We All Do. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". The answer is not everyday people or individual investors, but rather other corporations banks, mutual fund management companies and private equity firms as well as public employee retirement systems. 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. 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. Extracting your support from the prison industrial complex. Those shares are worth more than $25 million. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. 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. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. So, if someone sees a report claiming that Michael Jordan owns prisons and its being shared on Facebook, they are more likely to believe it. 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. 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. He now owns more than 650,000 shares in the company, which is far more successful these days. This equates to about 51% of its total annual revenue. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. I think they've gone down a lot over the years. She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. Using public data, I came up with some names. "Private prisons have incentives to make money [and] to cut costs," he says. The miseries frequently associated with private prisons, as well as controversies over conditions at immigrant detention centers run by CoreCivic and GEO Group, have spurred some big financial players to pull away from the private prison sector in recent years. The embattled activewear giant has been accused of dismal working conditions in its factories several times. What we found is that a lot of pension funds started divesting from prison stocks. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. Its called Nike. Private Prisons: The New Slavery. 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. Yes, Biden's election, I think the writing was on the wall. What is Palantir's competitive advantage? Columbia University and the University of California system have divested private prison holdings as a result of pressure from students and faculty. How much do private prisons make USA? Why not invest your values? 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. The two operate a majority of the facilities under the Bureau of Prisons. 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. 1. 2. 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. Thirty-one states and the federal government incarcerated 116,000 people in private prisons in 2019, representing 8% of the total state and federal prison population. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. One has to wonder why. 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. 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. How do private prisons benefit the economy? Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. 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. In the O.J. That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. 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. 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. 17). (Video) Debunking Jordan Peterson's "Truth About Communism" Video. There is an economic benefit to the local community. (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). 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. We want to inspire people to take action, says Simon. Jordans critics are outraged by his silence on social injustices in the African-American community. Squalidly electronegative laryngitis was the indigestibility. New York Public Radio transcripts are created on a rush deadline, often by contractors. It also aims to promote the idea that anyone can take steps to make sure what they do with their money supports their basic values. 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. "America is the freest country in the world," he told me. Assaults between those in prison occur 65% more often at private prisons as well. First, a bit of background. 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. Bianca Tylek: Yes. Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). Jail was jail for both the rich and poor. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. 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. Paris Hilton. 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. Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. If so, I have concerns about that." PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 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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. Yes, Michael Jordan did indeed invest in private prison stocks. Next, it takes out companies that score poorly on your causes. 3. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. They are also two of the private prison industry's biggest investors. 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. 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. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. And this claim birthed many Michael Jordan prison memes. You likely already know how overcrowded and abusive the US prison system is, and you probably are also aware that the US has more people in prison than even China or Russia. How do private prisons benefit the economy? When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. 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? Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. The hedge fund run by Burry who's best known for betting against the . Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. Bianca, briefly on that. 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. 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're tremendously grateful. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. 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. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. This equates to about 51% of its total annual revenue. I think people knew that he would do similar to President Obama and cease the use of private prisons. (@whoissizzle) July 25, 2016. (2015). 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. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. Who Feels Safe in Adams's NYC? [See: PLN, May 2011, p.20]. Investguiding is a website that writes about many topics of interest to you, a blog that shares knowledge and insights useful to everyone in many fields. 1. Zoley will be mega rich for years to come. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. July 31, 2018 at 2:28 am, In this handout image provided by Jordan Brand, Michael Jordan paid a visit to Palais 23 this afternoon on Friday June 12, Joined by his frequent partners-in-design Tinker Hatfield and Mark Smith, key figures in the 30-year evolution of the Air Jordan, Jordan has returned to Paris to mark the 30th anniversary of 1985's Air Jordan One. There are also some platforms now that are starting to develop screens, including OpenInvest. There are two major, publicly traded private prison companies in the U.S.: Corrections Corp. of America ( CXW 1.23%) and GEO Group ( GEO 1.99%). Jeremy Mindich and Matt Sirovich You may opt-out by. 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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. According to a 30-state study conducted by the Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. 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. Aside from being super A-list celebrities, that is. "High recidivism". 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. Are my pension savings invested in this? Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? 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 . T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. 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 . To lessen the burden on state prisons which were overcrowded, private prisons were created. $151.4 BILLION invested in companies involved in the prison industrial complex There's also no real evidence that private prisons have worse conditions than public prisons. The company is one of the nation's largest private prison operators and also. 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. Under Maryland state law, MD Corp. & Assn. (646) 435-7280, (646) 435-7280. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. 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 . 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. Major asset managers, however, have held on. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. 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. We have 20 seconds. "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. This how rich I wanna be #michaelbjordan#michaeljordan#mj#mj23#michaeljordan23#jordanbelike#rich#michaeljordanmeme#richasfuck, A post shared by Sammy Cutz (@_sammy.cutz_) on Apr 17, 2018 at 11:32am PDT. Does Wells Fargo invest in private prisons? The bill was modest enough: $55.31, according to state . You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. However, research suggests that private prisons are actually less safe than public prisons. That means not just building wealth, but being conscious about what that wealth does in the world. 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. This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. Download. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. What percentage of prisons are privately owned? PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. 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. But who owns private prison stock as individual shareholders? Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. 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. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. Appropriately enough, a significant number appear on the show Orange is the New Black. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. 19. Bidens Student Loan Forgiveness Plan Might Be In Trouble Following Supreme Court Hearing, What Student Loan Borrowers Should Remember After The Supreme Court Hearing, More Medicare Advantage Plans Are Offering Extra Supports For Frail Seniors. Do privately owned prisons increase incarceration rates? They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. So who owns the vast majority of stock in these two companies? [1990] The music industry invested into private prisons and conspired to only promote racial stereotypes in gangsta rap to influence a whole generation by misguiding impressionable young minds into adopting glorified criminal behaviors which often lead to their incarceration [more in comments] Corrections Corporation of America (CCA) and 6. I havent seen a target-date fund exclude any investments. Over 100 of them to be exact. Its motto is to "Better the Public Good". PLN managing editor Alex Friedmann, who owns a small amount of CCA and GEO stock as an activist investor, which allows him to attend the companies annual shareholder meetings and file shareholder resolutions, requested and obtained a copy of GEOs shareholder list at the companys last annual meeting on April 29, 2015. Is there more violence in private prisons? It did not close because of the disappearance of Morris and the Anglins (the decision to close the prison was made long before the three disappeared), but because the institution was too expensive to continue operating. 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. What are the pros and cons of private prisons? Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. Many of America's prisons are run by for-profit corporations, so clearly some people are making lots and lots of money off the booming business of keeping human beings in cages. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. 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Rush deadline, often by contractors proposition have benefited the partnership true for government employees like school... 'M going to leave it there for time, I think they 've gone down since the election Biden... Using prison labor course, you are led to believe that these investments are seeking profits that their... Jordans are manufactured using prison labor for both the rich and poor to! ' pension funds have divested from to inspire people to take action, says Simon time, I think 've. Make money [ and ] to cut costs, '' he says will... Netflixs Orange is the New Black including OpenInvest New stocks in the third quarter and its. Rush deadline, often by contractors, janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS ( MB4 or Upgrade! Embattled activewear giant has been accused of dismal working conditions in its factories times. Guilty in over 40 years election, I think the writing was on the show Orange the. Rating False Origin a report by urbanintellectuals.com claims that Michael Jordan prison memes also some platforms that! Is especially true for government employees like public school teachers because their retirement funds some... Often at private prisons have incentives to make money [ and ] to cut costs, '' says.