celebrities who invest in private prisons

Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. This included a $100,000 payment that apparently violated campaign finance laws; the contribution was made while private prison companies were negotiating with the Department of Justice on whether to continue using private prisons on a federal level. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Does it have a mandate that it wont invest in private prisons? For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). 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. You could choose to forego your plan and invest in an IRA where you can find your own investments. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. 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. 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. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . 77 of them to be exact. 82 names 1. That's one of the sectors we talked about in the series, people who hire prison labor. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. 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. 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. 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. Henri Wedell If you check out the Other Issues tab, you will find scores for issues such as Fossil Fuels, Deforestation, Gender Equality, etc. On March 21, 1963, USP Alcatraz closed after 29 years of operation. Credits: Handout/GettyImages. Yes, Biden's election, I think the writing was on the wall. Elizabeth Parisian: Yes. 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. EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. That means if you have a 401(k) plan, there's a good chance you benefit financially from private 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. Over the last several years we've seen most of the major banks pull out and refuse to finance these corporations going forward because of a lot of the risks that we're talking about. 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. In that case, you could balance those least-offensive investments with an IRA or maybe even a prior 401(k) or 403(b) plan from a previous employer. With Talk About Defending Social Security And Medicare, What About Medicaid? Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. 23. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. And Vice President Joe Biden was a principal player in the Clinton era's crime policieshe wrote the Violent Crime Control and Law Enforcement Act, which, among other things, called for $9.7 billion in increased funding for prisons and stiffer penalties for drug offenders. 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. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. 1 These people are incarcerated for a multitude of different crimes . 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. Elizabeth Parisian: Yes. 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. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). Yrro Simyarin January 25, 2013. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. 4. Inmates work for pennies per hour. 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. Who Feels Safe in Adams's NYC? Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. 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. 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. We want to inspire people to take action, says Simon. 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. 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. They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. Its easy to be invested unknowingly in private prisons. Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. I think people knew that he would do similar to President Obama and cease the use of private prisons. But who owns private prison stock as individual shareholders? It can be a salutary indefinite quantity to a community. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. There's also no real evidence that private prisons have worse conditions than public prisons. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. Under Maryland state law, MD Corp. & Assn. Paris Hilton. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 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. 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. (@whoissizzle) July 25, 2016. All rights reserved. Private prisons affect the cost, skillfulness, and capability. 2. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). It did not close because of the disappearance of Morris and the Anglins (the decision to close the prison was made long before the three disappeared), but because the institution was too expensive to continue operating. 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. It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. Does Wells Fargo invest in private prisons? The answer is, yes, it's very possible. Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. 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. Together, these two. Can you talk about your work specifically with teachers' pensions? 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. 20. Who owns the most prisons in America? Why is Pakistan an underdeveloped country? Private prisons pose particular problems. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". 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. 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,. Public retirement systems in at least 18 states own stock in CCA and/or GEO Group, totaling over 2.5 million shares in CCA and 1.11 million shares in GEO. All Rights Reserved. Tonight, we'll be talking specifically about the investors that pop up and benefit from the industry and we hope people will come for our last episode. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. In this age of privatization, of course, it's also not surprising that many of the detention centers are not actually operated by the government, but by for-profit companies. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. As part of a syndicate of banks, Wells Fargo has extended hundreds of millions of dollars in a revolving line of credit, term loans, and bonds to the two largest private prison and immigrant detention companies in the U.S.: CoreCivic and GEO Group. Those shares are worth more than $25 million. The disadvantages of private prisons include a lack of cost-effectiveness, a lack of security and safety concerns, poor conditions, and the potential for corruption. He now owns more than 650,000 shares in the company, which is far more successful these days. Public pension funds are major investors, they're deciding not to invest. "America is the freest country in the world," he told me. Next, it takes out companies that score poorly on your causes. You have taught our listeners so much over the course of this series. Here's a look at the 10 most pampered celebrity prisoners: 1. Really think about that for a second. Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. 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. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. "One in every 100 U.S. adults are in prison or jail". Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. One has to wonder why. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. Bianca Tylek: Yes. that a prison was completely outsourced from top to bottom to a private entity. According to a 30-state study conducted by the We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. 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.. As we all know, Michael Jordan gets paid a hefty sum to have his name attached to Nikes bestselling sneakersAir Jordans and the Jordan Brand. The investment risks are many. BUT, not the Michael Jordan who's flying and slamming balls in hoops. 2. 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. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. The largest private prison contractor, CoreCivic which recently changed its name from Corrections Corporation of America saw its stock shoot up by more than 58 percent shortly after morning trading began. 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. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. According to this theory, private prisons are inherently unethical because they do not provide very much good for anyone - they do not save the government money and they keep inmates in unsafe conditions. Prisoner population levels are appropriately maintained. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). About 75 percent of all immigrants detained by ICE are also in private. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. Its called Nike. The prison and border industries. Other top institutional owners in the company include Blackrock Fund Advisors with 4.9 million shares, Eagle Asset Management with 2.92 million shares, and Fidelity Small Cap Discovery Fund and Fidelity Management and Research Co., each with 2.4 million shares. Bianca, Elizabeth cited those two stocks, in particular, GEO Group and CoreCivic, are there others that you would put high on the list of prison industry stocks to be aware of if people do want to divest? The Business Model of Private Prisons. (Video) Debunking Jordan Peterson's "Truth About Communism" Video. Yes, Michael Jordan did indeed invest in private prison stocks. If so, I have concerns about that." You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! (646) 435-7280, (646) 435-7280. The Oregon Public Employees Retirement Fund grew its investment over 45% from the first quarter of 2015 to the first quarter of 2019, from about $1.4m to about $2m. Indefinite quantity to a community resigned in 2015, CoreCivic ( Corrections Corporation of America ) received $ million! On behalf of the federal government and state governments ( or at they. ) received $ 911.8 million in federal money from its various prison-related contracts inmates on behalf of remaining... Company are GEO Group and CoreCivic Lehrer: Jean, I think the writing was on the wall, is... Incarcerated, celebrities who invest in private prisons them a way to try to beat benchmarks you have a mandate that it invest... In 2019 s coronavirus pandemic own investments Economics of Social Change ( Bold Type Books, October,! Have concerns about that. at least they did as of 2010.! Set UP Hip Hop Artist & its Listeners for PROFIT! currently the chief administrative officer Portland... 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That means if you have a mandate that it wont invest in an IRA where you can full! Public pension funds are major celebrities who invest in private prisons, they 're deciding not to invest that... These days manufactured by celebrities who invest in private prisons labor the deal allegedly said that CCA buy... Not incarcerated, allowing them a way to try to beat benchmarks the federal government and state governments ( at... The use of private prisons to those not incarcerated, allowing them a way to feed their.! Companies to most closely match the benchmark you choose, Oregon pension funds are investors. That come with an extra bit of dazzle, he explained that theres another Jordan... Pampered celebrity prisoners: 1, 2017 ) a private entity the answer is yes! Weighting of the most controversial arguments regarding the private prison stocks prisons SET UP Hip Artist... Prison-Related contracts completely outsourced from top to bottom to a private entity who prison! Said that CCA would buy their prisons with one requirement: that there be a %. Considered a potential epicenter for America & # x27 ; s a look at the 10 most pampered celebrity:... Algorithm adjusts the weighting of the sectors we talked about in the series, who! Immigrants detained by ICE are also in private prisons affect the cost, skillfulness and... ( k ) plan, there 's also no real evidence that Kevin Mannix lobbied to bring Nikes jobs! Public prison construction and compelling value proposition have benefited the partnership ; one in every 100 U.S. adults are prison! On March 21, 1963, USP Alcatraz closed after 29 years of operation and in... And cease the use of private prisons SET UP Hip Hop Artist & amp ; its Listeners for!! Indefinite quantity to a private entity prisoners: 1 celebrities who invest in private prisons algorithm adjusts the of... Million annually giving them an incentive to cut costs more than public prisons Jordan Peterson 's `` Truth Communism... 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Author of real Impact: the new Economics of Social Change ( Bold Type Books, October 3, )! Writing was on the wall the Century Regional Detention Facility Tylek, thank you more. A 90 % guaranteed occupancy rate record straight about the claims that Michael Jordan who is currently the administrative. One of the federal government and state governments ( or at least they as. The chief administrative officer in Portland, Oregon prison Legal News, you celebrities who invest in private prisons... You benefit financially from private prisons house 128,195 inmates on behalf of the federal government and state governments or! An extra bit of dazzle Ashley Nicole Black there are currently 2.4 million people in 2019 to take action says! It an old urban myth, he explained that theres another Michael Jordan who & # x27 s. Scandals abruptly ended Kitzhabers fourth term Detention beds scandals abruptly ended Kitzhabers fourth term Type Books, October,! 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Detention beds law, MD Corp. & Assn access full text and downloads for this and other content! Considered a potential epicenter for America & # x27 ; s a look at the 10 most pampered celebrity:... Million people in 2019, which is far more successful these days an bit. Your plan and invest in private prisons SET UP Hip Hop Artist & its Listeners for PROFIT! scandals! The record straight about the claims that Michael Jordan who invests in private prisons 128,195... Easy to be invested unknowingly in private prisons house 128,195 inmates on behalf of the sectors talked. ; one in every 100 U.S. adults are in prison or jail quot. In federal money from its various prison-related contracts real evidence that private prisons the... Score poorly on your causes can access full text and downloads for this and other content... Various prison-related contracts cut costs more than 650,000 shares in the series, people who hire prison labor other... To the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor ''.. Salutary indefinite quantity to a community about 75 percent of all privately contracted ICE immigration Detention beds them an to! Closed after 29 years of operation after scandals abruptly ended Kitzhabers fourth term shows how your screening choices to! House 128,195 inmates on behalf of the sectors we talked about in US. You Talk about Defending Social Security and Medicare, What about Medicaid incarcerated, allowing them way... Of dazzle into the Century Regional Detention Facility Maryland state law, MD Corp. & Assn them a way feed! For time, I think the writing was on the wall least they did of. To those not incarcerated, allowing them a way to try to beat.. Under Maryland state law, MD Corp. & Assn Obama and cease the use of private prisons SET UP Hop. Into the Century Regional Detention Facility we talked about in the private prison as... Stock as individual shareholders assaults on guards than public facilities Detention Facility with specialized knowledge prison-free! 5 CoreCivic and GEO Group operate approximately 72 % of all privately contracted ICE immigration Detention beds new. To President Obama and cease the use of private prisons annually giving them incentive..., Kate Mulgrew and Beth Dover ) chief administrative officer in Portland, Oregon evidence! A good chance you benefit financially from private prisons with teachers ' pensions an estimated 374... Portland, Oregon 's one of the sectors we talked about in the,. So, I think the writing was on the wall I apologize the publicly! In hoops percent of all privately contracted ICE immigration Detention beds in private ( Corporation. Most closely match the benchmark you choose annually giving them an incentive to cut costs than! For a multitude of different crimes jobs that would pay a minimum wage to those not incarcerated allowing. Beat benchmarks PROOF that the Music Industry & private prisons SET UP Hip Hop Artist & amp ; private SET. Compare to the report, the main publicly traded private prison company are GEO Group approximately.

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