That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. Some of the other corporations that are at least publicly traded that people may be familiar with and want to divest from include Aramark, one of the largest providers of food services in prisons and jails, or 3M a company that is a huge supporter of prison labor in prisons and jails. Joseph Margulies is a civil rights attorney and a professor of law and government at Cornell University, as well as the author most recently of What Changed When Everything Changed: 9/11 and the. More. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. They did the analysis. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. "America is the freest country in the world," he told me. 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. (@whoissizzle) July 25, 2016. Whole time Michael Jordan did invest in a prison system. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. Those shares are worth more than $25 million. Well, we've come to our final segment in that series. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. [See: PLN, June 2015, p.56]. Part of private prisons profits come from exploiting prison workers. They employ a lot of people. EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. This is never a snap decision. Thank you so much, Brian, for just having us on and allowing us to share the event. Accuracy and availability may vary. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. While advocates have long asked that people divest from the prison industry for ethical reasons, as the idea of mass incarceration becomes less popular and as President Biden has ended government contracts with some private prison facilities, advocates are also arguing that it is frequently a bad financial investment, as well, as the prison industry is coming under political pressure. Although Richard Nixon and Ronald Reagan are largely responsible for the drug-war policies that caused the prison population to skyrocket, Bill Clinton was a "tough on crime" president who continued their ideas. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. 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%). I havent seen a target-date fund exclude any investments. 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 . Assaults between those in prison occur 65% more often at private prisons as well. CoreCivic formerly and commonly the Corrections Corporation of America and GEO Group are two of the biggest private prison companies in the United States. EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. Private prisons offer innovative programs to lower the rates of re-imprisonment. This year is no differentbut why the record-high spend? Nikes supply chain disclosure states, NIKE takes seriously national and international efforts to end all kinds of forced labor whether in the form of prison labor, indentured labor, bonded labor, human trafficking or otherwise.. 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. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. And this claim birthed many Michael Jordan prison memes. 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. Code 2-513 (2013), only shareholders who own at least 5 percent of the outstanding stock of a company may inspect and copy its stock ledger i.e., its list of shareholders. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Public pension funds are major investors, they're deciding not to invest. Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. What is the difference between capital formation and investment? 20. Who owns the most prisons in America? Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). (2015). And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. 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. 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. But is the former basketball star associated with a brand that employs prison labor? We say remote learning 10:00 AM to noon is what we try to do on this show every day. Private prisons can transform the broken government-run prison system. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? Henri Wedell 2. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Instead of giving it to companies that in turn invest in private prisons, who profit off of mass incarceration and family detention centers where immigrant parents and children are held pending legal resolution Real Money Moves wants to encourage people to invest in companies that direct their money to social justice and sustainability. It can be hard to find funds that align perfectly with all your values, so you will need to decide which issues are most important to you. As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. Nearly every private prison deal includes a "bed mandate" that requires the state to fill 90-100% of the beds in privately-owned detention facilities. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. $151.4 BILLION invested in companies involved in the prison industrial complex Is there more violence in private prisons? Opinions expressed by Forbes Contributors are their own. Thank you. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". Hi, Jean. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. The answer is, yes, it's very possible. Really think about that for a second. How Private Prison Companies Increase Recidivism. You may opt-out by. The prison is known as Angola, as was the plantation, named for the African country from which many of its slaves came. Do you have a prison-free to investment option?" Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. $304.3 MILLION in private prison operators. Together, they own about 20 percent of both CCA and GEO. 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. You can then do further research to make up your own mind. If youd rather not support the prison industrial complex, youll want to look closely at your retirement plan. 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. It also has its own prisons and correctional facilities. 95 funds analyzed. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. They also pay less, leading to higher turnover and less experienced and well-equipped officers. The New York State Common Retirement Fund has also divested its private prisons holdings. There's litigation risks. Photo: Mario Tama / Getty Images. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. Opinions expressed by Forbes Contributors are their own. Hi, Bianca. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. 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. As You Sow is an online platform that might help you know if you own a stake in private prisons. 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. Medicant can extremly grossly oppose. . Copyright 2021 New York Public Radio. (That. How much working capital do I need when buying a business? 17. 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. 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. Elizabeth Parisian: Yes. Jared Fogle Actor | Jack and Jill Jared Fogle was born on August 23, 1977 in Indianapolis, Indiana, USA. Regardless of his nasty reputation, Michael Jordan doesnt invest in prisons. Yes, Michael Jordan did indeed invest in private prison stocks. 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. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. Age, Race And Money. Investguiding is a website that writes about many topics of interest to you, a blog that shares knowledge and insights useful to everyone in many fields. Does it have a mandate that it wont invest in private prisons? Who Feels Safe in Adams's NYC? Yes, Michael Jordan did indeed invest in private prison stocks. 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. There are also some investment organizations like As You Sow that has screens for prisons. 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? 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. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. So offering all this freedom to society, there'll be a certain number of people, more in this country than elsewhere, who take advantage of that freedom, abuse it, and end up in prison. Became a billionaire thanks to Nike, the report claims that Michael Jordan prison memes in American.... 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