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. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. It also has its own prisons and correctional facilities. 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. (2015). Appropriately enough, a significant number appear on the show Orange is the New Black. Really think about that for a second. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. 2. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. I think people knew that he would do similar to President Obama and cease the use of private prisons. There's litigation risks. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: Private facilities have been shown to hire fewer staff and train them less. Jeremy Mindich and Matt Sirovich 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. They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. 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 25. Accuracy and availability may vary. Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). Hi, Bianca. Now here's a quick breakdown of the major record labels and private prison system connection. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. Do privately owned prisons increase incarceration rates? 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. Major asset managers, however, have held on. 2. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. The Business Model of Private Prisons. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. Bianca, briefly on that. 16. 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. George Zoley We say remote learning 10:00 AM to noon is what we try to do on this show every day. As part of a syndicate of banks, Wells Fargo has extended hundreds of millions of dollars in a revolving line of credit, term loans, and bonds to the two largest private prison and immigrant detention companies in the U.S.: CoreCivic and GEO Group. T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. There's also no real evidence that private prisons have worse conditions than public prisons. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. Talk to your financial advisor or retirement plan manager about prison free investing. 24. This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. 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. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. Those shares are worth more than $25 million. They are also two of the private prison industry's biggest investors. Does the government make money off of prisons? 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. 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. 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. On Prison Free Funds, we focus on two aspects of the prison industrial complex: companies involved in the prison industry (such as private for-profit prison operators and prison services providers), and companies involved in the militarization of borders and the policing of immigration. However, research suggests that private prisons are actually less safe than public prisons. Thank you so much, Brian, for just having us on and allowing us to share the event. With the government paying private prison operators . Using NASDAQ data, I looked through the long list of investors in Corrections Corporation of America and GEO Group, the two biggest corporations that operate detention centers in the US, to find out who was cashing in the most on prisons. 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 . For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. What percentage of prisons are privately owned? The GEO Group (Private Prisons). In fact, around 92.4% of CCAs stock was owned by 300 institutional investors while 91.1% of GEO Group stock was owned by 272 institutional investors at the end of July 2015. The report did get one thing right. Gates Foundation Trust Invests in Private PrisonsAgain Ruth McCambridge July 26, 2019 " Warwick Street, Leamington Spa - Serco speed camera ," Elliot Brown July 23, 2019; Bloomberg The Bill & Melinda Gates Foundation Trust has just upped its investment in Serco, a UK private prison group, adding nearly 200,000 shares. 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. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? So, yes, there is a Michael Jordan that owns prisons. Hes now known as a guy with a coveted sneaker line people have been killed over. 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. This year is no differentbut why the record-high spend? It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. Both Wedell and Zoley are big donors to the Republican party, but that doesn't mean those from the left side of the aisle can't play their game. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. But this may not allow you to have a balanced, risk-adjusted return portfolio suitable for your retirement needs. May 4, 2021. 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. "America is the freest country in the world," he told me. Can you talk about your work specifically with teachers' pensions? He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. Visit our website terms of use at www.wnyc.org for further information. As You Sow is an online platform that might help you know if you own a stake in private prisons. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Its easy to be invested unknowingly in private prisons. 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. 77 of them to be exact. Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. 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. PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. And this claim birthed many Michael Jordan prison memes. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. 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? Together, these two. They also report a significantly higher rate of assaults on staff and inmates. 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. With Talk About Defending Social Security And Medicare, What About Medicaid? We actually in fact, just licensed our data with Envestnet to develop a screen there for retail investors who want to screen the prison industry out of their portfolios. First, a bit of background. Who Invests in Private Prisons? So far, more than 30 super-celebrities have committed to divesting from prison industry investments. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Elizabeth Parisian, Assistant Director of Research and Strategic Initiatives at the American Federation of Teachers, thank you for sharing your knowledge about pension funds and other investments wittingly or not in the prison-industrial complex. Elizabeth Parisian: Yes. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. It's virtual, but it's live through The Greene Space. 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. This how rich I wanna be #michaelbjordan#michaeljordan#mj#mj23#michaeljordan23#jordanbelike#rich#michaeljordanmeme#richasfuck, A post shared by Sammy Cutz (@_sammy.cutz_) on Apr 17, 2018 at 11:32am PDT. 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. 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. 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. Is there more violence in private prisons? 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. If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. 17. 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. Their motto is to Better the Public Good. Columbia University and the University of California system have divested private prison holdings as a result of pressure from students and faculty. How do I report excess contributions removed? Along with BlackRock, those include Vanguard, State Street and Fidelity. The answer is, yes, it's very possible. You can even specify the amount of deviation, known as tracking error, from the benchmark you are willing to live with in order to match your values. that a prison was completely outsourced from top to bottom to a private entity. The two operate a majority of the facilities under the Bureau of Prisons. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. Which facilities make the most profit from incarceration? Under Maryland state law, MD Corp. & Assn. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). This text may not be in its final form and may be updated or revised in the future. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . They are part of what is known as the prison industrial complex. This is essentially a network of companies, legislators, government systems, and investors that profit from the business of imprisoning people. Hi, Jean. It can be a salutary indefinite quantity to a community. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. In fact, it has roughly 20 different screenssuch as Reduce Green. 2. On March 21, 1963, USP Alcatraz closed after 29 years of operation. 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