerful living thing,” he tells me, a note of awe softening his usually blunt delivery. “It’s alive, and it’s carrying life. It’s in my blood.” It is also, he says, under mortal threat. At the north end of Iliamna Lake, a company called Northern Dynasty Mines aims to unearth what may be the largest gold deposit—and the second-largest copper deposit—in North America. The proposed Pebble Mine complex would cover some 14 square miles. It would require the construction of a deepwater shipping port in Cook Inlet, 95 miles to the east, and an industrial road—skirting Lake Clark National Park and Preserve and traversing countless salmon-spawning streams—to reach the new harbor. At the site’s heart would be an open pit measuring two miles long, a mile and a half wide, and 1,700 feet deep. Over its 30- to 40-year lifetime, the Pebble pit is projected to produce more than 42.1 million ounces of gold, 24.7 billion pounds of copper, 1.3 billion pounds of molybdenum—and 3 billion tons of waste.

More than three years later, it remains to be seen whether the Pebble Mine or the larger mining area under review by the BLM will get the green light or not. The latter decision, a Bureau of Land Management spokeswoman told the Anchorage Daily News, rests in Salazar's hands now. As Miller points out, the consequences of allowing more industrial mining into Bristol Bay could be disastrous not just to the environment, but to life as those who live there know it. Here's hoping Salazar is bearing that in mind.

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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.

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.

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