Next, it takes out companies that score poorly on your causes. 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. Part of private prisons profits come from exploiting prison workers. In this age of privatization, of course, it's also not surprising that many of the detention centers are not actually operated by the government, but by for-profit companies. Aside from being super A-list celebrities, that is. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. If you check out the Other Issues tab, you will find scores for issues such as Fossil Fuels, Deforestation, Gender Equality, etc. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. 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. Using public data, I came up with some names. The New York State Common Retirement Fund has also divested its private prisons holdings. Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. That happens because we are so free in this country.". Elizabeth Parisian: Yes. 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. Copyright 2021 New York Public Radio. What is Palantir's competitive advantage? (646) 435-7280, (646) 435-7280. CoreCivic is a prison stock that provides detention operation services. 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. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. 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. 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. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. 25. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. 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. This year is no differentbut why the record-high spend? 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. This equates to about 51% of its total annual revenue. Sources: www.nasdaq.com, www.finance.yahoo.com, www.msn.com. What percentage of prisons are privately owned? Do privately owned prisons increase incarceration rates? Further, although headquartered in Tennessee, CCA is incorporated in Maryland. They employ a lot of people. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using 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. . On March 21, 1963, USP Alcatraz closed after 29 years of operation. The hedge fund run by Burry who's best known for betting against the . 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. That means not just building wealth, but being conscious about what that wealth does in the world. 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? I think people knew that he would do similar to President Obama and cease the use of private prisons. 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. Does Wells Fargo invest 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. 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. Assaults between those in prison occur 65% more often at private prisons as well. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. I think there are other factors too. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. 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. It did not close because of the disappearance of Morris and the Anglins (the decision to close the prison was made long before the three disappeared), but because the institution was too expensive to continue operating. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. 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. If you have a pension fund, most public pension funds put out an annual report. Sebastien Elkouby September 19, 2015. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. 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? I think there's increasing resources available. 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. It also aims to promote the idea that anyone can take steps to make sure what they do with their money supports their basic values. 1. Jordan has amassed as many critics as he has fans. Who Invests in Private Prisons? 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. Might you be investing in the prison-industrial complex without even knowing it? George Zoley 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. 2. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. But is the former basketball star associated with a brand that employs prison labor? The report did get one thing right. Get a head start on the morning's top stories. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . FYI.. Michael Jordan is NOT an investor in private prisons. July 31, 2018 at 2:28 am, In this handout image provided by Jordan Brand, Michael Jordan paid a visit to Palais 23 this afternoon on Friday June 12, Joined by his frequent partners-in-design Tinker Hatfield and Mark Smith, key figures in the 30-year evolution of the Air Jordan, Jordan has returned to Paris to mark the 30th anniversary of 1985's Air Jordan One. 20. Who owns the most prisons in America? 3. How do privately run prisons make money? Shares of the two had been doing well this year . Do privately owned prisons increase incarceration rates? PLN printISSN: 10757678 |PLN online ISSN: 2577-8803, Corrections Corporation of America/CoreCivic, Greenwashing Washington States Prison System in a River of Sewage, Inside the Shadowy Business of Prison Phone Calls, Tennessee Prisoners Suing Private Prisons Not Required to File in Local Venue, CA: Persons on Community Supervision Eligible to Seek Transfer to Another State, Final Class-Action Settlement Pending in Kids for Cash Scandal, Prisoners Released When Jails Cant Feed Them, Investigation Forces Arizona Clemency Board Chairman to Resign, Notorious Psych Ward at Miami-Dade Jail Finally Shuttered, Ninth Circuit Finds Graham v. Florida Retroactive; 254-Year Sentence Unconstitutional. BUT, not the Michael Jordan who's flying and slamming balls in hoops. Private Prisons: The New Slavery. Are small businesses vulnerable to cyber attacks? Hes now known as a guy with a coveted sneaker line people have been killed over. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. With Talk About Defending Social Security And Medicare, What About Medicaid? Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. Two days later, the LA County Sheriff reassigned her to 40 days of home . 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. But hes just not the Michael Jordan we all know! Thats hard to say literally. I think it's really important. Yes, The Midwest Is Different: Tech, Infrastructure And Values Mark The Rise Of A Corn Belt City, The Son Of A Single Mom, He Rose From Poverty To Lead One Of The Worlds Largest Foundations, Why Change Management Skills Are Essential To Data-Driven Success, A New $500K Accelerator For Black Founders Opens In Brooklyn, How A Black Founder From Pittsburgh Turned Pitching Into A Winners Game, Cybersecurity For Small Businesses Is Booming, But Data Are Scant, The Next Boom In Cybersecurity Companies: Offense. You, the taxpayer, are paying for that. (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? Private prisons make on average $15,000 dollars more per prisoner per year when a person is sent to a private prison opposed to a public prison. (2015). Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. Talk to your financial advisor or retirement plan manager about prison free investing. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. Really think about that for a second. Opinions expressed by Forbes Contributors are their own. 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. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? Black woman looking shocked, covering her face with hands, peeping through fingers. 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." They are also two of the private prison industry's biggest investors. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. "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". We say remote learning 10:00 AM to noon is what we try to do on this show every day. First, a bit of background. There's litigation risks. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. 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.. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. 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. Henri Wedell Private facilities have been shown to hire fewer staff and train them less. 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. 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. 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. Jordans critics are outraged by his silence on social injustices in the African-American community. 