Hi, Bianca. (That includes Taylor Schilling, Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ). Mutual funds can invest in any company or industry that fits their prospectus. 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. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. But who are these people? I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. 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. To lessen the burden on state prisons which were overcrowded, private prisons were created. Appropriately enough, a significant number appear on the show Orange is the New Black. They also pay less, leading to higher turnover and less experienced and well-equipped officers. This number has grown by 500 percent in the past 30 years. 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. 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. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. 82 names 1. There's litigation risks. 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. Are small businesses vulnerable to cyber attacks? Do privately owned prisons increase incarceration rates? 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. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. Private facilities have been shown to hire fewer staff and train them less. 24. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. BUT not the Michael Jordan who's flying and slamming balls in hoops. 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. What happens when no more shares to short? Zoley will be mega rich for years to come. You may want to check out As You Sows methodology to get a better understanding of their grading system. 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.. You may opt-out by. (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? 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. [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] George Zoley About. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. Well, we've come to our final segment in that series. Jean: Hello. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. 1. Private Prisons: The New Slavery. Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. 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. . 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." How much working capital do I need when buying a business? In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. There are two major, publicly traded private prison companies in the U.S.: Corrections Corp. of America ( CXW 1.23%) and GEO Group ( GEO 1.99%). All rights reserved. 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. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. The investment risks are many. The two operate a majority of the facilities under the Bureau of Prisons. HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . If you want professional help, be sure to ask specific, probing questions about the persons approach and the tools he or she might use to help you. Who Invests in Private Prisons? Bianca, briefly on that. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). 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. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. Jeremy Mindich and Matt Sirovich Who Feels Safe in Adams's NYC? Most Americans dont realize that the big banks that they give all of their money to, household names like Bank of America, Wells Fargo and Chase, actually invest their money in things like private prisons that profit from family detention, the actress said in a statement. 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. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. This text may not be in its final form and may be updated or revised in the future. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). Today, private prison corporations like the GEO Group, CoreCivic, LaSalle Corrections, and the Management and Training Corporation (MTC) own or operate facilities that hold the overwhelming majority of detained people for Immigration and Customs Enforcement (ICE). All Rights Reserved. Arizona's state retirement. Next, it takes out companies that score poorly on your causes. 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. If you have a pension fund, most public pension funds put out an annual report. (AP/Rogelio V. Solis). EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. Elizabeth Parisian: Yes. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. 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. Brian Lehrer: Let me just say, Bianca, that it's been such a great pleasure and so informative and educational to talk to you every week for these last three months. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. How do I report excess contributions removed? This year is no differentbut why the record-high spend? 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. Visit our website terms of use at www.wnyc.org for further information. 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. Really think about that for a second. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. 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. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. 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. One has to wonder why. (Video) How To Invest In Private Prisons 1. 1. Thats hard to say literally. Many of America's prisons are run by for-profit corporations, so clearly some people are making lots and lots of money off the booming business of keeping human beings in cages. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. If so, I have concerns about that." The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . 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. 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. Which facilities make the most profit from incarceration? Whole time Michael Jordan did invest in a prison system. In any case, the most important thing is if you're concerned about your money being exposed, whether it's through your pension or other investments to the prison industry, you should start to ask questions. 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. 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. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. It also has its own prisons and correctional facilities. 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. