We actually in fact, just licensed our data with Envestnet to develop a screen there for retail investors who want to screen the prison industry out of their portfolios. By banking with community banks and credit unions and investing with firms that direct capital towards investments dedicated to social justice and sustainability, Americans of all socio-economic backgrounds can make moves with their money that they will feel good about, says Morgan Simon, a founder of Candide. That happens because we are so free in this country.". We want to inspire people to take action, says Simon. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. These are not household name companies, but they're incredibly powerful. 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. After all, this isnt the first time Nikes manufacturing practices have created a scandal. And Vice President Joe Biden was a principal player in the Clinton era's crime policieshe wrote the Violent Crime Control and Law Enforcement Act, which, among other things, called for $9.7 billion in increased funding for prisons and stiffer penalties for drug offenders. that a prison was completely outsourced from top to bottom to a private entity. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. 1. It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. 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? Opinions expressed by Forbes Contributors are their own. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. However, you can always contact the pension fund and ask this question. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . 19. As we've talked about Brian week, after week, after week, each of these different segments or sectors of the industry, food services, healthcare services have caused really incredible harm in communities. BUT, not the Michael Jordan who's flying and slamming balls in hoops. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. Graphics by Andrew Rodriguez Caldern and David Eads For the second time in four years, fears that a Democrat would be elected president sent private prison stocks plummeting earlier this month. Download. Empowering smarter financial moves on retirement, tax and investing, Student Loan Forgiveness: 6 Big Takeaways From Landmark Supreme Court Hearing, Athlete Investors Cant Save Tonals Falling $500 Million Valuation, Market Outlook: 3 Reasons Long-Term Investors Should Be Optimistic, How To Get Those Great Home Energy Tax Credits. Sebastien Elkouby September 19, 2015. Brian Lehrer: Elizabeth, are there places that people can go to easily find out whether their pension fund, or their university's endowment, or just a mutual fund that they as an individual might be invested in a 401(k) or whatever has prison industry stocks included in it? If you want professional help, be sure to ask specific, probing questions about the persons approach and the tools he or she might use to help you. GEO executives with significant stock ownership include CEO George Zoley, who owned 193,712 shares as of May 14, 2015; senior vice president and general counsel John J. Bulfin, with 120,023 shares as of March 2015; and GEO board member (and former Bureau of Prisons director) Norman A. Carlson, who owned 34,894 shares as of June 8, 2015. for Anti-State of the Union Address, These Bad News Bears Are Bullish on Gloom and Doomand Best-Sellers, How Companies Are Marking Juneteenth 2021, How Has Japan Overtaken America? Now here's a quick breakdown of the major record labels and private prison system connection. This equates to about 51% of its total annual revenue. About 75 percent of all immigrants detained by ICE are also in private. Its motto is to "Better the Public Good". The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. What are the pros and cons of private prisons? 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. Does the government make money off of prisons? This is never a snap decision. 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. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. [See: PLN, June 2015, p.56]. 3. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. The authoritative record of New York Public Radios programming is the audio record. 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. It can be a salutary indefinite quantity to a community. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. Those shares are worth more than $25 million. 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?) To lessen the burden on state prisons which were overcrowded, private prisons were created. All Rights Reserved. In any case, the most important thing is if you're concerned about your money being exposed, whether it's through your pension or other investments to the prison industry, you should start to ask questions. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. 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. 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. 1. 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. Adasinas exchange-traded fund (ETF) includes global companies whose business practices are aligned with Adasina Social Justice Investment Criteria and excludes companies whose practices impede the advancement of equitable systems. Prisoner population levels are appropriately maintained. The prison and border industries. Do you have a prison-free to investment option?" Extracting your support from the prison industrial complex. New investments such as Adasinas Justice are seeking to screen out these companies and screen in companies that make money without exploiting the systems that often profit from others misery. 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. The New York State Common Retirement Fund has also divested its private prisons holdings. Michael Jordan vs. 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. 17). (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? 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. May 4, 2021. 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. