celebrities who invest in private prisons
You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. Assaults between those in prison occur 65% more often at private prisons as well. He now owns more than 650,000 shares in the company, which is far more successful these days. 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. After all, this isnt the first time Nikes manufacturing practices have created a scandal. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. What happens when no more shares to short? 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. All Rights Reserved. Whole time Michael Jordan did invest in a prison system. 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. 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. In some cases, the same institutional investors held stock in both companies. In fact, it has roughly 20 different screenssuch as Reduce Green. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? If you're an individual investor, meaning maybe you have a 401(k), it's a little trickier because everyone has to make individual investment decisions with the 401(k) and that's one of the disadvantages. 12. This number has grown by 500 percent in the past 30 years. Presumably, when he's referring to all the freedom Americans have, he's not including the 80,000 inmates in 60 prisons operated by CCA. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . 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. 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 . Statistics from the U.S. Department of Justice show that, as of 2019, there were 116,000 state and federal prisoners housed in privately owned prisons in the U.S., constituting 8.1% of the overall U.S. prison population. Thank you. Zoley made nearly $6 million last year through salary and bonuses alone, but the real money is in stockshe owns more than 500,000 shares in GEO, and he has made $23 million in stock trades during one 18-month period. In the wake of LeBron James, Dwayne Wade, Chris Paul, Carmelo Anthony, Andrew Hawkins, and Brandon Marshall utilizing their platforms to highlight social injustices, the question of whether or not. Specifically, unions representing public prison staff, such as the American Federal of State, County and Municipal Employees (AFSCME) and Service Employees Intl Union (SEIU), oppose private prisons. The lawsuit claimed the Department of Corrections was violating the. I think there's increasing resources available. 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. PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! These are large, large pools of money and they're long-term investors, but they did the analysis and they found that these investments are too risky to remain invested in and decided to pull out. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. 20. Who owns the most prisons in America? Aside from being super A-list celebrities, that is. 1. 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. They also report a significantly higher rate of assaults on staff and inmates. 77 of them to be exact. Prisoner population levels are appropriately maintained. Liz Farmer Twenty-four public pension funds are invested in private prison companies such as CoreCivic, according to a new report by the American Federation of Teachers. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! How much do private prisons make USA? Are small businesses vulnerable to cyber attacks? 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. 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. Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. You, the taxpayer, are paying for that. 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. Now here's a quick breakdown of the major record labels and private prison system connection. In fact, he's so proud of his business, which has committed a laundry list of human rights abuses, he tried to get a college football stadium named after it. 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. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. 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. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. Just tell people about the final event in your live series that is tonight at 7:00 PM. (Video) Michael Jordan invests in the Prison Industrial Complex??? 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. 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. Sources: www.nasdaq.com, www.finance.yahoo.com, www.msn.com. 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. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. Bianca, briefly on that. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. This equates to about 51% of its total annual revenue. But who owns private prison stock as individual shareholders? By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. 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. 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. 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. Private prisons can transform the broken government-run prison system. (Video) Should You Invest into Private Prisons?? Hi, Bianca. It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: About 75 percent of all immigrants detained by ICE are also in private. 4. There are also some platforms now that are starting to develop screens, including OpenInvest. 22. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. They do this, and have their own prisons and correctional facilities. One has to wonder why. 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. "Private prisons have incentives to make money [and] to cut costs," he says. 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. Investing In Private Prisons. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Private prisons offer innovative programs to lower the rates of re-imprisonment. 2023 Investguiding. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. Embed. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Photo: Mario Tama / Getty Images. The two operate a majority of the facilities under the Bureau of Prisons. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. 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 is an economic benefit to the local community. 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. Its called Nike. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. Elizabeth Parisian, Assistant Director of Research and Strategic Initiatives at the American Federation of Teachers, thank you for sharing your knowledge about pension funds and other investments wittingly or not in the prison-industrial complex. They also pay less, leading to higher turnover and less experienced and well-equipped officers. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Private prisons affect the cost, skillfulness, and capability. 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. Sebastien Elkouby September 19, 2015. Henri Wedell 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. 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? 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. CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. Jordans critics are outraged by his silence on social injustices in the African-American community. 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 . Hes now known as a guy with a coveted sneaker line people have been killed over. Arizona's state retirement. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. 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. They have a lot of money and they're very heavily invested in the corrections industry. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? However, research suggests that private prisons are actually less safe than public prisons. Under Maryland state law, MD Corp. & Assn. We All Do. And Vice President Joe Biden was a principal player in the Clinton era's crime policieshe wrote the Violent Crime Control and Law Enforcement Act, which, among other things, called for $9.7 billion in increased funding for prisons and stiffer penalties for drug offenders. What if I told you you already are.. 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. 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, When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. 2. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. $151.4 BILLION invested in companies involved in the prison industrial complex You may opt-out by. And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. 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.. 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 . On March 21, 1963, USP Alcatraz closed after 29 years of operation. Inmates work for pennies per hour. Elizabeth Parisian: Yes. It can be a salutary indefinite quantity to a community. EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. Next, it takes out companies that score poorly on your causes. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. Talk to your financial advisor or retirement plan manager about prison free investing. George Zoley THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. According to a 30-state study conducted by the Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". 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. Do privately owned prisons increase incarceration rates? Is there more violence in private prisons? Since CCA has around 117 million shares of outstanding stock, an investor would have to own about 5.85 million shares (currently valued at over $200 million) before they could obtain a copy of the companys shareholder list. Age, Race And Money. They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. 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,. 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. What are the pros and cons of private prisons? 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. 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. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. 2. 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. 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite It also has its own prisons and correctional facilities. Who Invests in Private Prisons? But Jordan would remain silent over these incidents. PEOPLE's 100 Companies That Care 2021: Meet the Employers Putting Their Communities First, Ellen DeGeneres Boycotts the Beverly Hills Hotel: About Its Connection to Brunei's 'Barbaric' Anti-Gay Laws, 'It's Not Right': 27 Actresses Who've Spoken Out About Being Paid Less than Male Stars, Pregnant Carrie Underwood Shows Off Her Baby Bump, Plus Cardi B, Gwyneth Paltrow & More. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. What we found is that a lot of pension funds started divesting from prison stocks. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. Are my pension savings invested in this? Welcome back one more time, and Elizabeth, welcome to WNYC. They're losing financing. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. 16. First, a bit of background. BUT, not the Michael Jordan who's flying and slamming balls in hoops. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. Concerned that you wont make money? 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. Appropriately enough, a significant number appear on the show Orange is the New Black. But it has more to do with the Charlotte Hornets owners public image. Introduction: My name is Prof. An Powlowski, I am a charming, helpful, attractive, good, graceful, thoughtful, vast person who loves writing and wants to share my knowledge and understanding with you. 19. 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?) Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. 23. 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. Its easy to be invested unknowingly in private 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.