# The Carbon Gold Rush

An episode of [Drilled](https://invisiblenetwork.ai/podcast/1439735906), 12 May 2026, 27 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/SxlTEPDY7xDg35RXkASs/pdrl.fm/3e5572/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/9a7ab5ee-ce11-48ff-a544-b3ec00ea9b1e/df479c30-e4f1-4977-80ec-b43601063a1d/audio.mp3?utm_source=Podcast&in_playlist=7f82f371-6316-4ea6-a108-b3ec00ea9b2d

As his American company Summit Carbon Solutions struggles with backlash to a carbon capture pipeline linking corn ethanol plants across the Midwest, Bruce Rastetter is not slowing down. Instead, he’s celebrating some big wins for his Brazilian company, FS Fueling Sustainability, from new ethanol-friendly climate policy to government funding for their carbon capture project. Pushkin+ subscribers can hear episodes early and ad-free. Find Pushkin+ on the Drilled show page on Apple Podcasts or at pushkin.fm/plus. Additional resources: The link between corn ethanol and deforestation Peer-reviewed research on the climate problems associated with corn ethanol An explainer on BECCS (bioenergy with carbon capture and sequestration) Reading list on enhanced oil recovery (EOR) Read more about the Summit Pipeline project Carbon Herald on the push to connect Midwest ethanol plants to carbon capture Brazilian government document on technical mission to US midwest Travel schedule of Brazilian government officials while in the Midwest Read more about the explosion of corn ethanol in Brazil: https://drilled.media/news/ethanol-story1 See omnystudio.com/listener for privacy information.

## Transcript

[0:17] Speaker 1: Pushkin. In early September twenty twenty five, a handful of
[0:31] Speaker 1: Brazilian government officials headed to North Dakota on a mission.
[0:36] Speaker 1: It was a technical mission. They were there to see
[0:39] Speaker 1: a shiny new green technology in action. The idea behind
[0:44] Speaker 1: this new technology was simple. When you turn corn into ethanol,
[0:49] Speaker 1: it generates carbon dioxide, and that's the problem if you're
[0:53] Speaker 1: trying to be a green fuel. But now people from
[0:56] Speaker 1: Iowa to North Dakota were capturing that carbon dioxide, storing
[1:01] Speaker 1: it and selling it. Never mind that they were selling
[1:05] Speaker 1: it to people who would inject it underground to get
[1:08] Speaker 1: oil out, some of it would surely still stay underground.
[1:12] Speaker 1: And if you tilted your head and squinted a bit,
[1:15] Speaker 1: that made it a climate solution. The American company selling
[1:21] Speaker 1: the Brazilians on this idea had a lot writing on
[1:24] Speaker 1: these officials, believing that carbon capture connected to ethanol was
[1:29] Speaker 1: a great green success story, win win for industry in
[1:33] Speaker 1: the environment, an American dream they could take home to Brazil.
[1:37] Speaker 1: But had the visiting bureaucrats scanned the local newspapers, they
[1:41] Speaker 1: might have found a different story.
[1:44] Speaker 2: If you live in Iowa, your land, your water, and
[1:47] Speaker 2: your voice could all be at risk thanks to a
[1:49] Speaker 2: man named Bruce Rastetter.
[1:52] Speaker 3: You know, essentially paying him to capture CO two at
[1:57] Speaker 3: ethanol plants and then shipping it across private land and
[2:02] Speaker 3: public land and then disposing of it somewhere many states away.
[2:08] Speaker 1: On September second, the Brazilian contingent met with an Iowa
[2:11] Speaker 1: company called Summit Carbon Solutions. Summit has been trying for
[2:16] Speaker 1: years to build a carbon capture pipeline to connect dozens
[2:19] Speaker 1: of ethanol plants from Iowa to North Dakota. It's called
[2:24] Speaker 1: the Midwest Carbon Express Project. Harold Ham, who controls many
[2:33] Speaker 1: of North Dakota's oil fields and is an energy advisor
[2:36] Speaker 1: to President Trump, is a major investor in the company.
[2:40] Speaker 1: Bruce Rastetter is the company's co founder. He's also a
[2:44] Speaker 1: founder and executive chairman of its parent company, Summit Agricultural Group.
