Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? The answer is, yes, it's very possible. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. And yet, the memes on the subject are still popular. The investment risks are many. Next, it takes out companies that score poorly on your causes. (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. 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. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. 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. Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. The hedge fund run by Burry who's best known for betting against the . However, you can always contact the pension fund and ask this question. Bianca, briefly on that. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. Yes, The Midwest Is Different: Tech, Infrastructure And Values Mark The Rise Of A Corn Belt City, The Son Of A Single Mom, He Rose From Poverty To Lead One Of The Worlds Largest Foundations, Why Change Management Skills Are Essential To Data-Driven Success, A New $500K Accelerator For Black Founders Opens In Brooklyn, How A Black Founder From Pittsburgh Turned Pitching Into A Winners Game, Cybersecurity For Small Businesses Is Booming, But Data Are Scant, The Next Boom In Cybersecurity Companies: Offense. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. Credits: Handout/GettyImages. 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. 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. Corrections Corporation of America (CCA) and 6. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. $151.4 BILLION invested in companies involved in the prison industrial complex Medicant can extremly grossly oppose. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. Thus, the individual shareholders who own stock in both CCA and GEO remain shrouded in secrecy much like private prison companies themselves, which have a long history of being non-transparent and lacking public accountability even though almost all of their revenue is obtained from government contracts paid with taxpayer funds. 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. How do private prisons benefit the economy? She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. Its the lawmaker who reportedly invests in private prisons. In fewer than 20 years, it's seen its revenue increase by more than 500 percent, from roughly $280 million in 2000, to $1.77 billion in 2017. We're tremendously grateful. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. What happens when no more shares to short? 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. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. Does Political Spending by Private Prison Firms in Oklahoma Influence Prison Reform? 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. But you can't accuse him of not earning his pay, exactly. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. (AP/Rogelio V. Solis). What if I told you you already are.. Henri Wedell 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. This how rich I wanna be #michaelbjordan#michaeljordan#mj#mj23#michaeljordan23#jordanbelike#rich#michaeljordanmeme#richasfuck, A post shared by Sammy Cutz (@_sammy.cutz_) on Apr 17, 2018 at 11:32am PDT. 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. [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] Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. Brian Lehrer: Let me just say, Bianca, that it's been such a great pleasure and so informative and educational to talk to you every week for these last three months. Larry Legend (@larryislegend) December 18, 2017. Part of private prisons profits come from exploiting prison workers. Get a head start on the morning's top stories. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). 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. Today, CDCR owns and operates 34 state prisons. Does it have a mandate that it wont invest in private prisons? Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. 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. 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. 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. Luckily, there are groups like Worth Rises and the Private Equity Stakeholder Project, and even the American Federation of Teachers that have done some work to expose where these connections with private equity are. 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. On March 21, 1963, USP Alcatraz closed after 29 years of operation. Over the last several years we've seen most of the major banks pull out and refuse to finance these corporations going forward because of a lot of the risks that we're talking about. There are also some platforms now that are starting to develop screens, including OpenInvest. Your retirement account or the public pension you pay into every month or draw from might well have private prison stock among its portfolio items. You have taught our listeners so much over the course of this series. In short, it's a case of mistaken identity. Which facilities make the most profit from incarceration? 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. Hi, Bianca. I think they've gone down a lot over the years. That's one of the sectors we talked about in the series, people who hire prison labor. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. 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. 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. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). 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. The lawsuit claimed the Department of Corrections was violating the. 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. 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. But hes just not the Michael Jordan we all know! [See: PLN, June 2015, p.56]. You, the taxpayer, are paying for that. This number has grown by 500 percent in the past 30 years. Those shares are worth more than $25 million. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. Vanguard Group, Inc., is also the largest institutional investor in GEO Group, owning 11.43 million shares; Vanguard owns another 5.5 million shares through its Specialized-REIT Index Fund. Download. These are large, large pools of money and they're long-term investors, but they did the analysis and they found that these investments are too risky to remain invested in and decided to pull out. Does the government make money off of prisons? 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. 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? 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. 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. 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? 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. But is the former basketball star associated with a brand that employs prison labor? By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: You could choose to forego your plan and invest in an IRA where you can find your own investments. A large portion of these prisoners have been incarcerated before. 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). 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. 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. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. Bianca Tylek: Yes. 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. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. 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. It also has its own prisons and correctional facilities. Is there more violence in private prisons? Jordans critics are outraged by his silence on social injustices in the African-American community. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. 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. George Zoley Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. 3. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! There is a Michael Jordan that invests in prisons. Nonetheless, none of its employees are prison inmates. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. 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. 2. The prison and border industries. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. (That. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". Some of these celebs also have committed to becoming impact investors. 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. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. Michael Jordan vs. 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. Bidens Student Loan Forgiveness Plan Might Be In Trouble Following Supreme Court Hearing, What Student Loan Borrowers Should Remember After The Supreme Court Hearing, More Medicare Advantage Plans Are Offering Extra Supports For Frail Seniors. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. "One in every 100 U.S. adults are in prison or jail". While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. The share sale comes after other U.S. pension funds have divested from private prisons following reports raising concerns about the treatment of immigrants in private facilities after President . 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 . He now owns more than 650,000 shares in the company, which is far more successful these days. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. 16. May 4, 2021. What we found is that a lot of pension funds started divesting from prison stocks. They also pay less, leading to higher turnover and less experienced and well-equipped officers. The authoritative record of New York Public Radios programming is the audio record. We have 20 seconds. 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