Nebraska Law Unconstitutionally Forfeits Good Time for Refusal to Submit DNA Sample, Three Strikes Litigant Required to Show Ongoing Imminent Danger to Proceed on Appeal, Failure to State Rationale in Denying Appointment of Counsel was Abuse of Discretion, Vermont: Retaliatory Furlough Denial Reviewable on Rule 75 Motion, Ninth Circuit Finds that ICE Detention After Indictment Counts Against Sentence, Supreme Court Strikes Down Ban on Short Beard for Muslim Prisoner, Alaska High Court Reaffirms Negligence Standard to Protect Prisoners from Harm, Controversy Surrounds Shackling of Dying and Comatose Prisoners in UK, Tenth Circuit: Ignoring Prisoners Severe Pain Precludes Qualified Immunity, Supreme Court Rules Qualified Immunity Shields Prison Officials from Suicide Claim, Report Finds Two-Thirds of Private Prison Contracts Include Lockup Quotas, $1.15 Million for Florida Pretrial Detainees Death, Virginia Must Improve Prison Medical Care Under Proposed Class-action Settlement, Jury Awards $12,000 to Connecticut Prisoner for Unsanitary Mattress, UN Commission Approves Mandela Rules on Treatment of Prisoners, North Carolina Prisoner, Victim of Sexual Assault, Awarded One Dollar in Damages, Two Names Added to Monument Memorializing Slain Prosecutors, Pell Grants for Prisoners: New Bill Restores Hope of Reinstating College Programs, Peer-Review Reports Must be Disclosed in Philadelphia Jail Conditions Suit, Supreme Court Voids ACCAs Residual Clause in Landmark Decision, San Diego Deputies Faulted for Jail Death, Nebraska Returns Ex-Offenders to Prison after Sentence Miscalculation Scandal, $3,000 Jury Award to Arizona Prisoner Denied Prostate Care, Second Circuit Unseals Jail Conditions Settlement Compliance Reports; Public Has First Amendment Right of Access, Alabama Courts Must Review Substance of Claim Despite Pleadings Title, $750,000 Settlement in New Mexico Controlled Seating Lawsuit, West Virginia City Settles Suit over Jail Prisoners Death for $460,000, Minnesota DOC Sued Over Failure to Provide New Hepatitis C Treatment Protocol, UK Prison Cook Awarded $160,000 for Back Injury, Michigan: $8 Million Settlement after Prisoners Baby Born with Brain Damage, Persistent, Ongoing Environmental Violations at Washingtons Walla Walla Prison, A Primer on Prisoners Constitutional Rights, Apples-to-Fish: Public and Private Prison Cost Comparisons, Securus Faces Lawsuit Over Recorded Attorney Calls, PLN Challenges Postcard-only Policy at Jail in Knoxville, TN, 32 Deaths at CCA-operated Immigration Detention Facilities Include at Least 7 Suicides, Recidivism Performance Measures for Private Halfway Houses in Pennsylvania, Lowering Recidivism through Family Communication, After Federal Judge Censors Lawyers Tweets About CoreCivic, Company Settles Suit Over Tennessee Prisoners Murder by Cellmate, Investor Lawsuit Against GEO Group Trimmed, Pennsylvania County Retakes Control of Jail From GEO Group, ICE Ignores Inspector Generals Call for Immediate Removal of Migrant Detainees from CoreCivic New Mexico Detention Facility, CoreCivic Workers Unionize and Go On Strike at Arizona Prison, Arizona Closing Prison, Moving Prisoners to CoreCivic Lockup, Arizona DOC Director Admits State Economy Would Collapse Without Cheap Prisoner Labor, GED Cheating Scheme Uncovered at Montana CoreCivic Prison, Federal Judge Allows Wiretapping Case to Proceed Against CoreCivic for Recording Attorney-Client Conversations at Nevada Prison. Private prisons offer innovative programs to lower the rates of re-imprisonment. Do you have a prison-free to investment option?" We have 20 seconds. With the teachers, we've been hearing from members over the years with concerns about the possibility that the pension funds might be invested in private prisons, so we've been working to expose the risks of those investments and talk to pension funds about it. (That. Together, these two. Part of private prisons profits come from exploiting prison workers. 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. In the O.J. This is never a snap decision. Here are five ways that universities buy into private prison companies. Opinions expressed by Forbes Contributors are their own. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. I called Wedell to ask him what it was like to make a fortune from the incarceration of others, and whether it bothered him to profit off a system that puts more people in prison than any other country in the world. If youre ready to consider aligning your investments more closely with your values, research firm As You Sow provides a free action toolkit to move your money if not supporting private prisons is one of your passions. Bianca, Elizabeth cited those two stocks, in particular, GEO Group and CoreCivic, are there others that you would put high on the list of prison industry stocks to be aware of if people do want to divest? Elizabeth Parisian: Yes. 82 names 1. 2. Age, Race And Money. 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.. CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. 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. 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.. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? 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. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. Regardless of his nasty reputation, Michael Jordan doesnt invest in prisons. Visit our website terms of use at www.wnyc.org for further information. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Prisoner population levels are appropriately maintained. However, research suggests that private prisons are actually less safe than public prisons. We All Do. 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. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. 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. Here's a look at the 10 most pampered celebrity prisoners: 1. Jordans critics are outraged by his silence on social injustices in the African-American community. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . 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. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. Its easy to be invested unknowingly in private prisons. The share sale comes after other U.S. pension funds have divested from private prisons following reports raising concerns about the treatment of immigrants in private facilities after President . I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. What we found is that a lot of pension funds started divesting from prison stocks. Graphics by Andrew Rodriguez Caldern and David Eads For the second time in four years, fears that a Democrat would be elected president sent private prison stocks plummeting earlier this month. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. "Private prisons have incentives to make money [and] to cut costs," he says. 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 . "At current imprisonment rates (4), prison populations would grow by about 80,400 between 2012 and 2017, or by more than 13,000 per year, on average". "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. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. Get a head start on the morning's top stories. We say remote learning 10:00 AM to noon is what we try to do on this show every day. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. 77 of them to be exact. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. Does the government make money off of prisons? 