This text may not be in its final form and may be updated or revised in the future. Hi, Jean. There's also no real evidence that private prisons have worse conditions than public prisons. If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. Without advertising income, we can't keep making this site awesome for you. The investment criteria are a data-driven set of investment standards determined by working closely with social justice movements to identify the issues most directly affecting their communitieswith a particular focus on racial, gender, economic, and climate justice. I think there's increasing resources available. If so, I have concerns about that." (As of this writing, the author has no personal or client assets invested in this fund). Elizabeth Parisian: Yes. Under Maryland state law, MD Corp. & Assn. With the government paying private prison operators . Its easy to be invested unknowingly in private prisons. Who Feels Safe in Adams's NYC? Does Wells Fargo invest in private prisons? Did Michael Jordan invest in prisons? (Video) Michael Jordan invests in the Prison Industrial Complex??? The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . There is an economic benefit to the local community. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. The federal government is in the midst of a private prison expansion spree, driven primarily by Immigration and Customs Enforcement (ICE), an agency that locks up roughly 400,000 immigrants each year and spends over $1.9 billion annually on custody operations. 17. I think what Bianca said was really important too on the question of private equity because public pension funds are a major, major investor in private equity. 17). Copyright 2021 New York Public Radio. Jail was jail for both the rich and poor. 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. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. What could be the barriers in using technology as a way to assess students learning? They do this, and have their own prisons and correctional facilities. How much working capital do I need when buying a business? Reviews: 83% of readers found this page helpful, Address: Apt. How Private Prison Companies Increase Recidivism. Here are five ways that universities buy into private prison companies. When the family separation crisis happened last year, they started examining the ways private prisons were profiting to the tune of over $1 billion a year from contracts with ICE, according to Simon. 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. Matt Sirovich and Jeremy Mindich both donate to Democratic politicians and are involved with progressive-leaning organizations like Root Capital, a nonprofit lending company that offers loans to farmers in developing countries to alleviate poverty. All rights reserved. CoreCivic is a prison stock that provides detention operation services. Opinions expressed by Forbes Contributors are their own. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. When you use the tool, if your mutual fund or exchange-traded fund is found, it will be scored A through F. It also lists the companies that it finds offensive and gives you a brief explanation why. 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). 77 of them to be exact. This is never a snap decision. What are the pros and cons of private prisons? The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . You may opt-out by. Retired People and Probably You This number has grown by 500 percent in the past 30 years. This equates to about 51% of its total annual revenue. Medicant can extremly grossly oppose. 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. Really think about that for a second. While institutional investor ownership is a matter of public record, most individual shareholders own stock through brokerage firms, mutual funds, retirement accounts or other investment vehicles, not directly; thus, its difficult to connect them to specific stock ownership. 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. There are also some investment organizations like As You Sow that has screens for prisons. Thank you. 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. 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. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. The exact form that will take is up to the individual. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. Though the US prison population is shrinking slightly, the number of inmates in federal lockup is increasing, and while Obama keeps saying he's ending the war on drugs, he's also proposed budgets that call for increasing the amount of money spent on the Bureau of Prisons. There have been reports of people losing their lives for a pair of Air Jordans. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. You may opt-out by. 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. Elizabeth Parisian: Yes. 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. The authoritative record of New York Public Radios programming is the audio record. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. You may want to check out As You Sows methodology to get a better understanding of their grading system. 2. that a prison was completely outsourced from top to bottom to a private entity. 2. GEO saw a 56 percent spike in profits in the first quarter of 2013, and the company's executives reassured investors that the incarceration rate wouldn't be dropping any time soon when announcing its earnings. 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. In short, it's a case of mistaken identity. 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. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. 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. In some cases, the same institutional investors held stock in both companies. 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. May 4, 2021. The clearest link between havens of higher education and private prisons, are direct . But you can't accuse him of not earning his pay, exactly. (That. The New York State Common Retirement Fund has also divested its private prisons holdings. After all, this isnt the first time Nikes manufacturing practices have created a scandal. 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 . Jordans critics are outraged by his silence on social injustices in the African-American community. I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. 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. Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. You, the taxpayer, are paying for that. 1. What are the pros and cons of private prisons? Except for New York, which has only one privately run detention facility, each of these states has several prisons run by CCA and GEO Group facilities. It's virtual, but it's live through The Greene Space. 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. Visit our website terms of use at www.wnyc.org for further information. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Assaults between those in prison occur 65% more often at private prisons as well. Inmates work for pennies per hour. And yet, the memes on the subject are still popular. Get a head start on the morning's top stories. To lessen the burden on state prisons which were overcrowded, private prisons were created. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. (@whoissizzle) July 25, 2016. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. 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. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. 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. Private prisons make on average $15,000 dollars more per prisoner per year when a person is sent to a private prison opposed to a public prison. (AP/Rogelio V. Solis). "As more information comes to light regarding the egregious conditions at U.S. border . Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. 22. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite Communities that have private prisons operating within their oversight often receive new tax revenues, have new jobs to provide local workers, and this creates more spending for the support businesses. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. So, if someone sees a report claiming that Michael Jordan owns prisons and its being shared on Facebook, they are more likely to believe it. On March 21, 1963, USP Alcatraz closed after 29 years of operation. In 2014, UrbanIntellectuals.com published a piece titled, Michael Jordan: The Nike Prison Industrial Complex Connection. The article alleges that Michael Jordan has investments in the prison industrial complex through Nike. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . They also pay less, leading to higher turnover and less experienced and well-equipped officers. The prison and border industries. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. 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 hedge fund run by Burry who's best known for betting against the . Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. 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. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. 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. 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