[2:49] Speaker 1: For other cheerleading of the project to visitors, the Summit
[2:53] Speaker 1: pipeline is years behind schedule and facing multiple political and
[2:57] Speaker 1: legal roadblocks. In fact, it's managed to do almost no
[3:02] Speaker 1: politician issue or campaign has been able to do in
[3:05] Speaker 1: the US for years. United far left and far right
[3:09] Speaker 1: populous from both sides hate this pipeline. For rest Utter.
[3:16] Speaker 1: It's not the first time he's faced opposition, especially in
[3:20] Speaker 1: his home state of Iowa.
[3:22] Speaker 4: Anyone who remotely follows politics or agriculture, you say raft Stetter,
[3:27] Speaker 4: you're going to get a response.
[3:29] Speaker 1: Jess Mazur is the conservation coordinator for the Sierra Club Iowa.
[3:34] Speaker 1: For Jess, the carbon pipeline was not the first time
[3:36] Speaker 1: she'd dealt with Bruce Rastutter. They know who it is,
[3:39] Speaker 1: and they go, oh, you know that guy did this.
[3:42] Speaker 4: So that guy put a factory farm near my house,
[3:44] Speaker 4: or he's the one that you know, got Iowa state
[3:47] Speaker 4: in trouble. So I think everyone's got an opinion of him,
[3:50] Speaker 4: and he's really really good at being able to avoid
[3:54] Speaker 4: ever having to be in the public. He doesn't get interviewed,
[3:58] Speaker 4: he doesn't take media requests. Kind of secret if he
[4:02] Speaker 4: lives out in the middle of nowhere in Hardin County, Iowa.
[4:06] Speaker 1: Rastutter got his start as a big hog farmer. From there.
[4:10] Speaker 1: It wasn't a big leap to growing corn, and then,
[4:12] Speaker 1: like a lot of corn growers, that led quickly to
[4:15] Speaker 1: getting into the corn ethanol business. As a longtime climate reporter,
[4:23] Speaker 1: I keep waiting for people to stop calling corn ethanol Green.
[4:28] Speaker 1: Its carbon footprint is similar to regular gas. It requires
[4:32] Speaker 1: around thirty times as much land as solar, plus lots
[4:37] Speaker 1: of water and chemical pesticides and fertilizers. But industrial agriculture
[4:42] Speaker 1: gets loads of substitutes from it, so they're always finding
[4:45] Speaker 1: a way to keep it alive, and in twenty twenty two,
[4:48] Speaker 1: Congress handed it its latest lifeline.
[4:52] Speaker 2: The Inflation Reduction Act contains some really incredible things for
[4:57] Speaker 2: our shareholders. It contains sustainable aviation fuel. We think that's
[5:01] Speaker 2: an incredible part of decarbonizing the planet.
[5:04] Speaker 1: The Infletion Reduction Act, Biden's big climate policy, created a
[5:09] Speaker 1: whole new revenue stream for corn ethanol guys. Now they
[5:13] Speaker 1: could sell to airlines, but only if they embraced carbon capture.
[5:17] Speaker 1: Bruce Rastetter to the rescue.
[5:21] Speaker 5: So I think without continuing to attain new markets, the
[5:25] Speaker 5: ethanol industries in jeopardy. So that's what lowering carbon scores.
[5:31] Speaker 5: This project on the pipeline is about, with thirty four
[5:35] Speaker 5: ethanol plants across the Upper Midwest, but in particular.
[5:38] Speaker 1: Iowa Summit Carbon Solutions still talks about the project today
[5:42] Speaker 1: as a way to open up new markets for Iowa
[5:45] Speaker 1: corn farmers. So the company was caught off guard when
[5:48] Speaker 1: people across multiple states began organizing against the Midwest Carbon Express,
[5:54] Speaker 1: and it quickly became a big problem because Rastetter was
[5:58] Speaker 1: not just the ethanol kingpin of Iowa. His company was
[6:02] Speaker 1: also the majority owner of a Brazilian ag company, FS
[6:06] Speaker 1: Fueling Sustainability, and he'd helped to make corn ethanol a
[6:11] Speaker 1: thing in Brazil too. Now some it is trying to
[6:14] Speaker 1: make carbon capture happen there too. Welcome to Drilled Season fifteen,
[6:22] Speaker 1: Carbon Cowboys. I'm Amy Westervelt and this season we've partnered
[6:26] Speaker 1: with the amazing reporters at the Intercept Brazil to learn
[6:29] Speaker 1: more about what Rasstutter is doing down there.
