Thank you so much, Brian, for just having us on and allowing us to share the event. One has to wonder why. Concerned that you wont make money? For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. 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 . 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. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". Who Invests in Private Prisons? New York Public Radio transcripts are created on a rush deadline, often by contractors. What is Palantir's competitive advantage? 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. Yrro Simyarin January 25, 2013. "Private prisons have incentives to make money [and] to cut costs," he says. 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. 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. Well, we've come to our final segment in that series. Without advertising income, we can't keep making this site awesome for you. 2. They also report a significantly higher rate of assaults on staff and inmates. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. Private facilities have been shown to hire fewer staff and train them less. What are the pros and cons of private prisons? Now here's a quick breakdown of the major record labels and private prison system connection. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? $151.4 BILLION invested in companies involved in the prison industrial complex However, research suggests that private prisons are actually less safe than public prisons. Next, it takes out companies that score poorly on your causes. Liz Farmer Twenty-four public pension funds are invested in private prison companies such as CoreCivic, according to a new report by the American Federation of Teachers. 20. Who owns the most prisons in America? Private prisons pose particular problems. There are also some platforms now that are starting to develop screens, including OpenInvest. Assaults between those in prison occur 65% more often at private prisons as well. Their motto is to Better the Public Good. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. 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 . The 80-year-old record producer credited on IMDb for his work on iconic 80's films Top Gun, Dirty Dancing, and Sixteen Candles has been sitting in prison since his 2009 second degree murder conviction. 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. 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. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. 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. Investing is about building a legacy," said Morgan in a press release. 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. 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. 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. (Video) Michael Jordan invests In prisons, Lebron James builds schools, (Video) Did Michael Jordan Ever Really Own Private Prisons? And it's not just Americans who have ties to prisons. How much working capital do I need when buying a business? Here's a look at the 10 most pampered celebrity prisoners: 1. What are the pros and cons of private prisons? 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. 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. 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. Famous Investors Are Jumping On The Trend The Business Behind Private Prisons The private prison business is relatively new in the United States; it wasn't until the year 1984 (fitting, huh?) Its easy to be invested unknowingly in private prisons. If you check out the Other Issues tab, you will find scores for issues such as Fossil Fuels, Deforestation, Gender Equality, etc. 2. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. 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. 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. Together, they own about 20 percent of both CCA and GEO. They do this, and have their own prisons and correctional facilities. Yes, Biden's election, I think the writing was on the wall. 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. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. If you have a pension fund, most public pension funds put out an annual report. All rights reserved. Presumably, when he's referring to all the freedom Americans have, he's not including the 80,000 inmates in 60 prisons operated by CCA. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. I think it's really important. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. 16. What percentage of prisons are privately owned? This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. In the Hoya Capital Prison REIT Index, we track the two largest private prison owners and operators in the United States: CoreCivic ( CXW) and The GEO Group ( GEO ). I think there's been a lot of work and again a lot of campaigning around this that can support folks who have these questions. Whole time Michael Jordan did invest in a prison system. Elizabeth Parisian: Yes. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. 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. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. The Business Model of Private Prisons. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. The private prison is operational with top-quality best activities centred on reclamation. 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. 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. 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