Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Why not invest your values? 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. They do this, and have their own prisons and correctional facilities. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. 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 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. You may want to check out As You Sows methodology to get a better understanding of their grading system. 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. This text may not be in its final form and may be updated or revised in the future. Here's a look at the 10 most pampered celebrity prisoners: 1. "High recidivism". An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. 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%). 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. 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The answer is, yes, it's very possible. 23. Do privately owned prisons increase incarceration rates? (2015). 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. They employ a lot of people. 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. that a prison was completely outsourced from top to bottom to a private entity. Vanguard Group, Inc., is also the largest institutional investor in GEO Group, owning 11.43 million shares; Vanguard owns another 5.5 million shares through its Specialized-REIT Index Fund. 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 . Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. 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. This is never a snap decision. 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. If so, I have concerns about that." The exact form that will take is up to the individual. 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. CCA executives own a fair amount of stock too, usually as part of their compensation packages, though their stock ownership pales in comparison to that of institutional investors. The GEO Group (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.. You, the taxpayer, are paying for that. Yrro Simyarin January 25, 2013. Photo: Mario Tama / Getty Images. Private facilities have been shown to hire fewer staff and train them less. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . (AP/Rogelio V. Solis). Its called Nike. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. To lessen the burden on state prisons which were overcrowded, private prisons were created. What percentage of prisons are privately owned? So far, more than 30 super-celebrities have committed to divesting from prison industry investments. 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. Sebastien Elkouby September 19, 2015. 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. Along with BlackRock, those include Vanguard, State Street and Fidelity. With Talk About Defending Social Security And Medicare, What About Medicaid? Introduction: My name is Prof. An Powlowski, I am a charming, helpful, attractive, good, graceful, thoughtful, vast person who loves writing and wants to share my knowledge and understanding with you. Corrections Corporation of America (CCA) and 6. 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. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. 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. (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. 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. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. (Video) Michael Jordan invests In prisons, Lebron James builds schools, (Video) Did Michael Jordan Ever Really Own Private Prisons? 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. 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. Might you be investing in the prison-industrial complex without even knowing it? 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. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. Thank you. About. 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, Arizona's state retirement. 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. 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. This equates to about 51% of its total annual revenue. But who owns private prison stock as individual shareholders? He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. What is Palantir's competitive advantage? 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. Private prisons affect the cost, skillfulness, and capability. $151.4 BILLION invested in companies involved in the prison industrial complex The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Thats hard to say literally. 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. . A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. Those shares are worth more than $25 million. Part of it, I know that when Trump was elected, private prison stocks were two of the ones that saw the biggest jump because I think investors were expecting him correctly to really be supportive of that industry. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. 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. Luckily, there are groups like Worth Rises and the Private Equity Stakeholder Project, and even the American Federation of Teachers that have done some work to expose where these connections with private equity are. Are small businesses vulnerable to cyber attacks? Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. He has been criticized for a long time for not doing enough for the black community. Since CCA has around 117 million shares of outstanding stock, an investor would have to own about 5.85 million shares (currently valued at over $200 million) before they could obtain a copy of the companys shareholder list. One has to wonder why. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. 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. 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,. About 75 percent of all immigrants detained by ICE are also in private. 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. How much working capital do I need when buying a business? But hes not the greatest player to ever step on the court! 2023 Investguiding. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. They are also two of the private prison industry's biggest investors. That happens because we are so free in this country.". 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. In short, it's a case of mistaken identity. Prisoner population levels are appropriately maintained. 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. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. Private prisons pose particular problems. Larry Legend (@larryislegend) December 18, 2017. 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. Visit our website terms of use at www.wnyc.org for further information. 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. 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. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. You may opt-out by. 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?) 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. This equates to about 51% of its total annual revenue. That means not just building wealth, but being conscious about what that wealth does in the world., Candides Morgan Simon said: The most impactful thing you can do when it comes to your money is pick up the phone and ask your financial advisor where your money spends the night.. Some of these celebs also have committed to becoming impact investors. 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 ). It can be a salutary indefinite quantity to a community. The Business Model of Private Prisons. 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." Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. Code 2-513 (2013), only shareholders who own at least 5 percent of the outstanding stock of a company may inspect and copy its stock ledger i.e., its list of shareholders. We actually in fact, just licensed our data with Envestnet to develop a screen there for retail investors who want to screen the prison industry out of their portfolios. Most of these employees are probably unaware that their pensions are tied to prisonsand it's hard to say that these are "bad" investments from a purely capitalistic perspective, since these prisons are making money hand over fist. 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? Can I use my wife bank account for Zerodha? 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. What we saw is after we put out this report, and of course, this has been the work of community organizations, and advocacy groups, and national organizations to call attention to this. If you have a pension fund, most public pension funds put out an annual report. 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. Together, they own about 20 percent of both CCA and GEO. 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. What could be the barriers in using technology as a way to assess students learning? But this may not allow you to have a balanced, risk-adjusted return portfolio suitable for your retirement needs. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. 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. 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. 11. The report did get one thing right. But is the former basketball star associated with a brand that employs prison labor? Michael Jordan vs. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. In short, it's a case of mistaken identity. Is there more violence in private prisons? 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. 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. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". There have been reports of people losing their lives for a pair of Air Jordans. Opinions expressed by Forbes Contributors are their own. 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. Complex without even knowing it but is the former basketball star associated with brand. 20-Year investment performance results, where available a fence at Louisiana State Penitentiary, former. Hes not the greatest player to ever step on the court, more than 25! The headquarters of CoreCivic in Nashville in 2018 20-year investment performance results, where available performance,!, skillfulness, and capability 18, 2017 he has been criticized a... 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