Brian Lehrer: Elizabeth, I think some people might be surprised to learn that their pensions might be invested in some of these companies, or it's just something they never thought about. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. (646) 435-7280, (646) 435-7280. 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. Does the government make money off of prisons? Thats hard to say literally. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. Does Wells Fargo invest in private prisons? Why is Pakistan an underdeveloped country? Why not invest your values? All rights reserved. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. Michael Jordans purported prison investments have long been disproved. Reviews: 83% of readers found this page helpful, Address: Apt. Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. Henri Wedell The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. What percentage of prisons are privately owned? Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. If so, I have concerns about that." Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. Can you talk about your work specifically with teachers' pensions? This text may not be in its final form and may be updated or revised in the future. As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. 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. This year is no differentbut why the record-high spend? In fact, it has roughly 20 different screenssuch as Reduce Green. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. Credits: Handout/GettyImages. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. Here are five ways that universities buy into private prison companies. Jordans critics are outraged by his silence on social injustices in the African-American community. They're losing financing. It should be pointed out that while being far to the left politically might seem incompatible with investing in prisons (or managing a hedge fund in the first place), the Democratic party is totally fine with the incarceration rate. 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. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. Michael Jordan vs. 1. Two days later, the LA County Sheriff reassigned her to 40 days of home . 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. Private Prisons: The New Slavery. Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. If you have a pension fund, most public pension funds put out an annual report. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. How Private Prison Companies Increase Recidivism. Hes now known as a guy with a coveted sneaker line people have been killed over. 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. Appropriately enough, a significant number appear on the show Orange is the New Black. With Talk About Defending Social Security And Medicare, What About Medicaid? 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. They did the analysis. Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. Public pension funds are major investors, they're deciding not to invest. 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. 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. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! 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. You can then do further research to make up your own mind. CCA executives own a fair amount of stock too, usually as part of their compensation packages, though their stock ownership pales in comparison to that of institutional investors. 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. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. 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. You may opt-out by. George Zoley Jean: Hello. Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. I think it's really important. 2. These are not household name companies, but they're incredibly powerful. 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. CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. Bianca, briefly on that. T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. What could be the barriers in using technology as a way to assess students learning? 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. 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). He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! Real Money Moves, from social investment firm Candide Group, aims to raise awareness about where Americans invest their money. Another prison profiteer who presumably has no moral qualms about the business is George Zoley, the CEO of GEO Group and the second-biggest investor in the incarceration industry. (That. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. 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 prisoner abuse and mismanagement. 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. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. 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. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 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. What we found is that a lot of pension funds started divesting from prison stocks. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? He now owns more than 650,000 shares in the company, which is far more successful these days. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. 1 These people are incarcerated for a multitude of different crimes . Get a head start on the morning's top stories. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Tonight, we'll be talking specifically about the investors that pop up and benefit from the industry and we hope people will come for our last episode. Prisoner population levels are appropriately maintained. 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. Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. How do I report excess contributions removed? Welcome back one more time, and Elizabeth, welcome to WNYC. 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. (2015). Thank you so much, Brian, for just having us on and allowing us to share the event. 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. 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. 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?) Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. We actually in fact, just licensed our data with Envestnet to develop a screen there for retail investors who want to screen the prison industry out of their portfolios. Aside from being super A-list celebrities, that is. What is the difference between capital formation and investment? 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. 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. Their motto is to Better the Public Good. This is never a snap decision. 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