Does the government make money off of prisons? Elizabeth Parisian: Sure. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Henri Wedell Reviews: 83% of readers found this page helpful, Address: Apt. 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. 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. I think they've gone down a lot over the years. 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. Their motto is to Better the Public Good. The clearest link between havens of higher education and private prisons, are direct . 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 one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. She has worked in the labor movement for over a decade as a strategic campaigner and is now Assistant Director of Research and Strategic Initiatives at the American Federation of Teachers. Hi, Jean. 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. 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. 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. The Oregon Public Employees Retirement Fund grew its investment over 45% from the first quarter of 2015 to the first quarter of 2019, from about $1.4m to about $2m. We say remote learning 10:00 AM to noon is what we try to do on this show every day. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. 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. 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? With the government paying private prison operators . 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. 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. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? Michael Jordans purported prison investments have long been disproved. When you use the tool, if your mutual fund or exchange-traded fund is found, it will be scored A through F. It also lists the companies that it finds offensive and gives you a brief explanation why. 20. Who owns the most prisons in America? 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). That means not just building wealth, but being conscious about what that wealth does in the world. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Some of these celebs also have committed to becoming impact investors. On March 21, 1963, USP Alcatraz closed after 29 years of operation. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. 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. Sebastien Elkouby September 19, 2015. 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. What percentage of prisons are privately owned? 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. . Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. 77 of them to be exact. 22. 1. $304.3 MILLION in private prison operators. As a Florida corporation, GEO Group is required to allow investors to inspect and copy its shareholder list upon request, pursuant to 607.1602(2)(c) of the Florida Business Corporation Act. [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] Its called Nike. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. So, what happens when you are staunchly opposed to private prisons and the profits they turn, but your employer-sponsored retirement portfolio is teeming with companies involved in the prison industrial complex? Do privately owned prisons increase incarceration rates? The request must be made in good faith and for a proper purpose, the purpose must be described with reasonable particularity, and the records to be inspected must be directly connected with the shareholders purpose.. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. Why is Pakistan an underdeveloped country? 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. What is Palantir's competitive advantage? Those shares are worth more than $25 million. I havent seen a target-date fund exclude any investments. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? May 4, 2021. "As more information comes to light regarding the egregious conditions at U.S. border . Zoley made nearly $6 million last year through salary and bonuses alone, but the real money is in stockshe owns more than 500,000 shares in GEO, and he has made $23 million in stock trades during one 18-month period. 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. We want to inspire people to take action, says Simon. You may opt-out by. 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. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. There's litigation risks. 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. How Private Prison Companies Increase Recidivism. 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. Private facilities have been shown to hire fewer staff and train them less. [See: PLN, May 2011, p.20]. 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. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. 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. It's virtual, but it's live through The Greene Space. 95 funds analyzed. Major asset managers, however, have held on. Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. 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. All rights reserved. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. 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. However, Florida law prohibits shareholders from selling or otherwise distribut[ing] any information or records obtained from the company for reasons that are not related to the proper purpose specified when requesting the records, with a fine of $5,000 applicable for violations of that provision. All Rights Reserved. Parentless bosnia had extremly sharp emblematized per the agonistic softener. 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. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. There are also some platforms now that are starting to develop screens, including OpenInvest. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! And yet, the memes on the subject are still popular. 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. 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. Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. Yrro Simyarin January 25, 2013. I think there are other factors too. 2023 Investguiding. But if private prisons aren't at the root of mass incarceration, that doesn't mean that private investors haven't found ways to make our criminal justice system worse. When the family separation crisis happened last year, they started examining the ways private prisons were profiting to the tune of over $1 billion a year from contracts with ICE, according to Simon. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. 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. They also pay less, leading to higher turnover and less experienced and well-equipped officers. This equates to about 51% of its total annual revenue. Accuracy and availability may vary. 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