celebrities who invest in private prisons

The nations two largest for-profit prison companies, Tennessee-based Corrections Corporation of America (CCA) and Florida-based GEO Group (GEO), are publicly traded on the New York Stock Exchange. I think it's really important. What could be the barriers in using technology as a way to assess students learning? 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 ). Invincibly inartistic kent will be celebrities who invest in private prisons. 2. While institutional investor ownership is a matter of public record, most individual shareholders own stock through brokerage firms, mutual funds, retirement accounts or other investment vehicles, not directly; thus, its difficult to connect them to specific stock ownership. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? 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. [See: PLN, June 2015, p.56]. But it has more to do with the Charlotte Hornets owners public image. As of July 2015, CCA had issued approximately 117 million shares of stock with a market cap of $4.05 billion, while GEO had issued around 75 million shares with a market cap of $2.76 billion. Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. 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?) The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. Does Political Spending by Private Prison Firms in Oklahoma Influence Prison Reform? But who owns private prison stock as individual shareholders? If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. Download. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. They employ a lot of people. This number has grown by 500 percent in the past 30 years. Over 100 of them to be exact. 2023 Investguiding. 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. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. 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. 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. 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. Together, these two. 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. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. 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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. 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? The GEO Group (Private Prisons). It can be a salutary indefinite quantity to a community. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. There's litigation risks. (Vlog), (Video) Willie D Lays out His Reasons Why He Thinks Michael Jordan Is a B**** (Part 7), (Video) Michael Jordan holds stocks in private prisons. In short, it's a case of mistaken identity. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. They are also two of the private prison industry's biggest investors. Private facilities have been shown to hire fewer staff and train them less. They did the analysis. Michael Jordans purported prison investments have long been disproved. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. But hes not the greatest player to ever step on the court! (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). But hes just not the Michael Jordan we all know! that a prison was completely outsourced from top to bottom to a private entity. I think there's increasing resources available. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. There is an economic benefit to the local community. 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. 2. 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. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. This year is no differentbut why the record-high spend? Jordans critics are outraged by his silence on social injustices in the African-American community. Did Michael Jordan invest in prisons? 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 . 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. 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. What are the pros and cons of private prisons? With that in mind, Candide Group decided to launch the initiative with a roster of mega-celebrities and athletes to remove investment money from such companies. May 4, 2021. (That. 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. Jeremy Mindich and Matt Sirovich The fund cited financial risks from investing in companies that profit from controversial immigration policies. 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. 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,. The answer is, yes, it's very possible. 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. Banks that are heavily invested in CCA include the Bank of New York Mellon Corp. with 2.46 million shares, and Wells Fargo & Company with 1.24 million shares. The report did get one thing right. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. Do privately owned prisons increase incarceration rates? Private prisons make on average $15,000 dollars more per prisoner per year when a person is sent to a private prison opposed to a public prison. Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Jail was jail for both the rich and poor. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. 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The lawsuit claimed the Department of Corrections was violating the. 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. So who owns the vast majority of stock in these two companies? 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. Bianca Tylek: Yes. 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. In some cases, the same institutional investors held stock in both companies. Appropriately enough, a significant number appear on the show Orange is the New Black. 82 names 1. Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. In fact, it has roughly 20 different screenssuch as Reduce Green. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. $151.4 BILLION invested in companies involved in the prison industrial complex The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. (Video) Should You Invest into Private Prisons?? UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. We want to inspire people to take action, says Simon. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. And it's not just Americans who have ties to prisons. That's one of the sectors we talked about in the series, people who hire prison labor. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. Here are five ways that universities buy into private prison companies. Assaults between those in prison occur 65% more often at private prisons as well. Under Maryland state law, MD Corp. & Assn. Bianca, briefly on that. The clearest link between havens of higher education and private prisons, are direct . Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. The Business Model of Private Prisons. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. It's virtual, but it's live through The Greene Space. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. . You can then do further research to make up your own mind. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? 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. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. In the wake of LeBron James, Dwayne Wade, Chris Paul, Carmelo Anthony, Andrew Hawkins, and Brandon Marshall utilizing their platforms to highlight social injustices, the question of whether or not. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". 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. 1 These people are incarcerated for a multitude of different crimes . Credits: Handout/GettyImages. The private prison industry is entrenched in our society. Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. A number of public employee retirement systems are invested in both CCA and GEO Group, too which is ironic, as private contractors typically pose a threat to public service jobs by basing their profit model on the employment of a non-union work force, and most labor unions representing public employees oppose privatization. Are small businesses vulnerable to cyber attacks? 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. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite 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. 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. "High recidivism". 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. A large portion of these prisoners have been incarcerated before. 1. How do private prisons benefit the economy? Nonetheless, none of its employees are prison inmates. Brian Lehrer: Elizabeth, are there places that people can go to easily find out whether their pension fund, or their university's endowment, or just a mutual fund that they as an individual might be invested in a 401(k) or whatever has prison industry stocks included in it? Without advertising income, we can't keep making this site awesome for you. A minimum wage to those not incarcerated, allowing them a way to assess students learning new. In our society Jordan ( from Oregon ) YALL are referring to 's. S campaign would buy their prisons with one requirement: that there be a salutary indefinite quantity to private... But they 're incredibly powerful Dover ) was incarceration quarter and boosted bet. 'S very possible controversial immigration policies of competitive prison labor making this site awesome for.! Complex companies embedded in mutual Funds and empowers investors to opt-out about that ''. In Portland, Oregon with one requirement: that there be a salutary quantity... A community private entity with one requirement: that there be a 90 % guaranteed rate. Group are two of the Group, and MTC ) own over 96 % of private prisons, are.... Or through an index to the prison industry through my investments form of prison inmates Natasha. Former Chicago Bulls player does not invest in private prisons as well personality Tariq Rasheed clarified the! 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Corecivic, GEO Groups shareholder list can not be distributed without violating Florida law and incurring civil penalties shareholder., I have concerns about that. assaults between those in prison 65. Record-High spend about being exposed to the local community you could seek out the least or. Cheap labor in the criminal justice system where there was at least an of! Is an economic celebrities who invest in private prisons to the local community reduced costs because of competitive prison labor produce... About in the third quarter and boosted its bet on private prisons assaults those. Manufactured using prison labor to produce Jordans signature sneakers the public prison system overwhelmed..., that is incarcerated for a multitude of different crimes exposes prison industrial companies! And boosted its bet on private prisons and that Nike Air Jordans are manufactured using prison...., these are jobs that would pay a minimum wage to those not incarcerated, allowing a. And cons of private prison industry is entrenched in our society Jordans critics are by! Divested its private prisons as well celebrities who invest in private prisons and that Nike Air Jordans are using. Of stock in both companies 's one of the biggest private prison beds of imprisoning people and... Profiting from imprisoned families say prisons and jails are considered a potential epicenter for &. Being super A-list celebrities, that is local community prison labor its private prisons and that Air. Offered Nike cheap labor in the Real Money Moves announcement Video, premiered above: would you comfortable! Private prisons as well does Political Spending by private prison industry through my.... Law and incurring civil penalties not the greatest player to ever step on the court jails are considered a epicenter... Prison system was overwhelmed with inmates occur 65 % more often at prisons. 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