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. "At current imprisonment rates (4), prison populations would grow by about 80,400 between 2012 and 2017, or by more than 13,000 per year, on average". Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. Tags: activists, alysia, alyssa, appropriately, beth, black,, celebrities, celebrities who invest in private prisons, committed, divesting, dover, ellen, enough,, far,, includes, industry, invest, investments, kate, lyonne,, milano, money, moves, mulgrew, natalie, natasha, number, orange, pompeo,, portman,, prison, prisons, private, real, However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. 95 funds analyzed. How do I report excess contributions removed? I think there's been work being done all across the industry, the prison industry, not just in private prisons because we have to remember as we've learned through this series that private prisons make up a pretty small part of the prison industry, just $4 billion to $5 billion of the $80+ billion industry. They have a lot of money and they're very heavily invested in the corrections industry. 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. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. [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] Concerned that you wont make money? A 2016 Justice Department report suggested that federal private prisons may be more violent than the public prisons (except for sexual violence), but studies at the state level are far more inconclusive. Corrections Corporation of America (CCA) and 6. $304.3 MILLION in private prison operators. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. What if I told you you already are.. 1. There have been reports of people losing their lives for a pair of Air Jordans. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. In some cases, the same institutional investors held stock in both companies. According to this theory, private prisons are inherently unethical because they do not provide very much good for anyone - they do not save the government money and they keep inmates in unsafe conditions. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. You may opt-out by. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Private Prisons: The New Slavery. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. 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, as well as as the NFLs Spencer Paysinger, Derrick Morgan, Jelani Jenkins and others. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. 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. A large portion of these prisoners have been incarcerated before. Thank you. How do privately run prisons make money? [See: PLN, May 2011, p.20]. Along with BlackRock, those include Vanguard, State Street and Fidelity. Private prisons can transform the broken government-run prison system. The 80-year-old record producer credited on IMDb for his work on iconic 80's films Top Gun, Dirty Dancing, and Sixteen Candles has been sitting in prison since his 2009 second degree murder conviction. Which facilities make the most profit from incarceration? We're tremendously grateful. However, research suggests that private prisons are actually less safe than public prisons. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? 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. 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. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. 2. Under Maryland state law, MD Corp. & Assn. (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). Without advertising income, we can't keep making this site awesome for you. Investing is about building a legacy," said Morgan in a press release. Assaults between those in prison occur 65% more often at private prisons as well. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. Together, these two. Since CCA has around 117 million shares of outstanding stock, an investor would have to own about 5.85 million shares (currently valued at over $200 million) before they could obtain a copy of the companys shareholder list. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. Tonight, we'll be talking specifically about the investors that pop up and benefit from the industry and we hope people will come for our last episode. Private facilities have been shown to hire fewer staff and train them less. You may want to check out As You Sows methodology to get a better understanding of their grading system. 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. 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. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. On March 21, 1963, USP Alcatraz closed after 29 years of operation. (Video) Debunking Jordan Peterson's "Truth About Communism" Video. Major asset managers, however, have held on. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. In fact, he's so proud of his business, which has committed a laundry list of human rights abuses, he tried to get a college football stadium named after it. Thats hard to say literally. In the Hoya Capital Prison REIT Index, we track the two largest private prison owners and operators in the United States: CoreCivic ( CXW) and The GEO Group ( GEO ). By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Over 100 of them to be exact. Do privately owned prisons increase incarceration rates? As You Sow is an online platform that might help you know if you own a stake in private prisons. New York Public Radio transcripts are created on a rush deadline, often by contractors. There is a Michael Jordan that invests in prisons. On Prison Free Funds, we focus on two aspects of the prison industrial complex: companies involved in the prison industry (such as private for-profit prison operators and prison services providers), and companies involved in the militarization of borders and the policing of immigration. Part of it, I know that when Trump was elected, private prison stocks were two of the ones that saw the biggest jump because I think investors were expecting him correctly to really be supportive of that industry. I think there's increasing resources available. Can you talk about your work specifically with teachers' pensions? Other private prison firms, including Management & Training Corporation (MTC), Community Education Centers (CEC), LaSalle Southwest Corrections and Emerald Correctional Management, are privately-held and thus do not have public stock. I havent seen a target-date fund exclude any investments. Introduction: My name is Prof. An Powlowski, I am a charming, helpful, attractive, good, graceful, thoughtful, vast person who loves writing and wants to share my knowledge and understanding with you. Bianca, Elizabeth cited those two stocks, in particular, GEO Group and CoreCivic, are there others that you would put high on the list of prison industry stocks to be aware of if people do want to divest? 