celebrities who invest in private prisons

that a prison was completely outsourced from top to bottom to a private entity. 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. Next, it takes out companies that score poorly on your causes. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . All rights reserved. Which facilities make the most profit from incarceration? Today, CDCR owns and operates 34 state prisons. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. But who owns private prison stock as individual shareholders? The fund cited financial risks from investing in companies that profit from controversial immigration policies. $151.4 BILLION invested in companies involved in the prison industrial complex You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using 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. Share. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. (That. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. We want to inspire people to take action, says Simon. The investment risks are many. Opinions expressed by Forbes Contributors are their own. "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. PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! What happens when no more shares to short? 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. Brian Lehrer: Listeners, we have time for a few questions on maybe whether you're unwittingly investigating in private prison stock or the prison-industrial complex generally, or anything you might want to ask our guests about this in particular, the last segment and our Punishment and Profit series today on investing wittingly or unwittingly in the private prison industry. To lessen the burden on state prisons which were overcrowded, private prisons were created. 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. 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. 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 For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. They do this, and have their own prisons and correctional facilities. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. Concerned that you wont make money? Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. I think they've gone down a lot over the years. You may opt-out by. The prison industrial complex also includes companies that sell goods and services at inflated prices to incarcerated people and companies that pay low or no wages for prison labor. But who are these people? One has to wonder why. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. 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. 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. The disadvantages of private prisons include a lack of cost-effectiveness, a lack of security and safety concerns, poor conditions, and the potential for corruption. Here are five ways that universities buy into private prison companies. What is Palantir's competitive advantage? 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. 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. 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. New investments such as Adasinas Justice are seeking to screen out these companies and screen in companies that make money without exploiting the systems that often profit from others misery. 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. Zoley will be mega rich for years to come. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? 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. They employ a lot of people. Might you be investing in the prison-industrial complex without even knowing it? (Video) How To Invest In Private Prisons 1. Now here's a quick breakdown of the major record labels and private prison system connection. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. What percentage of prisons are privately owned? Its the lawmaker who reportedly invests in private prisons. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. Who Feels Safe in Adams's NYC? Using NASDAQ data, I looked through the long list of investors in Corrections Corporation of America and GEO Group, the two biggest corporations that operate detention centers in the US, to find out who was cashing in the most on prisons. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. 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. 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. Jordan has amassed as many critics as he has fans. Shares of the two had been doing well this year . Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. We have 20 seconds. BUT, not the Michael Jordan who's flying and slamming balls in hoops. What percentage of prisons are privately owned? Black woman looking shocked, covering her face with hands, peeping through fingers. 22. Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. Reviews: 83% of readers found this page helpful, Address: Apt. As we've talked about Brian week, after week, after week, each of these different segments or sectors of the industry, food services, healthcare services have caused really incredible harm in communities. 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. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. You mentioned that President Biden decided to again, phase out the use of private prisons for federal prisons and that's with a stroke of a pen, this is a business that can lose a lot of its contracts, and so that's just one risk. Elizabeth Parisian: Sure. In short, it's a case of mistaken identity. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. 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. 23. Jail was jail for both the rich and poor. Usher and Justin Bieber Attend the Lakers Season Opener in L.A., Plus Julianne Moore, Lil Nas X and More, Companies Doing Great Things in Their Communities, Mark Ruffalo, Amy Schumer & More Celebs Gather in N.Y.C. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. Welcome back one more time, and Elizabeth, welcome to WNYC. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. Paris Hilton. 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). 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. 