[6:33] Speaker 6: I'm Filippe Sabrina with the Interceptor Brazil. I will be
[6:36] Speaker 6: hosting the Portuguese version of the season over on the
[6:39] Speaker 6: Intercept to Brazil Feed. This is a story about how
[6:43] Speaker 6: the ethanol kingpin of Iowa became the king of corn
[6:47] Speaker 6: in Brazil and.
[6:47] Speaker 1: How a bunch of ideas that are great for the
[6:50] Speaker 1: oil and ag industries got rebranded as climate solutions and
[6:54] Speaker 1: created a carbon gold rush.
[7:01] Speaker 7: Think maganin as Gonchi, Think port Could you consider you?
[7:05] Speaker 1: A few months ago Philippe started telling me about this
[7:08] Speaker 1: giant pig statue that greets people Bruce Rastutter's home base
[7:13] Speaker 1: in Brazil, because yes, his partners in Brazil also started
[7:16] Speaker 1: out as pig farmers. These guys are all still on
[7:20] Speaker 1: the pig business, and boy do they love pigs. When
[7:23] Speaker 1: Philippe sent me a picture of this pig statue, I
[7:26] Speaker 1: was kind of shook. If you're imagining some sort of
[7:29] Speaker 1: tasteful bronze statue, think again. This is a massive, orky
[7:35] Speaker 1: pig looking thing wearing laterhosen and a bright green hat,
[7:38] Speaker 1: holding a corn cob.
[7:40] Speaker 6: And it even has a name Lucina or Little Lucas
[7:45] Speaker 6: because the town is called Lucas do Hill Virji. It
[7:49] Speaker 6: tells you actually a lot about this place. It was
[7:52] Speaker 6: proposed by one of the largest landowners in the area,
[7:55] Speaker 6: big agriculture business guy. He comes from a German family,
[7:59] Speaker 6: which is why the pig is wearing a German outfit.
[8:02] Speaker 6: Around fifty years ago, the Brazilian agriculture industry came to
[8:06] Speaker 6: this place looking for a cheap and easy land grab. Today,
[8:10] Speaker 6: the American agriculture industry is doing the same thing.
[8:14] Speaker 1: Vusista in Lucas do Yu virgi asiddajigioportunidjis aki ajira sojin
[8:21] Speaker 1: pri gualidan Did you read the same kopram. This audio
[8:25] Speaker 1: you're listening to with the epic background music is from
[8:28] Speaker 1: a promotional video by the Lucas to Rio Verge city
[8:31] Speaker 1: government highlighting the wonders of the city. The video mixes
[8:35] Speaker 1: images of macause forests in the sunset and large cotton,
[8:39] Speaker 1: soybean and cornfields. The city government wants you to know
[8:43] Speaker 1: that Lucas is the city of opportunities. It has more
[8:47] Speaker 1: than ninety five thousand inhabitants and produces more than two
[8:51] Speaker 1: million tons of grain per year. The narrator of the
[8:54] Speaker 1: video says, we are one of the fastest growing cities
[8:57] Speaker 1: in Brazil, and then this screen fills with a mix
[9:00] Speaker 1: of smiling children, crops and grain pouring out of machines. Lucas,
[9:06] Speaker 1: the Rio Verge is all money, growth and seas of
[9:09] Speaker 1: corn and soybeans as far as the eye can see.
[9:13] Speaker 6: The first time I visited, it shocked me to see
[9:16] Speaker 6: massive crops right next to people's homes. But the more
[9:19] Speaker 6: I learned about Lucas, the more it made sense. The
[9:23] Speaker 6: town is a fiction designed and built by the government
[9:27] Speaker 6: to impose development on this region. Lucas was entirely created
[9:33] Speaker 6: to serve agriculture and its owners. The wide avenues are
[9:37] Speaker 6: lined with silos, agricultural machinery, stores, supply stores, credit banks,
[9:43] Speaker 6: and real state agencies. Trucks over twenty meters long, loaded
[9:48] Speaker 6: with soybeans or corn have plenty of space to drive
[9:52] Speaker 6: around or park on the curb. Walking in Lucas, on
[9:56] Speaker 6: the other hand, is a challenge because of the distances
[9:59] Speaker 6: between the long avenues, the heat, and the lack of
[10:03] Speaker 6: trees to provide shade. The city is obsessed with imperial
[10:08] Speaker 6: palm trees. There are hundreds of them in the town
[10:12] Speaker 6: center and on the sides of the roads. With nothing
[10:16] Speaker 6: but monoculture crops and important palm trees, there is no
[10:21] Speaker 6: vegetation in the area to insulate it from extreme temperature changes.
