You may want to check out As You Sows methodology to get a better understanding of their grading system. What percentage of prisons are privately owned? 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. 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. 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. 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. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. There is an economic benefit to the local community. 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. What are the pros and cons of private prisons? 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. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. Elizabeth Parisian: Yes. 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. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. 25. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. 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. Its easy to be invested unknowingly in private prisons. Accuracy and availability may vary. Concerned that you wont make money? A large portion of these prisoners have been incarcerated before. 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? Investing is about building a legacy," said Morgan in a press release. 82 names 1. 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. 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. 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. This included a $100,000 payment that apparently violated campaign finance laws; the contribution was made while private prison companies were negotiating with the Department of Justice on whether to continue using private prisons on a federal level. Matt Sirovich and Jeremy Mindich both donate to Democratic politicians and are involved with progressive-leaning organizations like Root Capital, a nonprofit lending company that offers loans to farmers in developing countries to alleviate poverty. Photo: Mario Tama / Getty Images. Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. 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. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite This year is no differentbut why the record-high spend? Really think about that for a second. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. 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. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Does Wells Fargo invest in private prisons? 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. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. But hes just not the Michael Jordan we all know! EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. Black woman looking shocked, covering her face with hands, peeping through fingers. 2. 1 These people are incarcerated for a multitude of different crimes . Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. I think there's increasing resources available. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. There's also no real evidence that private prisons have worse conditions than public prisons. Welcome back one more time, and Elizabeth, welcome to WNYC. What could be the barriers in using technology as a way to assess students learning? Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. 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 . Does Wells Fargo invest in private prisons? 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. 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. Are my pension savings invested in this? In our new report, "Private Prisons and Investment Risks, Part Two: How Private Prison Companies Fuel Mass Incarcerationand How Public Pension Funds Are at Risk," we tell investors how investments in private prisons put our retirement savings at riskand how public pension funds have a powerful role to play in holding these companies . This is never a snap decision. (Video) Debunking Jordan Peterson's "Truth About Communism" Video. Well, we've come to our final segment in that series. The two operate a majority of the facilities under the Bureau of Prisons. Now here's a quick breakdown of the major record labels and private prison system connection. Is there more violence in private prisons? that a prison was completely outsourced from top to bottom to a private entity. You may even ask for a sample portfolio or two as proof. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. Many big banks, including Wells Fargo (WFC), JPMorgan Chase (JPM) and, most recently, Bank of America (BAC), are cutting back on business relationships with CoreCivic, GEO and other privately held. 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. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. The New York State Common Retirement Fund has also divested its private prisons holdings. Its motto is to "Better the Public Good". About. That happens because we are so free in this country.". 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. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. 17. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. At an average cost of $60 per day per prisoner, that costs states between $1.9 to $10.6 million per year, if all those additional prisoners are in private prisons. 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. How do privately run prisons make money? It can be a salutary indefinite quantity to a community. You have taught our listeners so much over the course of this series. We All Do. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. The Business Model of Private Prisons. The bill was modest enough: $55.31, according to state . The answer is, yes, it's very possible. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. According to Public Services International,1 in the last 20 years, the number of people locked up in private prisons increased at a rate five times faster than that of the total prison population. 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?) Foreign investors have money in them as well, including the pension fund for the Royal Canadian Mounted Police, which recently sold off its $5.1 million worth of GEO Group stock. Bianca Tylek: Yes. This number has grown by 500 percent in the past 30 years. 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 . Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. Sebastien Elkouby September 19, 2015. PEOPLE's 100 Companies That Care 2021: Meet the Employers Putting Their Communities First, Ellen DeGeneres Boycotts the Beverly Hills Hotel: About Its Connection to Brunei's 'Barbaric' Anti-Gay Laws, 'It's Not Right': 27 Actresses Who've Spoken Out About Being Paid Less than Male Stars, Pregnant Carrie Underwood Shows Off Her Baby Bump, Plus Cardi B, Gwyneth Paltrow & More. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. The prison and border industries. The article cites another piece by GlobalResearch.ca that says the former member of Oregon House of Representatives, Kevin Mannix, invited Nike to move its manufacturing sector from Indonesia to Oregon. Private prisons pose particular problems. 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. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). 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