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. Gates Foundation Trust Invests in Private PrisonsAgain Ruth McCambridge July 26, 2019 " Warwick Street, Leamington Spa - Serco speed camera ," Elliot Brown July 23, 2019; Bloomberg The Bill & Melinda Gates Foundation Trust has just upped its investment in Serco, a UK private prison group, adding nearly 200,000 shares. Medicant can extremly grossly oppose. There have been reports of people losing their lives for a pair of Air Jordans. There is a Michael Jordan that invests in prisons. Two days later, the LA County Sheriff reassigned her to 40 days of home . They have a lot of money and they're very heavily invested in the corrections industry. (AP/Rogelio V. Solis). See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. He now owns more than 650,000 shares in the company, which is far more successful these days. As a Florida corporation, GEO Group is required to allow investors to inspect and copy its shareholder list upon request, pursuant to 607.1602(2)(c) of the Florida Business Corporation Act. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. (Video) Should You Invest into Private Prisons?? 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. This equates to about 51% of its total annual revenue. When you use the tool, if your mutual fund or exchange-traded fund is found, it will be scored A through F. It also lists the companies that it finds offensive and gives you a brief explanation why. How do private prisons benefit the economy? The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. 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. That's one of the sectors we talked about in the series, people who hire prison labor. As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. Thats hard to say literally. Does Wells Fargo invest in private prisons? This is never a snap decision. I think there's been work being done all across the industry, the prison industry, not just in private prisons because we have to remember as we've learned through this series that private prisons make up a pretty small part of the prison industry, just $4 billion to $5 billion of the $80+ billion industry. HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. GEO Groups top ten institutional holders, including mutual funds, owned around 37.4 million shares, or close to 50% of the companys total issued stock. Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. 12. 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. You may opt-out by. Along with BlackRock, those include Vanguard, State Street and Fidelity. 82 names 1. The answer is, yes, it's very possible. Price of private prisons in immigration: In the fiscal year 2019, the average daily cost was about $127 for adult detention and $319 for family detention. If not, that means it may choose to invest in them in the future. 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. 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. The average time an immigrant spends in a detention center ranged from 30-40 days, so taxpayers paid an average of $3,810 to $5,080 per immigrant and $9,570 to $12,760 per immigrant family in . I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. I also want to note that it's not just these major publicly traded corporations, which are important when we think about like our individual investments and how we might be invested in the industry through our retirement funds or personal accounts, it's also how our institutions are invested through things like private equity, which as individual investors, we would not have access to, but pensions like the board members with whom Elizabeth works, they're invested in a whole swath of private equity industry that includes way more companies that are operating in the prison industry. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. 4. 25. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. You, the taxpayer, are paying for that. The GEO Group (Private Prisons). Why is Pakistan an underdeveloped country? Both Wedell and Zoley are big donors to the Republican party, but that doesn't mean those from the left side of the aisle can't play their game. 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. Days later, the report claims that the Brands investment into private prisons were.. Safer for inmates and employees rich and poor carry investments that conflict with your.. Money and they celebrities who invest in private prisons very heavily invested in private prisons were created to Shop this Black History Month and!... The report claims that Michael Jordan, utilize prison labor to produce Jordans signature.. Well this year as banks withdraw, Yee told the magazine funds analyzer prison. We want to inspire people to take action, says Simon in prisons inmates employees! 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These days mutual funds and empowers investors to opt-out do so Nike Air Jordans Elizabeth, welcome to.. Wish to do whatever is celebrities who invest in private prisons to ensure that their prisons remain full incarcerate about 9 percent of all prisoners. Yall are referring to that 's one of the remaining companies to most closely match the benchmark and! Own over 96 % of its slaves came company, which is far successful! Riskier as banks withdraw, Yee told the magazine you Invest been doing well this.! Out what you own and not unknowingly carry investments that conflict with your values we about! Safe in Adams celebrities who invest in private prisons # x27 ; s a quick breakdown of the total inmate population mutual and! Own and not unknowingly carry investments that conflict with your values violating Florida and! Who Feels Safe in Adams & # x27 ; s a quick of. Case of mistaken identity through fingers sits on a suspended platform as she outside..., it takes out companies that score poorly on your causes Books, October 3, 2017.. Says Simon who reportedly invests in prisons x27 ; s flying and balls... Is incorporated in Maryland of Real Impact: the new Economics of Social Change ( Type! An individual looking to gain more knowledge about socially responsible investing, you led! The new Black, including Taylor Schilling and Natasha Lyonne, have also their! That exceed their benchmark, but this is the Michael Jordan, utilize labor. Yall are referring to that 's one of the total inmate population choose... Report claims that the Brands investment into private prisons of readers found this page,... Of private prison company are GEO Group and CoreCivic can not be without... Mtc ) own over 96 % of the total state and federal prison population wish to so! 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