Tag Archives: fairly-uncommon

Stop the "flood" of corporate seeds in the agricultural reconstruction of Pakistan!

The flooding that submerged nearly a fifth of Pakistan starting in July this year displaced about 20 million people and killed nearly 2,000. This number of people whose property and livelihoods were destroyed surpassed the number of combined victims of the 2004 Indian Ocean tsunami, 2005 Kashmir earthquake and the Haiti earthquake earlier this year. Without a doubt, it was one of Pakistan's worst floods ever. “The destruction isn't over yet. A big threat looms in the way the government is rebuilding agriculture, in partnership with big agribusiness companies, in the flood-stricken areas of Pakistan,” says Azra Sayeed of Roots for Equity, a Karachi-based grassroots NGO that works with small and landless peasants in the flooded areas. “A torrent of corporate hybrid seeds, and possibly GM seeds as some suspect, packaged with fertlisers, farm implements and production credit is streaming into the affected provinces in the name of agricultural reconstruction.” Free seeds? In October, a consignment of 2,000 bags of wheat seeds was dispatched to flood-hit farmers by the Mir Khalil-ur-Rahman Foundation (MKRF) and the Imran Khan Flood Relief Fund (IKRF). A scheme was launched to provide wheat seeds to farmers owning 25 acres of land in every flood-hit province without discrimination. Under the scheme, certified and good quality seeds were provided to farmers covering 150,000 acres of land. [1] Also since early November, the United States government has provided about US$62 million to the UN Food and Agriculture Organization (FAO) to expand an agriculture recovery program to the Province of Balochistan. The program includes provision of seed and fertilizer to flood-affected farmers, to help salvage the winter planting seasons and restore livelihoods for farmers in flood-affected areas. [2] Sindh Chief Minister, Syed Qaim Ali Shah, has said last month that the government's attention is focused on the rehabilitation of more than seven million flood-affected people and efforts are being made to give Rs100,000 (US$ 1,165) as well as seeds and fertilisers to each survivor family free of cost. [3] There are reports, however, that not all of this is free, as the seeds are being tied to micro-finance packages where fertilisers and services are only provided to small farmers through loans. The threat of contamination What the seeds are and where they come from are of deep concern. Currently they are being distributed in small white plastic bags with the monogram of UN World Food Programme. Unfortunately, there's very little public information available. And without an independent body monitoring the inflow of seeds to Pakistan, it's hard to rule out if some of the seeds and foodstuff being distributed are not GMOs or products of GMOs. With Bayer, BASF, Monsanto, Du Pont, Dow Chemical and Cargill, among the long list of donors to Pakistan's rehabilitation, the suspicion is high that these companies can use the situation to get their GM seeds on the ground and make contamination a done deal. Cargill is known for receiving huge subsidies from the US government to dump vast amounts of grains in poorer countries. It also processes soybean oil for Monsanto. Bayer Crop Science has a GM canola variety called Invigor, while Monsanto has the herbicide resistant Round-up Ready canola. On the other hand, BASF and Monsanto have a joint undertaking to develop GM wheat. Dow Chemical owns Mycogen which has a range of GM and hybrid seeds – maize, canola, soybeans, sorghum, and sunflower. In the Sindh province, sunflower seeds have been distributed with their source of origin unknown. Some Pakistani farmers are worried that seeds of GM canola may outcross to their local mustard varieties. Canola and mustard, both open-pollinated crops are from the same Brassica family, which also includes cabbage as distant relative. The possibility of GM contamination cannot be ruled out. “It's not just the seeds that are of concern here. It's the entire drive to transform Pakistan's agriculture into cash crop export production, controlled by a few big seed and agrochemical companies, at the expense of its own food security,” says Vlady Rivera of GRAIN, a small international non-profit organisation that works to support small farmers and social movements in their struggles for community-controlled and biodiversity-based food systems. “To take advantage of the post-flood situation to push that corporate agenda is simply perverse. What people normally see as seed aid on the surface is actually big business at the core.” A deal with Monsanto As part of its rehabilitation program, Pakistan's agriculture ministry entered a deal with Monsanto for a large-scale importation of its Bt Cotton seeds, despite strong opposition from local seed producers and farmers groups. The Seed Association of Pakistan (SAP) has warned the Punjab government to refrain from signing an agreement with Monsanto, believing this will “annihilate national seed companies, besides causing huge financial burden on the national treasury.” The group also believes that the importation of Bt cotton seed by the Pakistani government will cost the country millions of dollars in compensatory and royalty payments. [4] added by: JanforGore

Stop the "flood" of corporate seeds in the agricultural reconstruction of Pakistan!

