Hi, Bianca. Who Invests in Private Prisons? EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398, Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports. What percentage of prisons are privately owned? Thank you. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. But Jordan would remain silent over these incidents. Aside from being super A-list celebrities, that is. Jean: Hello. That complexity may lead you to look for an investment adviser representative with the proper screening and investing tools to help you create that portfolio. Really think about that for a second. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. "Private prisons have incentives to make money [and] to cut costs," he says. So, yes, there is a Michael Jordan that owns prisons. Concerned that you wont make money? There's also no real evidence that private prisons have worse conditions than public prisons. 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. 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. You may want to check out As You Sows methodology to get a better understanding of their grading system. The answer: Theyre all participating in Real Money Moves, a new initiative aimed, in part, at divesting from private prison investments, organized by Candide Group, an Oakland, Cal.-based impact investment advisory firm with a focus on social justice. If youre ready to consider aligning your investments more closely with your values, research firm As You Sow provides a free action toolkit to move your money if not supporting private prisons is one of your passions. 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. Henri Wedell May 4, 2021. Welcome back one more time, and Elizabeth, welcome to WNYC. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. 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. I wanted to know how much the prevention organizations regarding the prison-industrial complex are looking into corporations that are hiring prisoners to make their products within the prisons? 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? Sebastien Elkouby September 19, 2015. 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. 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, Whole time Michael Jordan did invest in a prison system. A large portion of these prisoners have been incarcerated before. 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. 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. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. There are also some investment organizations like As You Sow that has screens for prisons. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. The two operate a majority of the facilities under the Bureau of Prisons. On March 21, 1963, USP Alcatraz closed after 29 years of operation. The fund owns about $300 million in shares in that company, which represents 12 percent of its entire portfolio. How do private prisons benefit the economy? Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. 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. The hedge fund run by Burry who's best known for betting against the . In short, it's a case of mistaken identity. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. The answer is, yes, it's very possible. 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. $151.4 BILLION invested in companies involved in the prison industrial complex 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. EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. 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. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. How much working capital do I need when buying a business? Yrro Simyarin January 25, 2013. Hes now known as a guy with a coveted sneaker line people have been killed over. What are the pros and cons of private prisons? Other top institutional owners in the company include Blackrock Fund Advisors with 4.9 million shares, Eagle Asset Management with 2.92 million shares, and Fidelity Small Cap Discovery Fund and Fidelity Management and Research Co., each with 2.4 million shares. I think there are other factors too. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. Do you have a prison-free to investment option?" Along with BlackRock, those include Vanguard, State Street and Fidelity. 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.. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. 82 names 1. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. 11. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. Here are five ways that universities buy into private prison companies. But who are these people? 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. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. 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. 77 of them to be exact. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. Together, they own about 20 percent of both CCA and GEO. Inmates work for pennies per hour. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. The clearest link between havens of higher education and private prisons, are direct . By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Vice Media Group, which may include marketing promotions, advertisements and sponsored content. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. Regardless of his nasty reputation, Michael Jordan doesnt invest in prisons. Download. In short, it's a case of mistaken identity. 4. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? And it's not just Americans who have ties to prisons. 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. The prison and border industries. Does the government make money off of prisons? When we say "prison-industrial complex," this is who we're talking about. Photo: Mario Tama / Getty Images. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? 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. So who owns the vast majority of stock in these two companies? A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. (@whoissizzle) July 25, 2016. Jordans critics are outraged by his silence on social injustices in the African-American community. Zoley will be mega rich for years to come. But if private prisons aren't at the root of mass incarceration, that doesn't mean that private investors haven't found ways to make our criminal justice system worse. 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. 95 funds analyzed. That means not just building wealth, but being conscious about what that wealth does in the world. 2. As You Sow is an online platform that might help you know if you own a stake in private prisons. Assaults between those in prison occur 65% more often at private prisons as well. 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. 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. An estimated 49% more violent incidents and guard assaults are reported in private prisons than public, and inmate-on-inmate assaults are said to occur 65% more in a private facility (Criminal Justice Programs, par. Bianca Tylek: Absolutely. 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. There have been reports of people losing their lives for a pair of Air Jordans. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! 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. (Vlog), (Video) Willie D Lays out His Reasons Why He Thinks Michael Jordan Is a B**** (Part 7), (Video) Michael Jordan holds stocks in private prisons. 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. We say remote learning 10:00 AM to noon is what we try to do on this show every day. What percentage of prisons are privately owned? 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. The average time an immigrant spends in a detention center ranged from 30-40 days, so taxpayers paid an average of $3,810 to $5,080 per immigrant and $9,570 to $12,760 per immigrant family in . Retired People and Probably You Over 100 of them to be exact. 