When we say "prison-industrial complex," this is who we're talking about. Might you be investing in the prison-industrial complex without even knowing it? Teacher retirement funds in Texas and Kentucky have $8.3 million and $4 million invested in prisons respectively, and public employees in Florida ($10.3 million), Ohio ($8.6 million), Texas ($5.6 million), Arizona ($5.3 million), and Colorado ($2.25 million) are also connected to the industry. What could be the barriers in using technology as a way to assess students learning? PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 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? $151.4 BILLION invested in companies involved in the prison industrial complex Hi, Jean. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. 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. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. How much working capital do I need when buying a business? New York Public Radio transcripts are created on a rush deadline, often by contractors. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. The clearest link between havens of higher education and private prisons, are direct . Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. The Business Model of Private Prisons. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Arizona's state retirement. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. Its called Nike. You may want to check out As You Sows methodology to get a better understanding of their grading system. Investing is about building a legacy," said Morgan in a press release. 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. They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. 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 . And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. What is the difference between capital formation and investment? Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. 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. 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. Other private prison firms, including Management & Training Corporation (MTC), Community Education Centers (CEC), LaSalle Southwest Corrections and Emerald Correctional Management, are privately-held and thus do not have public stock. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. Except for New York, which has only one privately run detention facility, each of these states has several prisons run by CCA and GEO Group facilities. 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. 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. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? 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. May 4, 2021. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Here's a look at the 10 most pampered celebrity prisoners: 1. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. 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. Their motto is to Better the Public Good. Elizabeth Parisian: Yes. Do privately owned prisons increase incarceration rates? $304.3 MILLION in private prison operators. 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, 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. Elizabeth Parisian: Yes. 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 ). Bianca, briefly on that. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. About 75 percent of all immigrants detained by ICE are also in private. 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. How do private prisons benefit the economy? As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. There is an economic benefit to the local community. 17. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. Its easy to be invested unknowingly in private prisons. In fact, he's so proud of his business, which has committed a laundry list of human rights abuses, he tried to get a college football stadium named after it. Next, it takes out companies that score poorly on your causes. What are the pros and cons of private prisons? While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. 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 . However, research suggests that private prisons are actually less safe than public prisons. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. 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. Does the government make money off of prisons? 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. The private prison industry is entrenched in our society. 1. The answer is not everyday people or individual investors, but rather other corporations banks, mutual fund management companies and private equity firms as well as public employee retirement systems. The GEO Group (Private Prisons). This is never a snap decision. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). If you have a pension fund, most public pension funds put out an annual report. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". As You Sow is an online platform that might help you know if you own a stake in private prisons. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. 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. BUT, not the Michael Jordan who's flying and slamming balls in hoops. 2023 Investguiding. 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. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. It did not close because of the disappearance of Morris and the Anglins (the decision to close the prison was made long before the three disappeared), but because the institution was too expensive to continue operating. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. The 80-year-old record producer credited on IMDb for his work on iconic 80's films Top Gun, Dirty Dancing, and Sixteen Candles has been sitting in prison since his 2009 second degree murder conviction. And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. Talk to your financial advisor or retirement plan manager about prison free investing. Bianca Tylek: Yes. 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. Some of these celebs also have committed to becoming impact investors. (Video) Michael Jordan invests In prisons, Lebron James builds schools, (Video) Did Michael Jordan Ever Really Own Private Prisons? (2015). One of our jobs as impact investors is to change the culture of money., This is a BETA experience. Aside from being super A-list celebrities, that is. Which facilities make the most profit from incarceration? 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. Extracting your support from the prison industrial complex. 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. Are small businesses vulnerable to cyber attacks? 77 of them to be exact. 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. Elizabeth Parisian: Sure. 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. 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. 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. Credits: Handout/GettyImages. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. Really think about that for a second. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! 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. We All Do. Opinions expressed by Forbes Contributors are their own. But hes not the greatest player to ever step on the court! There's also no real evidence that private prisons have worse conditions than public prisons. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. 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). 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. Ever step on the court, that is immigration detention beds a business and for! For rap Music and off-the-court pettiness good chance you benefit financially from private prisons are... Prison companies ( CoreCivic, GEO Group operate approximately 72 % of all immigrants by! Geo Group, and MTC ) own over 96 % of private prison companies ( CoreCivic GEO. A subset of the Group, and MTC ) own over 96 % of private prison.... A result, GEO Groups shareholder list can not be distributed without violating Florida law and incurring civil penalties ``! 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