In this 12-minute audio presentation, Mike Hudak explains the banking industry connection involving the use of federal grazing permits as loan collateral that lies behind the environmentally damaging management of livestock grazing that is dispensed by the U.S. Forest Service and Bureau of Land Management. Particular attention is focused on the many wildlife species that have been so harmed by this management that they have been federally listed as threatened or endangered. Hudak cites passages from his book Western Turf Wars: The Politics of Public Lands Ranching that illuminate the topic.