[10:26] Speaker 6: Lucas can go from freezing cold to unbelievably hot from
[10:32] Speaker 6: one moment to the next. It was weird for me,
[10:35] Speaker 6: but the people I spoke with here didn't seem to mind.
[10:38] Speaker 6: The image of abundant harvests has drawn people from all
[10:43] Speaker 6: over the country to Lucas all right.
[10:46] Speaker 1: Going from yeah, yeah, think.
[10:49] Speaker 8: My husband was un employed for two years. Then we
[10:52] Speaker 8: saw reports about the city, which is a very good
[10:54] Speaker 8: place to live to raise children, even in terms of violence,
[10:58] Speaker 8: so we packed all backs.
[11:01] Speaker 1: Isabella is from Ministerized, a Brazilian state southeast of Lucas,
[11:06] Speaker 1: but since twenty twenty one she's been living here with
[11:09] Speaker 1: her husband and children. She sells asa e bowls in
[11:13] Speaker 1: front of the parking lot of a multi national grain company.
[11:16] Speaker 1: Assai is a fruit typical of the Amazon. Isabella buys
[11:20] Speaker 1: it from suppliers and sells it to truck drivers who
[11:23] Speaker 1: load and unload grain.
[11:25] Speaker 7: Here.
[11:26] Speaker 1: She passes small bowls of asai cream through the fence
[11:29] Speaker 1: and the truckers passed back cash. Isabelle said Lucas is great,
[11:34] Speaker 1: not least because when she needs to take her kids
[11:36] Speaker 1: to a public hospital, she never waits more than an
[11:39] Speaker 1: hour to be seen.
[11:43] Speaker 8: In the city. I don't think anyone can complain about healthcare.
[11:47] Speaker 1: She says that Lucas, the Rio Verge Hospital SEW Lucas
[11:50] Speaker 1: in particular, is especially nice. It's run today by a
[11:54] Speaker 1: partnership between the city and agribusiness entrepreneurs.
[12:04] Speaker 8: Now they've opened a really nice word to the own
[12:07] Speaker 8: hospital has been renovated.
[12:12] Speaker 1: Apart I supposals Lucas ponta rakum nova ala atu CenTra
[12:18] Speaker 1: matarney for you who's passed by properson Resistencia.
[12:24] Speaker 9: Judus.
[12:25] Speaker 1: In fact, the new maternity ward at the saw Lucas
[12:28] Speaker 1: Hospital has a promotional video too, and a few seconds
[12:31] Speaker 1: into it, listeners might recognize a not so Brazilian sounding.
[12:36] Speaker 10: Name in North American Bruce Hasted.
[12:41] Speaker 1: Bruce Restedter, the ethanol kingpin of Iowa. He wields a
[12:47] Speaker 1: lot of power there, but outside the state he's not
[12:51] Speaker 1: exactly a household name. Now suddenly a new wing in
[12:55] Speaker 1: the hospital in this Brazilian farm town was being named
[12:58] Speaker 1: after this guy. How did that happen?
[13:02] Speaker 6: The hospital canceled my tour just before I arrived, so
[13:06] Speaker 6: our producer Marsa ever does and I just showed up
[13:09] Speaker 6: to see what we could see. We talk it to
[13:12] Speaker 6: a hospital worker in the hallway.
[13:25] Speaker 1: It's a little hard to hear there because Philippe and
[13:28] Speaker 1: Marcia were trying to tape with their phone, and of
[13:30] Speaker 1: course she's speaking in Portuguese too, But when they asked
[13:33] Speaker 1: her about the name of the ward, the Bruce rast
[13:35] Speaker 1: at her wing, she said it was named after Bruce,
[13:38] Speaker 1: a doctor from Ohio. We're still not sure where she
[13:42] Speaker 1: got that idea, but funding big public projects, especially around
[13:47] Speaker 1: hospitals and healthcare, is really common in Brazil. You just
[13:51] Speaker 1: heard how when telling Philippe about what she likes about Lucas,
[13:55] Speaker 1: Isabella mentioned healthcare. People think of hospitals as an example
[14:00] Speaker 1: of how nice a city is or how well it's working.
