Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Why Wall Street is Buying Up Land Around the Colorado River
Posted
February 2, 2023
Views
97,161
Likes
4,816
Comments
1,419
Engagement
6.42%
February 2, 2023
97,161
4,816
1,419
6.42%
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12:00Now PlayingWall Street firms like Water Asset Management are purchasing land around the Colorado River to obtain water rights. Ana Kasparian discusses on The Young Turks. Watch TYT LIVE on weekdays 68 pm ET.
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"Financial speculators are buying and selling rights to the Colorado River's dwindling water resources in a bid to profit as historic drought conditions intensified by the fossil fuel-driven climate crisis lead to worsening scarcity.
Wall Street investment firms "have identified the drought as an opportunity to make money," Andy Mueller, general manager of the Colorado River Water Conservation District, toldCBS News on Tuesday. "I view these drought profiteers as vultures. They're looking to make a lot of money off this public resource."
Matthew Diserio, the co-founder and president of a Manhattan-based hedge fund called Water Asset Management (WAM), makes no secret of his intentions, having described water in the United States as "the biggest emerging market on Earth" and "a trillion-dollar market opportunity." The company's website declares that "scarce clean water is the resource defining this century, much like plentiful oil defined the last."
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