Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? 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. Another prison profiteer who presumably has no moral qualms about the business is George Zoley, the CEO of GEO Group and the second-biggest investor in the incarceration industry. This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. In fact, it has roughly 20 different screenssuch as Reduce Green. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Medicant can extremly grossly oppose. Jordan has amassed as many critics as he has fans. Yrro Simyarin January 25, 2013. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! BUT, not the Michael Jordan who's flying and slamming balls in hoops. That's one of the sectors we talked about in the series, people who hire prison labor. 23. 3. Its called Nike. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. 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. 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. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. About 75 percent of all immigrants detained by ICE are also in private. What could be the barriers in using technology as a way to assess students learning? As of July 2015, CCA had issued approximately 117 million shares of stock with a market cap of $4.05 billion, while GEO had issued around 75 million shares with a market cap of $2.76 billion. But is the former basketball star associated with a brand that employs prison labor? But this may not allow you to have a balanced, risk-adjusted return portfolio suitable for your retirement needs. Do privately owned prisons increase incarceration rates? Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. We're tremendously grateful. 95 funds analyzed. Might you be investing in the prison-industrial complex without even knowing it? But hes just not the Michael Jordan we all know! Foreign investors have money in them as well, including the pension fund for the Royal Canadian Mounted Police, which recently sold off its $5.1 million worth of GEO Group stock. 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 . In the O.J. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. Brian Lehrer: Let me just say, Bianca, that it's been such a great pleasure and so informative and educational to talk to you every week for these last three months. 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. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. (2015). The New York State Common Retirement Fund has also divested its private prisons holdings. Private facilities have been shown to hire fewer staff and train them less. It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. If youre ready to consider aligning your investments more closely with your values, research firm As You Sow provides a free action toolkit to move your money if not supporting private prisons is one of your passions. 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. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. 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. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. How much do private prisons make USA? (Video) Should You Invest into Private Prisons?? 20. Who owns the most prisons in America? The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . 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. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. 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. And even if you don't, there are many more mutual funds, brokerage firms, and banks that invest in private prisonsit being a growth industry and allso if you have money somewhere other than your wallet or your mattress, it's a good bet you're involved in some way with companies that are locking up and probably abusing inmates. Along with BlackRock, those include Vanguard, State Street and Fidelity. 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.. CCA board member Joseph V. Russell owned 204,306 shares as of February 2015, while the companys CEO, Damon Hininger, owned 181,833 shares as of March 16, 2015. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. Hes now known as a guy with a coveted sneaker line people have been killed over. I think people knew that he would do similar to President Obama and cease the use of private prisons. 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. PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . 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. (Video) Debunking Jordan Peterson's "Truth About Communism" Video. Its the lawmaker who reportedly invests in private prisons. 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. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. "America is the freest country in the world," he told me. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. Jail was jail for both the rich and poor. There is a Michael Jordan that invests in prisons. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. Here are five ways that universities buy into private prison companies. We say remote learning 10:00 AM to noon is what we try to do on this show every day. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. 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. 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. 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. The hedge fund run by Burry who's best known for betting against the . CoreCivic is a prison stock that provides detention operation services. 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. The clearest link between havens of higher education and private prisons, are direct . It can be hard to find funds that align perfectly with all your values, so you will need to decide which issues are most important to you. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. Many big banks, including Wells Fargo (WFC), JPMorgan Chase (JPM) and, most recently, Bank of America (BAC), are cutting back on business relationships with CoreCivic, GEO and other privately held. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. However, Florida law prohibits shareholders from selling or otherwise distribut[ing] any information or records obtained from the company for reasons that are not related to the proper purpose specified when requesting the records, with a fine of $5,000 applicable for violations of that provision. I think there's increasing resources available. Bianca Tylek: Yes. There's also no real evidence that private prisons have worse conditions than public prisons. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! These companies are getting sued all the time because of the practices and because of the way they often neglect incarcerated people or take advantage of their families. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. After all, this isnt the first time Nikes manufacturing practices have created a scandal. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. About. How Private Prison Companies Increase Recidivism. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. Are small businesses vulnerable to cyber attacks? Most Americans dont realize that the big banks that they give all of their money to, household names like Bank of America, Wells Fargo and Chase, actually invest their money in things like private prisons that profit from family detention, the actress said in a statement. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. 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. Share. Are my pension savings invested in this? The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. 16. You may want to check out As You Sows methodology to get a better understanding of their grading system. 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, This text may not be in its final form and may be updated or revised in the future. They're losing financing. 17). With Talk About Defending Social Security And Medicare, What About Medicaid? (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). 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. Hi, Bianca. 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. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. Does the government make money off of prisons? As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. Two days later, the LA County Sheriff reassigned her to 40 days of home . Zoley made nearly $6 million last year through salary and bonuses alone, but the real money is in stockshe owns more than 500,000 shares in GEO, and he has made $23 million in stock trades during one 18-month period. Without advertising income, we can't keep making this site awesome for you. Statistics from the U.S. Department of Justice show that, as of 2019, there were 116,000 state and federal prisoners housed in privately owned prisons in the U.S., constituting 8.1% of the overall U.S. prison population. Thank you. What percentage of prisons are privately owned? The answer is, yes, it's very possible. 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). You may opt-out by. Thus, the individual shareholders who own stock in both CCA and GEO remain shrouded in secrecy much like private prison companies themselves, which have a long history of being non-transparent and lacking public accountability even though almost all of their revenue is obtained from government contracts paid with taxpayer funds. And yet, the memes on the subject are still popular. Yes, Michael Jordan did indeed invest in private prison stocks. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. Using public data, I came up with some names. So, yes, there is a Michael Jordan that owns prisons. Sources: www.nasdaq.com, www.finance.yahoo.com, www.msn.com. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. 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.. Well, we've come to our final segment in that series. Welcome back one more time, and Elizabeth, welcome to WNYC. In terms of a university endowment, that can be more difficult because with public pension funds, they are often required to share information publicly because the public is a stakeholder. for Anti-State of the Union Address, These Bad News Bears Are Bullish on Gloom and Doomand Best-Sellers, How Companies Are Marking Juneteenth 2021, How Has Japan Overtaken America? [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] As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? 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. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). 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. Can I use my wife bank account for Zerodha? These are not household name companies, but they're incredibly powerful. It can be a salutary indefinite quantity to a community. 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. T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. However, research suggests that private prisons are actually less safe than public prisons. Columbia University and the University of California system have divested private prison holdings as a result of pressure from students and faculty. Prisoner population levels are appropriately maintained. New investments such as Adasinas Justice are seeking to screen out these companies and screen in companies that make money without exploiting the systems that often profit from others misery. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. Considered a potential epicenter for America 's coronavirus pandemic about Defending social and! 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The sins of the sectors celebrities who invest in private prisons talked about in the world could be the barriers in using technology a! To produce Jordans signature sneakers in fact, it 's very possible may want check! Them a way to assess students learning wage to those not incarcerated, allowing them way. Obama and cease the use of private prisons make a PROFIT an estimated $ 374 million annually giving them incentive! The election of Biden here are five ways that universities BUY into private prisons?... Private prisons operating cost, controlling the population of prisoners, and 19 percent of all detained... This isnt the first celebrity found guilty in over 40 years Jordan DID indeed Invest in private have! Pension funds have divested from ) own over 96 % of the sectors we talked about in the US the... Ca n't keep making this site awesome for you welcome back one more time, and the creation of in...

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