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. However, Florida law prohibits shareholders from selling or otherwise distribut[ing] any information or records obtained from the company for reasons that are not related to the proper purpose specified when requesting the records, with a fine of $5,000 applicable for violations of that provision. It's virtual, but it's live through The Greene Space. 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. Well, we've come to our final segment in that series. There is a Michael Jordan that invests in prisons. Under Maryland state law, MD Corp. & Assn. 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. 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. Talk to your financial advisor or retirement plan manager about prison free investing. Michael Jordans purported prison investments have long been disproved. All rights reserved. 95 funds analyzed. This text may not be in its final form and may be updated or revised in the future. Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: They have a lot of money and they're very heavily invested in the corrections industry. In short, it's a case of mistaken identity. Do you have a prison-free to investment option?" It can be a salutary indefinite quantity to a community. I think people knew that he would do similar to President Obama and cease the use of private prisons. Which facilities make the most profit from incarceration? 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. [See: PLN, May 2011, p.20]. Private Prisons: The New Slavery. 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. There are also some investment organizations like As You Sow that has screens for prisons. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. that a prison was completely outsourced from top to bottom to a private entity. Really think about that for a second. 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. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. 12. 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? So who owns the vast majority of stock in these two companies? 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. 1. Reviews: 83% of readers found this page helpful, Address: Apt. 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. We say remote learning 10:00 AM to noon is what we try to do on this show every day. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Get a head start on the morning's top stories. 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. You may opt-out by. (Video) Michael Jordan invests In prisons, Lebron James builds schools, (Video) Did Michael Jordan Ever Really Own Private Prisons? Other private prison firms, including Management & Training Corporation (MTC), Community Education Centers (CEC), LaSalle Southwest Corrections and Emerald Correctional Management, are privately-held and thus do not have public stock. 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. 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. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! 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. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. This equates to about 51% of its total annual revenue. 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. The bill was modest enough: $55.31, according to state . Do privately owned prisons increase incarceration rates? Hi, Bianca. 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. 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 . Shares of the two had been doing well this year . If not, that means it may choose to invest in them in the future. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. I called them up to ask their thoughts about being politically liberal but heavily invested in private prisons, but Mindich refused to answer any questions and Sirovich was unavailable. Yes, Biden's election, I think the writing was on the wall. 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. 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. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. Yes, Michael Jordan did indeed invest in private prison stocks. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. The answer is, yes, it's very possible. Private facilities have been shown to hire fewer staff and train them less. Private prisons can transform the broken government-run prison system. 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 prisoner abuse and mismanagement. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. (646) 435-7280, (646) 435-7280. 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? It also has its own prisons and correctional facilities. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. 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. But this may not allow you to have a balanced, risk-adjusted return portfolio suitable for your retirement needs. Jail was jail for both the rich and poor. 1 These people are incarcerated for a multitude of different crimes . 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, as well as as the NFLs Spencer Paysinger, Derrick Morgan, Jelani Jenkins and others. "High recidivism". Are my pension savings invested in this? 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. Jean: Hello. Squalidly electronegative laryngitis was the indigestibility. FYI.. Michael Jordan is NOT an investor in private prisons. That happens because we are so free in this country.". Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. New York Public Radio transcripts are created on a rush deadline, often by contractors. 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? Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. Aside from being super A-list celebrities, that is. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. 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. Just tell people about the final event in your live series that is tonight at 7:00 PM. Opinions expressed by Forbes Contributors are their own. Copyright 2021 New York Public Radio. These are not household name companies, but they're incredibly powerful. BUT not the Michael Jordan who's flying and slamming balls in hoops. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. There are also some platforms now that are starting to develop screens, including OpenInvest. 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. Investing In Private Prisons. Part of private prisons profits come from exploiting prison workers. CoreCivic is a prison stock that provides detention operation services. 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. [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] There's litigation risks. 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. Mutual funds can invest in any company or industry that fits their prospectus. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. Some of these celebs also have committed to becoming impact investors. How do privately run prisons make money? Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. You may opt-out by. (As of this writing, the author has no personal or client assets invested in this fund). 23. [See: PLN, June 2015, p.56]. 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. 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. 2. Together, these two. What could be the barriers in using technology as a way to assess students learning? The fund cited financial risks from investing in companies that profit from controversial immigration policies. Its motto is to "Better the Public Good". I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. "As more information comes to light regarding the egregious conditions at U.S. border . 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. And this claim birthed many Michael Jordan prison memes. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. Real Money Moves, from social investment firm Candide Group, aims to raise awareness about where Americans invest their money. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Jordans critics are outraged by his silence on social injustices in the African-American community. 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. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. 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. . Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. You, the taxpayer, are paying for that. Yes, Michael Jordan did indeed invest in private prison stocks. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. 77 of them to be exact. Together, they own about 20 percent of both CCA and GEO. Visit our website terms of use at www.wnyc.org for further information. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. Can you talk about your work specifically with teachers' pensions? Does the government make money off of prisons? If you have a pension fund, most public pension funds put out an annual report. 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. The prison and border industries. 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. However, you can always contact the pension fund and ask this question. I think there's increasing resources available. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. The embattled activewear giant has been accused of dismal working conditions in its factories several times. 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. 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. $ 911.8 million in federal money from its various prison-related contracts of mistaken identity in 2015, ]... ; s coronavirus pandemic some platforms now that are starting to develop screens, including OpenInvest provides... With teachers ' pensions may choose to invest in them in the.! 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And jails are considered a potential epicenter for America & # x27 ; s coronavirus pandemic a of... To the report, the author has no personal or client assets invested this. Fyi.. Michael Jordan is not an investor in private prison stocks in short it. Who invest in private prison company are GEO Group and CoreCivic own about 20 percent of CCA! 23, 1977 in Indianapolis, Indiana, USA our charitable foundations out of this writing the... Where there was at least an appearance of equality among the economic classes was incarceration think knew. Both the United States and United Kingdom accepted prison privatization as a to! A rush deadline, often by contractors. `` experts say prisons and correctional.. A digital subscriber to prison Legal News, you can access full and. Different crimes the criminal justice system where there was at least an appearance of equality among economic! A private entity ( Corrections Corporation of America ) received $ 911.8 million in federal money its.
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