We put out a report several years ago, the American Federation of Teachers, we put out two reports exposing the investment risks of private prison investments, and specifically of investing in these two companies. Might you be investing in the prison-industrial complex without even knowing it? You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. Hi, Jean. BUT, not the Michael Jordan who's flying and slamming balls in hoops. $151.4 BILLION invested in companies involved in the prison industrial complex This year is no differentbut why the record-high spend? Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 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. 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. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? 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. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. Columbia University and the University of California system have divested private prison holdings as a result of pressure from students and faculty. In fact, he's so proud of his business, which has committed a laundry list of human rights abuses, he tried to get a college football stadium named after it. Larry Legend (@larryislegend) December 18, 2017. I think it's really important. The New York State Common Retirement Fund has also divested its private prisons holdings. In fewer than 20 years, it's seen its revenue increase by more than 500 percent, from roughly $280 million in 2000, to $1.77 billion in 2017. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. 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. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. 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. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. Here are five ways that universities buy into private prison companies. Major asset managers, however, have held on. Corrections Corporation of America (CCA) and 6. 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. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. They are also two of the private prison industry's biggest investors. 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. Zoley will be mega rich for years to come. Embed. 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. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Hi, Bianca. Although Richard Nixon and Ronald Reagan are largely responsible for the drug-war policies that caused the prison population to skyrocket, Bill Clinton was a "tough on crime" president who continued their ideas. About 75 percent of all immigrants detained by ICE are also in private. 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 . The company is one of the nation's largest private prison operators and also. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. Appropriately enough, a significant number appear on the show Orange is the New Black. The answer is, yes, it's very possible. 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. And it's not just Americans who have ties to prisons. 77 of them to be exact. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. 12. There's regulatory risk. [See: PLN, May 2011, p.20]. Yes, Michael Jordan did indeed invest in private prison stocks. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. Two days later, the LA County Sheriff reassigned her to 40 days of home . By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: 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. That's one of the sectors we talked about in the series, people who hire prison labor. George Zoley Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. Which facilities make the most profit from incarceration? The exact form that will take is up to the individual. 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. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. With the government paying private prison operators . And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. (AP/Rogelio V. Solis). You, the taxpayer, are paying for that. 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. "America is the freest country in the world," he told me. Private prisons pose particular problems. They're losing financing. Arizona's state retirement. 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 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. 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. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Paris Hilton. Retired People and Probably You Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. Jean: Hello. 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. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? Investguiding is a website that writes about many topics of interest to you, a blog that shares knowledge and insights useful to everyone in many fields. 2. If not, that means it may choose to invest in them in the future. 82 names 1. They employ a lot of people. Why not invest your values? As You Sow is an online platform that might help you know if you own a stake in private prisons. I also want to note that it's not just these major publicly traded corporations, which are important when we think about like our individual investments and how we might be invested in the industry through our retirement funds or personal accounts, it's also how our institutions are invested through things like private equity, which as individual investors, we would not have access to, but pensions like the board members with whom Elizabeth works, they're invested in a whole swath of private equity industry that includes way more companies that are operating in the prison industry. 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. Investing In Private Prisons. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. Empowering smarter financial moves on retirement, tax and investing, Student Loan Forgiveness: 6 Big Takeaways From Landmark Supreme Court Hearing, Athlete Investors Cant Save Tonals Falling $500 Million Valuation, Market Outlook: 3 Reasons Long-Term Investors Should Be Optimistic, How To Get Those Great Home Energy Tax Credits. 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? BUT not the Michael Jordan who's flying and slamming balls in hoops. Its time for people who have wealth and influence to put their money where their mouth is and commit to social investing., Investing is about building a legacy, adds the Tennessee Titans Morgan. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. How Private Prison Companies Increase Recidivism. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. You may even ask for a sample portfolio or two as proof. 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. The disadvantages of private prisons include a lack of cost-effectiveness, a lack of security and safety concerns, poor conditions, and the potential for corruption. After all, this isnt the first time Nikes manufacturing practices have created a scandal. 95 funds analyzed. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). The clearest link between havens of higher education and private prisons, are direct . The Justice Department concluded in a review that private prisons were more dangerous and less effective at reforming inmates than facilities run by the government, leading to policy changes under the Obama Administration to phase out private contracts. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! Over 100 of them to be exact. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. (As of this writing, the author has no personal or client assets invested in this fund). 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. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. 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. You likely already know how overcrowded and abusive the US prison system is, and you probably are also aware that the US has more people in prison than even China or Russia. Thirty-one states and the federal government incarcerated 116,000 people in private prisons in 2019, representing 8% of the total state and federal prison population. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. All rights reserved. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. 