[14:03] Speaker 1: So if Lucas has a good hospital, no one can
[14:06] Speaker 1: say that the politicians or the businessmen running things here
[14:09] Speaker 1: are bad. That goes double for anything that's focused on
[14:13] Speaker 1: women and children. So a maternity ward checks a lot
[14:17] Speaker 1: of boxes. And then we found out that the hospital
[14:22] Speaker 1: is run by a foundation led by one of Rasstutter's
[14:25] Speaker 1: Brazilian business partners, Marino Franz. Marino's brother Paulo was the
[14:29] Speaker 1: one that proposed that giant pig statue that looks out
[14:32] Speaker 1: over Lucas. And to understand how Rastutter, the American farmer,
[14:36] Speaker 1: ended up with a Brazilian rural maternity ward named after him,
[14:40] Speaker 1: we had to figure out how the Franz brothers fit
[14:43] Speaker 1: into it, and what brought Bruce to Brazil in the
[14:46] Speaker 1: first place.
[14:47] Speaker 11: That's gonna ye after the break Lucas.
[15:02] Speaker 1: The Rio Verde is in the Brazilian state of Mato Grosso,
[15:05] Speaker 1: a state that is almost exactly half agriculture and half
[15:09] Speaker 1: Amazon rainforest. It used to be even more Amazon. For decades,
[15:15] Speaker 1: the state was considered the frontier in Brazil. The forests
[15:18] Speaker 1: were preserved, and it was home to even more indigenous
[15:21] Speaker 1: people than it is today. But in the nineteen sixties
[15:24] Speaker 1: and nineteen seventies, Brazil's military government deployed a new strategy
[15:28] Speaker 1: was called the National Integration Plan. The idea was to
[15:32] Speaker 1: eliminate indigenous communities that were seen as anti development and
[15:36] Speaker 1: integrate the north and midwest of Brazil into the national economy.
[15:42] Speaker 1: Seldom Sada Arrititomba is grabbed.
[15:45] Speaker 8: You might study of twenty s Anti Task.
[15:49] Speaker 11: Community.
[15:50] Speaker 1: This propaganda film from the seventies celebrates the quote revolution
[15:54] Speaker 1: reaching the jungle, toppling trees in favor of roads. The
[15:59] Speaker 1: goal was to develop the Amazon by building infrastructure in
[16:03] Speaker 1: the wilderness, displacing indigenous residents, and encouraging people from outside
[16:08] Speaker 1: the region to move there, to be pioneers and go
[16:12] Speaker 1: to this frontier and tainment. The main farm towns in
[16:16] Speaker 1: motto Grosso today were deliberate colonization projects, many of them
[16:20] Speaker 1: built and funded by the Brazilian government. The government offered
[16:24] Speaker 1: people plots of land, housing, and sometimes even credit to
[16:28] Speaker 1: move there. They even funded research to figure out how
[16:32] Speaker 1: crops like soybeans and cotton could be grown in the
[16:35] Speaker 1: tropical climate there. That's what brought the Franz brothers there
[16:38] Speaker 1: decades ago, and according to Paolo, it's the Franz brothers
[16:42] Speaker 1: who brought Bruce to the area. In follows telling it
[16:50] Speaker 1: all happened because of an internship he did in Iowa
[16:53] Speaker 1: and an important contact he made there. Here he is
[16:56] Speaker 1: talking about it on a Brazilian podcast.
[17:00] Speaker 7: Borjun tozer.
[17:02] Speaker 8: Jenci be quas quadan Onmide senor to Terry Branstead.
[17:08] Speaker 1: Harry Brandstad, the governor of Iowa the time and eventually
[17:12] Speaker 1: US Ambassador to China during Trump's first presidency. Pallis says
[17:17] Speaker 1: they all went to soccer games together a lot. Pallis
[17:20] Speaker 1: it was Brand's dad who introduced him to Bruce Rastetter.
[17:25] Speaker 7: Bruce Keo CEO the Empires and Fundador.
