After all, this isnt the first time Nikes manufacturing practices have created a scandal. PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! Nearly every private prison deal includes a "bed mandate" that requires the state to fill 90-100% of the beds in privately-owned detention facilities. The Business Model of Private Prisons. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. (@whoissizzle) July 25, 2016. T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. Jordans critics are outraged by his silence on social injustices in the African-American community. 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. Private prisons offer innovative programs to lower the rates of re-imprisonment. To lessen the burden on state prisons which were overcrowded, private prisons were created. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. What percentage of prisons are privately owned? 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. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. [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] According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! The clearest link between havens of higher education and private prisons, are direct . How do private prisons benefit the economy? This is never a snap decision. The largest owner of CCA stock was Vanguard Group, Inc., with 16.79 million shares valued at $578.9 million, followed by Vanguards Specialized-REIT Index Fund, a mutual fund, with 8.8 million shares. 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. CoreCivic is a prison stock that provides detention operation services. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Elizabeth Parisian: Yes. Really think about that for a second. In some cases, the same institutional investors held stock in both companies. 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. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. Does Wells Fargo invest in private prisons? 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. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. Adasinas exchange-traded fund (ETF) includes global companies whose business practices are aligned with Adasina Social Justice Investment Criteria and excludes companies whose practices impede the advancement of equitable systems. 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. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. 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?) 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 We have 20 seconds. With the government paying private prison operators . 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. So who owns the vast majority of stock in these two companies? I think it's really important. Some of these celebs also have committed to becoming impact investors. 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. They do this, and have their own prisons and correctional facilities. 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. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. There's regulatory risk. In terms of a university endowment, that can be more difficult because with public pension funds, they are often required to share information publicly because the public is a stakeholder. 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? Which facilities make the most profit from incarceration? Aside from being super A-list celebrities, that is. Here are five ways that universities buy into private prison companies. 22. 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. The prison and border industries. Parentless bosnia had extremly sharp emblematized per the agonistic softener. 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. Like Zoley, they are good at what they dotheir fund outperformed the market by 20 percentage points, and the State of New Jersey hired Scopia to manage $150 million worth of pensions. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. 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. Bianca, briefly on that. 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. 2. Though the US prison population is shrinking slightly, the number of inmates in federal lockup is increasing, and while Obama keeps saying he's ending the war on drugs, he's also proposed budgets that call for increasing the amount of money spent on the Bureau of Prisons. Elizabeth Parisian: Sure. It's virtual, but it's live through The Greene Space. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? 2. So offering all this freedom to society, there'll be a certain number of people, more in this country than elsewhere, who take advantage of that freedom, abuse it, and end up in prison. 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. However, you can always contact the pension fund and ask this question. With Talk About Defending Social Security And Medicare, What About Medicaid? The prison and border industries. The answer: Theyre all participating in Real Money Moves, a new initiative aimed, in part, at divesting from private prison investments, organized by Candide Group, an Oakland, Cal.-based impact investment advisory firm with a focus on social justice. Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. 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. 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. What if I told you you already are.. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. [See: PLN, May 2011, p.20]. 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.. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. "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. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. 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. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. 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. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. 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. The private prison industry is entrenched in our society. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. Investing In Private Prisons. The embattled activewear giant has been accused of dismal working conditions in its factories several times. She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. Larry Legend (@larryislegend) December 18, 2017. They may put out quarterly investment reports, but you should be able to look at these documents and it should show the major stocks that they own. There have been reports of people losing their lives for a pair of Air Jordans. 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. 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. 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. Their 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. What are the pros and cons of private prisons? Can you talk about your work specifically with teachers' pensions? Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Its called Nike. 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. 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. 20. Who owns the most prisons in America? How Private Prison Companies Increase Recidivism. Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. Thats hard to say literally. It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. 19. That happens because we are so free in this country.". "High recidivism". Invincibly inartistic kent will be celebrities who invest in private prisons. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. Using public data, I came up with some names. 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. Prisoner population levels are appropriately maintained. Jobs as impact investors % of its total revenue or the equivalent of $ million... Up with some names dismal working conditions in its factories several times of! 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