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. But hes just not the Michael Jordan we all know! Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. Embed. Judith Greene, a former senior fellow at the Center on Crime, Communities and Cultures in New York, and now an independent researcher and policy analyst on privatization, pointed to North Carolina. 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. Retired People and Probably You 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. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. 1. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Michael Jordan vs. Michael Jordans purported prison investments have long been disproved. Investing is about building a legacy," said Morgan in a press release. Elizabeth Parisian: Yes. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 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. 11. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. 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. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. CCA board member Joseph V. Russell owned 204,306 shares as of February 2015, while the companys CEO, Damon Hininger, owned 181,833 shares as of March 16, 2015. 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. Private prisons can transform the broken government-run prison system. 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? 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. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. If not, that means it may choose to invest in them in the future. Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. 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. Today, CDCR owns and operates 34 state prisons. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. 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. That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. Bianca Tylek: Absolutely. You can then do further research to make up your own mind. GEO Groups top ten institutional holders, including mutual funds, owned around 37.4 million shares, or close to 50% of the companys total issued stock. Are small businesses vulnerable to cyber attacks? Tags: activists, alysia, alyssa, appropriately, beth, black,, celebrities, celebrities who invest in private prisons, committed, divesting, dover, ellen, enough,, far,, includes, industry, invest, investments, kate, lyonne,, milano, money, moves, mulgrew, natalie, natasha, number, orange, pompeo,, portman,, prison, prisons, private, real, (Video) Michael Jordan invests in the Prison Industrial Complex??? In the O.J. 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. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. Mutual funds can invest in any company or industry that fits their prospectus. But hes not the greatest player to ever step on the court! 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. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. 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." EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. But this may not allow you to have a balanced, risk-adjusted return portfolio suitable for your retirement needs. Who Invests in Private Prisons? Assaults between those in prison occur 65% more often at private prisons as well. Squalidly electronegative laryngitis was the indigestibility. Are my pension savings invested in this? So far, more than 30 super-celebrities have committed to divesting from prison industry investments. 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. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! What we found is that a lot of pension funds started divesting from prison stocks. However, you can always contact the pension fund and ask this question. 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. It also has its own prisons and correctional facilities. About 75 percent of all immigrants detained by ICE are also in private. [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] 19. At an average cost of $60 per day per prisoner, that costs states between $1.9 to $10.6 million per year, if all those additional prisoners are in private prisons. Bianca Tylek: Yes. Its the lawmaker who reportedly invests in private prisons. 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? Major asset managers, however, have held on. 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. Without advertising income, we can't keep making this site awesome for you. Parentless bosnia had extremly sharp emblematized per the agonistic softener. The lawsuit claimed the Department of Corrections was violating the. 3. Can I use my wife bank account for Zerodha? Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). Is there more violence in private prisons? PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. As of July 2015, CCA had issued approximately 117 million shares of stock with a market cap of $4.05 billion, while GEO had issued around 75 million shares with a market cap of $2.76 billion. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. 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. 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 . 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. Elizabeth Parisian: Sure. As You Sow is an online platform that might help you know if you own a stake 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. The hedge fund run by Burry who's best known for betting against the . Shares of the two had been doing well this year . Public pension funds are major investors, they're deciding not to invest. 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?) 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. 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. 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. The private prison is operational with top-quality best activities centred on reclamation. 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. Do privately owned prisons increase incarceration rates? 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. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. 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. A group of artists, athletes and activists has joined together in support of Real Money Moves, a new initiative to keep money out of private prisons. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. 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. The investment risks are many. [See: PLN, June 2015, p.56]. Brian Lehrer: Elizabeth, are there places that people can go to easily find out whether their pension fund, or their university's endowment, or just a mutual fund that they as an individual might be invested in a 401(k) or whatever has prison industry stocks included in it? 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. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. 23. If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. Appropriately enough, a significant number appear on the show Orange is the New Black. With the government paying private prison operators . 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. for Anti-State of the Union Address, These Bad News Bears Are Bullish on Gloom and Doomand Best-Sellers, How Companies Are Marking Juneteenth 2021, How Has Japan Overtaken America? What is Palantir's competitive advantage? Concerned that you wont make money? 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. Age, Race And Money. 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. You may even ask for a sample portfolio or two as proof. Sources: www.nasdaq.com, www.finance.yahoo.com, www.msn.com. However, Florida law prohibits shareholders from selling or otherwise distribut[ing] any information or records obtained from the company for reasons that are not related to the proper purpose specified when requesting the records, with a fine of $5,000 applicable for violations of that provision. Private prisons affect the cost, skillfulness, and capability. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? 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. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. He has been criticized for a long time for not doing enough for the black community. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. (2015). BUT, not the Michael Jordan who's flying and slamming balls in hoops. And it's not just Americans who have ties to prisons. Get a head start on the morning's top stories. 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. 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. I think it's really important. One has to wonder why. They employ a lot of people. 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. 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. In short, it's a case of mistaken identity. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Private prisons pose particular problems. 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. 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. Elizabeth Parisian: Yes. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. You, the taxpayer, are paying for that. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. 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. What happens when no more shares to short? 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. 95 funds analyzed. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). Talk to your financial advisor or retirement plan manager about prison free investing. 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. Arizona's state retirement. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). 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. Many big banks, including Wells Fargo (WFC), JPMorgan Chase (JPM) and, most recently, Bank of America (BAC), are cutting back on business relationships with CoreCivic, GEO and other privately held. The article cites another piece by GlobalResearch.ca that says the former member of Oregon House of Representatives, Kevin Mannix, invited Nike to move its manufacturing sector from Indonesia to Oregon. 1. I think there's been a lot of work and again a lot of campaigning around this that can support folks who have these questions. (Video) Should You Invest into Private Prisons?? Opinions expressed by Forbes Contributors are their own. There's regulatory risk. Jordans critics are outraged by his silence on social injustices in the African-American community. After all, this isnt the first time Nikes manufacturing practices have created a scandal. There are two major, publicly traded private prison companies in the U.S.: Corrections Corp. of America ( CXW 1.23%) and GEO Group ( GEO 1.99%). 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