[17:29] Speaker 12: Bruce is the CEO of the company the founder. He
[17:32] Speaker 12: has a huge passion for pigs and has been involved
[17:35] Speaker 12: with pigs his whole life. He was a pig farmer
[17:37] Speaker 12: until he started getting into ethanol, which is a very
[17:40] Speaker 12: recent thing. I don't know whether, just to clarify, Americans
[17:45] Speaker 12: produce more ethanol from corn than we do from sugarcane.
[17:49] Speaker 12: There the philosophy, the culture is producing ethanol from corn.
[17:53] Speaker 12: So as president, I met with this Terry Branstad, who
[17:56] Speaker 12: was the governor of Iowa. We met and he wanted
[17:59] Speaker 12: to buy some land here in Brazil.
[18:01] Speaker 1: Bruce doesn't mention any of this when he's asked about
[18:04] Speaker 1: how he wound up in Brazil. Here's how he talked
[18:07] Speaker 1: about it on a farming podcast a couple of years ago.
[18:10] Speaker 7: So when we sold Hawkeye to Coke Industries.
[18:13] Speaker 1: That was one of his S and L companies that freed.
[18:16] Speaker 5: Me up for the first time to do other things
[18:19] Speaker 5: outside of being responsible for a larger company, and started
[18:23] Speaker 5: traveling to Brazil.
[18:25] Speaker 7: This is how.
[18:26] Speaker 1: Bruce talks about it in other interviews too. He was
[18:29] Speaker 1: interested in Brazil because it's the main agricultural competitor to
[18:32] Speaker 1: the US, or because other US companies had done well there,
[18:36] Speaker 1: et cetera, et cetera. It was when we were trying
[18:39] Speaker 1: to verify Bruce and Paolo's differing versions of this story
[18:45] Speaker 1: that our brazil editor Alisi Desusa found a guy with
[18:48] Speaker 1: yet another version, is.
[18:52] Speaker 9: This promos and all are you three huggers? Are you
[18:57] Speaker 9: looking at this from a negative standpoint or are you
[19:01] Speaker 9: looking at it.
[19:01] Speaker 5: From a neutral standpoint?
[19:03] Speaker 9: I don't mind being neutral. I can be critical of
[19:05] Speaker 9: this too. Yeah, but because clients of mine have invested
[19:10] Speaker 9: in all words of a billion dollars now in Marpa Grosso,
[19:13] Speaker 9: I don't want to fuck this up.
[19:15] Speaker 1: That's Corey Melby, an agriculture consultant in Brazil.
[19:19] Speaker 9: I came from Northwest Minnesota, developing land. So of course
[19:24] Speaker 9: when in the early two thousands, when Marpa Grosso and
[19:27] Speaker 9: all of this Siebian expansion was taking place, I was
[19:31] Speaker 9: going to be the land guy for a group from
[19:33] Speaker 9: some of the first guys I went down with, you're
[19:36] Speaker 9: going to be here, Corey, pick up the language, bick
[19:38] Speaker 9: up the contacts.
[19:39] Speaker 5: You could be the real estate guy.
[19:41] Speaker 9: So that's where I started was from that.
[19:44] Speaker 1: Perspective full disclosure. We paid Corey Melby to be a
[19:49] Speaker 1: fixer for us on the ground in Mato Grosso. The
[19:52] Speaker 1: idea was that he would take us around and ideally
[19:56] Speaker 1: arrange a meeting with the brothers Franz at their farm.
[20:00] Speaker 1: None that ended up panning out, but he did talk
[20:03] Speaker 1: to Philippi and I and he told us a lot
[20:06] Speaker 1: about how Bruce started out in Brazil. He also added
[20:11] Speaker 1: me to his newsletter list, which is a wealth of
[20:13] Speaker 1: acknowledge about Brazil.
[20:15] Speaker 7: Although it comes out.
[20:16] Speaker 1: So many times a week, I still have about five
[20:18] Speaker 1: hundred unread emails in a folder marked Corey.
[20:22] Speaker 9: So I've been on every requirement by mon Grosso. I
[20:25] Speaker 9: wrote the Boom Times and the bus, and the Boom
[20:29] Speaker 9: Times and the bus again with all my friends.
[20:32] Speaker 4: So I I.
[20:34] Speaker 9: You know, I have that twenty five year art of
[20:36] Speaker 9: experience now of the good, bad and ugly of Macrocrosso.
[20:40] Speaker 5: And believe me, there's plenty of.
