Bianca, briefly on that. In this age of privatization, of course, it's also not surprising that many of the detention centers are not actually operated by the government, but by for-profit companies. The answer is, yes, it's very possible. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. Retired People and Probably You 2023 Investguiding. 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. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. You may opt-out by. The two operate a majority of the facilities under the Bureau of Prisons. Thank you. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. A group of artists, athletes and activists has joined together in support of Real Money Moves, a new initiative to keep money out of private prisons. 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. 1. 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite 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. 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. You may even ask for a sample portfolio or two as proof. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . If not, that means it may choose to invest in them in the future. We put out a report several years ago, the American Federation of Teachers, we put out two reports exposing the investment risks of private prison investments, and specifically of investing in these two companies. 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. Other top institutional owners in the company include Blackrock Fund Advisors with 4.9 million shares, Eagle Asset Management with 2.92 million shares, and Fidelity Small Cap Discovery Fund and Fidelity Management and Research Co., each with 2.4 million shares. CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. In some cases, the same institutional investors held stock in both companies. 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. 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, 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. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. The Business Model of Private Prisons. Can you talk about your work specifically with teachers' pensions? 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. T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. GEO Groups top ten institutional holders, including mutual funds, owned around 37.4 million shares, or close to 50% of the companys total issued stock. 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. Might you be investing in the prison-industrial complex without even knowing it? There is an economic benefit to the local community. They did the analysis. Zoley will be mega rich for years to come. 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. I havent seen a target-date fund exclude any investments. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. They also report a significantly higher rate of assaults on staff and inmates. 4. 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?) 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. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. But who owns private prison stock as individual shareholders? 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. 2. Together, these two. 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. New York Public Radio transcripts are created on a rush deadline, often by contractors. The lawsuit claimed the Department of Corrections was violating the. Embed. Its called Nike. "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. 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. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. George Zoley 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. Yes, Michael Jordan did indeed invest in private prison stocks. 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. 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. Private prisons can transform the broken government-run prison system. 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 . How Private Prison Companies Increase Recidivism. Are my pension savings invested in this? So, yes, there is a Michael Jordan that owns prisons. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. But who are these people? With the government paying private prison operators . 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. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. 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. About 75 percent of all immigrants detained by ICE are also in private. 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. 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. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. 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. 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. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. Copyright 2021 New York Public Radio. 19. Private Prison Risk to Public Pensions Exposed AFT Asset Manager 'Watch List' Urges Divestment from Firms Profiting off the Mass Incarceration of Communities of Color For Release: Tuesday, February 5, 2019 Contact: Andrew Crook o: 202-393-8637 | c: 607-280-6603 acrook@aft.org Talk to your financial advisor or retirement plan manager about prison free investing. 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. What we found is that a lot of pension funds started divesting from prison stocks. This year is no differentbut why the record-high spend? Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. Real Money Moves, from social investment firm Candide Group, aims to raise awareness about where Americans invest their money. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. Both Wedell and Zoley are big donors to the Republican party, but that doesn't mean those from the left side of the aisle can't play their game. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Squalidly electronegative laryngitis was the indigestibility. This equates to about 51% of its total annual revenue. All rights reserved. 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. 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? Elizabeth Parisian: Yes. 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. 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