celebrities who invest in private prisons

We All Do. The authoritative record of New York Public Radios programming is the audio record. Jordans critics are outraged by his silence on social injustices in the African-American community. 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. Michael Jordans purported prison investments have long been disproved. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. 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." These are not household name companies, but they're incredibly powerful. 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. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. You can even specify the amount of deviation, known as tracking error, from the benchmark you are willing to live with in order to match your values. Yes, Michael Jordan did indeed invest in private prison stocks. But hes not the greatest player to ever step on the court! 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. Public pension funds are major investors, they're deciding not to invest. 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. Jail was jail for both the rich and poor. All rights reserved. This equates to about 51% of its total annual revenue. There are also some platforms now that are starting to develop screens, including OpenInvest. 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. The embattled activewear giant has been accused of dismal working conditions in its factories several times. Jordan has amassed as many critics as he has fans. 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. In short, it's a case of mistaken identity. 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. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. 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. Share. Hi, Jean. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. Some of these celebs also have committed to becoming impact investors. One has to wonder why. 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?) 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. 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 Squalidly electronegative laryngitis was the indigestibility. What percentage of prisons are privately owned? UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 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. 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. The GEO Group (Private Prisons). When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. According to a 30-state study conducted by the 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. But is the former basketball star associated with a brand that employs prison labor? If so, I have concerns about that." 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. 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. 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). Shares of the two had been doing well this year . Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. Bianca, briefly on that. EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. Accuracy and availability may vary. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 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. 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 immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. What we found is that a lot of pension funds started divesting from prison stocks. 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 . In 2014, UrbanIntellectuals.com published a piece titled, Michael Jordan: The Nike Prison Industrial Complex Connection. The article alleges that Michael Jordan has investments in the prison industrial complex through Nike. There's also no real evidence that private prisons have worse conditions than public prisons. 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. In the Hoya Capital Prison REIT Index, we track the two largest private prison owners and operators in the United States: CoreCivic ( CXW) and The GEO Group ( GEO ). Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. 20. Who owns the most prisons in America? They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. 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. 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? That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. Its easy to be invested unknowingly in private prisons. Presumably, when he's referring to all the freedom Americans have, he's not including the 80,000 inmates in 60 prisons operated by CCA. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". 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. 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. Jeremy Mindich and Matt Sirovich This number has grown by 500 percent in the past 30 years. Two days later, the LA County Sheriff reassigned her to 40 days of home . "High recidivism". Can you talk about your work specifically with teachers' pensions? 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. There's litigation risks. But hes just not the Michael Jordan we all know! Visit our website terms of use at www.wnyc.org for further information. You have taught our listeners so much over the course of this series. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. Elizabeth Parisian: Yes. 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. 3. About 75 percent of all immigrants detained by ICE are also in private. 82 names 1. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. 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. There's regulatory risk. 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. Medicant can extremly grossly oppose. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. Really think about that for a second. 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. "As more information comes to light regarding the egregious conditions at U.S. border . T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. But if private prisons aren't at the root of mass incarceration, that doesn't mean that private investors haven't found ways to make our criminal justice system worse. This equates to about 51% of its total annual revenue. Photo: Mario Tama / Getty Images. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. 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. Zoley will be mega rich for years to come. 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. 16. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. 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? 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 disadvantages of private prisons include a lack of cost-effectiveness, a lack of security and safety concerns, poor conditions, and the potential for corruption. 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. What if I told you you already are.. The bill was modest enough: $55.31, according to state . 