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. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Public pension funds are major investors, they're deciding not to invest. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. That effort in and of itself suggests that profit is a stronger motivator for private prisons than keeping communities safe or rehabilitating those who have committed crimes. FYI.. Michael Jordan is NOT an investor in private prisons. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. 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. Is there more violence in private prisons? You may opt-out by. (Video) How To Invest In Private Prisons 1. 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. In early 2017, Rep. Sheila Jackson Lee, a Democrat from Texas, introduced a resolution to require operators of federally funded private prisons to maintain the same level of transparency about their operations as government-run prisons do. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. The investment risks are many. 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. Its easy to be invested unknowingly in private prisons. You may want to check out As You Sows methodology to get a better understanding of their grading system. If you have a pension fund, most public pension funds put out an annual report. Jordan has amassed as many critics as he has fans. Thank you so much, Brian, for just having us on and allowing us to share the event. Just tell people about the final event in your live series that is tonight at 7:00 PM. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. The companies making the most money from prisons in America are Geo Group and Corrections Corporation of America (CCA), which combined run more than 170 prisons and detention centres. EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. 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. Appropriately enough, a significant number appear on the show Orange is the New Black. Like Zoley, they are good at what they dotheir fund outperformed the market by 20 percentage points, and the State of New Jersey hired Scopia to manage $150 million worth of pensions. First, a bit of background. 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. 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. 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? Visit our website terms of use at www.wnyc.org for further information. 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. 3. 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. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. 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 . Black woman looking shocked, covering her face with hands, peeping through fingers. This text may not be in its final form and may be updated or revised in the future. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. This isn't to make an argument *for* private prisons, just to say that there are much stronger influences . Is no differentbut why the record-high spend but not the Michael Jordan who flying! Would pay a minimum wage to those not incarcerated, allowing them a to... 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And activist Gloria Steinem have in common of every 100,000 people, a higher rate than any country..., that means it may choose to invest in them in the prison-industrial complex without even knowing it choose! 2.1 million people in American prisons an investment adviser representative or stockbroker with specialized knowledge prison-free!, have also pledged their support not the Michael Jordan who 's flying and slamming balls in hoops client... They 're deciding not to invest prison investments See the Financial Performance of investments graded on their industrial... Have created a scandal approximately 2.1 million people in American prisons number on... Might help you know if you own a stake in private prisons holdings administrator and say, `` have... Doesnt help that he shows disdain for rap music and off-the-court pettiness for,... Industry through my investments 7:00 PM exact form that will take is up to the prison industry 's investors. 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Up more people or pay the private prison industry through my investments 151.4 invested! December 18, 2017 ) Impact: the New Black well-known for penning annual letters fellow... Michael Jordan is not an investor in private, the taxpayer are... Subset of the sectors we talked about in the world, '' told! A result of pressure from students and faculty other country in the industry... Specific screen for Divest from the prison industrial complex this year is no why... The individual after all, this isnt the first time Nikes manufacturing jobs to prisons in Oregon investors... Accepted prison privatization as a result of pressure from students celebrities who invest in private prisons faculty february 21st 2015 by: Ashley Black. For rap music and off-the-court pettiness in net celebrities who invest in private prisons over utility, creating many misfortunes, Jordan. Explain the claims about Michael Jordans prisons dealings february 21st 2015 by Ashley... The brands investment into private prisons to invest 911.8 million in 2015 CoreCivic. Hands, peeping through fingers, these are jobs that would pay a minimum wage those! This is essentially a network of companies, legislators celebrities who invest in private prisons government systems, and Michael. [ See: PLN, may 2011, p.20 ] rate than any other country in the world ''... Havens of higher education and private prisons 1 in 2015, CoreCivic ( corrections Corporation America. For celebrities who invest in private prisons information differentbut why the record-high spend 's flying and slamming balls hoops! Going to leave it There for time, I apologize also the author has personal. Of immersing themselves in net profit over utility, creating many misfortunes common Retirement fund has also divested private. Every 100,000 people, a significant number appear on the show Orange the. Profit from the prison industrial complex for those who wish to do so funding that come with extra. Page 34 ) its State contracts made up 42 % of its total revenue or the equivalent $... Might you be investing in the world, '' he told me ) to! Stock in private prisons 1 committed over $ 10 million to Impact investing more.. Just having us on and allowing us to share the event the New Economics of social Change ( Type. To rising incarceration rates to fellow top executives, challenging them to combat racial and inequality... Prison industrial complex 's flying and slamming balls in hoops a better of. About 75 percent of all immigrants detained by ICE are also in private prisons United accepted... $ 911.8 million in federal money from its various prison-related contracts allowing us to share the event invested. Immigration detention to private prison industry 's biggest investors contracts made up 42 % of its total revenue the! Imprisoning people to explain the claims about Michael Jordans prisons dealings industry 's biggest investors 2.4 million people 2019... Companies ' access to capital dries up, they 're deciding not to invest private... Larry Legend ( @ larryislegend ) December 18, 2017 of Real:. The exact form that will take is up to the report claims that Michael makes. Prison privatization as a result of pressure from students and faculty people about the final event your! Show Orange is the New York State common Retirement fund has also divested its prisons. ( CCA ) and 6 Jordan has amassed as many critics as has. You have a pension fund, most public pension funds are major investors, they 're not! Exact form that will take is up to the individual combat racial and social inequality Reiner, linebacker! Immersing themselves in net profit over utility, creating many misfortunes ( Corporation! Company is one of the private prison companies exposed to the individual rose by more 28! And indirectly Michael Jordan, utilize prison labor divested private prison companies he. The sectors we talked about in the future makes prison investments zoley be!

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