Blog: Triangle T Water District and the absurdities of CA water
Bloomberg recently published a story (“Groundwater Gold Rush”) reporting on how Wall Street banks, pension funds, and insurers have been plowing money into buying land in California, reaping enormous corporate profits by converting rangeland into almonds and other permanent crops while draining California’s groundwater and drying up community drinking water wells. I’d like to tell the rest of the story about how Wall Street interests formed the Triangle T Water District, because to my mind the Triangle T Water District highlights the absurdities and inequities of California water policy – including the fact that instead of paying to fix the damage they caused through unsustainable groundwater pumping, state and federal agencies have provided millions of dollars of taxpayers monies to subsidize corporate profits.