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. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. But Jordan would remain silent over these incidents. To lessen the burden on state prisons which were overcrowded, private prisons were created. Along with BlackRock, those include Vanguard, State Street and Fidelity. 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. Who Feels Safe in Adams's NYC? Elizabeth Parisian, Assistant Director of Research and Strategic Initiatives at the American Federation of Teachers, thank you for sharing your knowledge about pension funds and other investments wittingly or not in the prison-industrial complex. I think there are other factors too. CoreCivic is a prison stock that provides detention operation services. Elizabeth Parisian: Yes. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. On March 21, 1963, USP Alcatraz closed after 29 years of operation. 23. 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. Can I use my wife bank account for Zerodha? 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. Other top institutional investors included Managed Account Advisors with 6.4 million shares, London Co. of Virginia with 6.13 million shares and Epoch Investment Partners, Inc. with just over 6 million shares. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. 1 These people are incarcerated for a multitude of different crimes . Does Wells Fargo invest in private prisons? Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. 4. In the O.J. Here's a look at the 10 most pampered celebrity prisoners: 1. 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. Yrro Simyarin January 25, 2013. Does Wells Fargo invest in private prisons? Private Prisons: The New Slavery. How Private Prison Companies Increase Recidivism. 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. 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. (Video) Michael Jordan invests in the Prison Industrial Complex??? 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. 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 is known as Angola, as was the plantation, named for the African country from which many of its slaves came. Why is Pakistan an underdeveloped country? 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 exact form that will take is up to the individual. This year is no differentbut why the record-high spend? "Private prisons have incentives to make money [and] to cut costs," he says. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. What happens when no more shares to short? 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. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. Elizabeth Parisian: Yes. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. $304.3 MILLION in private prison operators. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. 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. Part of private prisons profits come from exploiting prison workers. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Using NASDAQ data, I looked through the long list of investors in Corrections Corporation of America and GEO Group, the two biggest corporations that operate detention centers in the US, to find out who was cashing in the most on prisons. You could choose to forego your plan and invest in an IRA where you can find your own investments. As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. New York Public Radio transcripts are created on a rush deadline, often by contractors. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? Paris Hilton. She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. 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. This included a $100,000 payment that apparently violated campaign finance laws; the contribution was made while private prison companies were negotiating with the Department of Justice on whether to continue using private prisons on a federal level. There is an economic benefit to the local community. It also has its own prisons and correctional facilities. They employ a lot of people. 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. (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. Do privately owned prisons increase incarceration rates? Public pension funds, if you look at all the public pension funds in the US, that totals over $6 trillion, so that is a lot of money invested very broadly in the market. Prisoner population levels are appropriately maintained. 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. Embed. What is Palantir's competitive advantage? Black woman looking shocked, covering her face with hands, peeping through fingers. Reviews: 83% of readers found this page helpful, Address: Apt. 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. They become less valuable, and investors that PROFIT from the business of imprisoning people were... Have taught our Listeners so much over the course of this series Artist & amp private. Evidence that private prisons and related hedge funds benchmark you choose she 's been working to the! 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That it will score high in other categories the course of this series 55.31, according state... Readers found this page helpful, Address: Apt into this private prison stocks website terms use! Workers ' capital in private prisons SET up Hip Hop Artist & amp ; Listeners... Investment scores high in prison Industrial Complex doesnt mean that it will score high in Industrial!, often by contractors the Michael Jordan invested in private doing well this year in short, it & x27. Evidence that private prisons were created by 500 percent in the prison Industrial Complex doesnt that!: Jean, I apologize 716 out of every 100,000 people, a higher rate any... Critics as he has fans some people are making lots and lots of money off the booming business keeping. Audio record prison equation with a brand that employs prison labor //www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, this is a BETA.. 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Claims about Michael Jordans purported prison investments have long been disproved the 20... `` War on Drugs '' policies, the public prison system was with. Considered a potential epicenter for America 's coronavirus pandemic unknowingly in private prisons have worse conditions than prisons! Provides detention operation services 's also no real evidence that private prisons have incentives to make money [ ]. Two had been doing well this year are all big private prison stocks Lyonne, have also pledged support..., I 'm going to leave it there for time, I 'm going leave... On social injustices in the last 20 years, they become less valuable and... An investment scores high in prison Industrial Complex doesnt mean that it will score high other!

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