Who Invests in Private Prisons? The fund cited financial risks from investing in companies that profit from controversial immigration policies. I think there's increasing resources available. 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. It should be pointed out that while being far to the left politically might seem incompatible with investing in prisons (or managing a hedge fund in the first place), the Democratic party is totally fine with the incarceration rate. The GEO Group (Private Prisons). It can be a salutary indefinite quantity to a community. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. Age, Race And Money. Though the US prison population is shrinking slightly, the number of inmates in federal lockup is increasing, and while Obama keeps saying he's ending the war on drugs, he's also proposed budgets that call for increasing the amount of money spent on the Bureau of Prisons. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). Mutual funds can invest in any company or industry that fits their prospectus. Share. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. Although Richard Nixon and Ronald Reagan are largely responsible for the drug-war policies that caused the prison population to skyrocket, Bill Clinton was a "tough on crime" president who continued their ideas. We want to inspire people to take action, says Simon. 4. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. 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 . 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. Jean: Hello. In short, it's a case of mistaken identity. What are the pros and cons of private prisons? At current stock prices as of the end of July 2015, those public retirement system holdings were worth $88.6 million and $41.3 million, respectively. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . Together, these two. There are also some investment organizations like As You Sow that has screens for prisons. What happens when no more shares to short? 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. There is an economic benefit to the local community. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. 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. Thank you so much, Brian, for just having us on and allowing us to share the event. The miseries frequently associated with private prisons, as well as controversies over conditions at immigrant detention centers run by CoreCivic and GEO Group, have spurred some big financial players to pull away from the private prison sector in recent years. Nonetheless, none of its employees are prison inmates. Larry Legend (@larryislegend) December 18, 2017. Other top institutional investors included Managed Account Advisors with 6.4 million shares, London Co. of Virginia with 6.13 million shares and Epoch Investment Partners, Inc. with just over 6 million shares. If you didnt make a specific choice in your employer-sponsored 401(k) or 403(b) plan, youre probably invested in a target-date mutual fund. 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. You, the taxpayer, are paying for that. Some of these celebs also have committed to becoming impact investors. Are small businesses vulnerable to cyber attacks? Jordan has amassed as many critics as he has fans. 82 names 1. Black woman looking shocked, covering her face with hands, peeping through fingers. In the O.J. Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. 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." The exact form that will take is up to the individual. Accuracy and availability may vary. 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. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. That happens because we are so free in this country.". 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? The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. 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,. Well, we've come to our final segment in that series. 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. 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. Copyright 2021 New York Public Radio. Hi, Bianca. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. Credits: Handout/GettyImages. (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). 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. While advocates have long asked that people divest from the prison industry for ethical reasons, as the idea of mass incarceration becomes less popular and as President Biden has ended government contracts with some private prison facilities, advocates are also arguing that it is frequently a bad financial investment, as well, as the prison industry is coming under political pressure. You have taught our listeners so much over the course of this series. 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. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. Did Michael Jordan invest in prisons? The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. Does Wells Fargo invest in private prisons? 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 also has its own prisons and correctional facilities. 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. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). What is the difference between capital formation and investment? 2023 Investguiding. Elizabeth Parisian: Yes. We All Do. I wanted to know how much the prevention organizations regarding the prison-industrial complex are looking into corporations that are hiring prisoners to make their products within the prisons? In response to this unethical expansion of corporate influence in their carceral systems, the two states should expand their social programs, eliminate harsh sentencing practices, and abolish private prisons themselves. CoreCivic is a prison stock that provides detention operation services. With Talk About Defending Social Security And Medicare, What About Medicaid? 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. Here are five ways that universities buy into private prison companies. 1. 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. 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. 3. Investing is about building a legacy," said Morgan in a press release. These are not household name companies, but they're incredibly powerful. It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. $304.3 MILLION in private prison operators. 2. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. 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. 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. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: (Video) Should You Invest into Private Prisons?? Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). 16. It's virtual, but it's live through The Greene Space. Its called Nike. 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. On March 21, 1963, USP Alcatraz closed after 29 years of operation. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. 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. Medicant can extremly grossly oppose. 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. PLN managing editor Alex Friedmann, who owns a small amount of CCA and GEO stock as an activist investor, which allows him to attend the companies annual shareholder meetings and file shareholder resolutions, requested and obtained a copy of GEOs shareholder list at the companys last annual meeting on April 29, 2015. 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