[20:42] Speaker 9: All of it.
[20:43] Speaker 1: He knows a lot about Bruce and the Frownz brothers
[20:45] Speaker 1: because he did for Bruce what he's done for the
[20:47] Speaker 1: past twenty five years for other Americans looking to get
[20:50] Speaker 1: into the agg business in monte Grosso. He toured them
[20:54] Speaker 1: around looking for land.
[20:56] Speaker 9: Back in twenty eleven, I was visiting Forema and he
[21:00] Speaker 9: was a young, dynamic guy and he was at Cory.
[21:03] Speaker 5: We're we're looking to develop a.
[21:06] Speaker 9: A corn oil mill, processing and investors or a partner
[21:13] Speaker 9: in that.
[21:15] Speaker 5: Corn oil.
[21:16] Speaker 9: So I was writing about this BS and my brewsletters
[21:19] Speaker 9: at the time, and also visiting him Lucas Deomerday at
[21:23] Speaker 9: the elevators at the time, doctor to Climber's Oh we've
[21:29] Speaker 9: got to get corn athene or we're going to bury ourselves.
[21:35] Speaker 1: Because of his newsletter and his ties to various American
[21:38] Speaker 1: at folks, Corey has kind of become known as the
[21:41] Speaker 1: guy to call if you're an American who wants to
[21:44] Speaker 1: get a sense of Manto grosso. So when people started
[21:47] Speaker 1: talking about corn ethanol there, it was only a matter
[21:50] Speaker 1: of time before he got a call from you know who, Summit.
[21:54] Speaker 9: From Iowa, which I'm sure you are very familiar with,
[21:57] Speaker 9: Bruce Brest letter and Eric and then the whole club.
[22:00] Speaker 9: I get it all from Bruce's letter email, Hey, we.
[22:04] Speaker 8: Would like to.
[22:08] Speaker 9: Uh, we're going to be down there for another reason.
[22:12] Speaker 5: Could we do something?
[22:14] Speaker 1: Call up cart was they didn't want to take one
[22:17] Speaker 1: of Corey's prepackaged ag tours.
[22:20] Speaker 9: Okay, so this is twenty eleven. We do a little
[22:25] Speaker 9: quick power to here they go home.
[22:27] Speaker 5: I figured out just another tour.
[22:30] Speaker 9: Uh, we were looking at land.
[22:33] Speaker 8: We loved to get going.
[22:35] Speaker 1: Corey carried on, thinking nothing of it. But six months
[22:38] Speaker 1: or so later he got a call from some friends
[22:40] Speaker 1: in Manto, Brusso.
[22:42] Speaker 9: My good friend, the friends is you know, they were Cory.
[22:46] Speaker 5: We we wanted to get.
[22:48] Speaker 9: An ethanol now went out here.
[22:50] Speaker 5: But we needed help. We need American, we need capital.
[22:54] Speaker 9: So I was telling Bruce and the guys, you know,
[22:57] Speaker 9: I've got friends. I'm thinking.
[23:01] Speaker 8: Guys.
[23:02] Speaker 1: According to Corey, at the time, Bruce and the guys
[23:05] Speaker 1: weren't quite ready to get into the ethanol business in Brazil.
[23:08] Speaker 1: They were just looking for some farm land. Then they
[23:12] Speaker 1: came back for another trip, and as Corey tells it,
[23:15] Speaker 1: this is when they met the Franzis all.
[23:18] Speaker 9: All of a sudden, we've got a farm for sale.
[23:22] Speaker 1: Corey helped broker the deal between Bruce and the Franzas,
[23:25] Speaker 1: and it kept them all talking.
[23:27] Speaker 5: Three years to tolls on this down farm.
[23:30] Speaker 9: But that farm for just then opened the door with
[23:34] Speaker 9: trussed and capable. Hey, let's let's build an ethanol.
[23:38] Speaker 5: And lucas together.
[23:41] Speaker 1: The Franz brothers had hit the big time. They were
[23:43] Speaker 1: getting into business with the ethanol kingpin of Iowa. It
[23:47] Speaker 1: was a whole new level. Whereas Corey calls it cycle three.
[23:51] Speaker 9: Cycle one is deforestation in cattle, Cycle two is song.
[23:58] Speaker 5: Cycle two point.
[23:59] Speaker 8: Five is soa a corn.