The flooding that submerged nearly a fifth of Pakistan starting in July this year displaced about 20 million people and killed nearly 2,000. This number of people whose property and livelihoods were destroyed surpassed the number of combined victims of the 2004 Indian Ocean tsunami, 2005 Kashmir earthquake and the Haiti earthquake earlier this year. Without a doubt, it was one of Pakistan's worst floods ever. “The destruction isn't over yet. A big threat looms in the way the government is rebuilding agriculture, in partnership with big agribusiness companies, in the flood-stricken areas of Pakistan,” says Azra Sayeed of Roots for Equity, a Karachi-based grassroots NGO that works with small and landless peasants in the flooded areas. “A torrent of corporate hybrid seeds, and possibly GM seeds as some suspect, packaged with fertlisers, farm implements and production credit is streaming into the affected provinces in the name of agricultural reconstruction.” Free seeds? In October, a consignment of 2,000 bags of wheat seeds was dispatched to flood-hit farmers by the Mir Khalil-ur-Rahman Foundation (MKRF) and the Imran Khan Flood Relief Fund (IKRF). A scheme was launched to provide wheat seeds to farmers owning 25 acres of land in every flood-hit province without discrimination. Under the scheme, certified and good quality seeds were provided to farmers covering 150,000 acres of land. [1] Also since early November, the United States government has provided about US$62 million to the UN Food and Agriculture Organization (FAO) to expand an agriculture recovery program to the Province of Balochistan. The program includes provision of seed and fertilizer to flood-affected farmers, to help salvage the winter planting seasons and restore livelihoods for farmers in flood-affected areas. [2] Sindh Chief Minister, Syed Qaim Ali Shah, has said last month that the government's attention is focused on the rehabilitation of more than seven million flood-affected people and efforts are being made to give Rs100,000 (US$ 1,165) as well as seeds and fertilisers to each survivor family free of cost. [3] There are reports, however, that not all of this is free, as the seeds are being tied to micro-finance packages where fertilisers and services are only provided to small farmers through loans. The threat of contamination What the seeds are and where they come from are of deep concern. Currently they are being distributed in small white plastic bags with the monogram of UN World Food Programme. Unfortunately, there's very little public information available. And without an independent body monitoring the inflow of seeds to Pakistan, it's hard to rule out if some of the seeds and foodstuff being distributed are not GMOs or products of GMOs. With Bayer, BASF, Monsanto, Du Pont, Dow Chemical and Cargill, among the long list of donors to Pakistan's rehabilitation, the suspicion is high that these companies can use the situation to get their GM seeds on the ground and make contamination a done deal. Cargill is known for receiving huge subsidies from the US government to dump vast amounts of grains in poorer countries. It also processes soybean oil for Monsanto. Bayer Crop Science has a GM canola variety called Invigor, while Monsanto has the herbicide resistant Round-up Ready canola. On the other hand, BASF and Monsanto have a joint undertaking to develop GM wheat. Dow Chemical owns Mycogen which has a range of GM and hybrid seeds – maize, canola, soybeans, sorghum, and sunflower. In the Sindh province, sunflower seeds have been distributed with their source of origin unknown. Some Pakistani farmers are worried that seeds of GM canola may outcross to their local mustard varieties. Canola and mustard, both open-pollinated crops are from the same Brassica family, which also includes cabbage as distant relative. The possibility of GM contamination cannot be ruled out. “It's not just the seeds that are of concern here. It's the entire drive to transform Pakistan's agriculture into cash crop export production, controlled by a few big seed and agrochemical companies, at the expense of its own food security,” says Vlady Rivera of GRAIN, a small international non-profit organisation that works to support small farmers and social movements in their struggles for community-controlled and biodiversity-based food systems. “To take advantage of the post-flood situation to push that corporate agenda is simply perverse. What people normally see as seed aid on the surface is actually big business at the core.” A deal with Monsanto As part of its rehabilitation program, Pakistan's agriculture ministry entered a deal with Monsanto for a large-scale importation of its Bt Cotton seeds, despite strong opposition from local seed producers and farmers groups. The Seed Association of Pakistan (SAP) has warned the Punjab government to refrain from signing an agreement with Monsanto, believing this will “annihilate national seed companies, besides causing huge financial burden on the national treasury.” The group also believes that the importation of Bt cotton seed by the Pakistani government will cost the country millions of dollars in compensatory and royalty payments. [4] added by: JanforGore

