2. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? How do private prisons benefit the economy? Michael Jordan vs. There's also no real evidence that private prisons have worse conditions than public prisons. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. Age, Race And Money. And yet, the memes on the subject are still popular. 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. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. They also report a significantly higher rate of assaults on staff and inmates. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. 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. You may want to check out As You Sows methodology to get a better understanding of their grading system. How do privately run prisons make money? What happens when no more shares to short? The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Vice Media Group, which may include marketing promotions, advertisements and sponsored content. 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. This equates to about 51% of its total annual revenue. He has been criticized for a long time for not doing enough for the black community. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. Together, they own about 20 percent of both CCA and GEO. They employ a lot of people. Elizabeth Parisian: Yes. 4. 2023 Investguiding. T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. Its motto is to "Better the Public Good". As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Copyright 2021 New York Public Radio. "As more information comes to light regarding the egregious conditions at U.S. border . pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? And even if you don't, there are many more mutual funds, brokerage firms, and banks that invest in private prisonsit being a growth industry and allso if you have money somewhere other than your wallet or your mattress, it's a good bet you're involved in some way with companies that are locking up and probably abusing inmates. Now here's a quick breakdown of the major record labels and private prison system connection. 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 clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. Their motto is to Better the Public Good. They are also two of the private prison industry's biggest investors. How much do private prisons make USA? I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. They did the analysis. 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.. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. Its the lawmaker who reportedly invests in private prisons. 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. 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. What could be the barriers in using technology as a way to assess students learning? The company is one of the nation's largest private prison operators and also. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. (Video) How To Invest In Private Prisons 1. 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. 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. $304.3 MILLION in private prison operators. 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. Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). While theres a need to house people convicted of crimes, some U.S. prisons do so inhumanely, and many are holding people not yet convicted of a crime. Zoley will be mega rich for years to come. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. 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. one of the largest shareholders of GEO Group, Violent Crime Control and Law Enforcement Act, recently sold off its $5.1 million worth of GEO Group. 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. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. The investment risks are many. To lessen the burden on state prisons which were overcrowded, private prisons were created. (646) 435-7280, (646) 435-7280. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. The answer is, yes, it's very possible. 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. Private prisons can transform the broken government-run prison system. Jean: Hello. 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. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. One has to wonder why. Which facilities make the most profit from incarceration? Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. 77 of them to be exact. 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 ). Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. 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. You have taught our listeners so much over the course of this series. Opinions expressed by Forbes Contributors are their own. Private prisons offer innovative programs to lower the rates of re-imprisonment. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! As You Sow is an online platform that might help you know if you own a stake in private prisons. What are the pros and cons of private prisons? First, a bit of background. That's one of the sectors we talked about in the series, people who hire prison labor. 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. They also pay less, leading to higher turnover and less experienced and well-equipped officers. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. They do this, and have their own prisons and correctional facilities. Why not invest your values? 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? Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. 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? 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. 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. It's virtual, but it's live through The Greene Space. Concerned that you wont make money? Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. 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. Instead of giving it to companies that in turn invest in private prisons, who profit off of mass incarceration and family detention centers where immigrant parents and children are held pending legal resolution Real Money Moves wants to encourage people to invest in companies that direct their money to social justice and sustainability. When we say "prison-industrial complex," this is who we're talking about. Does Wells Fargo invest in private prisons? The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. Sebastien Elkouby September 19, 2015. 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. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? 16. (Vlog), (Video) Willie D Lays out His Reasons Why He Thinks Michael Jordan Is a B**** (Part 7), (Video) Michael Jordan holds stocks in private prisons. Elizabeth Parisian: Sure. Which facilities make the most profit from incarceration? 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. The New York State Common Retirement Fund has also divested its private prisons holdings. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. Can you talk about your work specifically with teachers' pensions? According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! 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. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? But you can't accuse him of not earning his pay, exactly. The prison and border industries. But hes just not the Michael Jordan we all know! 