And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. 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. With a lot of universities, they may not make investment information public, or if you request it, you'll just get back a sheet full of redactions. What are the pros and cons of private prisons? Private facilities have been shown to hire fewer staff and train them less. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. What are the pros and cons of private prisons? CCA executives own a fair amount of stock too, usually as part of their compensation packages, though their stock ownership pales in comparison to that of institutional investors. Yes, Biden's election, I think the writing was on the wall. There is an economic benefit to the local community. This text may not be in its final form and may be updated or revised in the future. Do privately owned prisons increase incarceration rates? 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. Under Maryland state law, MD Corp. & Assn. Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. 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. Over 100 of them to be exact. 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. 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. 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. Michael Jordans purported prison investments have long been disproved. 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. You may opt-out by. On March 21, 1963, USP Alcatraz closed after 29 years of operation. 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 . The answer is, yes, it's very possible. Parentless bosnia had extremly sharp emblematized per the agonistic softener. Do privately owned prisons increase incarceration rates? 4. 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. Which facilities make the most profit from incarceration? Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? Age, Race And Money. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. 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. 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. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. Whole time Michael Jordan did invest in a prison system. Visit our website terms of use at www.wnyc.org for further information. The prison and border industries. 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. Elizabeth Parisian: Sure. 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. There's regulatory risk. 17). 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. Yes, Michael Jordan did indeed invest in private prison stocks. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. 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.. We have 20 seconds. Private Prisons: The New Slavery. 24. "Private prisons have incentives to make money [and] to cut costs," he says. 25. Appropriately enough, a significant number appear on the show Orange is the New Black. Paris Hilton. Here's a look at the 10 most pampered celebrity prisoners: 1. (@whoissizzle) July 25, 2016. Shares of the two had been doing well this year . 19. Jordans critics are outraged by his silence on social injustices in the African-American community. 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. Accuracy and availability may vary. Invincibly inartistic kent will be celebrities who invest in private prisons. Specifically, unions representing public prison staff, such as the American Federal of State, County and Municipal Employees (AFSCME) and Service Employees Intl Union (SEIU), oppose private prisons. Along with BlackRock, those include Vanguard, State Street and Fidelity. She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. Reviews: 83% of readers found this page helpful, Address: Apt. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. You may even ask for a sample portfolio or two as proof. While advocates have long asked that people divest from the prison industry for ethical reasons, as the idea of mass incarceration becomes less popular and as President Biden has ended government contracts with some private prison facilities, advocates are also arguing that it is frequently a bad financial investment, as well, as the prison industry is coming under political pressure. That is, do federal, state or local lawmakers, or corrections officials, or judges, or other public employee stakeholders in our criminal justice system own shares of CCA or GEO Group? According to the LA Times, Spector was the first celebrity found guilty in over 40 years. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. Their motto is to Better the Public Good. FYI.. Michael Jordan is NOT an investor in private prisons. 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." Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. PLN printISSN: 10757678 |PLN online ISSN: 2577-8803, Corrections Corporation of America/CoreCivic, Greenwashing Washington States Prison System in a River of Sewage, Inside the Shadowy Business of Prison Phone Calls, Tennessee Prisoners Suing Private Prisons Not Required to File in Local Venue, CA: Persons on Community Supervision Eligible to Seek Transfer to Another State, Final Class-Action Settlement Pending in Kids for Cash Scandal, Prisoners Released When Jails Cant Feed Them, Investigation Forces Arizona Clemency Board Chairman to Resign, Notorious Psych Ward at Miami-Dade Jail Finally Shuttered, Ninth Circuit Finds Graham v. Florida Retroactive; 254-Year Sentence Unconstitutional. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. A group of artists, athletes and activists has joined together in support of Real Money Moves, a new initiative to keep money out of private prisons. Yrro Simyarin January 25, 2013. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. 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. Together, these two. 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. 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. (Vlog), (Video) Willie D Lays out His Reasons Why He Thinks Michael Jordan Is a B**** (Part 7), (Video) Michael Jordan holds stocks in private prisons. 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 letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . 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. 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. (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? 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 ). (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. 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. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Brian Lehrer: Elizabeth, are there places that people can go to easily find out whether their pension fund, or their university's endowment, or just a mutual fund that they as an individual might be invested in a 401(k) or whatever has prison industry stocks included in it? So offering all this freedom to society, there'll be a certain number of people, more in this country than elsewhere, who take advantage of that freedom, abuse it, and end up in prison. 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. In short, it's a case of mistaken identity. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. 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. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: 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. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. 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. 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. 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. Hes now known as a guy with a coveted sneaker line people have been killed over. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. It's virtual, but it's live through The Greene Space. 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