Medicant can extremly grossly oppose. What is Palantir's competitive advantage? Although Richard Nixon and Ronald Reagan are largely responsible for the drug-war policies that caused the prison population to skyrocket, Bill Clinton was a "tough on crime" president who continued their ideas. So who owns the vast majority of stock in these two companies? The prison industrial complex also includes companies that sell goods and services at inflated prices to incarcerated people and companies that pay low or no wages for prison labor. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. How Private Prison Companies Increase Recidivism. (Video) Should You Invest into Private Prisons?? New York Public Radio transcripts are created on a rush deadline, often by contractors. 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. 20. Who owns the most prisons in America? 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. 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. 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[1990] The music industry invested into private prisons and conspired to only promote racial stereotypes in gangsta rap to influence a whole generation by misguiding impressionable young minds into adopting glorified criminal behaviors which often lead to their incarceration [more in comments] Brian Lehrer: Elizabeth, I think some people might be surprised to learn that their pensions might be invested in some of these companies, or it's just something they never thought about. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. We All Do. 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 star-studded list of supporters who together have committed more than $10 million includes Maggie Gyllenhaal, Alyssa Milano, Ellen Pompeo, Natalie Portman, Amy Schumer and Gloria Steinem,. The prison and border industries. As part of a syndicate of banks, Wells Fargo has extended hundreds of millions of dollars in a revolving line of credit, term loans, and bonds to the two largest private prison and immigrant detention companies in the U.S.: CoreCivic and GEO Group. Elizabeth Parisian: Yes. Part of private prisons profits come from exploiting prison workers. Private prisons can transform the broken government-run prison system. 11. But hes just not the Michael Jordan we all know! 24. Hi, Jean. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. Like Zoley, they are good at what they dotheir fund outperformed the market by 20 percentage points, and the State of New Jersey hired Scopia to manage $150 million worth of pensions. 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 think it's really important. "America allows more freedom than any other country in the world, much more than Russia and a whole lot more than Scandinavia, where they really aren't free. Private facilities have been shown to hire fewer staff and train them less. 95 funds analyzed. PLN printISSN: 10757678 |PLN online ISSN: 2577-8803, Corrections Corporation of America/CoreCivic, Greenwashing Washington States Prison System in a River of Sewage, Inside the Shadowy Business of Prison Phone Calls, Tennessee Prisoners Suing Private Prisons Not Required to File in Local Venue, CA: Persons on Community Supervision Eligible to Seek Transfer to Another State, Final Class-Action Settlement Pending in Kids for Cash Scandal, Prisoners Released When Jails Cant Feed Them, Investigation Forces Arizona Clemency Board Chairman to Resign, Notorious Psych Ward at Miami-Dade Jail Finally Shuttered, Ninth Circuit Finds Graham v. Florida Retroactive; 254-Year Sentence Unconstitutional. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. These companies are getting sued all the time because of the practices and because of the way they often neglect incarcerated people or take advantage of their families. What percentage of prisons are privately owned? Hi, Bianca. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. 1. Bianca Tylek: Yes. It did not close because of the disappearance of Morris and the Anglins (the decision to close the prison was made long before the three disappeared), but because the institution was too expensive to continue operating. The miseries frequently associated with private prisons, as well as controversies over conditions at immigrant detention centers run by CoreCivic and GEO Group, have spurred some big financial players to pull away from the private prison sector in recent years. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. They employ a lot of people. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. 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. Welcome back one more time, and Elizabeth, welcome to WNYC. (646) 435-7280, (646) 435-7280. That is, do federal, state or local lawmakers, or corrections officials, or judges, or other public employee stakeholders in our criminal justice system own shares of CCA or GEO Group? T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. Bianca, briefly on that. More. Opinions expressed by Forbes Contributors are their own. You may opt-out by. Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? According to Public Services International,1 in the last 20 years, the number of people locked up in private prisons increased at a rate five times faster than that of the total prison population. May 4, 2021. Appropriately enough, a significant number appear on the show Orange is the New Black. Can you talk about your work specifically with teachers' pensions? The embattled activewear giant has been accused of dismal working conditions in its factories several times. Inmates work for pennies per hour. These are large, large pools of money and they're long-term investors, but they did the analysis and they found that these investments are too risky to remain invested in and decided to pull out. 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. Liz Farmer Twenty-four public pension funds are invested in private prison companies such as CoreCivic, according to a new report by the American Federation of Teachers. And yet, the memes on the subject are still popular. HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . Code 2-513 (2013), only shareholders who own at least 5 percent of the outstanding stock of a company may inspect and copy its stock ledger i.e., its list of shareholders. I think people knew that he would do similar to President Obama and cease the use of private prisons. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. Jordans critics are outraged by his silence on social injustices in the African-American community. Yrro Simyarin January 25, 2013. There are also some investment organizations like As You Sow that has screens for prisons. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? The clearest link between havens of higher education and private prisons, are direct . CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. Two days later, the LA County Sheriff reassigned her to 40 days of home . Communities that have private prisons operating within their oversight often receive new tax revenues, have new jobs to provide local workers, and this creates more spending for the support businesses. Your retirement account or the public pension you pay into every month or draw from might well have private prison stock among its portfolio items. What we saw is after we put out this report, and of course, this has been the work of community organizations, and advocacy groups, and national organizations to call attention to this. Using NASDAQ data, I looked through the long list of investors in Corrections Corporation of America and GEO Group, the two biggest corporations that operate detention centers in the US, to find out who was cashing in the most on prisons. Jeremy Mindich and Matt Sirovich The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. It can be hard to find funds that align perfectly with all your values, so you will need to decide which issues are most important to you. Jordan has amassed as many critics as he has fans. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. I wanted to know how much the prevention organizations regarding the prison-industrial complex are looking into corporations that are hiring prisoners to make their products within the prisons? Yes, Michael Jordan did indeed invest in private prison stocks. Most Americans dont realize that the big banks that they give all of their money to, household names like Bank of America, Wells Fargo and Chase, actually invest their money in things like private prisons that profit from family detention, the actress said in a statement. Corrections Corporation of America (CCA) and 6. Jail was jail for both the rich and poor. The largest owner of CCA stock was Vanguard Group, Inc., with 16.79 million shares valued at $578.9 million, followed by Vanguards Specialized-REIT Index Fund, a mutual fund, with 8.8 million shares. The share sale comes after other U.S. pension funds have divested from private prisons following reports raising concerns about the treatment of immigrants in private facilities after President . 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. This text may not be in its final form and may be updated or revised in the future. 77 of them to be exact. Private prisons pose particular problems. Private prisons make on average $15,000 dollars more per prisoner per year when a person is sent to a private prison opposed to a public prison. 17). 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. Yes, Biden's election, I think the writing was on the wall. This is never a snap decision. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. 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). The exact form that will take is up to the individual. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. The article cites another piece by GlobalResearch.ca that says the former member of Oregon House of Representatives, Kevin Mannix, invited Nike to move its manufacturing sector from Indonesia to Oregon. 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