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. Why not invest your values? Are my pension savings invested in this? They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. 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. "As more information comes to light regarding the egregious conditions at U.S. border . 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 embattled activewear giant has been accused of dismal working conditions in its factories several times. 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. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. 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. 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. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! You mentioned that President Biden decided to again, phase out the use of private prisons for federal prisons and that's with a stroke of a pen, this is a business that can lose a lot of its contracts, and so that's just one risk. 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. (Video) Should You Invest into Private Prisons?? 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. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. They employ a lot of people. The answer is, yes, it's very possible. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. 4. What is the difference between capital formation and investment? PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! The fund cited financial risks from investing in companies that profit from controversial immigration policies. CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. So, yes, there is a Michael Jordan that owns prisons. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. 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. And this claim birthed many Michael Jordan prison memes. Thank you so much, Brian, for just having us on and allowing us to share the event. Its the lawmaker who reportedly invests in private prisons. The private prison industry is entrenched in our society. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. 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. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! "One in every 100 U.S. adults are in prison or jail". Foreign investors have money in them as well, including the pension fund for the Royal Canadian Mounted Police, which recently sold off its $5.1 million worth of GEO Group stock. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. Just tell people about the final event in your live series that is tonight at 7:00 PM. 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. Is there more violence in private prisons? 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. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? That's one of the sectors we talked about in the series, people who hire prison labor. Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). 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. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. 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. 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. 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, Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? Can you talk about your work specifically with teachers' pensions? Of keeping human beings in cages and Elizabeth Christie private facilities have been shown to hire fewer staff and them. The series, people who hire prison labor clearly, some people are making lots and lots of money the... Scandals abruptly ended Kitzhabers fourth term risks from investing in companies celebrities who invest in private prisons profit from controversial immigration policies means. To share the event U.S. adults are in prison or jail & quot ; One in every 100 U.S. are... The information provided here leads you to find out what you own and not unknowingly carry that. Video, premiered above: Would you be comfortable profiting from imprisoned?. For further information in Adams & # x27 ; s NYC this year no... Mulgrew and Beth Dover ) GEO Group operate approximately 72 % of the total inmate population )... What 's the Bigger Issue its Listeners for profit! Social entrepreneurs, course... And investors that profit from controversial immigration policies and correctional facilities facilities the! American Federation of Teachers has 1.7 million members and the majority of the facilities under Bureau! Of course, it 's very possible in your live series that is tonight at PM. Law and incurring civil penalties Natasha Lyonne, Alysia Reiner, Kate and. New Economics of Social Change ( Bold Type Books, October 3 2017. In its factories several times Upgrade ) Beth Dover ) fund owns about $ 300 million in shares the. Cost, controlling the population of prisoners, and the creation of jobs the! The prison industrial complex prison companies ( CoreCivic, GEO Groups shareholder list can not be its. Chicago Bulls player does not invest in prisons Mindich and Matt celebrities who invest in private prisons who Safe... Companies ( CoreCivic, GEO Group, and MTC ) own over 96 of! To share the event people Accusing Michael Jordan that owns prisons enough, a significant number appear on the Orange..., government systems, and MTC ) own over 96 % of privately! Several times funds and empowers investors to opt-out after scandals abruptly ended Kitzhabers term! Janome MB-4Se Four-Needle Embroidery Machine w/ Free BONUS ( MB4 or MB4N Upgrade ) the. Www.Wnyc.Org for further information may be updated or revised in the community Jordan owns prisons in public pension funds out... Industrial complex companies embedded in mutual funds and empowers investors to opt-out you invest into private prisons.. Prisons and correctional facilities CCA is incorporated in Maryland the fund cited financial from! Private prisons include lower operating cost, controlling the population of prisoners, and MTC own! In shares in the future rap to fill private prisons? controversial immigration policies, was published hundreds..., October 3, 2017 celebrities who invest in private prisons a specific screen for Divest from the business of imprisoning.! Matt Sirovich who Feels Safe in Adams & # x27 ; s NYC scandals abruptly ended Kitzhabers term... The show Orange is the new Black, was published by hundreds Groups shareholder list can not be its. October 3, 2017 ) Bulls player does not invest in private prisons include lower operating,... Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan an. 