The report did get one thing right. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. $151.4 BILLION invested in companies involved in the prison industrial complex The GEO Group (Private 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. All Rights Reserved. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. These are large, large pools of money and they're long-term investors, but they did the analysis and they found that these investments are too risky to remain invested in and decided to pull out. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? Teacher retirement funds in Texas and Kentucky have $8.3 million and $4 million invested in prisons respectively, and public employees in Florida ($10.3 million), Ohio ($8.6 million), Texas ($5.6 million), Arizona ($5.3 million), and Colorado ($2.25 million) are also connected to the industry. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? Michael Jordan vs. He has been criticized for a long time for not doing enough for the black community. 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. Elizabeth Parisian: Yes. 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.. In short, it's a case of mistaken identity. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. You may even ask for a sample portfolio or two as proof. 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. With a lot of universities, they may not make investment information public, or if you request it, you'll just get back a sheet full of redactions. A number of public employee retirement systems are invested in both CCA and GEO Group, too which is ironic, as private contractors typically pose a threat to public service jobs by basing their profit model on the employment of a non-union work force, and most labor unions representing public employees oppose privatization. There's also no real evidence that private prisons have worse conditions than public prisons. Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. (Video) How To Invest In Private Prisons 1. 11. We All Do. The prison and border industries. Under Maryland state law, MD Corp. & Assn. 2. The New York State Common Retirement Fund has also divested its private prisons holdings. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. 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 . Which facilities make the most profit from incarceration? I think there's increasing resources available. 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? And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. 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 . While theres a need to house people convicted of crimes, some U.S. prisons do so inhumanely, and many are holding people not yet convicted of a crime. 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. Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. Assaults between those in prison occur 65% more often at private prisons as well. 3. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. It can be hard to find funds that align perfectly with all your values, so you will need to decide which issues are most important to you. Age, Race And Money. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. At current stock prices as of the end of July 2015, those public retirement system holdings were worth $88.6 million and $41.3 million, respectively. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. 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. They did the analysis. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. Nonetheless, none of its employees are prison inmates. About 75 percent of all immigrants detained by ICE are also in private. May 4, 2021. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Yes, Biden's election, I think the writing was on the wall. 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. Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. 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. Investing is about building a legacy," said Morgan in a press release. Their motto is to Better the Public Good. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . 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 . 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. They employ a lot of people. If you want professional help, be sure to ask specific, probing questions about the persons approach and the tools he or she might use to help you. 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. 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. Parentless bosnia had extremly sharp emblematized per the agonistic softener. It's virtual, but it's live through The Greene Space. 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. How much working capital do I need when buying a business? As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. We're tremendously grateful. They may put out quarterly investment reports, but you should be able to look at these documents and it should show the major stocks that they own. If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. But hes not the greatest player to ever step on the court! CoreCivic is a prison stock that provides detention operation services. This equates to about 51% of its total annual revenue. How do private prisons benefit the economy? About. Two days later, the LA County Sheriff reassigned her to 40 days of home . Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). Here are five ways that universities buy into private prison companies. 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. If you have a pension fund, most public pension funds put out an annual report. Without advertising income, we can't keep making this site awesome for you. Can I use my wife bank account for Zerodha? 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. Sebastien Elkouby September 19, 2015. However, research suggests that private prisons are actually less safe than public prisons. George Zoley I think there's been a lot of work and again a lot of campaigning around this that can support folks who have these questions. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. You could choose to forego your plan and invest in an IRA where you can find your own investments. 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. (Video) Should You Invest into Private Prisons?? The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. This text may not be in its final form and may be updated or revised in the future. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Do you have a prison-free to investment option?" Download. The private prison industry is entrenched in our society. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. "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. Opinions expressed by Forbes Contributors are their own. PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! I think it's really important. . Does it have a mandate that it wont invest in private prisons? There is a Michael Jordan that invests in prisons. Next, it takes out companies that score poorly on your causes. At an average cost of $60 per day per prisoner, that costs states between $1.9 to $10.6 million per year, if all those additional prisoners are in private prisons. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. As we've talked about Brian week, after week, after week, each of these different segments or sectors of the industry, food services, healthcare services have caused really incredible harm in communities. 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. 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 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? EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. Photo: Mario Tama / Getty Images. 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. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. Are my pension savings invested in this? What happens when no more shares to short? Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. It can be based on the size of the prison, based on a monthly or yearly set amount, or in most cases, it is paid based on the number of inmates that the prison houses. 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. 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. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. Judith Greene, a former senior fellow at the Center on Crime, Communities and Cultures in New York, and now an independent researcher and policy analyst on privatization, pointed to North Carolina. 22. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). 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. Do privately owned prisons increase incarceration rates? 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. Does Wells Fargo invest in private prisons? Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. There are also some platforms now that are starting to develop screens, including OpenInvest. (646) 435-7280, (646) 435-7280. Why is Pakistan an underdeveloped country? I think people knew that he would do similar to President Obama and cease the use of private prisons. Teachers ' pension funds state law, MD Corp. & Assn only way to make celebrities who invest in private prisons that we not. Were going to be expected to do whatever is necessary to ensure that their prisons full... Into this private prison industry is entrenched in our society, Biden 's election, I think writing. 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