I havent seen a target-date fund exclude any investments. 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. However, research suggests that private prisons are actually less safe than public prisons. The bill was modest enough: $55.31, according to state . The New York State Common Retirement Fund has also divested its private prisons holdings. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. 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. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. As a Florida corporation, GEO Group is required to allow investors to inspect and copy its shareholder list upon request, pursuant to 607.1602(2)(c) of the Florida Business Corporation Act. 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?) Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. 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. Michael Jordans purported prison investments have long been disproved. There is a Michael Jordan that invests in 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. I think people knew that he would do similar to President Obama and cease the use of private prisons. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. Who Feels Safe in Adams's NYC? 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. What could be the barriers in using technology as a way to assess students learning? (Video) Should You Invest into Private Prisons?? Sources: www.nasdaq.com, www.finance.yahoo.com, www.msn.com. 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 . Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. (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. Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). 24. But it has more to do with the Charlotte Hornets owners public image. "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". I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. 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. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. You have taught our listeners so much over the course of this series. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. What if I told you you already are.. Nikes supply chain disclosure states, NIKE takes seriously national and international efforts to end all kinds of forced labor whether in the form of prison labor, indentured labor, bonded labor, human trafficking or otherwise.. (AP/Rogelio V. Solis). If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. 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. 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. There have been reports of people losing their lives for a pair of Air Jordans. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. Copyright 2021 New York Public Radio. 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. 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. How do I report excess contributions removed? Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Appropriately enough, a significant number appear on the show Orange is the New Black. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. Without advertising income, we can't keep making this site awesome for you. 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%). This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. 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. 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. 16. 77 of them to be exact. Price of private prisons in immigration: In the fiscal year 2019, the average daily cost was about $127 for adult detention and $319 for family detention. Corrections Corporation of America (CCA) and 6. Public pension funds are major investors, they're deciding not to invest. This number has grown by 500 percent in the past 30 years. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. Private facilities have been shown to hire fewer staff and train them less. Is there more violence in private prisons? A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. The prison and border industries. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. 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. 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 lawsuit claimed the Department of Corrections was violating the. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. Age, Race And Money. 1. Can I use my wife bank account for Zerodha? 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. Henri Wedell 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.. I called them up to ask their thoughts about being politically liberal but heavily invested in private prisons, but Mindich refused to answer any questions and Sirovich was unavailable. 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. Get a head start on the morning's top stories. But you can't accuse him of not earning his pay, exactly. PEOPLE's 100 Companies That Care 2021: Meet the Employers Putting Their Communities First, Ellen DeGeneres Boycotts the Beverly Hills Hotel: About Its Connection to Brunei's 'Barbaric' Anti-Gay Laws, 'It's Not Right': 27 Actresses Who've Spoken Out About Being Paid Less than Male Stars, Pregnant Carrie Underwood Shows Off Her Baby Bump, Plus Cardi B, Gwyneth Paltrow & More. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. Yrro Simyarin January 25, 2013. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. Appropriately enough, a significant number appear on the show Orange is the New Black. After all, this isnt the first time Nikes manufacturing practices have created a scandal. Credits: Handout/GettyImages. 2. Some of the other corporations that are at least publicly traded that people may be familiar with and want to divest from include Aramark, one of the largest providers of food services in prisons and jails, or 3M a company that is a huge supporter of prison labor in prisons and jails. Real Money Moves, from social investment firm Candide Group, aims to raise awareness about where Americans invest their money. This equates to about 51% of its total annual revenue. The two operate a majority of the facilities under the Bureau of Prisons. 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. The answer is, yes, it's very possible. 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. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. 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 . The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. 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. 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