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Bank Of America Investment By Staff

The PCBs buried in river sediment are considered by EPA to be a probable carcinogen and a risk to people who eat fish from the Hudson. Congress enacted the Superfund law after the Love Canal toxic waste scandal in the 1970s as a way to require polluters to pay for cleanups even if a site was sold or is no longer operating. In its lawsuit, - the Hudson River and former factories in Hoboken, N.J. and Milford, N.H. - where it is involved in Superfund cleanups.

Investment Opportunity (AXcess News) New York, NY - A contaminated property on Grand Street in Hoboken, New Jersey has been cleaned up, clearing the way for the U.S. Environmental Protection Agency (EPA) to proceed with the final steps to remove the site from the Superfund National Priorities List, a list of the most contaminated hazardous waste sites. EPA has also reached a proposed settlement with the General Electric Company (GE) to pay an additional $3 million to cover costs the Agency incurred during the cleanup. The property was placed on the Superfund list after mercury vapor was detected inside residencies at levels far exceeding health based criteria. EPA found mercury between floor layers and absorbed into wood, brick, and other porous surfaces.

Morris County's engineers must complete a detailed mapping of the property to be included in the transaction by Sept. 1. The state must complete a report on hazardous materials at the site and required environmental cleanup by Oct. 5. An agreement on who will do, and pay for, any needed environmental cleanup, and a formal site survey and property inventory are due by Feb. 5, 2003.

Banc Of America Investment "The building was in poor shape when we began our work and many people's lives were at risk," said EPA Regional Administrator Alan J. Steinberg. "It has now been demolished, contaminated waste has been removed, and we have returned the site to a state on which homes can be built without fear of further mercury contamination."

The cleanup, which has an estimated cost of $400, 000, is expected to be completed by the end of June. "This facility contains large amounts of asbestos material that were not disposed of properly, so it's imperative that EPA make sure it gets cleaned up quickly to eliminate any potential threat to the community, " said EPA Regional Administrator Alan J. Steinberg. "EPA is taking swift action to address the problem, working closely with state and local agencies."

Banking Investment The Grand Street Mercury site consisted of a former industrial building that was converted into residential/studio spaces, a townhouse, an asphalt-covered parking lot, and several adjacent residential properties. EPA began its response at the site after samples collected by the local health department showed that 20 residents, five of whom were children, had elevated levels of mercury in their urine. Mercury, believed to be associated with prior manufacturing operations of mercury vapor lamps and mercury connector switches, was found throughout the site. When the contamination was discovered, EPA worked closely with local health officials to relocate residents living in the apartments. The Agency also secured the buildings and conducted an investigation to determine how best to clean up the site. Contamination was so significant that EPA ordered GE to demolish the buildings and remove the soil from the former industrial property and adjacent residential properties.

These data, they say, provide ample evidence that air pollution is the prime cause of mercury contamination in fish and that stringent emission regulations are tackling the problem. One of the scientists researching mercury in the Everglades, David Krabbenhoft of the U.S. Geological Survey, said that although Florida's experience confirms that reducing mercury air pollution will decrease fish contamination, "it is very difficult to anticipate the recovery time of a lake, stream or wetland in a different part of the world."

Investment Solution Strategic The Department of Justice, EPA, and State of New Jersey have also proposed a settlement with GE, requiring the company to pay $3,000,000, which will be shared by the United States and New Jersey in proportion to each government's past response costs that have not been reimbursed.

Critics say the EPA should regulate mercury under the provisions of the Clean Air Act, which call for much steeper and earlier emissions reductions than the agency has proposed. Christie Whitman, who headed the agency last spring when EPA staffers say they were told to forgo the normal analysis of the mercury proposal said Tuesday that she supported Leavitt's decision to order new studies. He has the option of publishing the findings before the deadline for public comment and well before the final rule is enacted, she said.

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