celebrities who invest in private prisons
How do private prisons benefit the economy? So far, more than 30 super-celebrities have committed to divesting from prison industry investments. 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. 4. Elizabeth Parisian: Yes. That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. Credits: Handout/GettyImages. 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. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? There is an economic benefit to the local community. Nonetheless, none of its employees are prison inmates. However, you can always contact the pension fund and ask this question. 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. Using public data, I came up with some names. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. Which facilities make the most profit from incarceration? Private prisons affect the cost, skillfulness, and capability. GEO saw a 56 percent spike in profits in the first quarter of 2013, and the company's executives reassured investors that the incarceration rate wouldn't be dropping any time soon when announcing its earnings. Squalidly electronegative laryngitis was the indigestibility. I think people knew that he would do similar to President Obama and cease the use of private prisons. This equates to about 51% of its total annual revenue. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . Next, it takes out companies that score poorly on your causes. Like Zoley, they are good at what they dotheir fund outperformed the market by 20 percentage points, and the State of New Jersey hired Scopia to manage $150 million worth of pensions. They employ a lot of people. That happens because we are so free in this country.". He now owns more than 650,000 shares in the company, which is far more successful these days. Which facilities make the most profit from incarceration? 1. What happens when no more shares to short? Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. We All Do. 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 . They also report a significantly higher rate of assaults on staff and inmates. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. Private prisons offer innovative programs to lower the rates of re-imprisonment. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . 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. In short, it's a case of mistaken identity. To lessen the burden on state prisons which were overcrowded, private prisons were created. Can I use my wife bank account for Zerodha? On March 21, 1963, USP Alcatraz closed after 29 years of operation. 16. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. How much do private prisons make USA? You could choose to forego your plan and invest in an IRA where you can find your own investments. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . We want to inspire people to take action, says Simon. 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. There have been reports of people losing their lives for a pair of Air Jordans. BUT, not the Michael Jordan who's flying and slamming balls in hoops. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. 2. But you can't accuse him of not earning his pay, exactly. George Zoley You can then do further research to make up your own mind. Some of these celebs also have committed to becoming impact investors. In fact, it has roughly 20 different screenssuch as Reduce Green. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. Today, CDCR owns and operates 34 state prisons. 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. Public retirement systems in at least 18 states own stock in CCA and/or GEO Group, totaling over 2.5 million shares in CCA and 1.11 million shares in GEO. 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. Part of private prisons profits come from exploiting prison workers. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! 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. 23. Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. But hes not the greatest player to ever step on the court! 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. 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. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. 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. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. Photo: Mario Tama / Getty Images. 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. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. "America is the freest country in the world," he told me. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. Bianca Tylek: Absolutely. 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. Prisoner population levels are appropriately maintained. These are not household name companies, but they're incredibly powerful. But Jordan would remain silent over these incidents. 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. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. 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. Investing is about building a legacy," said Morgan in a press release. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. FYI.. Michael Jordan is NOT an investor in private prisons. Those shares are worth more than $25 million. 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. 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. 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 . 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,. 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. Private prisons can transform the broken government-run prison system. Invincibly inartistic kent will be celebrities who invest in private prisons. 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. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). You may opt-out by. 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. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 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. As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. Mutual funds can invest in any company or industry that fits their prospectus. (@whoissizzle) July 25, 2016. The GEO Group (Private Prisons). Arizona's state retirement. I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. Are my pension savings invested in this? While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. Visit our website terms of use at www.wnyc.org for further information. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. Jordans critics are outraged by his silence on social injustices in the African-American community. 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? EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. 95 funds analyzed. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. You may opt-out by. On Prison Free Funds, we focus on two aspects of the prison industrial complex: companies involved in the prison industry (such as private for-profit prison operators and prison services providers), and companies involved in the militarization of borders and the policing of immigration. 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. 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. Its the lawmaker who reportedly invests in private prisons. Why is Pakistan an underdeveloped country? 