And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. 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. You have taught our listeners so much over the course of this series. Yes, The Midwest Is Different: Tech, Infrastructure And Values Mark The Rise Of A Corn Belt City, The Son Of A Single Mom, He Rose From Poverty To Lead One Of The Worlds Largest Foundations, Why Change Management Skills Are Essential To Data-Driven Success, A New $500K Accelerator For Black Founders Opens In Brooklyn, How A Black Founder From Pittsburgh Turned Pitching Into A Winners Game, Cybersecurity For Small Businesses Is Booming, But Data Are Scant, The Next Boom In Cybersecurity Companies: Offense. The bill was modest enough: $55.31, according to state . You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. 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. It can be a salutary indefinite quantity to a community. 77 of them to be exact. What happens when no more shares to short? 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. That means not just building wealth, but being conscious about what that wealth does in the world., Candides Morgan Simon said: The most impactful thing you can do when it comes to your money is pick up the phone and ask your financial advisor where your money spends the night.. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? 1 These people are incarcerated for a multitude of different crimes . Hi, Bianca. FYI.. Michael Jordan is NOT an investor in private prisons. 3. That happens because we are so free in this country.". Usher and Justin Bieber Attend the Lakers Season Opener in L.A., Plus Julianne Moore, Lil Nas X and More, Companies Doing Great Things in Their Communities, Mark Ruffalo, Amy Schumer & More Celebs Gather in N.Y.C. 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? Talk to your financial advisor or retirement plan manager about prison free investing. Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. Extracting your support from the prison industrial complex. [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] 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. (That. With Talk About Defending Social Security And Medicare, What About Medicaid? The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. 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. Jean: Hello. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . What is Palantir's competitive advantage? Elizabeth Parisian: Sure. Bianca Tylek: Use of prison labor is definitely one of the factors that is often considered into this, so I'll just say really quickly in terms of really practical resources that people can use to figure out if they're exposed to prison labor or any other part of the prison industry, we have a report that we publish annually, our last one was in 2020 that details over 4,000 corporations that are invested in the prison industry, and that can be accessed on our site, worthrises.org. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. 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. In this age of privatization, of course, it's also not surprising that many of the detention centers are not actually operated by the government, but by for-profit companies. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. 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. "Private prisons have incentives to make money [and] to cut costs," he says. 19. This number has grown by 500 percent in the past 30 years. 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. 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. Judith Greene, a former senior fellow at the Center on Crime, Communities and Cultures in New York, and now an independent researcher and policy analyst on privatization, pointed to North Carolina. 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. Its the lawmaker who reportedly invests in private prisons. Who Invests 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. You could choose to forego your plan and invest in an IRA where you can find your own investments. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". How do private prisons benefit the economy? He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. 25. 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. 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? Medicant can extremly grossly oppose. Is there more violence in private prisons? 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. You may even ask for a sample portfolio or two as proof. 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. 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. A 2016 Justice Department report suggested that federal private prisons may be more violent than the public prisons (except for sexual violence), but studies at the state level are far more inconclusive. (Video) Michael Jordan invests In prisons, Lebron James builds schools, (Video) Did Michael Jordan Ever Really Own 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. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. 17. Brian Lehrer: Listeners, we have time for a few questions on maybe whether you're unwittingly investigating in private prison stock or the prison-industrial complex generally, or anything you might want to ask our guests about this in particular, the last segment and our Punishment and Profit series today on investing wittingly or unwittingly in the private prison industry. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. However, you can always contact the pension fund and ask this question. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . I think there are other factors too. So who owns the vast majority of stock in these two companies? Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. The prison and border industries. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. Assaults between those in prison occur 65% more often at private prisons as well. The hedge fund run by Burry who's best known for betting against the . 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. In short, it's a case of mistaken identity. Paris Hilton. Concerned that you wont make money? 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. What are the pros and cons of 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. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). Really think about that for a second. 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. 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. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. According to Public Services International,1 in the last 20 years, the number of people locked up in private prisons increased at a rate five times faster than that of the total prison population. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Who Feels Safe in Adams's NYC? The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. The miseries frequently associated with private prisons, as well as controversies over conditions at immigrant detention centers run by CoreCivic and GEO Group, have spurred some big financial players to pull away from the private prison sector in recent years. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). Does it have a mandate that it wont invest in private prisons? It's virtual, but it's live through The Greene Space. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Today, CDCR owns and operates 34 state prisons. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. 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. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . As of July 2015, CCA had issued approximately 117 million shares of stock with a market cap of $4.05 billion, while GEO had issued around 75 million shares with a market cap of $2.76 billion. 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. 3. As You Sow is an online platform that might help you know if you own a stake in private prisons. 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 Most of these employees are probably unaware that their pensions are tied to prisonsand it's hard to say that these are "bad" investments from a purely capitalistic perspective, since these prisons are making money hand over fist. Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. 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. First, a bit of background. There's litigation risks. 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, Private facilities have been shown to hire fewer staff and train them less. Whole time Michael Jordan did invest in a prison system. Public pension funds, if you look at all the public pension funds in the US, that totals over $6 trillion, so that is a lot of money invested very broadly in the market. 23. Embed. Other private prison firms, including Management & Training Corporation (MTC), Community Education Centers (CEC), LaSalle Southwest Corrections and Emerald Correctional Management, are privately-held and thus do not have public stock. There is a Michael Jordan that invests in prisons. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. 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. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. Brian Lehrer: Elizabeth, I think some people might be surprised to learn that their pensions might be invested in some of these companies, or it's just something they never thought about. In fact, it has roughly 20 different screenssuch as Reduce Green. 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. "America is the freest country in the world," he told me. 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? Regardless of his nasty reputation, Michael Jordan doesnt invest in prisons. Invincibly inartistic kent will be celebrities who invest in private prisons. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. Does Wells Fargo invest in private prisons? Bianca, briefly on that. 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