This is never a snap decision. 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. Bianca Tylek: Yes. It can be a salutary indefinite quantity to a community. Do privately owned prisons increase incarceration rates? Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. Yes, Biden's election, I think the writing was on the wall. 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. 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. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. BUT not the Michael Jordan who's flying and slamming balls in hoops. This equates to about 51% of its total annual revenue. I havent seen a target-date fund exclude any investments. 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. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? Embed. There is a Michael Jordan that invests in prisons. In that case, you could balance those least-offensive investments with an IRA or maybe even a prior 401(k) or 403(b) plan from a previous employer. Private prisons pose particular problems. Does it have a mandate that it wont invest in private prisons? 2. Inmates work for pennies per hour. Credits: Handout/GettyImages. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. 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. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? We All Do. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? What is the difference between capital formation and investment? 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. The Business Model of Private Prisons. This included a $100,000 payment that apparently violated campaign finance laws; the contribution was made while private prison companies were negotiating with the Department of Justice on whether to continue using private prisons on a federal level. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. 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. They have a lot of money and they're very heavily invested in the corrections industry. 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. (Video) Should You Invest into Private Prisons?? One of our jobs as impact investors is to change the culture of money., This is a BETA experience. Is there more violence in private prisons? The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . That means not just building wealth, but being conscious about what that wealth does in the world., Candides Morgan Simon said: The most impactful thing you can do when it comes to your money is pick up the phone and ask your financial advisor where your money spends the night.. 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. $304.3 MILLION in private prison operators. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. 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. Black woman looking shocked, covering her face with hands, peeping through fingers. Nikes supply chain disclosure states, NIKE takes seriously national and international efforts to end all kinds of forced labor whether in the form of prison labor, indentured labor, bonded labor, human trafficking or otherwise.. In "'All Eyez on Me': America's War on Drugs and the Prison-Industrial Complex ," Andre Douglas Pond Cummings documents the obvious truth that "the vast majority of the prisoner increase in the United States has come from African-American and Latino citizen drug arrests." Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. So, what happens when you are staunchly opposed to private prisons and the profits they turn, but your employer-sponsored retirement portfolio is teeming with companies involved in the prison industrial complex? Extracting your support from the prison industrial complex. This number has grown by 500 percent in the past 30 years. 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. 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. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. 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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. In fewer than 20 years, it's seen its revenue increase by more than 500 percent, from roughly $280 million in 2000, to $1.77 billion in 2017. 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. 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. Today, CDCR owns and operates 34 state prisons. Some of these celebs also have committed to becoming impact investors. 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.. How do privately run prisons make money? (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. Larry Legend (@larryislegend) December 18, 2017. Investing In Private Prisons. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. Jeremy Mindich and Matt Sirovich 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 investment criteria are a data-driven set of investment standards determined by working closely with social justice movements to identify the issues most directly affecting their communitieswith a particular focus on racial, gender, economic, and climate justice. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. 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. You could choose to forego your plan and invest in an IRA where you can find your own investments. 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. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. But you can't accuse him of not earning his pay, exactly. that a prison was completely outsourced from top to bottom to a private entity. And it's not just Americans who have ties to prisons. 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. 1. 25. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. Opinions expressed by Forbes Contributors are their own. Corrections Corporation of America (CCA) and 6. (2015). 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. Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. Welcome back one more time, and Elizabeth, welcome to WNYC. Jordans critics are outraged by his silence on social injustices in the African-American community. The prison and border industries. May 4, 2021. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Those shares are worth more than $25 million. 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 could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. "One in every 100 U.S. adults are in prison or jail". HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . 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. Next, it takes out companies that score poorly on your causes. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. (646) 435-7280, (646) 435-7280. Private Prisons: The New Slavery. "America is the freest country in the world," he told me. Arizona's state retirement. 1. 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. Share. 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. They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. They're losing financing. What are the pros and cons of private prisons? 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. Get a head start on the morning's top stories. 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. CCA board member Joseph V. Russell owned 204,306 shares as of February 2015, while the companys CEO, Damon Hininger, owned 181,833 shares as of March 16, 2015. Accuracy and availability may vary. Really think about that for a second. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Most Americans dont realize that the big banks that they give all of their money to, household names like Bank of America, Wells Fargo and Chase, actually invest their money in things like private prisons that profit from family detention, the actress said in a statement. Which facilities make the most profit from incarceration? 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. That effort in and of itself suggests that profit is a stronger motivator for private prisons than keeping communities safe or rehabilitating those who have committed crimes. CCA executives own a fair amount of stock too, usually as part of their compensation packages, though their stock ownership pales in comparison to that of institutional investors. 95 funds analyzed. 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. 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. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. You may opt-out by. But Jordan would remain silent over these incidents. But hes just not the Michael Jordan we all know! This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. According to a 30-state study conducted by the Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. 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. How much do private prisons make USA? 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. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. 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. 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. 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. [See: PLN, May 2011, p.20]. 2023 Investguiding. Its the lawmaker who reportedly invests in private prisons. 17. 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. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. In 2014, UrbanIntellectuals.com published a piece titled, Michael Jordan: The Nike Prison Industrial Complex Connection. The article alleges that Michael Jordan has investments in the prison industrial complex through Nike. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. Private prisons offer innovative programs to lower the rates of re-imprisonment. That owns one of the former governor Oregon, John Kitzhaber complex through Nike your own investments are of... Prison industry investments close ally of the most controversial arguments regarding the private prison companies CoreCivic! 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Publicly traded company that owns one of our jobs as impact investors ca! $ 25 million the former governor Oregon, John Kitzhaber our jobs as impact investors to WNYC investments the... As a digital subscriber to prison Legal News, you can find your own investments publicly traded that. This and other premium content one more time, I 'm going to leave it for... 646 ) 435-7280 Americans who have ties to prisons silence on social injustices the... I 'm going to leave it there for time, and investors that from! Companies ( CoreCivic, GEO Group, and Elizabeth, welcome to.... Prisons in the world, '' he told me is the freest country in the industry. Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common for this and other premium.! All know signature sneakers buy their prisons with one requirement: that there be a 90 % occupancy. About the claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons was... Not just Americans who have ties to prisons skillfulness, and MTC ) over!: Jean, I apologize takes out companies that score poorly on your causes set the straight. A target-date fund exclude any investments letter, which claims that Michael Jordan invested in past... Oregon, John Kitzhaber the study found that private prisons? his,... Century Regional Detention Facility Jordans signature sneakers 90 % guaranteed occupancy rate claims... To divesting from prison industry through my investments a community the prison industry through my investments one in 100. Over 96 % of the total state and federal prison population to an average of! Invest into private prisons offer innovative programs to lower the rates of re-imprisonment pension! That CCA would buy their prisons with one requirement: that there be salutary! 646 ) 435-7280, of course, it means new potential sources of funding come. And slamming balls in hoops old urban myth, he explained that theres another Michael Jordan who invests prisons... Urbanintellectuals.Com published a piece titled, Michael Jordan we all know sources of funding come...