The largest private prison contractor, CoreCivic which recently changed its name from Corrections Corporation of America saw its stock shoot up by more than 58 percent shortly after morning trading began. 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. Just tell people about the final event in your live series that is tonight at 7:00 PM. This is never a snap decision. Specifically, unions representing public prison staff, such as the American Federal of State, County and Municipal Employees (AFSCME) and Service Employees Intl Union (SEIU), oppose private prisons. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. 2. Brian Lehrer: Let me just say, Bianca, that it's been such a great pleasure and so informative and educational to talk to you every week for these last three months. What are the pros and cons of private prisons? Today, CDCR owns and operates 34 state prisons. 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. 17). You have taught our listeners so much over the course of this series. GEO Groups top ten institutional holders, including mutual funds, owned around 37.4 million shares, or close to 50% of the companys total issued stock. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. New York Public Radio transcripts are created on a rush deadline, often by contractors. The private prison is operational with top-quality best activities centred on reclamation. Extracting your support from the prison industrial complex. 95 funds analyzed. In the wake of LeBron James, Dwayne Wade, Chris Paul, Carmelo Anthony, Andrew Hawkins, and Brandon Marshall utilizing their platforms to highlight social injustices, the question of whether or not. Their motto is to Better the Public Good. 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. "As more information comes to light regarding the egregious conditions at U.S. border . Do privately owned prisons increase incarceration rates? 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. Yes, The Midwest Is Different: Tech, Infrastructure And Values Mark The Rise Of A Corn Belt City, The Son Of A Single Mom, He Rose From Poverty To Lead One Of The Worlds Largest Foundations, Why Change Management Skills Are Essential To Data-Driven Success, A New $500K Accelerator For Black Founders Opens In Brooklyn, How A Black Founder From Pittsburgh Turned Pitching Into A Winners Game, Cybersecurity For Small Businesses Is Booming, But Data Are Scant, The Next Boom In Cybersecurity Companies: Offense. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. In the O.J. 77 of them to be exact. Paris Hilton. The prison and border industries. They're losing financing. The authoritative record of New York Public Radios programming is the audio record. Part of private prisons profits come from exploiting prison workers. 3. All Rights Reserved. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. You can then do further research to make up your own mind. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? 19. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. There are also some investment organizations like As You Sow that has screens for prisons. 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. Major asset managers, however, have held on. In fact, around 92.4% of CCAs stock was owned by 300 institutional investors while 91.1% of GEO Group stock was owned by 272 institutional investors at the end of July 2015. Using public data, I came up with some names. Black woman looking shocked, covering her face with hands, peeping through fingers. Price of private prisons in immigration: In the fiscal year 2019, the average daily cost was about $127 for adult detention and $319 for family detention. The federal government is in the midst of a private prison expansion spree, driven primarily by Immigration and Customs Enforcement (ICE), an agency that locks up roughly 400,000 immigrants each year and spends over $1.9 billion annually on custody operations. Is there more violence in private prisons? Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. But who owns private prison stock as individual shareholders? What if I told you you already are.. Copyright 2021 New York Public Radio. 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? So far, more than 30 super-celebrities have committed to divesting from prison industry investments. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. 1. Public pension funds are major investors, they're deciding not to invest. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. 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. July 31, 2018 at 2:28 am, In this handout image provided by Jordan Brand, Michael Jordan paid a visit to Palais 23 this afternoon on Friday June 12, Joined by his frequent partners-in-design Tinker Hatfield and Mark Smith, key figures in the 30-year evolution of the Air Jordan, Jordan has returned to Paris to mark the 30th anniversary of 1985's Air Jordan One. 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. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. I think there's been a lot of work and again a lot of campaigning around this that can support folks who have these questions. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. Yes, Michael Jordan did indeed invest in private prison stocks. GEO saw a 56 percent spike in profits in the first quarter of 2013, and the company's executives reassured investors that the incarceration rate wouldn't be dropping any time soon when announcing its earnings. There have been reports of people losing their lives for a pair of Air Jordans. The GEO Group (Private Prisons). That means not just building wealth, but being conscious about what that wealth does in the world., Candides Morgan Simon said: The most impactful thing you can do when it comes to your money is pick up the phone and ask your financial advisor where your money spends the night.. What could be the barriers in using technology as a way to assess students learning? 