You may opt-out by. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. 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. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. 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. Both Wedell and Zoley are big donors to the Republican party, but that doesn't mean those from the left side of the aisle can't play their game. The private prison industry is entrenched in our society. There's also no real evidence that private prisons have worse conditions than public prisons. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? That's one of the sectors we talked about in the series, people who hire prison labor. 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. Copyright 2021 New York Public Radio. Presumably, when he's referring to all the freedom Americans have, he's not including the 80,000 inmates in 60 prisons operated by CCA. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. There's regulatory risk. 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. Do privately owned prisons increase incarceration rates? 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. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). Elizabeth Parisian: Yes. 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. (Video) Debunking Jordan Peterson's "Truth About Communism" Video. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. The study found that private prisons lead to an average increase of 178 new prisoners per million population per year. Who Invests in Private Prisons? The disadvantages of private prisons include a lack of cost-effectiveness, a lack of security and safety concerns, poor conditions, and the potential for corruption. How do private prisons benefit the economy? UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. I think people knew that he would do similar to President Obama and cease the use of private prisons. In fact, he's so proud of his business, which has committed a laundry list of human rights abuses, he tried to get a college football stadium named after it. What percentage of prisons are privately owned? Their motto is to Better the Public Good. 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. What are the pros and cons of private prisons? 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. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! Are small businesses vulnerable to cyber attacks? (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. Other top institutional investors included Managed Account Advisors with 6.4 million shares, London Co. of Virginia with 6.13 million shares and Epoch Investment Partners, Inc. with just over 6 million shares. 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. Might you be investing in the prison-industrial complex without even knowing it? 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. Yes, Michael Jordan did indeed invest in private prison stocks. Credits: Handout/GettyImages. 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. May 4, 2021. (Video) Should You Invest into Private Prisons?? PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. They are also two of the private prison industry's biggest investors. Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). This is never a snap decision. It also has its own prisons and correctional facilities. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. 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. 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 private prison is operational with top-quality best activities centred on reclamation. Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. Why is Pakistan an underdeveloped country? 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. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. 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. I think it's really important. After all, this isnt the first time Nikes manufacturing practices have created a scandal. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. 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. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. However, you can always contact the pension fund and ask this question. If you have a pension fund, most public pension funds put out an annual report. 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. 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. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. 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. Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. 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. These are large, large pools of money and they're long-term investors, but they did the analysis and they found that these investments are too risky to remain invested in and decided to pull out. Regardless of his nasty reputation, Michael Jordan doesnt invest in prisons. But who are these people? This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. Concerned that you wont make money? 1. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. 12. (2015). 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. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. This means that states were going to be expected to do whatever is necessary to ensure that their prisons remain full. 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%). We have 20 seconds. Two days later, the LA County Sheriff reassigned her to 40 days of home . 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. 2. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . If not, that means it may choose to invest in them in the future. It can be a salutary indefinite quantity to a community. Retired People and Probably You But hes just not the Michael Jordan we all know! 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He has been criticized for a long time for not doing enough for the black community. 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. How do privately run prisons make money? The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. Hi, Jean. When we say "prison-industrial complex," this is who we're talking about. 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. Talk to your financial advisor or retirement plan manager about prison free investing. Next, it takes out companies that score poorly on your causes. The answer is not everyday people or individual investors, but rather other corporations banks, mutual fund management companies and private equity firms as well as public employee retirement systems.