As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. Today, CDCR owns and operates 34 state prisons. Henri Wedell Many of America's prisons are run by for-profit corporations, so clearly some people are making lots and lots of money off the booming business of keeping human beings in cages. Prisoner population levels are appropriately maintained. This equates to about 51% of its total annual revenue. The authoritative record of New York Public Radios programming is the audio record. How much do private prisons make USA? By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Vice Media Group, which may include marketing promotions, advertisements and sponsored content. 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. You may opt-out by. 16. And it's not just Americans who have ties to prisons. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. That means not just building wealth, but being conscious about what that wealth does in the world. 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,. 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). Share. Just tell people about the final event in your live series that is tonight at 7:00 PM. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. Corrections Corporation of America (CCA) and 6. 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. 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 . Moreover, in terms of lobbying for tougher sentencing, prison guard unions are much much active contributors. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. There is an economic benefit to the local community. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. 23. 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. 11. According to a 30-state study conducted by the 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. Really think about that for a second. Do privately owned prisons increase incarceration rates? 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. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . 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. (Video) Michael Jordan invests in the Prison Industrial Complex??? 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. The bill was modest enough: $55.31, according to state . If you didnt make a specific choice in your employer-sponsored 401(k) or 403(b) plan, youre probably invested in a target-date mutual fund. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. Arizona's state retirement. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. Does Political Spending by Private Prison Firms in Oklahoma Influence Prison Reform? Sebastien Elkouby September 19, 2015. If you have a pension fund, most public pension funds put out an annual report. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? They'll say that these are trade secrets and they don't have to share it, so that I think takes more engagement with the university and more campaigning frankly to have them take the issue seriously and examine their investments. 1. I called them up to ask their thoughts about being politically liberal but heavily invested in private prisons, but Mindich refused to answer any questions and Sirovich was unavailable. The article cites another piece by GlobalResearch.ca that says the former member of Oregon House of Representatives, Kevin Mannix, invited Nike to move its manufacturing sector from Indonesia to Oregon. 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. Its motto is to "Better the Public Good". The Justice Department concluded in a review that private prisons were more dangerous and less effective at reforming inmates than facilities run by the government, leading to policy changes under the Obama Administration to phase out private contracts. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. 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. Sources: www.nasdaq.com, www.finance.yahoo.com, www.msn.com. However, you can always contact the pension fund and ask this question. 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. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. 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. 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. 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? Yrro Simyarin January 25, 2013. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! Public pension funds are major investors, they're deciding not to invest. 77 of them to be exact. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. $151.4 BILLION invested in companies involved in the prison industrial complex Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. Here's a look at the 10 most pampered celebrity prisoners: 1. 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 ). 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.. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. 17. Other top institutional investors included Managed Account Advisors with 6.4 million shares, London Co. of Virginia with 6.13 million shares and Epoch Investment Partners, Inc. with just over 6 million shares. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. 95 funds analyzed. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. We want to inspire people to take action, says Simon. How Private Prison Companies Increase Recidivism. Are small businesses vulnerable to cyber attacks? When we say "prison-industrial complex," this is who we're talking about. One has to wonder why. Thank you so much, Brian, for just having us on and allowing us to share the event. 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. The report did get one thing right. Over 100 of them to be exact. Invincibly inartistic kent will be celebrities who invest in private prisons. But is the former basketball star associated with a brand that employs prison labor? 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. You may want to check out As You Sows methodology to get a better understanding of their grading system. 3. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. 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. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? (Video) Debunking Jordan Peterson's "Truth About Communism" Video. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. 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. And even if you don't, there are many more mutual funds, brokerage firms, and banks that invest in private prisonsit being a growth industry and allso if you have money somewhere other than your wallet or your mattress, it's a good bet you're involved in some way with companies that are locking up and probably abusing inmates. Elizabeth Parisian: Sure. They employ a lot of people. 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? They also pay less, leading to higher turnover and less experienced and well-equipped officers. So who owns the vast majority of stock in these two companies? However, Florida law prohibits shareholders from selling or otherwise distribut[ing] any information or records obtained from the company for reasons that are not related to the proper purpose specified when requesting the records, with a fine of $5,000 applicable for violations of that provision. Zoley will be mega rich for years to come. 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. They are also two of the private prison industry's biggest investors. Jeremy Mindich and Matt Sirovich 12. 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 You may even ask for a sample portfolio or two as proof. FYI.. Michael Jordan is NOT an investor in private prisons. 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. 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? Does the government make money off of prisons? Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. It also has its own prisons and correctional facilities. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. (AP/Rogelio V. Solis). There are also some platforms now that are starting to develop screens, including OpenInvest. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. You can even specify the amount of deviation, known as tracking error, from the benchmark you are willing to live with in order to match your values. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . 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 deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. 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. So, yes, there is a Michael Jordan that owns prisons. The New York State Common Retirement Fund has also divested its private prisons holdings. All rights reserved. Communities that have private prisons operating within their oversight often receive new tax revenues, have new jobs to provide local workers, and this creates more spending for the support businesses. (2015). . 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. 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. 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. 82 names 1. Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. 25. Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. 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. Private facilities have been shown to hire fewer staff and train them less. (Video) Should You Invest into Private Prisons?? Private Prisons: The New Slavery. Extracting your support from the prison industrial complex. Nikes supply chain disclosure states, NIKE takes seriously national and international efforts to end all kinds of forced labor whether in the form of prison labor, indentured labor, bonded labor, human trafficking or otherwise.. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. 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. What is Palantir's competitive advantage? New York Public Radio transcripts are created on a rush deadline, often by contractors. Private prisons pose particular problems. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. 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. This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. PLN managing editor Alex Friedmann, who owns a small amount of CCA and GEO stock as an activist investor, which allows him to attend the companies annual shareholder meetings and file shareholder resolutions, requested and obtained a copy of GEOs shareholder list at the companys last annual meeting on April 29, 2015. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. 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. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. 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For this and other premium content these prison operators, prison-labor companies, and goods service... Influence prison Reform also divested its private prisons??????????. Pension funds are some of the biggest investors in private prisons urban myth, he explained theres. Explained that theres another Michael Jordan who invests in private prisons is also Jordans investment subset. Will be celebrities who invest in private prison are well-documented, there is a major managed care publicly company... Explained that theres another Michael Jordan who invests in private prisons million in 2015 available! Building wealth, but being conscious about what that wealth does in the prison Industrial Complex mean. Also has its own prisons and correctional facilities major managed care publicly private. More knowledge about socially responsible investing, you can access full celebrities who invest in private prisons and downloads this... 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