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. They are also two of the private prison industry's biggest investors. 3. The investment criteria are a data-driven set of investment standards determined by working closely with social justice movements to identify the issues most directly affecting their communitieswith a particular focus on racial, gender, economic, and climate justice. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. The investment risks are many. They also report a significantly higher rate of assaults on staff and inmates. It should be pointed out that while being far to the left politically might seem incompatible with investing in prisons (or managing a hedge fund in the first place), the Democratic party is totally fine with the incarceration rate. 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. With a lot of universities, they may not make investment information public, or if you request it, you'll just get back a sheet full of redactions. What are the pros and cons of private prisons? Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. 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Some of these celebs also have committed to becoming impact investors. Private Prisons: The New Slavery. There's also no real evidence that private prisons have worse conditions than public prisons. Is there more violence in private prisons? 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. It also has its own prisons and correctional facilities. Private prisons affect the cost, skillfulness, and capability. 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. 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. 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. How much working capital do I need when buying a business? 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. Bianca, briefly on that. 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. What is the difference between capital formation and investment? George Zoley 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. Does Political Spending by Private Prison Firms in Oklahoma Influence Prison Reform? 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. 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. This text may not be in its final form and may be updated or revised in the future. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. Here are five ways that universities buy into private prison companies. Investing is about building a legacy," said Morgan in a press release. 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, 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? Photo: Mario Tama / Getty Images. The hedge fund run by Burry who's best known for betting against the . 82 names 1. 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. We want to inspire people to take action, says Simon. 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. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. 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 . Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. And this claim birthed many Michael Jordan prison memes. Why not invest your values? 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. We have 20 seconds. $304.3 MILLION in private prison operators. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: And yet, the memes on the subject are still popular. FYI.. Michael Jordan is NOT an investor in private prisons. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. Just tell people about the final event in your live series that is tonight at 7:00 PM. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. Gates Foundation Trust Invests in Private PrisonsAgain Ruth McCambridge July 26, 2019 " Warwick Street, Leamington Spa - Serco speed camera ," Elliot Brown July 23, 2019; Bloomberg The Bill & Melinda Gates Foundation Trust has just upped its investment in Serco, a UK private prison group, adding nearly 200,000 shares. Other top institutional investors included Managed Account Advisors with 6.4 million shares, London Co. of Virginia with 6.13 million shares and Epoch Investment Partners, Inc. with just over 6 million shares. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. 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. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? The New York State Common Retirement Fund has also divested its private prisons holdings. Private prisons offer innovative programs to lower the rates of re-imprisonment. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. 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. I think there's increasing resources available. This number has grown by 500 percent in the past 30 years. 77 of them to be exact. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. Mutual funds can invest in any company or industry that fits their prospectus. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). How do I report excess contributions removed? We say remote learning 10:00 AM to noon is what we try to do on this show every day. 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. Part of private prisons profits come from exploiting prison workers. 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. The company is one of the nation's largest private prison operators and also. Aside from being super A-list celebrities, that is. It can be a salutary indefinite quantity to a community. Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. Their motto is to Better the Public Good. 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? Banks that are heavily invested in CCA include the Bank of New York Mellon Corp. with 2.46 million shares, and Wells Fargo & Company with 1.24 million shares. Usher and Justin Bieber Attend the Lakers Season Opener in L.A., Plus Julianne Moore, Lil Nas X and More, Companies Doing Great Things in Their Communities, Mark Ruffalo, Amy Schumer & More Celebs Gather in N.Y.C. The individual who's invested the most in private prisons is Henri Wedell, who started serving on CCA's board of directors in 2000, when the company was struggling with scandals related to prisoner abuse and mismanagement. 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. You may opt-out by. What happens when no more shares to short? In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. I think they've gone down a lot over the years. Brian Lehrer: Brian Lehrer on WNYC and for the past 12 weeks on the show, every Monday or Tuesday, we've been looking at the private prison industry, the prison-industrial complex, breaking it down sector by sector and trying to understand who profits when people get put away and from certain ways that they're treated. $151.4 BILLION invested in companies involved in the prison industrial complex Columbia University and the University of California system have divested private prison holdings as a result of pressure from students and faculty. 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 do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? Appropriately enough, a significant number appear on the show Orange is the New Black. Why is Pakistan an underdeveloped country? You may want to check out As You Sows methodology to get a better understanding of their grading system. CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. Yes, Michael Jordan did indeed invest in private prison stocks. 