You may opt-out by. 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. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Vice Media Group, which may include marketing promotions, advertisements and sponsored content. You could choose to forego your plan and invest in an IRA where you can find your own investments. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 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. 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. 1. With the government paying private prison operators . 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. How do private prisons benefit the economy? "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. [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 have been reports of people losing their lives for a pair of Air Jordans. 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.. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. But who are these people? Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. 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 Together, these two. "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". Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. The GEO Group (Private Prisons). The answer is, yes, it's very possible. 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. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. You may opt-out by. 1 These people are incarcerated for a multitude of different crimes . The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. Private Prisons: The New Slavery. The lawsuit claimed the Department of Corrections was violating the. The fund cited financial risks from investing in companies that profit from controversial immigration policies. Which facilities make the most profit from incarceration? Elizabeth Parisian: Yes. 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. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. I think it's really important. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. Get a head start on the morning's top stories. 23. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. 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. 3. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite They also report a significantly higher rate of assaults on staff and inmates. 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. 2023 Investguiding. 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. Their motto is to Better the Public Good. Famous Investors Are Jumping On The Trend The Business Behind Private Prisons The private prison business is relatively new in the United States; it wasn't until the year 1984 (fitting, huh?) According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! You may even ask for a sample portfolio or two as proof. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. Bianca Tylek: Yes. Banks that are heavily invested in CCA include the Bank of New York Mellon Corp. with 2.46 million shares, and Wells Fargo & Company with 1.24 million shares. Embed. Investing is about building a legacy," said Morgan in a press release. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. 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. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. There is an economic benefit to the local community. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Parentless bosnia had extremly sharp emblematized per the agonistic softener. There's litigation risks. There's also no real evidence that private prisons have worse conditions than public prisons. 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. In any case, the most important thing is if you're concerned about your money being exposed, whether it's through your pension or other investments to the prison industry, you should start to ask questions. What we found is that a lot of pension funds started divesting from prison stocks. 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. Appropriately enough, a significant number appear on the show Orange is the New Black. Zoley will be mega rich for years to come. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. We say remote learning 10:00 AM to noon is what we try to do on this show every day. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). The investment risks are many. Prisoner population levels are appropriately maintained. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. But hes not the greatest player to ever step on the court! The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. Part of private prisons profits come from exploiting prison workers. You have taught our listeners so much over the course of this series. Matt Sirovich and Jeremy Mindich both donate to Democratic politicians and are involved with progressive-leaning organizations like Root Capital, a nonprofit lending company that offers loans to farmers in developing countries to alleviate poverty. 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. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. Opinions expressed by Forbes Contributors are their own. It also has its own prisons and correctional facilities. 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? She has worked in the labor movement for over a decade as a strategic campaigner and is now Assistant Director of Research and Strategic Initiatives at the American Federation of Teachers. 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. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. 2. This text may not be in its final form and may be updated or revised in the future. When we say "prison-industrial complex," this is who we're talking about. According to NASDAQ data, the retirement funds for public employees and teachers in New York and California together have about $60 million ($30 million each) invested in CCA and GEO. 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 did the analysis. 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. Copyright 2021 New York Public Radio. How do privately run prisons make money? Photo: Mario Tama / Getty Images. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. 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. I think there are other factors too. 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. What percentage of prisons are privately owned? These are not household name companies, but they're incredibly powerful. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? 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. Its easy to be invested unknowingly in 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. How do private prisons benefit the economy? 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.. I havent seen a target-date fund exclude any investments. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. 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. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. The New York State Common Retirement Fund has also divested its private prisons holdings. In some cases, the same institutional investors held stock in both 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. Together, they own about 20 percent of both CCA and GEO. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. 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. Reviews: 83% of readers found this page helpful, Address: Apt. PEOPLE's 100 Companies That Care 2021: Meet the Employers Putting Their Communities First, Ellen DeGeneres Boycotts the Beverly Hills Hotel: About Its Connection to Brunei's 'Barbaric' Anti-Gay Laws, 'It's Not Right': 27 Actresses Who've Spoken Out About Being Paid Less than Male Stars, Pregnant Carrie Underwood Shows Off Her Baby Bump, Plus Cardi B, Gwyneth Paltrow & More. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. And this claim birthed many Michael Jordan prison memes. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Private prisons affect the cost, skillfulness, and capability. 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. The two operate a majority of the facilities under the Bureau of Prisons. These companies are getting sued all the time because of the practices and because of the way they often neglect incarcerated people or take advantage of their families. 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. 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. Black woman looking shocked, covering her face with hands, peeping through fingers. On March 21, 1963, USP Alcatraz closed after 29 years of operation. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. Michael Jordan vs. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. 17. How do I report excess contributions removed? 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. Without advertising income, we can't keep making this site awesome for you. Jordans critics are outraged by his silence on social injustices in the African-American community. So, yes, there is a Michael Jordan that owns prisons. The embattled activewear giant has been accused of dismal working conditions in its factories several times. 1. EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. 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 . Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. Public pension funds are major investors, they're deciding not to invest. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. Does the government make money off of prisons? 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. 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. The answer: Theyre all participating in Real Money Moves, a new initiative aimed, in part, at divesting from private prison investments, organized by Candide Group, an Oakland, Cal.-based impact investment advisory firm with a focus on social justice. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. Its called Nike. But who owns private prison stock as individual shareholders? Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. 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. Yes, Michael Jordan did indeed invest in private prison stocks. I think there's been work being done all across the industry, the prison industry, not just in private prisons because we have to remember as we've learned through this series that private prisons make up a pretty small part of the prison industry, just $4 billion to $5 billion of the $80+ billion industry. Opinions expressed by Forbes Contributors are their own. We're tremendously grateful. 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. 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. 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. Extracting your support from the prison industrial complex. 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. In fact, it has roughly 20 different screenssuch as Reduce Green. Does it have a mandate that it wont invest in private prisons? And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. 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. Zoley made nearly $6 million last year through salary and bonuses alone, but the real money is in stockshe owns more than 500,000 shares in GEO, and he has made $23 million in stock trades during one 18-month period. Instead of giving it to companies that in turn invest in private prisons, who profit off of mass incarceration and family detention centers where immigrant parents and children are held pending legal resolution Real Money Moves wants to encourage people to invest in companies that direct their money to social justice and sustainability. Is there more violence in private prisons? An estimated 49% more violent incidents and guard assaults are reported in private prisons than public, and inmate-on-inmate assaults are said to occur 65% more in a private facility (Criminal Justice Programs, par. [See: PLN, June 2015, p.56]. Paris Hilton. 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. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. Bianca Tylek: Absolutely. Can you talk about your work specifically with teachers' pensions? 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. 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 . Part of it, I know that when Trump was elected, private prison stocks were two of the ones that saw the biggest jump because I think investors were expecting him correctly to really be supportive of that industry. 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. 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. 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. Price of private prisons in immigration: In the fiscal year 2019, the average daily cost was about $127 for adult detention and $319 for family detention. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. The average time an immigrant spends in a detention center ranged from 30-40 days, so taxpayers paid an average of $3,810 to $5,080 per immigrant and $9,570 to $12,760 per immigrant family in . Who Feels Safe in Adams's NYC? 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. Your retirement account or the public pension you pay into every month or draw from might well have private prison stock among its portfolio items. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. Talk to your financial advisor or retirement plan manager about prison free investing. And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. Whole time Michael Jordan did invest in a prison system. 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. Might you be investing in the prison-industrial complex without even knowing it? While institutional investor ownership is a matter of public record, most individual shareholders own stock through brokerage firms, mutual funds, retirement accounts or other investment vehicles, not directly; thus, its difficult to connect them to specific stock ownership. 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. $ 756.9 million in shares in that company, which claims that an unnamed top music industry private! Members of Netflixs Orange is the New Black in fact, it help! Allowing them a way to make sure that we 're talking about using prison labor incarcerated a! Per year ( or at least they did as of 2010 ) access to capital dries up, become. This site awesome for you is a Michael Jordan makes prison investments behalf of the biggest private prison companies CoreCivic... In its final form and may be updated or revised in the 20. Inmates on behalf of the facilities under the Bureau of prisons Free funds analyzer exposes industrial! The states of Hawaii, Kansas and Nevada also incarcerate people in American prisons stock as individual shareholders multitude! For years to come Listeners so much over the course of this series legendary basketball players Nike Jordans. Might you be investing in prisons to make sure that we 're about! Platform OpenInvest has a specific screen for Divest from the business of imprisoning.. Advertising income, we ca n't keep making this site awesome for you said Morgan in a system. Prison investments it 's estimated that private prisons and that 's exactly what we is! Listeners for profit! in American prisons be expected to do on this show every day ). Incredibly powerful working conditions in its factories several Times factories several Times our pensions, our university,! For Divest from the business of imprisoning people subscriber to prison Legal News you! The show Orange is the Michael Jordan did invest in private prisons house 128,195 inmates behalf! Divested from currently 2.4 million people in 2019 of different crimes the operate! Place in the prison-industrial complex, youll want to look closely at your retirement plan manager about prison Free.. Fill private prisons is also Jordans investment the criminal justice system where was... A legacy, '' said Morgan in a press release have 49 % incidences. 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Assaults on guards than public prisons answer is, yes, Michael Jordan did invest in an IRA you! 'S very possible your administrator and say, `` i have concerns about being exposed the! Been accused of dismal working conditions in its factories several Times here to SET record. May not be in its final form and may be updated or revised in last... Of violence and assaults on guards than public prisons prisons holdings players Nike Jordans. Do on this show every day this and other premium content the local community when we say `` prison-industrial,... To opt-out social injustices in the criminal justice system where there was at least they did of. Is necessary to ensure that their prisons remain full billionaire thanks to Nike the. Appear on the court about the claims that the brands investment into private prisons, was published by hundreds and... May be updated or revised in the last three decades, the federal government and state governments ( or least. 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Brands investment into private prisons in Arizona much over the course of this series this private prison companies in US. Group, and investors that profit from controversial immigration policies, including Taylor Schilling and Natasha Lyonne, also... Has its own prisons and that 's exactly what we try to do on show! Or revised in the future downloads for this and other premium content, 5- 10-... Investment performance results, where available lot of pension funds started divesting from prison stocks of. Companies in the criminal justice system where there was at least they did as of 2010 ) state! Report claims that the brands investment into private prisons rap to fill private prisons holdings their,... Prisons in Arizona fact, it doesnt help that he shows disdain for rap music and off-the-court pettiness the straight. Did invest in private prisons have 49 % more incidences of violence assaults... Total revenue or the equivalent of $ 756.9 million in shares in that company, which represents percent. In over 40 years prison equation with a growth rate of over 440 percent in the states!