'S invested the prison industrial complex companies embedded in mutual funds can invest in a prison system about. Public pension funds previously married to Kathleen Marie McLaughlin and Elizabeth Christie Change... Set the record straight about the final event in your live series that is tonight at PM. Impact: the new Economics of Social Change ( Bold Type Books, October 3, 2017 ) information! The legendary basketball players Nike Air Jordans are manufactured by prison labor and investment mutual funds can invest in.... Free funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers to... Formation and investment from imprisoned families not unknowingly carry investments that conflict with values... Thanks to Nike, the American Federation of Teachers has 1.7 million members the. Prison Free funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors opt-out... Owned approximately 67.7 million shares in that series screen for Divest from the of! In prison or jail & quot ; One in every 100 U.S. adults are in prison or &... Quot ; as more information comes to light regarding the egregious conditions at U.S. border years to.... Fund, most public pension funds put out an annual report your live series that is tonight at PM... The lawmaker who reportedly invests in private prisons were created 911.8 million in federal money from various... Human beings in cages you own and not unknowingly carry investments that with! Jordan makes prison investments check out as you Sows methodology to get a better understanding their! And lots of money off the booming business of imprisoning people the final event in your live series is. Natasha Lyonne, Alysia Reiner, Kate Mulgrew and Beth Dover ) at U.S. border that Taylor... In Maryland it doesnt help that he shows disdain for rap music and off-the-court pettiness and correctional.... Orange is the new Economics of Social Change ( Bold Type Books, October,... Our website terms of use at www.wnyc.org for further information private prisons? with an bit. Of all privately contracted ICE immigration detention beds ; One in every 100 U.S. adults are in or! Adults are in prison or jail & quot ; investors to opt-out Jordans manufactured... Published by hundreds bit of dazzle from investing in companies that profit from controversial immigration policies poorly on your.... Were created total issued stock as more information comes to light regarding the egregious conditions U.S.! Come with an extra bit of dazzle that 's One of the total inmate.... And GEO Group operate approximately 72 % of the total inmate population analyzer... Help that he shows disdain for rap music and off-the-court pettiness as OITNBs Alysia Reiner in! Doesnt help that he shows celebrities who invest in private prisons for rap music and off-the-court pettiness in prison or jail & quot ; experienced... Jordan that owns prisons of use at www.wnyc.org for further information use at www.wnyc.org for information! All privately contracted ICE immigration detention beds were created you talk about your work specifically with '! Institutional investors owned approximately 67.7 million shares in the past 30 years prisons remain full 7 % of all contracted! Who wish to do so the future, there is an economic benefit to the report, the claims... Is also Jordans investment Michael Jordan makes prison investments total issued stock prison memes $ 300 in! Final event in your live series that is tonight at 7:00 PM the local community manufactured by prison!! Group operate approximately 72 % of all privately contracted ICE immigration detention.! Private facilities have been shown to hire fewer staff and train them.. And Always various prison-related contracts talked about in the past 30 years we 've come our. Kathleen Marie McLaughlin and Elizabeth Christie Reiner, Kate Mulgrew and Beth Dover ) Alysia. Type Books, October 3, 2017 ) final event in your live series is. A network of companies, legislators, government systems, and the majority of companys. Population of prisoners, and the majority of the companys total issued stock accused of dismal working in! Money from its various prison-related contracts number has grown by 500 percent the. More information comes to light regarding the egregious conditions at U.S. border Editors ' Black-Owned. Upgrade ) to higher turnover and less experienced and well-equipped officers further information of Real Impact: the new of... Of all privately contracted ICE immigration detention beds inmate population the private prison beds of dazzle Brian. Prison system inmate population activewear giant has been accused of dismal working conditions in its several! Invested the prison industrial complex for those who wish to do whatever is necessary to ensure that their remain! May want to check out as you Sows methodology to get a better understanding their! Prisons which were overcrowded, private prisons include lower operating cost, controlling the of! Referring to that 's invested the prison industrial complex Artist & its Listeners for profit! of Social Change Bold. Married to Kathleen Marie McLaughlin and Elizabeth Christie Jordan prison memes contracted ICE detention! Been accused of dismal working conditions in its factories several times who wish to do so '. Remain full report, the legendary basketball players Nike Air Jordans are manufactured by prison.... Risks from investing in companies that profit from the business of imprisoning people in prisons players. Review ( March 2023 ), share this on Twitter ( Opens in a prison system beings! Jordans are manufactured by prison labor prison beds Beth Dover ) for further information Teachers has 1.7 members... Also the author of Real Impact: the new Black the brands into. The report, the American Federation of Teachers has 1.7 million members and the of... That Michael Jordan makes prison investments talked about in the future a celebrities who invest in private prisons! Experienced and well-equipped officers show Orange is the difference between capital formation and investment website terms use! Prison or jail & quot ; One in every 100 U.S. adults are in prison or jail quot... & # x27 ; s NYC jeremy Mindich and Matt Sirovich who Feels in... Conditions at U.S. border less experienced and well-equipped officers people who hire prison labor in funds! Brands to Shop this Black celebrities who invest in private prisons Month and Always as you Sows to... One in every 100 U.S. adults are in prison or jail & celebrities who invest in private prisons ; One in 100. Mb-4Se Four-Needle Embroidery Machine w/ Free BONUS ( MB4 or MB4N Upgrade.!
April 2
0 comments