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 prison and border industries. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. Credits: Handout/GettyImages. 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 never a snap decision. 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. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. Here's a look at the 10 most pampered celebrity prisoners: 1. As a Florida corporation, GEO Group is required to allow investors to inspect and copy its shareholder list upon request, pursuant to 607.1602(2)(c) of the Florida Business Corporation Act. They do this, and have their own prisons and correctional facilities. With the government paying private prison operators . 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. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. He now owns more than 650,000 shares in the company, which is far more successful these days. There is an economic benefit to the local community. 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. This number has grown by 500 percent in the past 30 years. 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. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. The hedge fund run by Burry who's best known for betting against the . I think there's been work being done all across the industry, the prison industry, not just in private prisons because we have to remember as we've learned through this series that private prisons make up a pretty small part of the prison industry, just $4 billion to $5 billion of the $80+ billion industry. Prisoner population levels are appropriately maintained. Get a head start on the morning's top stories. Bianca Tylek: Yes. 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. Extracting your support from the prison industrial complex. 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. Black woman looking shocked, covering her face with hands, peeping through fingers. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. Private Prisons: The New Slavery. In short, it's a case of mistaken identity. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. Photo: Mario Tama / Getty Images. I think it's really important. I havent seen a target-date fund exclude any investments. If so, I have concerns about that." In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 3. 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. What are the pros and cons of private prisons? Henri Wedell 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. Graphics by Andrew Rodriguez Caldern and David Eads For the second time in four years, fears that a Democrat would be elected president sent private prison stocks plummeting earlier this month. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. Jeremy Mindich and Matt Sirovich 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. They'll say that these are trade secrets and they don't have to share it, so that I think takes more engagement with the university and more campaigning frankly to have them take the issue seriously and examine their investments. I think people knew that he would do similar to President Obama and cease the use of private prisons. Arizona's state retirement. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. The GEO Group (Private Prisons). Elizabeth Parisian: Yes. Over the last several years we've seen most of the major banks pull out and refuse to finance these corporations going forward because of a lot of the risks that we're talking about. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Bianca, Elizabeth cited those two stocks, in particular, GEO Group and CoreCivic, are there others that you would put high on the list of prison industry stocks to be aware of if people do want to divest? Yes, Biden's election, I think the writing was on the wall. Does the government make money off of prisons? In fact, it has roughly 20 different screenssuch as Reduce Green. 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, By banking with community banks and credit unions and investing with firms that direct capital towards investments dedicated to social justice and sustainability, Americans of all socio-economic backgrounds can make moves with their money that they will feel good about, says Morgan Simon, a founder of Candide. 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. 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. (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? 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. 12. What are the pros and cons of private prisons? How Private Prison Companies Increase Recidivism. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. Sebastien Elkouby September 19, 2015. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. 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. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. It did not close because of the disappearance of Morris and the Anglins (the decision to close the prison was made long before the three disappeared), but because the institution was too expensive to continue operating. FYI.. Michael Jordan is NOT an investor in private prisons. Retired People and Probably You Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. So who owns the vast majority of stock in these two companies? Bianca Tylek: Absolutely. 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. Hes now known as a guy with a coveted sneaker line people have been killed over. [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] 22. Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. Yrro Simyarin January 25, 2013. 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 letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. 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. These are not household name companies, but they're incredibly powerful. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. Does it have a mandate that it wont invest in private prisons? This included a $100,000 payment that apparently violated campaign finance laws; the contribution was made while private prison companies were negotiating with the Department of Justice on whether to continue using private prisons on a federal level. But hes just not the Michael Jordan we all know! We have 20 seconds. 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. 23. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. Its easy to be invested unknowingly in private prisons. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. Next, it takes out companies that score poorly on your causes. Bidens Student Loan Forgiveness Plan Might Be In Trouble Following Supreme Court Hearing, What Student Loan Borrowers Should Remember After The Supreme Court Hearing, More Medicare Advantage Plans Are Offering Extra Supports For Frail Seniors. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). 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. 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. Aside from being super A-list celebrities, that is. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. While institutional investor ownership is a matter of public record, most individual shareholders own stock through brokerage firms, mutual funds, retirement accounts or other investment vehicles, not directly; thus, its difficult to connect them to specific stock ownership. "As more information comes to light regarding the egregious conditions at U.S. border . Bianca, briefly on that. This equates to about 51% of its total annual revenue. 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. Does Wells Fargo invest in private prisons? $151.4 BILLION invested in companies involved in the prison industrial complex May 4, 2021. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Hi, Jean. 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