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. Who Feels Safe in Adams's NYC? 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. 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. 22. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. Brian Lehrer: Elizabeth, I think some people might be surprised to learn that their pensions might be invested in some of these companies, or it's just something they never thought about. Paris Hilton. 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. When we say "prison-industrial complex," this is who we're talking about. Which facilities make the most profit from incarceration? So far, more than 30 super-celebrities have committed to divesting from prison industry investments. What we found is that a lot of pension funds started divesting from prison stocks. (That. 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. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Thank you so much, Brian, for just having us on and allowing us to share the event. There's regulatory risk. "America is the freest country in the world," he told me. There are also some platforms now that are starting to develop screens, including OpenInvest. To lessen the burden on state prisons which were overcrowded, private prisons were created. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. 2. The private prison industry is entrenched in our society. 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. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. Thats hard to say literally. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Elizabeth Parisian: Sure. . You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. What are the pros and cons of private prisons? Thirty-one states and the federal government incarcerated 116,000 people in private prisons in 2019, representing 8% of the total state and federal prison population. Does the government make money off of prisons? We're tremendously grateful. Here are five ways that universities buy into private prison companies. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. Today, private prison corporations like the GEO Group, CoreCivic, LaSalle Corrections, and the Management and Training Corporation (MTC) own or operate facilities that hold the overwhelming majority of detained people for Immigration and Customs Enforcement (ICE). 17). You may opt-out by. And this claim birthed many Michael Jordan prison memes. 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. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. Is there more violence in private prisons? 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 . Really think about that for a second. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? You, the taxpayer, are paying for that. 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. Henri Wedell 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. 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 . "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". 2. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. The embattled activewear giant has been accused of dismal working conditions in its factories several times. Statistics from the U.S. Department of Justice show that, as of 2019, there were 116,000 state and federal prisoners housed in privately owned prisons in the U.S., constituting 8.1% of the overall U.S. prison population. This year is no differentbut why the record-high spend? But you can't accuse him of not earning his pay, exactly. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). Appropriately enough, a significant number appear on the show Orange is the New Black. 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. So who owns the vast majority of stock in these two companies? (Video) Debunking Jordan Peterson's "Truth About Communism" Video. Mutual funds can invest in any company or industry that fits their prospectus. 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. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. And it's not just Americans who have ties to prisons. Just tell people about the final event in your live series that is tonight at 7:00 PM. Part of private prisons profits come from exploiting prison workers. But hes just not the Michael Jordan we all know! Zoley will be mega rich for years to come. 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. Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. The answer is, yes, it's very possible. We have 20 seconds. 20. Who owns the most prisons in America? (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. 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. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. 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. 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. Next, it takes out companies that score poorly on your causes. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. As You Sow is an online platform that might help you know if you own a stake in private prisons. Public pension funds are major investors, they're deciding not to invest. 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. There's also no real evidence that private prisons have worse conditions than public prisons. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. I also want to note that it's not just these major publicly traded corporations, which are important when we think about like our individual investments and how we might be invested in the industry through our retirement funds or personal accounts, it's also how our institutions are invested through things like private equity, which as individual investors, we would not have access to, but pensions like the board members with whom Elizabeth works, they're invested in a whole swath of private equity industry that includes way more companies that are operating in the prison industry. Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. Private prisons can transform the broken government-run prison system. 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. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. 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 ). "One in every 100 U.S. adults are in prison or jail". Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. Jordan has amassed as many critics as he has fans. How much do private prisons make USA? Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. Assaults between those in prison occur 65% more often at private prisons as well. You may even ask for a sample portfolio or two as proof. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. 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. Yes, Biden's election, I think the writing was on the wall. Hi, Jean. 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