Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. There's also no real evidence that private prisons have worse conditions than public prisons. 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. Get a head start on the morning's top stories. But who owns private prison stock as individual shareholders? Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. Who Feels Safe in Adams's NYC? How do privately run prisons make money? Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. Those shares are worth more than $25 million. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. These are not household name companies, but they're incredibly powerful. And this claim birthed many Michael Jordan prison memes. Are my pension savings invested in this? Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. 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. The lawsuit claimed the Department of Corrections was violating the. 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. one of the largest shareholders of GEO Group, Violent Crime Control and Law Enforcement Act, recently sold off its $5.1 million worth of GEO Group. Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. 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. About. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. 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. So, yes, there is a Michael Jordan that owns prisons. Concerned that you wont make money? With Talk About Defending Social Security And Medicare, What About Medicaid? 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. 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. We have 20 seconds. 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. Tags: activists, alysia, alyssa, appropriately, beth, black,, celebrities, celebrities who invest in private prisons, committed, divesting, dover, ellen, enough,, far,, includes, industry, invest, investments, kate, lyonne,, milano, money, moves, mulgrew, natalie, natasha, number, orange, pompeo,, portman,, prison, prisons, private, real, The bill was modest enough: $55.31, according to state . (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. The two operate a majority of the facilities under the Bureau of Prisons. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . 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 . Thats hard to say literally. I think there's increasing resources available. 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. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. Part of it, I know that when Trump was elected, private prison stocks were two of the ones that saw the biggest jump because I think investors were expecting him correctly to really be supportive of that industry. We want to inspire people to take action, says Simon. Aside from being super A-list celebrities, that is. It also has its own prisons and correctional facilities. 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. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. This number has grown by 500 percent in the past 30 years. 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.. 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 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. Really think about that for a second. 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. In some cases, the same institutional investors held stock in both companies. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. You may opt-out by. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. 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. We say remote learning 10:00 AM to noon is what we try to do on this show every day. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. Does Wells Fargo invest in private prisons? Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. He has been criticized for a long time for not doing enough for the black community. "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". 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. What we found is that a lot of pension funds started divesting from prison stocks. What is the difference between capital formation and investment? According to NASDAQ data, the retirement funds for public employees and teachers in New York and California together have about $60 million ($30 million each) invested in CCA and GEO. More. As we've talked about Brian week, after week, after week, each of these different segments or sectors of the industry, food services, healthcare services have caused really incredible harm in communities. (646) 435-7280, (646) 435-7280. CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. 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. Hi, Jean. Its the lawmaker who reportedly invests in private prisons. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. You could choose to forego your plan and invest in an IRA where you can find your own investments. 20. Who owns the most prisons in America? 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. 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. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. 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. An estimated 49% more violent incidents and guard assaults are reported in private prisons than public, and inmate-on-inmate assaults are said to occur 65% more in a private facility (Criminal Justice Programs, par. Its easy to be invested unknowingly in private prisons. 11. 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 . That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. After all, this isnt the first time Nikes manufacturing practices have created a scandal. Arizona's state retirement. 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. This equates to about 51% of its total annual revenue. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. (Video) How To Invest In Private Prisons 1. 16. The largest owner of CCA stock was Vanguard Group, Inc., with 16.79 million shares valued at $578.9 million, followed by Vanguards Specialized-REIT Index Fund, a mutual fund, with 8.8 million shares. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. Elizabeth Parisian: Yes. 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. In fact, it has roughly 20 different screenssuch as Reduce Green House Gas Emissions and Invest in Women Leadersto choose from on its cause-based investing platform. 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. 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. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? In short, it's a case of mistaken identity. . He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. 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. I think it's really important. Do you have a prison-free to investment option?" Part of private prisons profits come from exploiting prison workers. He now owns more than 650,000 shares in the company, which is far more successful these days. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. 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. Does the government make money off of prisons? They also pay less, leading to higher turnover and less experienced and well-equipped officers. (@whoissizzle) July 25, 2016. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Luckily, there are groups like Worth Rises and the Private Equity Stakeholder Project, and even the American Federation of Teachers that have done some work to expose where these connections with private equity are. CoreCivic is a prison stock that provides detention operation services. Download. What we saw is after we put out this report, and of course, this has been the work of community organizations, and advocacy groups, and national organizations to call attention to this. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? Appropriately enough, a significant number appear on the show Orange is the New Black. 1 These people are incarcerated for a multitude of different crimes . Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. Your retirement account or the public pension you pay into every month or draw from might well have private prison stock among its portfolio items. Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). They do this, and have their own prisons and correctional facilities. That means not just building wealth, but being conscious about what that wealth does in the world. Copyright 2021 New York Public Radio. 19. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. The share sale comes after other U.S. pension funds have divested from private prisons following reports raising concerns about the treatment of immigrants in private facilities after President . Both companies in Adams & # x27 ; s a case of mistaken identity,., says Simon 1 http: //www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, this is a Michael Jordan that owns prisons,. Significant number appear on the court choices compare to the investment benchmark you choose to find what... You could choose to forego your plan and invest in private prisons in public pension funds have divested from state... 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