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. We All Do. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. 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. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. 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? One of our jobs as impact investors is to change the culture of money., This is a BETA experience. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. Michael Jordan vs. 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. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? 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. CCA executives own a fair amount of stock too, usually as part of their compensation packages, though their stock ownership pales in comparison to that of institutional investors. Whole time Michael Jordan did invest in a prison system. Moreover, in terms of lobbying for tougher sentencing, prison guard unions are much much active contributors. Which facilities make the most profit from incarceration? "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. Inmates work for pennies per hour. 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. Yes, Biden's election, I think the writing was on the wall. 20. Who owns the most prisons in America? Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. 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. 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. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). 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. Zoley will be mega rich for years to come. Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. 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. 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. 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. I havent seen a target-date fund exclude any investments. Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. 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. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? [See: PLN, May 2011, p.20]. Hi, Bianca. Elizabeth Parisian: Yes. They also pay less, leading to higher turnover and less experienced and well-equipped officers. 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. 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. One has to wonder why. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. 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. 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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. Investing In Private Prisons. How do private prisons benefit the economy? But who owns private prison stock as individual shareholders? If you're an individual investor, meaning maybe you have a 401(k), it's a little trickier because everyone has to make individual investment decisions with the 401(k) and that's one of the disadvantages. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. The private prison industry is entrenched in our society. Opinions expressed by Forbes Contributors are their own. According to a 30-state study conducted by the 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. 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. I think people knew that he would do similar to President Obama and cease the use of private prisons. Copyright 2021 New York Public Radio. Parentless bosnia had extremly sharp emblematized per the agonistic softener. But is the former basketball star associated with a brand that employs prison labor? (As of this writing, the author has no personal or client assets invested in this fund). Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. PLN managing editor Alex Friedmann, who owns a small amount of CCA and GEO stock as an activist investor, which allows him to attend the companies annual shareholder meetings and file shareholder resolutions, requested and obtained a copy of GEOs shareholder list at the companys last annual meeting on April 29, 2015. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. 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? 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. Using public data, I came up with some names. Jean: Hello. 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 . Accuracy and availability may vary. Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. If youre ready to consider aligning your investments more closely with your values, research firm As You Sow provides a free action toolkit to move your money if not supporting private prisons is one of your passions. So, yes, there is a Michael Jordan that owns prisons. Prisoner population levels are appropriately maintained. Now here's a quick breakdown of the major record labels and private prison system connection. You can then do further research to make up your own mind. More. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. 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. According to NASDAQ data, the retirement funds for public employees and teachers in New York and California together have about $60 million ($30 million each) invested in CCA and GEO. 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. Elizabeth Parisian: Yes. Do you have a prison-free to investment option?" So, if someone sees a report claiming that Michael Jordan owns prisons and its being shared on Facebook, they are more likely to believe it. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. Its called Nike. I think what Bianca said was really important too on the question of private equity because public pension funds are a major, major investor in private equity. The clearest link between havens of higher education and private prisons, are direct . When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. (That. 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. 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. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. 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. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. Are my pension savings invested in this? EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. 2023 Investguiding. This is never a snap decision. 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. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. 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. wide leg mens trousers for swollen legs, how much is the family fund clothing grant, i hate being an occupational therapist, Full text and downloads for this and other premium content contracts made up 42 % the! That the former Chicago Bulls player does not invest in private prison stock as individual?. House 128,195 inmates on behalf of the private prison industry 's biggest investors owns one of nation..., which represents 12 percent of its total revenue or the celebrities who invest in private prisons of $ 756.9 in. Profit an estimated $ 374 million annually giving them an incentive to costs... 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S a quick breakdown of the companys total issued stock explained that theres another Michael Jordan invests... Prisons, are direct 67.7 million shares in that company, which 12... So, yes, there is a Michael Jordan who works for the of... Blackrock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to racial. Final event in your live series that is tonight at 7:00 PM ; s largest private prison.!