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. GEO saw a 56 percent spike in profits in the first quarter of 2013, and the company's executives reassured investors that the incarceration rate wouldn't be dropping any time soon when announcing its earnings. With the government paying private prison operators . 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 "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". 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. Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. 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. "High recidivism". There's regulatory risk. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . More. 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? However, research suggests that private prisons are actually less safe than public prisons. 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. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. They also report a significantly higher rate of assaults on staff and inmates. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. Nebraska Law Unconstitutionally Forfeits Good Time for Refusal to Submit DNA Sample, Three Strikes Litigant Required to Show Ongoing Imminent Danger to Proceed on Appeal, Failure to State Rationale in Denying Appointment of Counsel was Abuse of Discretion, Vermont: Retaliatory Furlough Denial Reviewable on Rule 75 Motion, Ninth Circuit Finds that ICE Detention After Indictment Counts Against Sentence, Supreme Court Strikes Down Ban on Short Beard for Muslim Prisoner, Alaska High Court Reaffirms Negligence Standard to Protect Prisoners from Harm, Controversy Surrounds Shackling of Dying and Comatose Prisoners in UK, Tenth Circuit: Ignoring Prisoners Severe Pain Precludes Qualified Immunity, Supreme Court Rules Qualified Immunity Shields Prison Officials from Suicide Claim, Report Finds Two-Thirds of Private Prison Contracts Include Lockup Quotas, $1.15 Million for Florida Pretrial Detainees Death, Virginia Must Improve Prison Medical Care Under Proposed Class-action Settlement, Jury Awards $12,000 to Connecticut Prisoner for Unsanitary Mattress, UN Commission Approves Mandela Rules on Treatment of Prisoners, North Carolina Prisoner, Victim of Sexual Assault, Awarded One Dollar in Damages, Two Names Added to Monument Memorializing Slain Prosecutors, Pell Grants for Prisoners: New Bill Restores Hope of Reinstating College Programs, Peer-Review Reports Must be Disclosed in Philadelphia Jail Conditions Suit, Supreme Court Voids ACCAs Residual Clause in Landmark Decision, San Diego Deputies Faulted for Jail Death, Nebraska Returns Ex-Offenders to Prison after Sentence Miscalculation Scandal, $3,000 Jury Award to Arizona Prisoner Denied Prostate Care, Second Circuit Unseals Jail Conditions Settlement Compliance Reports; Public Has First Amendment Right of Access, Alabama Courts Must Review Substance of Claim Despite Pleadings Title, $750,000 Settlement in New Mexico Controlled Seating Lawsuit, West Virginia City Settles Suit over Jail Prisoners Death for $460,000, Minnesota DOC Sued Over Failure to Provide New Hepatitis C Treatment Protocol, UK Prison Cook Awarded $160,000 for Back Injury, Michigan: $8 Million Settlement after Prisoners Baby Born with Brain Damage, Persistent, Ongoing Environmental Violations at Washingtons Walla Walla Prison, A Primer on Prisoners Constitutional Rights, Apples-to-Fish: Public and Private Prison Cost Comparisons, Securus Faces Lawsuit Over Recorded Attorney Calls, PLN Challenges Postcard-only Policy at Jail in Knoxville, TN, 32 Deaths at CCA-operated Immigration Detention Facilities Include at Least 7 Suicides, Recidivism Performance Measures for Private Halfway Houses in Pennsylvania, Lowering Recidivism through Family Communication, After Federal Judge Censors Lawyers Tweets About CoreCivic, Company Settles Suit Over Tennessee Prisoners Murder by Cellmate, Investor Lawsuit Against GEO Group Trimmed, Pennsylvania County Retakes Control of Jail From GEO Group, ICE Ignores Inspector Generals Call for Immediate Removal of Migrant Detainees from CoreCivic New Mexico Detention Facility, CoreCivic Workers Unionize and Go On Strike at Arizona Prison, Arizona Closing Prison, Moving Prisoners to CoreCivic Lockup, Arizona DOC Director Admits State Economy Would Collapse Without Cheap Prisoner Labor, GED Cheating Scheme Uncovered at Montana CoreCivic Prison, Federal Judge Allows Wiretapping Case to Proceed Against CoreCivic for Recording Attorney-Client Conversations at Nevada Prison. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. Did Michael Jordan invest in prisons? What is the difference between capital formation and investment? (Video) Debunking Jordan Peterson's "Truth About Communism" Video. Is there more violence in private prisons? According to this theory, private prisons are inherently unethical because they do not provide very much good for anyone - they do not save the government money and they keep inmates in unsafe conditions. 3. 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. I think there's increasing resources available. There is an economic benefit to the local community. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. Its easy to be invested unknowingly in private prisons. The bill was modest enough: $55.31, according to state . T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. This text may not be in its final form and may be updated or revised in the future. Hi, Jean. But hes just not the Michael Jordan we all know! (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? There is a Michael Jordan that invests in prisons. Corrections Corporation of America (CCA) and 6. 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. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Paris Hilton. 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite The private prison industry is entrenched in our society. 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. Thats hard to say literally. 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. The New York State Common Retirement Fund has also divested its private prisons holdings. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. (Video) How To Invest In Private Prisons 1. 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. 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. Do privately owned prisons increase incarceration rates? An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. 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. 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. Squalidly electronegative laryngitis was the indigestibility. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? Embed. Just tell people about the final event in your live series that is tonight at 7:00 PM. Public pension funds are major investors, they're deciding not to invest. 22. 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. This is never a snap decision. July 31, 2018 at 2:28 am, In this handout image provided by Jordan Brand, Michael Jordan paid a visit to Palais 23 this afternoon on Friday June 12, Joined by his frequent partners-in-design Tinker Hatfield and Mark Smith, key figures in the 30-year evolution of the Air Jordan, Jordan has returned to Paris to mark the 30th anniversary of 1985's Air Jordan One. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). 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." CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. They're losing financing. 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. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. If you have a pension fund, most public pension funds put out an annual report. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle.