In the Rockies today, the state of the nation's financial industry hits home in the West.
On Thursday, federal regulators took control of Seattle-based Washington Mutual, the nation's largest savings and loan, and sold virtually all of its assets to J.P. Morgan.
In Montana, the bankruptcy of Lehman Brothers has put work on the Moonlight Basin resort on hold, while principals seek a new line of credit.
In Arizona, communities across the state are watching the Lehman bankruptcy proceeds carefully as the state and cities have a total of $40 million in the Wall Street investment bank.
And in our In-depth section, we offer coverage of the negotiations on a federal rescue plan for the nation's financial industry.
Rockies today
Federal regulators seize Seattle-based Washington Mutual
Washington Mutual was seized by federal regulators late Thursday, a move that represents by far the largest bank failure in U.S. history, and sold virtually all the assets of the Seattle-based savings-and-loan to J.P. Morgan.
New York Times; Sept. 26
Official: EPA backed away from decision on Montana town due to cost
At a hearing Thursday about the Environmental Protection Agency's decision to not declare a public health emergency in Libby due to asbestos contamination, an EPA official admitted that the federal government decided against declaring such an emergency because it feared it would spark a costly, countrywide asbestos cleanup.
Kalispell Daily Inter Lake; Sept. 26
Federal spending bill could return some USFS money to Montana
A must-pass spending bill before Congress contains a provision to provide $775 million in supplemental funds to the U.S. Forest Service to help cover firefighting costs, which means the Bitterroot National Forest in Montana may get back some of the $600,000 it sent back to Washington D.C. to help cover those costs.
Ravalli Republic; Sept. 26
Collapse of Lehman Brothers could cost Arizona, cities $40 million
According to Arizona records, the collapse of Lehman Brothers could cost Pima County $5.2 million; Tempe may lose $3.5 million, and Maricopa and Goodyear, two small communities, could each lose $1.4 million if all the funds they've invested with the Wall Street investment bank are discharged by the firm's bankruptcy. Free registration may be required to read this article.
Arizona Daily Star (AP); Sept. 26
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Lehman bankruptcy puts Montana development in a bind
Lehman Brothers, which recently filed bankruptcy, was the banking partner of Moonlight Resort near Big Sky, putting construction of the four-season resort in Montana on hold.
Bozeman Daily Chronicle; Sept. 26
Salt Lake City officials desire streetcars like those in Northwest cities
Mayor Ralph Becker took 28 Salt Lake City officials and business leaders on a tour of Portland, Seattle and Vancouver, where the Utah mayor said they saw again and again that wherever streetcars and trolleys went, "development happened."
Salt Lake Tribune; Sept. 26
Shareholders of Delta, Northwest approve merger
The merger of Delta Air Lines Inc. and Northwest Airlines Corp. met with shareholder approval on Thursday, and now awaits approval from the U.S. Justice Department.
Salt Lake Tribune (AP); Sept. 26
Opinion
Federal government about to see what $700 billion will buy in public anger
No matter how acrimonious negotiations on the bailout of Wall Street gets, taxpayers can be assured that rescue in some form will be forthcoming, and given Detroit automakers' recent trips to Washington, it may not be the last, but the most costly aspect of the financial fiasco may be the loss of public trust in the federal government.
Las Vegas Review-Journal; Sept. 26
Beyond the region
Report: Carbon emissions in 2007 outpaced most dire predictions
The Australia-based Global Carbon Project, an international consortium of scientists that tracks emissions, released a report Thursday that said carbon dioxide emissions from burning fossil fuels and from manufacturing cement increased 2.9 percent over 2006 levels.
Washington Post; Sept. 26
Conservationists worry that solar projects will blanket Mohave Desert
John Hiatt, a Las Vegas-based environmental activist, said BrightSource Energy, Inc.'s plan to blanket 3,400 acres of California's Ivanpah Valley with hundreds of thousands of mirrors to generate 400 megawatts of solar-powered energy puts the golden eagle, American badger, and the desert tortoise in peril, and with dozens of other such projects under consideration in California, Hiatt warned that habitat for those species and others may rapidly be overtaken.
Christian Science Monitor; Sept. 26
Washington state awards $4.5M for Wallula aquifer project
The Washington state Department of Ecology awarded $46 million in grants to 18 projects across the state to help develop more water supplies, including a $4.5 million grant to a Boise paper mill in Wallula to pull water from the Columbia River during the winter, store in an aquifer and use the naturally cooled water for its operations.
Tri-City Herald; Sept. 26
USFWS signs off on Hanford Reach National Monument plan
The U.S. Fish and Wildlife Service's management plan signed on Thursday for the Hanford Reach National Monument is the first such plan for the monument, which was created in 2000 on the buffer zone around the Hanford Nuclear complex.
Tri-City Herald; Sept. 26
In depth
GOP lawmakers balk on financial rescue plan
After a series of meetings on Capitol Hill on Thursday, it appeared Congress and President Bush were close to brokering a deal on the $700-billion plan to shore up the nation's financial industry, but negotiations stalled later in the day.
Toronto Financial Post; Sept. 26
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Idaho senator says federal action on financial situation needed soon
U.S. Sen. Mike Crapo said conversations with economic experts convinced him that quick action is needed to keep the nation's economy on track, but said that in order for him to support the current rescue plan before Congress, a provision limiting CEO compensation must be added, as well as one that provides significant oversight of the Treasury Secretary.
Idaho Statesman; Sept. 26
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Utah senator takes leadership role in financial-rescue negotiations
The opposition of Alabama Sen. Richard Shelby, who is the ranking Republican on the Senate banking commission, to the federal government's proposed $700-billion plan to rescue the nation's financial industry, put Utah Sen. Bob Bennett, who is the second ranking GOP lawmaker on the panel, in a lead role in negotiations on the legislation.
Salt Lake Tribune; Sept. 26
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