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. What happens when no more shares to short? Private prisons can transform the broken government-run prison system. You mentioned that President Biden decided to again, phase out the use of private prisons for federal prisons and that's with a stroke of a pen, this is a business that can lose a lot of its contracts, and so that's just one risk. 11. Nearly every private prison deal includes a "bed mandate" that requires the state to fill 90-100% of the beds in privately-owned detention facilities. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? 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. About 75 percent of all immigrants detained by ICE are also in private. With the government paying private prison operators . George Zoley 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. 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. 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. Concerned that you wont make money? Which facilities make the most profit from incarceration? Is there more violence in private prisons? I think they've gone down a lot over the years. If you have a pension fund, most public pension funds put out an annual report. Extracting your support from the prison industrial complex. I havent seen a target-date fund exclude any investments. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Its called Nike. And this claim birthed many Michael Jordan prison memes. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 3. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. (2015). The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. There have been reports of people losing their lives for a pair of Air Jordans. 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." 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. That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. 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. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. 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 ). 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. But hes just not the Michael Jordan we all know! Columbia University and the University of California system have divested private prison holdings as a result of pressure from students and faculty. CCA board member Thurgood Marshall, Jr., son of the late U.S. Supreme Court justice (and FBI informant), owned 42,391 shares as of March 30, 2015, and CCA executive vice president Harley G. Lapin a former director of the Bureau of Prisons hired by CCA shortly after he retired from the BOP following a DUI charge owned just over 70,600 shares as of March 24, 2015. 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. 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. 12. In fewer than 20 years, it's seen its revenue increase by more than 500 percent, from roughly $280 million in 2000, to $1.77 billion in 2017. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. Reviews: 83% of readers found this page helpful, Address: Apt. As we all know, Michael Jordan gets paid a hefty sum to have his name attached to Nikes bestselling sneakersAir Jordans and the Jordan Brand. Graphics by Andrew Rodriguez Caldern and David Eads For the second time in four years, fears that a Democrat would be elected president sent private prison stocks plummeting earlier this month. Who Feels Safe in Adams's NYC? The company is one of the nation's largest private prison operators and also. How much working capital do I need when buying a business? Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. 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. A large portion of these prisoners have been incarcerated before. What are the pros and cons of private prisons? (Video) How To Invest In Private Prisons 1. They did the analysis. 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. Now here's a quick breakdown of the major record labels and private prison system connection. There's litigation risks. What if I told you you already are.. The nations two largest for-profit prison companies, Tennessee-based Corrections Corporation of America (CCA) and Florida-based GEO Group (GEO), are publicly traded on the New York Stock Exchange. To lessen the burden on state prisons which were overcrowded, private prisons were created. The prison and border industries. We want to inspire people to take action, says Simon. 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. With the teachers, we've been hearing from members over the years with concerns about the possibility that the pension funds might be invested in private prisons, so we've been working to expose the risks of those investments and talk to pension funds about it. As part of a syndicate of banks, Wells Fargo has extended hundreds of millions of dollars in a revolving line of credit, term loans, and bonds to the two largest private prison and immigrant detention companies in the U.S.: CoreCivic and GEO Group. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. The report did get one thing right. "High recidivism". 17). Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. 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.. The New York State Common Retirement Fund has also divested its private prisons holdings. Did Michael Jordan invest in prisons? (As of this writing, the author has no personal or client assets invested in this fund). (646) 435-7280, (646) 435-7280. This equates to about 51% of its total annual revenue. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. What percentage of prisons are privately owned? 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. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). The investment risks are many. Download. Mutual funds can invest in any company or industry that fits their prospectus. Copyright 2021 New York Public Radio. 2. But you can't accuse him of not earning his pay, exactly. I think there are other factors too. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. Yrro Simyarin January 25, 2013. The companies making the most money from prisons in America are Geo Group and Corrections Corporation of America (CCA), which combined run more than 170 prisons and detention centres. The answer is, yes, it's very possible. Major asset managers, however, have held on. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. 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. The federal government is in the midst of a private prison expansion spree, driven primarily by Immigration and Customs Enforcement (ICE), an agency that locks up roughly 400,000 immigrants each year and spends over $1.9 billion annually on custody operations. Its the lawmaker who reportedly invests in private prisons. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. 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,. 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. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. Its easy to be invested unknowingly in private prisons. 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