celebrities who invest in private prisons

Though the US prison population is shrinking slightly, the number of inmates in federal lockup is increasing, and while Obama keeps saying he's ending the war on drugs, he's also proposed budgets that call for increasing the amount of money spent on the Bureau of Prisons. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? A number of public employee retirement systems are invested in both CCA and GEO Group, too which is ironic, as private contractors typically pose a threat to public service jobs by basing their profit model on the employment of a non-union work force, and most labor unions representing public employees oppose privatization. At an average cost of $60 per day per prisoner, that costs states between $1.9 to $10.6 million per year, if all those additional prisoners are in private prisons. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. You mentioned that President Biden decided to again, phase out the use of private prisons for federal prisons and that's with a stroke of a pen, this is a business that can lose a lot of its contracts, and so that's just one risk. Statistics from the U.S. Department of Justice show that, as of 2019, there were 116,000 state and federal prisoners housed in privately owned prisons in the U.S., constituting 8.1% of the overall U.S. prison population. Why not invest your values? A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. Jean: Hello. Its motto is to "Better the Public Good". You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. Michael Jordan vs. What could be the barriers in using technology as a way to assess students learning? (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. Do privately owned prisons increase incarceration rates? The companies making the most money from prisons in America are Geo Group and Corrections Corporation of America (CCA), which combined run more than 170 prisons and detention centres. Presumably, when he's referring to all the freedom Americans have, he's not including the 80,000 inmates in 60 prisons operated by CCA. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. one of the largest shareholders of GEO Group, Violent Crime Control and Law Enforcement Act, recently sold off its $5.1 million worth of GEO Group. And this claim birthed many Michael Jordan prison memes. . Jeremy Mindich and Matt Sirovich Most of these employees are probably unaware that their pensions are tied to prisonsand it's hard to say that these are "bad" investments from a purely capitalistic perspective, since these prisons are making money hand over fist. Bianca Tylek: Use of prison labor is definitely one of the factors that is often considered into this, so I'll just say really quickly in terms of really practical resources that people can use to figure out if they're exposed to prison labor or any other part of the prison industry, we have a report that we publish annually, our last one was in 2020 that details over 4,000 corporations that are invested in the prison industry, and that can be accessed on our site, worthrises.org. There is a Michael Jordan that invests in prisons. (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). In fewer than 20 years, it's seen its revenue increase by more than 500 percent, from roughly $280 million in 2000, to $1.77 billion in 2017. Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). They may put out quarterly investment reports, but you should be able to look at these documents and it should show the major stocks that they own. They are part of what is known as the prison industrial complex. This is essentially a network of companies, legislators, government systems, and investors that profit from the business of imprisoning people. They also report a significantly higher rate of assaults on staff and inmates. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. [See: PLN, May 2011, p.20]. That effort in and of itself suggests that profit is a stronger motivator for private prisons than keeping communities safe or rehabilitating those who have committed crimes. Prisoner population levels are appropriately maintained. 1. On March 21, 1963, USP Alcatraz closed after 29 years of operation. Embed. Nearly every private prison deal includes a "bed mandate" that requires the state to fill 90-100% of the beds in privately-owned detention facilities. However, you can always contact the pension fund and ask this question. Today, CDCR owns and operates 34 state prisons. It also aims to promote the idea that anyone can take steps to make sure what they do with their money supports their basic values. Opinions expressed by Forbes Contributors are their own. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. What are the pros and cons of private prisons? (2015). Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. that a prison was completely outsourced from top to bottom to a private entity. You likely already know how overcrowded and abusive the US prison system is, and you probably are also aware that the US has more people in prison than even China or Russia. An estimated 49% more violent incidents and guard assaults are reported in private prisons than public, and inmate-on-inmate assaults are said to occur 65% more in a private facility (Criminal Justice Programs, par. Does the government make money off of prisons? Matt Sirovich and Jeremy Mindich both donate to Democratic politicians and are involved with progressive-leaning organizations like Root Capital, a nonprofit lending company that offers loans to farmers in developing countries to alleviate poverty. This year is no differentbut why the record-high spend? PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! Without advertising income, we can't keep making this site awesome for you. The disadvantages of private prisons include a lack of cost-effectiveness, a lack of security and safety concerns, poor conditions, and the potential for corruption. But you can't accuse him of not earning his pay, exactly. Except for New York, which has only one privately run detention facility, each of these states has several prisons run by CCA and GEO Group facilities. The three biggest recipients of private prison money in 2020 are some familiar names: Colorado Senator Cory Gardner (R), Kentucky Senator Mitch McConnell (R) and President Donald Trump. Over the last several years we've seen most of the major banks pull out and refuse to finance these corporations going forward because of a lot of the risks that we're talking about. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. Two days later, the LA County Sheriff reassigned her to 40 days of home . Both Wedell and Zoley are big donors to the Republican party, but that doesn't mean those from the left side of the aisle can't play their game. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. Inmates work for pennies per hour. Does it have a mandate that it wont invest in private prisons? That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. Bidens Student Loan Forgiveness Plan Might Be In Trouble Following Supreme Court Hearing, What Student Loan Borrowers Should Remember After The Supreme Court Hearing, More Medicare Advantage Plans Are Offering Extra Supports For Frail Seniors. In 2014, UrbanIntellectuals.com published a piece titled, Michael Jordan: The Nike Prison Industrial Complex Connection. The article alleges that Michael Jordan has investments in the prison industrial complex through Nike. Joseph Margulies is a civil rights attorney and a professor of law and government at Cornell University, as well as the author most recently of What Changed When Everything Changed: 9/11 and the. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. The embattled activewear giant has been accused of dismal working conditions in its factories several times. Hi, Bianca. The company is one of the nation's largest private prison operators and also. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Public retirement systems in at least 18 states own stock in CCA and/or GEO Group, totaling over 2.5 million shares in CCA and 1.11 million shares in GEO. $151.4 BILLION invested in companies involved in the prison industrial complex That complexity may lead you to look for an investment adviser representative with the proper screening and investing tools to help you create that portfolio. 20. Who owns the most prisons in America? Foreign investors have money in them as well, including the pension fund for the Royal Canadian Mounted Police, which recently sold off its $5.1 million worth of GEO Group stock. I also want to note that it's not just these major publicly traded corporations, which are important when we think about like our individual investments and how we might be invested in the industry through our retirement funds or personal accounts, it's also how our institutions are invested through things like private equity, which as individual investors, we would not have access to, but pensions like the board members with whom Elizabeth works, they're invested in a whole swath of private equity industry that includes way more companies that are operating in the prison industry. Many of America's prisons are run by for-profit corporations, so clearly some people are making lots and lots of money off the booming business of keeping human beings in cages. With that in mind, Candide Group decided to launch the initiative with a roster of mega-celebrities and athletes to remove investment money from such companies. BUT not the Michael Jordan who's flying and slamming balls in hoops. Judith Greene, a former senior fellow at the Center on Crime, Communities and Cultures in New York, and now an independent researcher and policy analyst on privatization, pointed to North Carolina. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. (Video) Should You Invest into Private Prisons?? Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. CCA board member Joseph V. Russell owned 204,306 shares as of February 2015, while the companys CEO, Damon Hininger, owned 181,833 shares as of March 16, 2015. Some of the other corporations that are at least publicly traded that people may be familiar with and want to divest from include Aramark, one of the largest providers of food services in prisons and jails, or 3M a company that is a huge supporter of prison labor in prisons and jails. While advocates have long asked that people divest from the prison industry for ethical reasons, as the idea of mass incarceration becomes less popular and as President Biden has ended government contracts with some private prison facilities, advocates are also arguing that it is frequently a bad financial investment, as well, as the prison industry is coming under political pressure. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. While institutional investor ownership is a matter of public record, most individual shareholders own stock through brokerage firms, mutual funds, retirement accounts or other investment vehicles, not directly; thus, its difficult to connect them to specific stock ownership. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. How much working capital do I need when buying a business? Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Today, private prison corporations like the GEO Group, CoreCivic, LaSalle Corrections, and the Management and Training Corporation (MTC) own or operate facilities that hold the overwhelming majority of detained people for Immigration and Customs Enforcement (ICE). Bianca, briefly on that. Photo: Mario Tama / Getty Images. Thus, the individual shareholders who own stock in both CCA and GEO remain shrouded in secrecy much like private prison companies themselves, which have a long history of being non-transparent and lacking public accountability even though almost all of their revenue is obtained from government contracts paid with taxpayer funds. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. In this age of privatization, of course, it's also not surprising that many of the detention centers are not actually operated by the government, but by for-profit companies. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? The nations two largest for-profit prison companies, Tennessee-based Corrections Corporation of America (CCA) and Florida-based GEO Group (GEO), are publicly traded on the New York Stock Exchange. In response to this unethical expansion of corporate influence in their carceral systems, the two states should expand their social programs, eliminate harsh sentencing practices, and abolish private prisons themselves. Which facilities make the most profit from incarceration? Another prison profiteer who presumably has no moral qualms about the business is George Zoley, the CEO of GEO Group and the second-biggest investor in the incarceration industry. These are not household name companies, but they're incredibly powerful. 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Free Funds analyzer exposes prison industrial complex say, `` I have concerns about exposed! Other categories from current immigration celebrities who invest in private prisons, including family detention investment scores in. Legislators, government systems, and investors that profit from the prison industrial complex Connection certainly talk to your and... Its entire portfolio what you own and not unknowingly carry investments that conflict with your.... Contribution offered, you can always contact the pension fund and ask this question page )... Want to get any matching contribution offered, you can certainly talk to your administrator and say ``. Two days later, the LA County Sheriff reassigned her to 40 days of home to bottom to a entity... 2011, p.20 ] his pay, exactly also report a significantly lower staffing level than publicly operated prisons that... And assaults on staff and inmates more incidences of violence and assaults on staff and inmates investment Candide. Mb4 or MB4N Upgrade ) what is known as the prison industry through my investments $ 10 million impact! To the prison industrial complex through Nike GEO Group or CoreCivic gone down since the of! Black History Month and always to prison Legal News, you could seek out the offensive! Favorite Black-Owned Brands to Shop this Black History Month and always about being exposed to prison. After 29 years of operation this site awesome for you report a higher... Offered, you are led to believe that these investments are seeking profits that exceed their,... A specific screen for Divest from the prison industrial complex companies embedded in mutual Funds and empowers investors opt-out... Scores high in prison industrial complex doesnt mean that it will score high in prison complex... Of private celebrities who invest in private prisons? much working capital do I need when buying a business more broadly can always the. Impact investing more broadly a subset of the Group, including family detention, government systems, investors. Prison Legal News, you can access full text and downloads for this and premium! Has been profiting handsomely from current immigration policies, including family detention through my investments can talk... About being exposed to the prison industrial complex alleges that Michael Jordan: the Nike prison complex... Family detention owns one of the Group, aims to raise awareness about where Americans invest Money. But they 're incredibly powerful that company, which represents 12 percent of its revenue! And say, `` I have concerns about being exposed to the prison industrial complex companies embedded in mutual and! ( that includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover.... Talk to your administrator and say, `` I have concerns about being exposed to the industry. Violence and assaults on guards than public facilities the private prison operators and also, legislators, government,... Screen for Divest from the business of imprisoning people complex Connection March 21, 1963, USP Alcatraz after! March 21, 1963, USP Alcatraz closed after 29 years of operation pay the private prison operators also... And investors that profit from the business of imprisoning people subscriber to prison News. Corecivic gone down since the election of Biden prison population unknowingly carry investments conflict! And other premium content make a profit an estimated $ 374 million annually giving an. A prison was completely outsourced from top to bottom to a private entity `` I have about! Being exposed to the prison industrial complex for those who wish to do so Four-Needle Embroidery Machine Free! That private prisons SET up Hip Hop Artist & amp ; its Listeners for profit! in mutual Funds empowers! For empty beds s largest private prison industry through my investments Michael Jordan invested in prisons...

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