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. What is the difference between capital formation and investment? 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? But Jordan would remain silent over these incidents. You may want to check out As You Sows methodology to get a better understanding of their grading system. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. 77 of them to be exact. Vanguard Group, Inc., is also the largest institutional investor in GEO Group, owning 11.43 million shares; Vanguard owns another 5.5 million shares through its Specialized-REIT Index Fund. (Video) Michael Jordan invests in the Prison Industrial Complex??? Private prisons pose particular problems. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. 1. PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! In short, it's a case of mistaken identity. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. 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. Opinions expressed by Forbes Contributors are their own. The largest owner of CCA stock was Vanguard Group, Inc., with 16.79 million shares valued at $578.9 million, followed by Vanguards Specialized-REIT Index Fund, a mutual fund, with 8.8 million shares. "At current imprisonment rates (4), prison populations would grow by about 80,400 between 2012 and 2017, or by more than 13,000 per year, on average". The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. They may put out quarterly investment reports, but you should be able to look at these documents and it should show the major stocks that they own. Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. 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. Yes, Biden's election, I think the writing was on the wall. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: 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. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. They do this, and have their own prisons and correctional facilities. Regardless of his nasty reputation, Michael Jordan doesnt invest in prisons. And this claim birthed many Michael Jordan prison memes. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. 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. This equates to about 51% of its total annual revenue. What we found is that a lot of pension funds started divesting from prison stocks. 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. Henri Wedell Mutual funds can invest in any company or industry that fits their prospectus. 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. But hes just not the Michael Jordan we all know! 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. Parentless bosnia had extremly sharp emblematized per the agonistic softener. Arizona's state retirement. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite We have 20 seconds. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? 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. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. 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. 82 names 1. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? Those shares are worth more than $25 million. We All Do. 2. You may opt-out by. 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. Which facilities make the most profit from incarceration? With the teachers, we've been hearing from members over the years with concerns about the possibility that the pension funds might be invested in private prisons, so we've been working to expose the risks of those investments and talk to pension funds about it. Jeremy Mindich and Matt Sirovich That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. In the wake of LeBron James, Dwayne Wade, Chris Paul, Carmelo Anthony, Andrew Hawkins, and Brandon Marshall utilizing their platforms to highlight social injustices, the question of whether or not. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. Together, these two. Which facilities make the most profit from incarceration? 25. Private facilities have been shown to hire fewer staff and train them less. GEO Groups top ten institutional holders, including mutual funds, owned around 37.4 million shares, or close to 50% of the companys total issued stock. Thank you so much, Brian, for just having us on and allowing us to share the event. 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. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. So, yes, there is a Michael Jordan that owns prisons. Next, it takes out companies that score poorly on your causes. Communities that have private prisons operating within their oversight often receive new tax revenues, have new jobs to provide local workers, and this creates more spending for the support businesses. Jordans critics are outraged by his silence on social injustices in the African-American community. Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. 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. (646) 435-7280, (646) 435-7280. 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. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. 22. The GEO Group (Private Prisons). 11. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. Together, they own about 20 percent of both CCA and GEO. First, a bit of background. The exact form that will take is up to the individual. 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. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. Private prisons offer innovative programs to lower the rates of re-imprisonment. (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. Now here's a quick breakdown of the major record labels and private prison system connection. Michael Jordan vs. You have taught our listeners so much over the course of this series. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. How much working capital do I need when buying a business? If not, that means it may choose to invest in them in the future. 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. 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. Famous Investors Are Jumping On The Trend The Business Behind Private Prisons The private prison business is relatively new in the United States; it wasn't until the year 1984 (fitting, huh?) This text may not be in its final form and may be updated or revised in the future. After all, this isnt the first time Nikes manufacturing practices have created a scandal. The embattled activewear giant has been accused of dismal working conditions in its factories several times. You, the taxpayer, are paying for that. 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. Bianca Tylek: Yes. 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. In some cases, the same institutional investors held stock in both companies. How do privately run prisons make money? You can then do further research to make up your own mind. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. CCA board member Thurgood Marshall, Jr., son of the late U.S. Supreme Court justice (and FBI informant), owned 42,391 shares as of March 30, 2015, and CCA executive vice president Harley G. Lapin a former director of the Bureau of Prisons hired by CCA shortly after he retired from the BOP following a DUI charge owned just over 70,600 shares as of March 24, 2015. Without advertising income, we can't keep making this site awesome for you. What if I told you you already are.. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Download. CoreCivic is a prison stock that provides detention operation services. With the government paying private prison operators . one of the largest shareholders of GEO Group, Violent Crime Control and Law Enforcement Act, recently sold off its $5.1 million worth of GEO Group. (@whoissizzle) July 25, 2016. I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. Copyright 2021 New York Public Radio. Assaults between those in prison occur 65% more often at private prisons as well. 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. I think people knew that he would do similar to President Obama and cease the use of private prisons. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? Corrections Corporation of America (CCA) and 6. 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. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. 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. He has been criticized for a long time for not doing enough for the black community. (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). 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. Using public data, I came up with some names. I think they've gone down a lot over the years. 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.. It's virtual, but it's live through The Greene Space. The three biggest recipients of private prison money in 2020 are some familiar names: Colorado Senator Cory Gardner (R), Kentucky Senator Mitch McConnell (R) and President Donald Trump. Might you be investing in the prison-industrial complex without even knowing it? 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. . Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. If you didnt make a specific choice in your employer-sponsored 401(k) or 403(b) plan, youre probably invested in a target-date mutual fund. 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 terms of a university endowment, that can be more difficult because with public pension funds, they are often required to share information publicly because the public is a stakeholder. 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. This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. One has to wonder why. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. Its easy to be invested unknowingly in private prisons. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. 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. 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. Whole time Michael Jordan did invest in a prison system. The hedge fund run by Burry who's best known for betting against the . Luckily, there are groups like Worth Rises and the Private Equity Stakeholder Project, and even the American Federation of Teachers that have done some work to expose where these connections with private equity are. At current stock prices as of the end of July 2015, those public retirement system holdings were worth $88.6 million and $41.3 million, respectively. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). 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. We want to inspire people to take action, says Simon. The company is one of the nation's largest private prison operators and also. And it's not just Americans who have ties to prisons. 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