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. Which facilities make the most profit from incarceration? 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. Thats hard to say literally. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. 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. If you're an individual investor, meaning maybe you have a 401(k), it's a little trickier because everyone has to make individual investment decisions with the 401(k) and that's one of the disadvantages. Yrro Simyarin January 25, 2013. 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 . Here's a look at the 10 most pampered celebrity prisoners: 1. Here are five ways that universities buy into private prison companies. 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. 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. On March 21, 1963, USP Alcatraz closed after 29 years of operation. (Video) Michael Jordan invests in the Prison Industrial Complex??? 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. 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. In short, it's a case of mistaken identity. 16. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. That means not just building wealth, but being conscious about what that wealth does in the world. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. Together, they own about 20 percent of both CCA and GEO. Investguiding is a website that writes about many topics of interest to you, a blog that shares knowledge and insights useful to everyone in many fields. 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? Those shares are worth more than $25 million. That effort in and of itself suggests that profit is a stronger motivator for private prisons than keeping communities safe or rehabilitating those who have committed crimes. 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. There is a Michael Jordan that invests in prisons. Over 100 of them to be exact. We're tremendously grateful. But who are these people? The bill was modest enough: $55.31, according to state . And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. (646) 435-7280, (646) 435-7280. 77 of them to be exact. Credits: Handout/GettyImages. 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. 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. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. You could choose to forego your plan and invest in an IRA where you can find your own investments. How do privately run prisons make money? Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. Did Michael Jordan invest in prisons? The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. Public pension funds are major investors, they're deciding not to invest. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. Accuracy and availability may vary. "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". The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Extracting your support from the prison industrial complex. . Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. And it's not just Americans who have ties to prisons. 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. All Rights Reserved. Some of these celebs also have committed to becoming impact investors. "Private prisons have incentives to make money [and] to cut costs," he says. Is there more violence in private prisons? 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. 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. 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. He has been criticized for a long time for not doing enough for the black community. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Private Prisons: The New Slavery. 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. Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. 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. 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. Thank you. Two days later, the LA County Sheriff reassigned her to 40 days of home . This is never a snap decision. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. 1. 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. What are the pros and cons of private prisons? He now owns more than 650,000 shares in the company, which is far more successful these days. 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. You can then do further research to make up your own mind. 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite We want to inspire people to take action, says Simon. Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. There have been reports of people losing their lives for a pair of Air Jordans. 2. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Aside from being super A-list celebrities, that is. Today, CDCR owns and operates 34 state prisons. 95 funds analyzed. Concerned that you wont make money? 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. 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. I havent seen a target-date fund exclude any investments. You may even ask for a sample portfolio or two as proof. 19. Sources: www.nasdaq.com, www.finance.yahoo.com, www.msn.com. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. Embed. Hi, Jean. Squalidly electronegative laryngitis was the indigestibility. Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. (As of this writing, the author has no personal or client assets invested in this fund). Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. Zoley will be mega rich for years to come. 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." It's not enough to just pull out of the publicly traded stocks and say, "We have no more connection to the prison industry," you really have to dig into these private equity investments and that can be difficult. Adasinas exchange-traded fund (ETF) includes global companies whose business practices are aligned with Adasina Social Justice Investment Criteria and excludes companies whose practices impede the advancement of equitable systems. Michael Burry & # x27 ; s a look at the 10 most celebrity. With one requirement: that there be a 90 % guaranteed occupancy.. Find your own investments client assets invested in this fund ) of his great plays the! 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