[24:01] Speaker 9: Basically, you know, the combination CYCLELE three now gets to
[24:06] Speaker 9: be what we would say industrial or added Iowa.
[24:13] Speaker 1: For the Franz brothers, Bruce was a white whale at
[24:17] Speaker 1: a time of booming Brazilian industrial agriculture. He happened to
[24:21] Speaker 1: have some free time on his hands, and now this
[24:24] Speaker 1: international king of corn had picked them.
[24:27] Speaker 5: What luck.
[24:29] Speaker 1: But that story misses one important detail. At the time
[24:33] Speaker 1: he was doing land tours in Brazil, Bruce Rastetter was
[24:36] Speaker 1: having a really bad time back home in Iowa.
[24:40] Speaker 4: Since twenty twelve, since that big land grab attempt in Africa,
[24:44] Speaker 4: he has become a dirty word in Iowa.
[24:47] Speaker 11: It's just that's what he does.
[24:49] Speaker 5: It's like his business model, you know.
[24:51] Speaker 3: And whether it was in Iowa with you know, how
[24:55] Speaker 3: he was treating Iowa farmers or now it's gloquially Yeah,
[24:59] Speaker 3: he just keeps pushing his.
[25:00] Speaker 11: Business advancement, right.
[25:02] Speaker 1: It's all about his corporate profits.
[25:05] Speaker 10: Friends of friends have said that he's kind of over
[25:07] Speaker 10: Iowa and more interested in Brazil, which I mean it was.
[25:10] Speaker 10: If I was issues, if I had the choice of,
[25:13] Speaker 10: you know, being at a place where everybody hated me
[25:15] Speaker 10: in a place where people fond over me, I'd probably
[25:17] Speaker 10: go to the people fond over me.
[25:19] Speaker 1: That's our story. Next time. We reached out to Bruce Rastutter,
[25:26] Speaker 1: Harold Hamm, the Frownz Brothers, Miguel Das Robero, and all
[25:30] Speaker 1: Summit companies and Brazilian government agencies mentioned in this season
[25:34] Speaker 1: for comment and have incorporated any responses we received throughout
[25:38] Speaker 1: the season.
[25:39] Speaker 6: Carbon Cowboys Cowboys of the Sejadu is a collaboration between
[25:43] Speaker 6: Drilled and The Intercept to Brazil.
[25:46] Speaker 1: The show was reported and written by Philippe Sabrina and
[25:49] Speaker 1: me Amy Westerveld.
[25:51] Speaker 6: Our editors are Audrey Queen in the US and Alisi
[25:55] Speaker 6: Desulza in Brazil.
[25:56] Speaker 1: Our senior producer and sound designer is Martin Zaltz Ostwik.
[26:00] Speaker 1: Audio production and sound design in Brazil by Marcia Heberdoza
[26:05] Speaker 1: and Philippe MoOx.
[26:06] Speaker 7: Theme song and original music by Eric Terna.
[26:10] Speaker 1: Additional music by Martin Saltz Austwick. Our engineer is Peter Duff.
[26:14] Speaker 7: Artwork for Drild is by Matt Fleming.
[26:17] Speaker 1: US fact checking from Naomi Barr.
[26:20] Speaker 7: Brazil fact checking by Estudio Frontea.
[26:23] Speaker 1: Our First Amendment Attorney is James Wheaton with the First
[26:25] Speaker 1: Amendment Project. We are also proud members of Reporter Shield.
[26:30] Speaker 1: Big thanks also to Andrew Fishman, president of The Intercept Brazil.
[26:35] Speaker 7: DRILD is distributed by Pushkin Industries.
[26:38] Speaker 1: Huge thanks to the team there, including Greta Cohen, Eric Sandler,
[26:42] Speaker 1: Grace Ross, Morgan Rattner, Owen Miller, Kira Posey, Jordan McMillan,
[26:48] Speaker 1: Brian Schreberneck and Jake Flanagan. To hear the Portuguese version
[26:53] Speaker 1: of this series, head over to The Intercept Brazil's site,
[26:57] Speaker 1: or search for The Intercept Brazil's podcast feed wherever you
[27:00] Speaker 1: listen to podcasts.

Shows are listed from Apple Podcasts' charts and directory, and Podcast Index where it is used. Every show and episode belongs to its publisher and plays from the publisher's own feed; this site hosts none of them.