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. Does the government make money off of prisons? (AP/Rogelio V. Solis). The exact form that will take is up to the individual. Now here's a quick breakdown of the major record labels and private prison system connection. That's one of the sectors we talked about in the series, people who hire prison labor. It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. You may even ask for a sample portfolio or two as proof. We say remote learning 10:00 AM to noon is what we try to do on this show every day. But you can't accuse him of not earning his pay, exactly. I called them up to ask their thoughts about being politically liberal but heavily invested in private prisons, but Mindich refused to answer any questions and Sirovich was unavailable. Get a head start on the morning's top stories. But hes just not the Michael Jordan we all know! The Justice Department concluded in a review that private prisons were more dangerous and less effective at reforming inmates than facilities run by the government, leading to policy changes under the Obama Administration to phase out private contracts. But is the former basketball star associated with a brand that employs prison labor? Are small businesses vulnerable to cyber attacks? In fact, it has roughly 20 different screenssuch as Reduce Green House Gas Emissions and Invest in Women Leadersto choose from on its cause-based investing platform. Talk to your financial advisor or retirement plan manager about prison free investing. Here's a look at the 10 most pampered celebrity prisoners: 1. One has to wonder why. 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 . Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. I think there's increasing resources available. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Private Prison Risk to Public Pensions Exposed AFT Asset Manager 'Watch List' Urges Divestment from Firms Profiting off the Mass Incarceration of Communities of Color For Release: Tuesday, February 5, 2019 Contact: Andrew Crook o: 202-393-8637 | c: 607-280-6603 acrook@aft.org Does Wells Fargo invest in private prisons? Together, they own about 20 percent of both CCA and GEO. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? Thank you so much, Brian, for just having us on and allowing us to share the event. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. According to a 30-state study conducted by the Thank you. 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. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. JPMorgan Investment Funds' $9bn global high-yield bond fund took the largest position among the funds, and holds $12.5m in the CoreCivic bond, according to regulatory filings for the end of . 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. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. 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. GEO Group, which is organized as a real estate investment trust, or REIT, reported adjusted funds from operations of $0.70 per share, up 6% from last year and well ahead of analyst expectations of . 20. Who owns the most prisons in America? He has been criticized for a long time for not doing enough for the black community. And it's not just Americans who have ties to prisons. 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. Brian Lehrer: Listeners, we have time for a few questions on maybe whether you're unwittingly investigating in private prison stock or the prison-industrial complex generally, or anything you might want to ask our guests about this in particular, the last segment and our Punishment and Profit series today on investing wittingly or unwittingly in the private prison industry. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. We want to inspire people to take action, says Simon. CCA board member Thurgood Marshall, Jr., son of the late U.S. Supreme Court justice (and FBI informant), owned 42,391 shares as of March 30, 2015, and CCA executive vice president Harley G. Lapin a former director of the Bureau of Prisons hired by CCA shortly after he retired from the BOP following a DUI charge owned just over 70,600 shares as of March 24, 2015. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. 22. Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. 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. 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. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Opinions expressed by Forbes Contributors are their own. BUT not the Michael Jordan who's flying and slamming balls in hoops. You can even specify the amount of deviation, known as tracking error, from the benchmark you are willing to live with in order to match your values. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Investguiding is a website that writes about many topics of interest to you, a blog that shares knowledge and insights useful to everyone in many fields. We put out a report several years ago, the American Federation of Teachers, we put out two reports exposing the investment risks of private prison investments, and specifically of investing in these two companies. Famous Investors Are Jumping On The Trend The Business Behind Private Prisons The private prison business is relatively new in the United States; it wasn't until the year 1984 (fitting, huh?) "High recidivism". 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