Newscast for Tuesday, April 20, 2010

Bolivia opens “people’s” summit on climate change
This morning marked the official inauguration of the People’s World Summit on Climate Change and the Rights of Mother Earth in Tiquipaya, Bolivia. Organizers are calling it an alternative to last year’s failed Copenhagen talks – one that puts front and center the needs and concerns of poorer nations many of which are expected to be hit hardest by climate change. FSRN’s Jessica Camille Aguirre and Aldo Orellana report.

Mexico’s shrimp industry reacts to new US regulations
Starting today Mexico cannot export wild shrimp caught in the open ocean to US markets. The US State Department has decertified certain shrimping practices. Mexican shrimping fleets are now racing against the clock to come under compliance by the start of the next shrimping season. Shannon Young reports.

Lehman Brothers misled public, SEC failed in oversight, report finds
On Capitol Hill today, the financial crisis, and how to prevent it from happening again, was the focus of several hearings. The House Financial Services Committee looked at a 2,000 page report on the 2008 collapse of Lehman Brothers.

The day-long hearing consisted of four panels, including Treasury Secretary Tim Geithner, Federal Reserve Chair Ben Bernanke and SEC Chair Mary Schapiro, who became chair in January 2009. Schapiro said “vigorous regulation and a new culture and approach” are necessary.

“The examiner’s report raises serious questions about the oversight of Lehman’s liquidity pool asset valuation and its risk related internal control…It appears there was insufficient follow up on issues that should have raised concerns.”

The report, released last month by court appointed examiner Jenner & Block, said Lehman “painted a misleading picture of its financial condition.” The firm also puts blame on the SEC. Partner Anton Valuukas said the SEC stood by “idly” rather than fulfilling its mission to “protect investors.”

Democrats push for financial regulation as Republicans remain critical
Democratic lawmakers say the case of Lehman Brothers is another example of the need for an overhaul of the financial regulatory system. The Wall Street reform bill is getting closer to a vote, but Democrats must once again persuade Republicans, who oppose the legislation. FSRN’s Karen Miller has more.

Voting rights for DC residents postponed
Washington, DC residents will have to continue their long wait for equal rights. Democratic leaders on Capitol Hill announced today that they were scrapping plans to bring a controversial voting rights bill to a vote. The United States is the only democratic nation in the world that denies voting representation to the residents of its capital city. Tanya Snyder reports.

EPA announces new funds to clean up brownfield sites
The Environmental Protection Agency has announced nearly 80 million dollars in grants to clean up and redevelop brownfields across the country. Brownfields include abandoned industrial properties, such as old gas stations, textile mills and closed smelters. The sites are often located in economically disadvantaged neighborhoods and supporters say the grants could help stimulate much needed jobs in the communities. But the clean up projects have not proved easy in the past.

We’re joined by John Pendergrass. He’s a co-director of the Brownfields Center at the Environmental Law Institute, a nonpartisan research and education center based in Washington DC.