Wall Street Quietly Creates a New Way to Profit From Homeowner Distress

Auctions allow private investors to acquire rights to collect overdue property taxes, levy escalating fees on homeowners, and foreclose on those who do not pay. Some auctions, like this one in Washington, D.C., take place in person. Others occur online, where bidders can buy property tax liens by the thousands. Credit: Emma Schwartz When Florida retiree Gladys Walker fell behind in paying taxes on her modest Pompano Beach home, she had no idea one of America’s biggest banks and a major Wall Street hedge fund engaged in frenzied bidding for the right to collect her debt—all $768.25 of it. “I just couldn’t come up with the money,” said Walker, 67, a former hotel worker who makes do on a monthly Social Security check. Barely more than a year after a taxpayer bailout of major financial institutions, Bank of America and the hedge fund, Fortress Investment Group, spotted a fresh money-making opportunity – collecting the tax debts of tens of thousands of people like Walker. The bank and hedge fund can add interest charges and fees, and they bundled the debts as securities for investors. In late May and early June, proxies for the two institutions quietly bought hundreds of millions of dollars in homeowners’ property tax debts in Florida by bidding at a series of online auctions held by county tax collectors. They didn’t use their names but donned multiple other identities, dominating the auctions and repeatedly bidding on the same parcels – in the case of Walker’s small home, more than 8,000 times. Then, in September, Bank of America’s securities division packaged $301 million worth of the tax liens it and Fortress had acquired into bonds pitched privately to major investors. The anticipated return – estimated at between 7 to 10 percent – is possible because buyers of tax debts can assess a panoply of interest charges and other fees. When the debt goes unpaid long enough, the liens buyer can seize properties through foreclosure. Because the bonds were sold privately, there’s no public record indicating who purchased them, the prices paid, or the anticipated return. Moody Investment Services spokesman Tom Lemmon said the type of offering, known as a tax lien securitization trust, is fairly uncommon. Bank of America, he added, may make additional offerings in future years. A Bank of America spokesman, while otherwise declining comment, said that the bank and Fortress had not acted together in bidding in the auctions. Bank of America spokesman William Halldin said by email: “Our bids were made independent of any other organization. Any suggestion that they weren’t independent is simply incorrect.” Fortress, which is headed by former Fannie Mae chief Daniel Mudd, had no comment. The Florida securities deal illustrates how financial institutions, including some beneficiaries of federal bailout dollars, are actively creating new ways to profit from the financial distress of homeowners. Acting as surrogate tax collectors, they can help local governments quickly and efficiently bolster their budgets by tens of millions of dollars and in some cases find new owners for dilapidated property. Miami-Dade County, for instance, took in more than $374 million in June 2009 from the sale of about 60,000 property tax liens. added by: toyotabedzrock

Wall Street Quietly Creates a New Way to Profit From Homeowner Distress

Auctions allow private investors to acquire rights to collect overdue property taxes, levy escalating fees on homeowners, and foreclose on those who do not pay. Some auctions, like this one in Washington, D.C., take place in person. Others occur online, where bidders can buy property tax liens by the thousands. Credit: Emma Schwartz When Florida retiree Gladys Walker fell behind in paying taxes on her modest Pompano Beach home, she had no idea one of America’s biggest banks and a major Wall Street hedge fund engaged in frenzied bidding for the right to collect her debt—all $768.25 of it. “I just couldn’t come up with the money,” said Walker, 67, a former hotel worker who makes do on a monthly Social Security check. Barely more than a year after a taxpayer bailout of major financial institutions, Bank of America and the hedge fund, Fortress Investment Group, spotted a fresh money-making opportunity – collecting the tax debts of tens of thousands of people like Walker. The bank and hedge fund can add interest charges and fees, and they bundled the debts as securities for investors. In late May and early June, proxies for the two institutions quietly bought hundreds of millions of dollars in homeowners’ property tax debts in Florida by bidding at a series of online auctions held by county tax collectors. They didn’t use their names but donned multiple other identities, dominating the auctions and repeatedly bidding on the same parcels – in the case of Walker’s small home, more than 8,000 times. Then, in September, Bank of America’s securities division packaged $301 million worth of the tax liens it and Fortress had acquired into bonds pitched privately to major investors. The anticipated return – estimated at between 7 to 10 percent – is possible because buyers of tax debts can assess a panoply of interest charges and other fees. When the debt goes unpaid long enough, the liens buyer can seize properties through foreclosure. Because the bonds were sold privately, there’s no public record indicating who purchased them, the prices paid, or the anticipated return. Moody Investment Services spokesman Tom Lemmon said the type of offering, known as a tax lien securitization trust, is fairly uncommon. Bank of America, he added, may make additional offerings in future years. A Bank of America spokesman, while otherwise declining comment, said that the bank and Fortress had not acted together in bidding in the auctions. Bank of America spokesman William Halldin said by email: “Our bids were made independent of any other organization. Any suggestion that they weren’t independent is simply incorrect.” Fortress, which is headed by former Fannie Mae chief Daniel Mudd, had no comment. The Florida securities deal illustrates how financial institutions, including some beneficiaries of federal bailout dollars, are actively creating new ways to profit from the financial distress of homeowners. Acting as surrogate tax collectors, they can help local governments quickly and efficiently bolster their budgets by tens of millions of dollars and in some cases find new owners for dilapidated property. Miami-Dade County, for instance, took in more than $374 million in June 2009 from the sale of about 60,000 property tax liens. added by: toyotabedzrock