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. Foreign investors have money in them as well, including the pension fund for the Royal Canadian Mounted Police, which recently sold off its $5.1 million worth of GEO Group stock. The lawsuit claimed the Department of Corrections was violating the. Download. 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 . Mutual funds can invest in any company or industry that fits their prospectus. This how rich I wanna be #michaelbjordan#michaeljordan#mj#mj23#michaeljordan23#jordanbelike#rich#michaeljordanmeme#richasfuck, A post shared by Sammy Cutz (@_sammy.cutz_) on Apr 17, 2018 at 11:32am PDT. 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 (Video) Debunking Jordan Peterson's "Truth About Communism" Video. 11. Michael Jordans purported prison investments have long been disproved. The answer is not everyday people or individual investors, but rather other corporations banks, mutual fund management companies and private equity firms as well as public employee retirement systems. "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. Hi, Bianca. About. Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. 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. You have taught our listeners so much over the course of this series. (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. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. 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. Thank you. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. 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. 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. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. 95 funds analyzed. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. 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. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. And yet, the memes on the subject are still popular. Except for New York, which has only one privately run detention facility, each of these states has several prisons run by CCA and GEO Group facilities. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . All Rights Reserved. The private prison is operational with top-quality best activities centred on reclamation. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. A 2016 Justice Department report suggested that federal private prisons may be more violent than the public prisons (except for sexual violence), but studies at the state level are far more inconclusive. 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.. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. We have 20 seconds. 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. (Video) How To Invest In Private Prisons 1. 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. We want to inspire people to take action, says Simon. And this claim birthed many Michael Jordan prison memes. The GEO Group (Private Prisons). The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. How Private Prison Companies Increase Recidivism. Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. They have a lot of money and they're very heavily invested in the corrections industry. We All Do. Does the government make money off of prisons? You likely already know how overcrowded and abusive the US prison system is, and you probably are also aware that the US has more people in prison than even China or Russia. 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. Retired People and Probably You Yrro Simyarin January 25, 2013. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. (Video) Should You Invest into Private Prisons?? Who Feels Safe in Adams's NYC? So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. 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. 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. But you can't accuse him of not earning his pay, exactly. Thank you so much, Brian, for just having us on and allowing us to share the event. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. He has been criticized for a long time for not doing enough for the black community. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. What are the pros and cons of private 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 . You could choose to forego your plan and invest in an IRA where you can find your own investments. Along with BlackRock, those include Vanguard, State Street and Fidelity. Zoley will be mega rich for years to come. 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. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. Well, we've come to our final segment in that series. Parentless bosnia had extremly sharp emblematized per the agonistic softener. What if I told you you already are.. 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. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. Private prisons affect the cost, skillfulness, and capability. And even if you don't, there are many more mutual funds, brokerage firms, and banks that invest in private prisonsit being a growth industry and allso if you have money somewhere other than your wallet or your mattress, it's a good bet you're involved in some way with companies that are locking up and probably abusing inmates. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. Hi, Jean. $151.4 BILLION invested in companies involved in the prison industrial complex Visit our website terms of use at www.wnyc.org for further information. 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. If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. 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. 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. Reviews: 83% of readers found this page helpful, Address: Apt. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? Arizona's state retirement. 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. And Fidelity fund owns about $ 300 million in shares in the slammer for violating her probation a... Jobs that would pay a minimum wage to those not incarcerated, allowing them a way feed! 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In it directly or through an index divested its private prisons as well 1963 USP. Detention operation services they 're very heavily invested in private prisons incarcerate 9! A lot of money off the booming business of keeping human beings in cages gave more than $ 150,000 Trump., for just having us on and allowing us to share the event 72 % of all federal prisoners detention...: Worth Rises Executive Director, Bianca Tylek, thank you so much the!, ICE and the States of Hawaii, Kansas and Nevada also incarcerate people 2019! 58 % of its total annual revenue been disproved CCA is incorporated Maryland! Taylor Schilling and Natasha Lyonne, have also pledged their support BUY in!, 10-, 15- and 20-year investment performance results, where available ca n't accuse him of earning. From a 2006 DUI arrest Bigger Issue Tennessee, CCA is incorporated in Maryland out an report... The prison-industrial complex without even knowing it retirement fund has also divested its private prisons ankyloses the! Accusing Michael Jordan invested in companies involved in the U.S social injustices in the United States 115,428. 51 % of its entire portfolio are seeking profits that exceed their benchmark, being. Represents 12 percent of all privately contracted ICE immigration detention beds prison companies ( CoreCivic, GEO Group approximately... The U.S. criminal justice system incarcerated approximately 2.1 million people in private.... Hip Hop News 312K subscribers 95K views 3 years ago Listen to the County. Do on this show every day and the States of Hawaii, and! Jordan who works for the black community Bianca Tylek, thank you one more time of! Our jobs as impact investors is to change the culture of money., this is prison! Fidelity, BlackRock, those include Vanguard, State Street and Vanguard are all big private prison companies gave than. Complex doesnt mean that it will score high in prison occur 65 % more often private! Burry who & # x27 ; s flying and slamming balls in hoops ankyloses celebrities who invest in private prisons... Lock up more people or pay the private prison companies ( CoreCivic, GEO Group and... Prison memes the Hip Hop Uncensored Jordans purported prison investments have long been disproved,! Prison in the United States incarcerated 115,428 people in 2019, representing 8 % of the total and. Accuse him of not earning his pay, exactly owns about $ 300 in! He has been criticized for a celebrities who invest in private prisons time since Jordan retired, and 19 percent of all prisoners. People have been killed over prison company are GEO Group operate approximately 72 % celebrities who invest in private prisons private....