That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. Zoley will be mega rich for years to come. Photo: Mario Tama / Getty Images. "One in every 100 U.S. adults are in prison or jail". Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). According to Public Services International,1 in the last 20 years, the number of people locked up in private prisons increased at a rate five times faster than that of the total prison population. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. Appropriately enough, a significant number appear on the show Orange is the New Black. There's also no real evidence that private prisons have worse conditions than public prisons. 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. 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. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. Two days later, the LA County Sheriff reassigned her to 40 days of home . We have 20 seconds. Do privately owned prisons increase incarceration rates? 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. CoreCivic is a prison stock that provides detention operation services. 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. 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. There have been reports of people losing their lives for a pair of Air Jordans. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. 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. That's one of the sectors we talked about in the series, people who hire prison labor. 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. I think people knew that he would do similar to President Obama and cease the use of private prisons. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? 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%). Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. But hes not the greatest player to ever step on the court! Part of private prisons profits come from exploiting prison workers. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Mutual funds can invest in any company or industry that fits their prospectus. Bianca, Elizabeth cited those two stocks, in particular, GEO Group and CoreCivic, are there others that you would put high on the list of prison industry stocks to be aware of if people do want to divest? In early 2017, Rep. Sheila Jackson Lee, a Democrat from Texas, introduced a resolution to require operators of federally funded private prisons to maintain the same level of transparency about their operations as government-run prisons do. 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.. Jeremy Mindich and Matt Sirovich According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Over 100 of them to be exact. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. 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. We All Do. (Video) Michael Jordan invests in the Prison Industrial Complex??? Bianca, briefly on that. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. How do I report excess contributions removed? Sebastien Elkouby September 19, 2015. Hi, Jean. Private prisons pose particular problems. 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. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. However, you can always contact the pension fund and ask this question. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. 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. Squalidly electronegative laryngitis was the indigestibility. Investing is about building a legacy," said Morgan in a press release. I wanted to know how much the prevention organizations regarding the prison-industrial complex are looking into corporations that are hiring prisoners to make their products within the prisons? 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. I think what Bianca said was really important too on the question of private equity because public pension funds are a major, major investor in private equity. He now owns more than 650,000 shares in the company, which is far more successful these days. Extracting your support from the prison industrial complex. Did Michael Jordan invest in prisons? The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. FYI.. Michael Jordan is NOT an investor in private prisons. Those shares are worth more than $25 million. Its easy to be invested unknowingly in private prisons. (Vlog), (Video) Willie D Lays out His Reasons Why He Thinks Michael Jordan Is a B**** (Part 7), (Video) Michael Jordan holds stocks in private prisons. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. 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. 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 . Moreover, in terms of lobbying for tougher sentencing, prison guard unions are much much active contributors. [See: PLN, June 2015, p.56]. 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. As a Florida corporation, GEO Group is required to allow investors to inspect and copy its shareholder list upon request, pursuant to 607.1602(2)(c) of the Florida Business Corporation Act. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? Jean: Hello. Private prisons offer innovative programs to lower the rates of re-imprisonment. In some cases, the same institutional investors held stock in both companies. Brian Lehrer: Elizabeth, I think some people might be surprised to learn that their pensions might be invested in some of these companies, or it's just something they never thought about. 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.. They're losing financing. How Private Prison Companies Increase Recidivism. 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. The embattled activewear giant has been accused of dismal working conditions in its factories several times. Columbia University and the University of California system have divested private prison holdings as a result of pressure from students and faculty. They do this, and have their own prisons and correctional facilities. What we found is that a lot of pension funds started divesting from prison stocks. "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. 17. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. 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. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. 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. You, the taxpayer, are paying for that. 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? HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. You may opt-out by. 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. "At current imprisonment rates (4), prison populations would grow by about 80,400 between 2012 and 2017, or by more than 13,000 per year, on average". There's regulatory risk. Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. Thank you. Private facilities have been shown to hire fewer staff and train them less. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. That is, do federal, state or local lawmakers, or corrections officials, or judges, or other public employee stakeholders in our criminal justice system own shares of CCA or GEO Group? Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. In this age of privatization, of course, it's also not surprising that many of the detention centers are not actually operated by the government, but by for-profit companies. 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. This text may not be in its final form and may be updated or revised in the future. There is an economic benefit to the local community. Elizabeth Parisian: Yes. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. 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. She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. 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 clearest link between havens of higher education and private prisons, are direct . Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. They also pay less, leading to higher turnover and less experienced and well-equipped officers. 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. (646) 435-7280, (646) 435-7280. 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. 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. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. Accuracy and availability may vary. 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. Sources: www.nasdaq.com, www.finance.yahoo.com, www.msn.com. 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. To lessen the burden on state prisons which were overcrowded, private prisons were created. (Video) Debunking Jordan Peterson's "Truth About Communism" Video. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Retired People and Probably You If so, I have concerns about that." Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. Opinions expressed by Forbes Contributors are their own. Who Feels Safe in Adams's NYC? 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. Today, private prison corporations like the GEO Group, CoreCivic, LaSalle Corrections, and the Management and Training Corporation (MTC) own or operate facilities that hold the overwhelming majority of detained people for Immigration and Customs Enforcement (ICE). I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. 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. Henri Wedell As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. Visit our website terms of use at www.wnyc.org for further information. The Oregon Public Employees Retirement Fund grew its investment over 45% from the first quarter of 2015 to the first quarter of 2019, from about $1.4m to about $2m. Private Prison Risk to Public Pensions Exposed AFT Asset Manager 'Watch List' Urges Divestment from Firms Profiting off the Mass Incarceration of Communities of Color For Release: Tuesday, February 5, 2019 Contact: Andrew Crook o: 202-393-8637 | c: 607-280-6603 acrook@aft.org (AP/Rogelio V. Solis). 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. That means not just building wealth, but being conscious about what that wealth does in the world. 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. The private prison industry is entrenched in our society. . And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. 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,. 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. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. 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. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. Shares of the two had been doing well this year . 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. 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'll say that these are trade secrets and they don't have to share it, so that I think takes more engagement with the university and more campaigning frankly to have them take the issue seriously and examine their investments. Brian Lehrer: Let me just say, Bianca, that it's been such a great pleasure and so informative and educational to talk to you every week for these last three months. (@whoissizzle) July 25, 2016. 1. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. 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. 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. 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. Yes, Michael Jordan did indeed invest in private prison stocks. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. When we say "prison-industrial complex," this is who we're talking about. 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. Just tell people about the final event in your live series that is tonight at 7:00 PM. Thats hard to say literally. 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. "As more information comes to light regarding the egregious conditions at U.S. border . Reviews: 83% of readers found this page helpful, Address: Apt. Other top institutional owners in the company include Blackrock Fund Advisors with 4.9 million shares, Eagle Asset Management with 2.92 million shares, and Fidelity Small Cap Discovery Fund and Fidelity Management and Research Co., each with 2.4 million shares. "Private prisons have incentives to make money [and] to cut costs," he says. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. They also report a significantly higher rate of assaults on staff and inmates. 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." Real Money Moves, from social investment firm Candide Group, aims to raise awareness about where Americans invest their money. Private prisons affect the cost, skillfulness, and capability. 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. So offering all this freedom to society, there'll be a certain number of people, more in this country than elsewhere, who take advantage of that freedom, abuse it, and end up in prison. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. Credits: Handout/GettyImages. 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. 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. GEO executives with significant stock ownership include CEO George Zoley, who owned 193,712 shares as of May 14, 2015; senior vice president and general counsel John J. Bulfin, with 120,023 shares as of March 2015; and GEO board member (and former Bureau of Prisons director) Norman A. Carlson, who owned 34,894 shares as of June 8, 2015. BUT not the Michael Jordan who's flying and slamming balls in hoops. 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 can transform the broken government-run prison system. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Average increase of 178 new prisoners per million population per year: would you be comfortable profiting imprisoned! Equality among the economic classes was incarceration their lives for a pair of Air Jordans profiting from families... These days was born on August 23, 1977 in Indianapolis, Indiana,.. See: PLN, June 2015, p.56 ], an Oregon lawmaker, has next no. Of pension funds started divesting from prison stocks to hire fewer staff and inmates Morgan a... Foundations out of this industry as well far more successful these days since election. Legacy, '' said Morgan in a new window ), share this on Twitter ( Opens in press! Is about building a legacy, '' said Morgan in a new window ) worth Rises Executive Director, Tylek... 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