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. Thats hard to say literally. Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. Although Richard Nixon and Ronald Reagan are largely responsible for the drug-war policies that caused the prison population to skyrocket, Bill Clinton was a "tough on crime" president who continued their ideas. 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. However, you can always contact the pension fund and ask this question. 1. 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. How do privately run prisons make money? But Jordan would remain silent over these incidents. Elizabeth Parisian: Yes. 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. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. 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. 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. Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. About 75 percent of all immigrants detained by ICE are also in private. 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 deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. Extracting your support from the prison industrial complex. 25. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. 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 employ a lot of people. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. This year is no differentbut why the record-high spend? Bianca Tylek: Use of prison labor is definitely one of the factors that is often considered into this, so I'll just say really quickly in terms of really practical resources that people can use to figure out if they're exposed to prison labor or any other part of the prison industry, we have a report that we publish annually, our last one was in 2020 that details over 4,000 corporations that are invested in the prison industry, and that can be accessed on our site, worthrises.org. 1. There is an economic benefit to the local community. Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. It can be hard to find funds that align perfectly with all your values, so you will need to decide which issues are most important to you. That's one of the sectors we talked about in the series, people who hire prison labor. Retired People and Probably You JPMorgan Investment Funds' $9bn global high-yield bond fund took the largest position among the funds, and holds $12.5m in the CoreCivic bond, according to regulatory filings for the end of . An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. 16. Can I use my wife bank account for Zerodha? The fund cited financial risks from investing in companies that profit from controversial immigration policies. (Video) Should You Invest into Private Prisons?? The prison and border industries. These are not household name companies, but they're incredibly powerful. 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. The company is one of the nation's largest private prison operators and also. You may want to check out As You Sows methodology to get a better understanding of their grading system. Appropriately enough, a significant number appear on the show Orange is the New Black. But who owns private prison stock as individual shareholders? Its called Nike. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. 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. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. In fact, it has roughly 20 different screenssuch as Reduce Green. 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. That happens because we are so free in this country.". Whole time Michael Jordan did invest in a prison system. You may opt-out by. 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. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. Along with BlackRock, those include Vanguard, State Street and Fidelity. This included a $100,000 payment that apparently violated campaign finance laws; the contribution was made while private prison companies were negotiating with the Department of Justice on whether to continue using private prisons on a federal level. All rights reserved. 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. Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. 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, Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. The largest private prison contractor, CoreCivic which recently changed its name from Corrections Corporation of America saw its stock shoot up by more than 58 percent shortly after morning trading began. 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. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. 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. 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. Investing In Private Prisons. 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. Yes, Michael Jordan did indeed invest in private prison stocks. About. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . (@whoissizzle) July 25, 2016. The GEO Group (Private Prisons). Does it have a mandate that it wont invest in private prisons? Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. What are the pros and cons of private prisons? 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. But it has more to do with the Charlotte Hornets owners public image. Elizabeth Parisian: Yes. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. Reviews: 83% of readers found this page helpful, Address: Apt. 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. With Talk About Defending Social Security And Medicare, What About Medicaid? The New York State Common Retirement Fund has also divested its private prisons holdings. 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. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. 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. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. 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. They did the analysis. If not, that means it may choose to invest in them in the future. 3. one of the largest shareholders of GEO Group, Violent Crime Control and Law Enforcement Act, recently sold off its $5.1 million worth of GEO Group. Which facilities make the most profit from incarceration? Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. Opinions expressed by Forbes Contributors are their own. Jeremy Mindich and Matt Sirovich 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. This text may not be in its final form and may be updated or revised in the future. A group of artists, athletes and activists has joined together in support of Real Money Moves, a new initiative to keep money out of private prisons. There's litigation risks. But hes just not the Michael Jordan we all know! Joseph Margulies is a civil rights attorney and a professor of law and government at Cornell University, as well as the author most recently of What Changed When Everything Changed: 9/11 and the. that a prison was completely outsourced from top to bottom to a private entity. Black woman looking shocked, covering her face with hands, peeping through fingers. 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. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. 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. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Mutual funds can invest in any company or industry that fits their prospectus. 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 Is there more violence in private prisons? 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