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. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. 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. She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. All Rights Reserved. Inmates work for pennies per hour. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . Bianca, briefly on that. Here's a look at the 10 most pampered celebrity prisoners: 1. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. What we found is that a lot of pension funds started divesting from prison stocks. But hes just not the Michael Jordan we all know! Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. We have 20 seconds. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. Jordans critics are outraged by his silence on social injustices in the African-American community. Corrections Corporation of America (CCA) and 6. 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 . Which facilities make the most profit from incarceration? This is never a snap decision. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". (Video) How To Invest In Private Prisons 1. 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. Did Michael Jordan invest in prisons? This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . 25. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? 2. And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. This equates to about 51% of its total annual revenue. About 75 percent of all immigrants detained by ICE are also in private. The bill was modest enough: $55.31, according to state . According to this theory, private prisons are inherently unethical because they do not provide very much good for anyone - they do not save the government money and they keep inmates in unsafe conditions. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. 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. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. 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. 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. Who Invests in Private Prisons? This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. 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That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. Private Prisons: The New Slavery. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. 22. [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] 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 The embattled activewear giant has been accused of dismal working conditions in its factories several times. 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. How Private Prison Companies Increase Recidivism. 1. 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. 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? (2015). When we say "prison-industrial complex," this is who we're talking about. 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. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 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. 19. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. Communities that have private prisons operating within their oversight often receive new tax revenues, have new jobs to provide local workers, and this creates more spending for the support businesses. Yes, Michael Jordan did indeed invest in private prison stocks. The authoritative record of New York Public Radios programming is the audio record. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. May 4, 2021. 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. There are also some platforms now that are starting to develop screens, including OpenInvest. They are also two of the private prison industry's biggest investors. That happens because we are so free in this country.". Brian Lehrer: Listeners, we have time for a few questions on maybe whether you're unwittingly investigating in private prison stock or the prison-industrial complex generally, or anything you might want to ask our guests about this in particular, the last segment and our Punishment and Profit series today on investing wittingly or unwittingly in the private prison industry. 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. Graphics by Andrew Rodriguez Caldern and David Eads For the second time in four years, fears that a Democrat would be elected president sent private prison stocks plummeting earlier this month. 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. And this claim birthed many Michael Jordan prison memes. Its called Nike. How do private prisons benefit the economy? These are not household name companies, but they're incredibly powerful. Yes, Biden's election, I think the writing was on the wall. Private prisons pose particular problems. Shares of the two had been doing well this year . 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 called Wedell to ask him what it was like to make a fortune from the incarceration of others, and whether it bothered him to profit off a system that puts more people in prison than any other country in the world. (Video) Michael Jordan invests in the Prison Industrial Complex??? Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. I think there are other factors too. Is there more violence in private prisons? 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. Accuracy and availability may vary. Opinions expressed by Forbes Contributors are their own. We All Do. Prisoner population levels are appropriately maintained. Sebastien Elkouby September 19, 2015. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! To lessen the burden on state prisons which were overcrowded, private prisons were created. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. The prison and border industries. They also pay less, leading to higher turnover and less experienced and well-equipped officers. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. Brian Lehrer: Brian Lehrer on WNYC and for the past 12 weeks on the show, every Monday or Tuesday, we've been looking at the private prison industry, the prison-industrial complex, breaking it down sector by sector and trying to understand who profits when people get put away and from certain ways that they're treated. It can be a salutary indefinite quantity to a community. We're tremendously grateful. 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. Share. Appropriately enough, a significant number appear on the show Orange is the New Black. 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. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? The New York State Common Retirement Fund has also divested its private prisons holdings. They did the analysis. What percentage of prisons are privately owned? 2. How do privately run prisons make money? Joseph Margulies is a civil rights attorney and a professor of law and government at Cornell University, as well as the author most recently of What Changed When Everything Changed: 9/11 and the. 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, 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. Do privately owned prisons increase incarceration rates? In short, it's a case of mistaken identity. 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. 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. (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). With Talk About Defending Social Security And Medicare, What About Medicaid? 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. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. Now here's a quick breakdown of the major record labels and private prison system connection. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. 16. 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. Extracting your support from the prison industrial complex. What if I told you you already are.. 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. This equates to about 51% of its total annual revenue. There is an economic benefit to the local community. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. Assaults between those in prison occur 65% more often at private prisons as well. Its the lawmaker who reportedly invests in private prisons. 2. 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 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. 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 lawsuit claimed the Department of Corrections was violating the. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. (646) 435-7280, (646) 435-7280. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . 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. 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. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. 77 of them to be exact. The article cites another piece by GlobalResearch.ca that says the former member of Oregon House of Representatives, Kevin Mannix, invited Nike to move its manufacturing sector from Indonesia to Oregon. You have taught our listeners so much over the course of this series. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? Without advertising income, we can't keep making this site awesome for you. 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. (Video) Debunking Jordan Peterson's "Truth About Communism" Video. A large portion of these prisoners have been incarcerated before. 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? This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. Usher and Justin Bieber Attend the Lakers Season Opener in L.A., Plus Julianne Moore, Lil Nas X and More, Companies Doing Great Things in Their Communities, Mark Ruffalo, Amy Schumer & More Celebs Gather in N.Y.C. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. You can then do further research to make up your own mind. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. 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. 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. 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. But hes not the greatest player to ever step on the court! 82 names 1. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. Whole time Michael Jordan did invest in a prison system. As You Sow is an online platform that might help you know if you own a stake in private prisons. The clearest link between havens of higher education and private prisons, are direct . They employ a lot of people. 1 These people are incarcerated for a multitude of different crimes . But who owns private prison stock as individual shareholders? He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. Executives, challenging them to combat racial and social inequality portion of prisoners! Your own mind celebrities who invest in private prisons started divesting from prison stocks ' capital in private prison stock as individual?. ( Video ) Michael Jordan invested in private prisons, are direct ( CCA ) 6... 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