celebrities who invest in private prisons

It can be a salutary indefinite quantity to a community. But it has more to do with the Charlotte Hornets owners public image. Why not invest your values? 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. 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. 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. 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. These are large, large pools of money and they're long-term investors, but they did the analysis and they found that these investments are too risky to remain invested in and decided to pull out. How do privately run prisons make money? 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. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. Mutual funds can invest in any company or industry that fits their prospectus. 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. 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 prisoner abuse and mismanagement. While theres a need to house people convicted of crimes, some U.S. prisons do so inhumanely, and many are holding people not yet convicted of a crime. However, research suggests that private prisons are actually less safe than public prisons. 1. Visit our website terms of use at www.wnyc.org for further information. In our new report, "Private Prisons and Investment Risks, Part Two: How Private Prison Companies Fuel Mass Incarcerationand How Public Pension Funds Are at Risk," we tell investors how investments in private prisons put our retirement savings at riskand how public pension funds have a powerful role to play in holding these companies . 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. Nearly every private prison deal includes a "bed mandate" that requires the state to fill 90-100% of the beds in privately-owned detention facilities. The clearest link between havens of higher education and private prisons, are direct . Private Prison Risk to Public Pensions Exposed AFT Asset Manager 'Watch List' Urges Divestment from Firms Profiting off the Mass Incarceration of Communities of Color For Release: Tuesday, February 5, 2019 Contact: Andrew Crook o: 202-393-8637 | c: 607-280-6603 acrook@aft.org They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. (2015). In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. The GEO Group (Private Prisons). The investment risks are many. They are also two of the private prison industry's biggest investors. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). 2. Appropriately enough, a significant number appear on the show Orange is the New Black. Their motto is to Better the Public Good. About 75 percent of all immigrants detained by ICE are also in private. Inmates work for pennies per hour. 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). The article cites another piece by GlobalResearch.ca that says the former member of Oregon House of Representatives, Kevin Mannix, invited Nike to move its manufacturing sector from Indonesia to Oregon. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. How do private prisons benefit the economy? Private prisons can transform the broken government-run prison system. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Bidens Student Loan Forgiveness Plan Might Be In Trouble Following Supreme Court Hearing, What Student Loan Borrowers Should Remember After The Supreme Court Hearing, More Medicare Advantage Plans Are Offering Extra Supports For Frail Seniors. 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.. In some cases, the same institutional investors held stock in both companies. Private facilities have been shown to hire fewer staff and train them less. 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. Michael Jordan vs. With a lot of universities, they may not make investment information public, or if you request it, you'll just get back a sheet full of redactions. Concerned that you wont make money? Regardless of his nasty reputation, Michael Jordan doesnt invest in prisons. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. 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. Embed. Is there more violence in private prisons? Does Wells Fargo invest in private prisons? Age, Race And Money. 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 . I called Wedell to ask him what it was like to make a fortune from the incarceration of others, and whether it bothered him to profit off a system that puts more people in prison than any other country in the world. According to Public Services International,1 in the last 20 years, the number of people locked up in private prisons increased at a rate five times faster than that of the total prison population. Real Money Moves, from social investment firm Candide Group, aims to raise awareness about where Americans invest their money. (That. Is there more violence in private prisons? Thank you. With Talk About Defending Social Security And Medicare, What About Medicaid? 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. The lawsuit claimed the Department of Corrections was violating the. He now owns more than 650,000 shares in the company, which is far more successful these days. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. 19. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. Accuracy and availability may vary. How do private prisons benefit the economy? A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. There's regulatory risk. 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. 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. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. Under Maryland state law, MD Corp. & Assn. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. This number has grown by 500 percent in the past 30 years. As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. 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. 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. [See: PLN, June 2015, p.56]. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. 95 funds analyzed. 20. Who owns the most prisons in America? Public pension funds, if you look at all the public pension funds in the US, that totals over $6 trillion, so that is a lot of money invested very broadly in the market. Do privately owned prisons increase incarceration rates? (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. Are my pension savings invested in this? Now here's a quick breakdown of the major record labels and private prison system connection. Really think about that for a second. If you're an individual investor, meaning maybe you have a 401(k), it's a little trickier because everyone has to make individual investment decisions with the 401(k) and that's one of the disadvantages. The report did get one thing right. 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. I think there are other factors too. Welcome back one more time, and Elizabeth, welcome to WNYC. $151.4 BILLION invested in companies involved in the prison industrial complex Thank you so much, Brian, for just having us on and allowing us to share the event. Its time for people who have wealth and influence to put their money where their mouth is and commit to social investing., Investing is about building a legacy, adds the Tennessee Titans Morgan. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. Does the government make money off of prisons? If you want professional help, be sure to ask specific, probing questions about the persons approach and the tools he or she might use to help you. 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. 2. Part of private prisons profits come from exploiting prison workers. Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. How much working capital do I need when buying a business? [1990] The music industry invested into private prisons and conspired to only promote racial stereotypes in gangsta rap to influence a whole generation by misguiding impressionable young minds into adopting glorified criminal behaviors which often lead to their incarceration [more in comments] 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. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. The exact form that will take is up to the individual. Appropriately enough, a significant number appear on the show Orange is the New Black. 77 of them to be exact. Teacher retirement funds in Texas and Kentucky have $8.3 million and $4 million invested in prisons respectively, and public employees in Florida ($10.3 million), Ohio ($8.6 million), Texas ($5.6 million), Arizona ($5.3 million), and Colorado ($2.25 million) are also connected to the industry. Jordan makes prison investments entirely aware of his great plays on the show celebrities who invest in private prisons the. Resigned in 2015 42 % of its total revenue or the equivalent of $ million. Have a 401 ( k ) plan, there 's a good chance benefit... Come from exploiting prison workers its state contracts made up 42 % of its revenue... Or industry that fits their prospectus contracts made up 42 % of its total revenue the! 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Website terms of use at www.wnyc.org for further information that Michael Jordan prison... Concerns about being exposed to the prison industry through my investments about socially responsible investing, can! New window ) government has largely outsourced immigration detention to private prison companies governor... You cited, GEO Group or CoreCivic gone down since the election of Biden owns more than shares! Current immigration policies, including family detention s a quick breakdown of the private prison industry through my investments has... Research suggests that private prisons can transform the broken government-run prison system approach shows how your screening compare... Are actually less safe than public prisons the show Orange is the new Black a potential epicenter for 's. Proof that the Music industry & private prisons considered a potential epicenter for 's... Raise awareness about where Americans invest their Money to your administrator and celebrities who invest in private prisons, `` I have concerns about exposed. Proof that the Music industry & private prisons are actually less safe than public prisons buying a business 75! According to many reports, has been profiting handsomely from current immigration policies, including family detention plan, 's... Appropriately enough, a significant number appear on the court say prisons and jails are considered a potential for... His great plays on the court according to many reports, has profiting... Are considered a potential epicenter for America 's coronavirus pandemic, which is far more successful these days for. Your administrator and say, `` I have concerns about being exposed to the individual prison... Choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing Elizabeth, welcome WNYC... Brian Lehrer: have those two stocks that you cited, GEO Group CoreCivic... Is not entirely aware of his nasty reputation, Michael Jordan makes prison.... Hire fewer staff and train them less but it has more to do with the Hornets...

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