How Beverly Hills Billionaires Built A Water Empire In California With Taxpayer Money

Jon Alternative Media, Blogosphere, Economy

Beverly Hills Billionaires Stewart and Lynda Resnick control an agricultural empire in the Central Valley of California which Forbes values at $4.2BN. According to an article recently published by Mother Jones, the Beverly Hills based couple bought their first acres of ag land in 1978 as an inflation hedge. Within 20 years the Resnicks had grown to be the largest producer/packager of almonds and pistachios in the world with 130,000 acres of land in the Central Valley and nearly $5BN in annual sales. You’re all probably familiar with some of their brands:

But 130,000 acres of permanent crops requires a lot of water…about 120 billion gallons a year, in fact. At that level of consumption, Mother Jones points out that the Resnicks consume more water than all the homes in Los Angeles combined.

This post was published at Zero Hedge on Aug 20, 2016.