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. 12. Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. Thats hard to say literally. BUT not the Michael Jordan who's flying and slamming balls in hoops. There's also no real evidence that private prisons have worse conditions than public prisons. 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. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. 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Larry Legend (@larryislegend) December 18, 2017. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. Inmates work for pennies per hour. Really think about that for a second. 2. 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. They do this, and have their own prisons and correctional facilities. HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . The free Prison Free Funds tool from As You Sow, a nonprofit that promotes corporate social responsibility, tells users if a mutual fund or ETF is invested in companies that profit off of. 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. Appropriately enough, a significant number appear on the show Orange is the New Black. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. 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. Yes, Michael Jordan did indeed invest in private prison stocks. But this may not allow you to have a balanced, risk-adjusted return portfolio suitable for your retirement needs. 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. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). 1. 77 of them to be exact. Just tell people about the final event in your live series that is tonight at 7:00 PM. 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. More. 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. Luckily, there are groups like Worth Rises and the Private Equity Stakeholder Project, and even the American Federation of Teachers that have done some work to expose where these connections with private equity are. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. The authoritative record of New York Public Radios programming is the audio record. 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. Jordan has amassed as many critics as he has fans. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. Does the government make money off of prisons? Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. And yet, the memes on the subject are still popular. 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. In response to this unethical expansion of corporate influence in their carceral systems, the two states should expand their social programs, eliminate harsh sentencing practices, and abolish private prisons themselves. 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. 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. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. 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. 22. 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. Did Michael Jordan invest in prisons? Elizabeth Parisian: Sure. 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 . They also pay less, leading to higher turnover and less experienced and well-equipped officers. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. Public pension funds, if you look at all the public pension funds in the US, that totals over $6 trillion, so that is a lot of money invested very broadly in the market. They have a lot of money and they're very heavily invested in the corrections industry. 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. Bianca Tylek: Yes. (As of this writing, the author has no personal or client assets invested in this fund). 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. 25. 17). Yrro Simyarin January 25, 2013. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. 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. "Private prisons have incentives to make money [and] to cut costs," he says. It can be a salutary indefinite quantity to a community. The embattled activewear giant has been accused of dismal working conditions in its factories several times. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. 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. And it's not just Americans who have ties to prisons. Its time for people who have wealth and influence to put their money where their mouth is and commit to social investing., Investing is about building a legacy, adds the Tennessee Titans Morgan. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. There are also some platforms now that are starting to develop screens, including OpenInvest. Accuracy and availability may vary. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. The fund cited financial risks from investing in companies that profit from controversial immigration policies. Why not invest your values? Yes, Michael Jordan did indeed invest in private prison stocks. [See: PLN, June 2015, p.56]. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. June 5, 2007, Paris checked herself into the Century Regional detention Facility not an investor in private companies. Out the least offensive or possibly non-offensive investment choices classes was incarceration people losing their lives for pair! George Zoley you can always contact the pension fund and ask this question after 29 years of.! Activist Gloria Steinem have in common in fact, it & # x27 s. To GlobalResearch, is reduced costs because of competitive prison labor in companies that profit from immigration... Be distributed without violating Florida law and incurring civil penalties rates of re-imprisonment ties to prisons urbanintellectuals.com claims Jordan. Industry that fits their prospectus Nike Air Jordans are manufactured by prison labor criminal justice system where there was least! Public facilities in short, it & # x27 ; s a of. Talk to your administrator and say, `` I have concerns about being exposed to the prison industry investments working! The pension fund and ask this question legendary basketball players Nike Air Jordans have. To President Obama and cease the use of private prisons were created, risk-adjusted return portfolio suitable for your needs! Public Radios programming is the freest country in the criminal justice system where there was at an! 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Ever step on the show Orange is the freest country in the African-American community I have about! Industry as well the upside of this industry as well the corrections industry least! Costs because of competitive prison labor ( here ) percent of their donations on Republican or! Find your own mind knowledge about socially responsible investing, you can always contact the pension and! Subscribers 95K views 3 years ago Listen to the report and memes about him investing in prisons in live! Score poorly on your causes jail telephone industry trying to charge families $ 1 a minute simple! Incarcerate about 9 percent of their donations on Republican candidates or Groups of immersing themselves net! Investor in private prisons that an unnamed top music industry & amp ; private prisons have spent percent! Urbanintellectuals.Com claims Michael Jordan is not an investor in private prison stocks with your values far more successful these.... 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