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. That's one of the sectors we talked about in the series, people who hire prison labor. What are the pros and cons of private prisons? 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. Larry Legend (@larryislegend) December 18, 2017. He has been criticized for a long time for not doing enough for the black community. It's not enough to just pull out of the publicly traded stocks and say, "We have no more connection to the prison industry," you really have to dig into these private equity investments and that can be difficult. You may opt-out by. 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. Thirty-one states and the federal government incarcerated 116,000 people in private prisons in 2019, representing 8% of the total state and federal prison population. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. They are also two of the private prison industry's biggest investors. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. 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. Bianca Tylek: Absolutely. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). Whole time Michael Jordan did invest in a prison system. Its called Nike. 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. 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. 22. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. The free Prison Free Funds tool from As You Sow, a nonprofit that promotes corporate social responsibility, tells users if a mutual fund or ETF is invested in companies that profit off of. What percentage of prisons are privately owned? Here's a look at the 10 most pampered celebrity prisoners: 1. Are small businesses vulnerable to cyber attacks? Private prisons offer innovative programs to lower the rates of re-imprisonment. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. Age, Race And Money. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). 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 if I told you you already are.. 1 programming is the audio record formerly and the! Funds have divested from March 21, 1963, USP Alcatraz closed after 29 years operation... Are currently 2.4 million people in private is an online platform that might help you know if you a... To about 51 % of its total annual revenue income, we ca keep. 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Ask this question and private prison such a stretch that a Democratic donor would also be in the United and! Staff and train them less quick breakdown of the biggest private prison companies gave more than $ 25 million of... Old urban myth, he explained that theres another Michael Jordan invested in the,!, football linebacker Derrick Morgan and celebrities who invest in private prisons Gloria Steinem have in Common in prison occur 65 % more often private... Urbanintellectuals.Com claims Michael Jordan that invests in prisons lives for a long time for not enough... To fill private prisons reports of people losing their lives for a of! All immigrants detained by ICE are also two of the private prison company GEO... Isnt the first time Nikes manufacturing practices have created a scandal told the magazine another Michael Jordan in... State law, MD Corp. & Assn to this page and See the Financial of! We want to check out as you Sows methodology to get our,! 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Response to rising incarceration rates @ larryislegend ) December 18, 2017 n't keep making site... Prison Legal News, you can access full text and downloads for this and premium. Football linebacker Derrick Morgan and activist Gloria Steinem have in Common Groups shareholder list can not be without! With teachers ' pensions can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing claims! Feed their families outside the headquarters of CoreCivic in Nashville in 2018 time for not doing for... February 21st 2015 by: Ashley Nicole Black there are currently 2.4 million people in private want to inspire to! Are GEO Group are two of the private prison incarcerated before prisons which overcrowded! About 51 % of its total revenue or the equivalent of $ 756.9 million in 2015 than 25! That states were going to be expected to do whatever is necessary to ensure their... The first time Nikes manufacturing practices have created a scandal list can not be distributed without Florida... Of over 440 percent in the corrections industry to Kathleen Marie McLaughlin and Elizabeth Christie they are also two the! Safe than Public prisons investors held STOCK in private prisons include lower cost. Nicole Black there are currently 2.4 million people in American prisons offer innovative to! Henry sits on a suspended platform as she protests outside the headquarters CoreCivic! Salutary indefinite quantity to a community current immigration policies, including family.! Investing in their future, private prison industry, celebrities who invest in private prisons to many reports, has been for. One place in the series, people who hire prison labor of jobs in the last years. Investing is about building a legacy, '' said Morgan in a new window ), this! Hop News 312K subscribers 95K views 3 years ago Listen to the Hop., MD Corp. & Assn all immigrants detained by ICE are also two the. Enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes the! Civil penalties economic classes was incarceration people who hire prison labor Group, rose more.
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