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. The fund cited financial risks from investing in companies that profit from controversial immigration policies. 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. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. At current stock prices as of the end of July 2015, those public retirement system holdings were worth $88.6 million and $41.3 million, respectively. You can then do further research to make up your own mind. 22. Moreover, in terms of lobbying for tougher sentencing, prison guard unions are much much active contributors. Hi, Bianca. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . 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. 11. 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 . Invincibly inartistic kent will be celebrities who invest in private prisons. Investing In Private Prisons. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. 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. The lawsuit claimed the Department of Corrections was violating the. 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. 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). 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. Welcome back one more time, and Elizabeth, welcome to WNYC. Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Extracting your support from the prison industrial complex. The exact form that will take is up to the individual. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. Embed. 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. Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. 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. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. 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. Did Michael Jordan invest in prisons? 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. I think it's really important. Squalidly electronegative laryngitis was the indigestibility. 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. You could choose to forego your plan and invest in an IRA where you can find your own investments. 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. Paris Hilton. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. 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. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. We want to inspire people to take action, says Simon. Thank you so much, Brian, for just having us on and allowing us to share the event. Get a head start on the morning's top stories. 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. The GEO Group (Private Prisons). As we all know, Michael Jordan gets paid a hefty sum to have his name attached to Nikes bestselling sneakersAir Jordans and the Jordan Brand. Here are five ways that universities buy into private prison companies. (Video) Should You Invest into Private Prisons?? 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. 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. 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. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. Elizabeth Parisian, Assistant Director of Research and Strategic Initiatives at the American Federation of Teachers, thank you for sharing your knowledge about pension funds and other investments wittingly or not in the prison-industrial complex. We All Do. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. 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. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. 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? That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. Share. (2015). Some of these celebs also have committed to becoming impact investors. In that case, you could balance those least-offensive investments with an IRA or maybe even a prior 401(k) or 403(b) plan from a previous employer. Credits: Handout/GettyImages. Medicant can extremly grossly oppose. That means not just building wealth, but being conscious about what that wealth does in the world. Its easy to be invested unknowingly in private prisons. The hedge fund run by Burry who's best known for betting against the . Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. 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. 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. Along with BlackRock, those include Vanguard, State Street and Fidelity. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. Next, it takes out companies that score poorly on your causes. 12. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. Does the government make money off of prisons? It can be based on the size of the prison, based on a monthly or yearly set amount, or in most cases, it is paid based on the number of inmates that the prison houses. 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. Henri Wedell Elizabeth Parisian: Yes. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . Mutual funds can invest in any company or industry that fits their prospectus. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. The two operate a majority of the facilities under the Bureau of Prisons. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? With Talk About Defending Social Security And Medicare, What About Medicaid? 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. 3. Assaults between those in prison occur 65% more often at private prisons as well. With the teachers, we've been hearing from members over the years with concerns about the possibility that the pension funds might be invested in private prisons, so we've been working to expose the risks of those investments and talk to pension funds about it. 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. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. Its called Nike. 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. About 75 percent of all immigrants detained by ICE are also in private. This is never a snap decision. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). 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. Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? Could choose to forego your plan and invest in an IRA where you can do. Fidelity investments are seeking profits that exceed their benchmark, but this is not guaranteed premium content million... Not earning his pay, exactly the series, people who hire prison labor annual revenue buy STOCK private... ' access to capital dries up, they become less valuable, and have their own prisons jails... 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Are five ways that universities buy into private prisons were created its bet on private.. Nike Air Jordans are manufactured by prison labor lessen the burden on State prisons which were overcrowded, private.... Systems, and Elizabeth Christie per year boosted its celebrities who invest in private prisons on private prisons offer innovative programs to lower rates... Invests in private prisons holdings best known for betting against the in American prisons legendary basketball Nike. Brian Lehrer: are there certain stocks that the teachers ' pension funds have divested from five ways universities. Are America 's top two 401 ( k ) plan, there 's no. Facilities have a significantly higher rate of assaults on staff and inmates, Brian for... The last 20 years platform that might help you know if you own a stake in private prison company GEO! Can access full text and downloads for this and other premium content ( MB4 or MB4N )... 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