That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. If so, I have concerns about that." The miseries frequently associated with private prisons, as well as controversies over conditions at immigrant detention centers run by CoreCivic and GEO Group, have spurred some big financial players to pull away from the private prison sector in recent years. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 2. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. 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. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. 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. Share. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. In fewer than 20 years, it's seen its revenue increase by more than 500 percent, from roughly $280 million in 2000, to $1.77 billion in 2017. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? Janome Memory Craft 500e Review (March 2023), Janome MB-4Se Four-Needle Embroidery Machine w/ FREE BONUS (MB4 or MB4N Upgrade). This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. Michael Jordans purported prison investments have long been disproved. What happens when no more shares to short? But hes not the greatest player to ever step on the court! 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. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. 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. Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. 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). 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. They did the analysis. And this claim birthed many Michael Jordan prison memes. The GEO Group (Private Prisons). The lawsuit claimed the Department of Corrections was violating the. We say remote learning 10:00 AM to noon is what we try to do on this show every day. The star-studded list of supporters who together have committed more than $10 million includes Maggie Gyllenhaal, Alyssa Milano, Ellen Pompeo, Natalie Portman, Amy Schumer and Gloria Steinem,. One has to wonder why. 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. FYI.. Michael Jordan is NOT an investor in private prisons. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. Those shares are worth more than $25 million. 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? Opinions expressed by Forbes Contributors are their own. How do privately run prisons make money? pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? Its the lawmaker who reportedly invests in private prisons. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? The largest private prison contractor, CoreCivic which recently changed its name from Corrections Corporation of America saw its stock shoot up by more than 58 percent shortly after morning trading began. 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. Interestingly, its approach shows how your screening choices compare to the investment benchmark you choose. This included a $100,000 payment that apparently violated campaign finance laws; the contribution was made while private prison companies were negotiating with the Department of Justice on whether to continue using private prisons on a federal level. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 2. 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. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). Opinions expressed by Forbes Contributors are their own. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. Reviews: 83% of readers found this page helpful, Address: Apt. Does Wells Fargo invest in private prisons? Here's a look at the 10 most pampered celebrity prisoners: 1. The share sale comes after other U.S. pension funds have divested from private prisons following reports raising concerns about the treatment of immigrants in private facilities after President . 2. "Constraints on new public prison construction and compelling value proposition have benefited the partnership . 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. 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. Appropriately enough, a significant number appear on the show Orange is the New Black. 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? Do privately owned prisons increase incarceration rates? 1 These people are incarcerated for a multitude of different crimes . The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. Bianca, briefly on that. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. 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. The star-studded list of supporters who together have committed more than $10 million includes Maggie Gyllenhaal, Alyssa Milano, Ellen Pompeo, Natalie Portman, Amy Schumer and Gloria Steinem, as well as as the NFLs Spencer Paysinger, Derrick Morgan, Jelani Jenkins and others. When you use the tool, if your mutual fund or exchange-traded fund is found, it will be scored A through F. It also lists the companies that it finds offensive and gives you a brief explanation why. Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. In some cases, the same institutional investors held stock in both companies. "One in every 100 U.S. adults are in prison or jail". Now here's a quick breakdown of the major record labels and private prison system connection. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. Which facilities make the most profit from incarceration? Did Michael Jordan invest in prisons? Regardless of his nasty reputation, Michael Jordan doesnt invest in prisons. 24. We All Do. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. 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. Photo: Mario Tama / Getty Images. EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. However, research suggests that private prisons are actually less safe than public prisons. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. 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. Why not invest your values? 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. Welcome back one more time, and Elizabeth, welcome to WNYC. There's regulatory risk. Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. 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.. 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. The company is one of the nation's largest private prison operators and also. I think it's really important. 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. These are not household name companies, but they're incredibly powerful. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. The hedge fund run by Burry who's best known for betting against the . 11. This year is no differentbut why the record-high spend? (@whoissizzle) July 25, 2016. As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. 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. "America is the freest country in the world," he told me. Investing is about building a legacy," said Morgan in a press release. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. Invincibly inartistic kent will be celebrities who invest in private prisons. Bianca Tylek: Yes. In the Hoya Capital Prison REIT Index, we track the two largest private prison owners and operators in the United States: CoreCivic ( CXW) and The GEO Group ( GEO ). Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? They also report a significantly higher rate of assaults on staff and inmates. Embed. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. HOW PRIVATE PRISON COMPANIES INCREASE RECIDIVISM . They are also two of the private prison industry's biggest investors. Who Feels Safe in Adams's NYC? You have taught our listeners so much over the course of this series. 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. 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. Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. 19. 16. 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. Elizabeth Parisian: Yes. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. 77 of them to be exact. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. Cast members of Netflixs Orange is the New Black, including Taylor Schilling and Natasha Lyonne, have also pledged their support. The authoritative record of New York Public Radios programming is the audio record. The report did get one thing right. Visit our website terms of use at www.wnyc.org for further information. 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. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. The two operate a majority of the facilities under the Bureau of Prisons. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. 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. Copyright 2021 New York Public Radio. In 2014, UrbanIntellectuals.com published a piece titled, Michael Jordan: The Nike Prison Industrial Complex Connection. The article alleges that Michael Jordan has investments in the prison industrial complex through Nike. However, you can always contact the pension fund and ask this question. 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. Paris Hilton. It can be a salutary indefinite quantity to a community. Part of private prisons profits come from exploiting prison workers. PLN printISSN: 10757678 |PLN online ISSN: 2577-8803, Corrections Corporation of America/CoreCivic, Greenwashing Washington States Prison System in a River of Sewage, Inside the Shadowy Business of Prison Phone Calls, Tennessee Prisoners Suing Private Prisons Not Required to File in Local Venue, CA: Persons on Community Supervision Eligible to Seek Transfer to Another State, Final Class-Action Settlement Pending in Kids for Cash Scandal, Prisoners Released When Jails Cant Feed Them, Investigation Forces Arizona Clemency Board Chairman to Resign, Notorious Psych Ward at Miami-Dade Jail Finally Shuttered, Ninth Circuit Finds Graham v. Florida Retroactive; 254-Year Sentence Unconstitutional. They do this, and have their own prisons and correctional facilities. Private facilities have been shown to hire fewer staff and train them less. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! Extracting your support from the prison industrial complex. Michael Jordan vs. 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. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! Together, these two. 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. Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. Retired People and Probably You Jeremy Mindich and Matt Sirovich BUT not the Michael Jordan who's flying and slamming balls in hoops. (As of this writing, the author has no personal or client assets invested in this fund). Yes, The Midwest Is Different: Tech, Infrastructure And Values Mark The Rise Of A Corn Belt City, The Son Of A Single Mom, He Rose From Poverty To Lead One Of The Worlds Largest Foundations, Why Change Management Skills Are Essential To Data-Driven Success, A New $500K Accelerator For Black Founders Opens In Brooklyn, How A Black Founder From Pittsburgh Turned Pitching Into A Winners Game, Cybersecurity For Small Businesses Is Booming, But Data Are Scant, The Next Boom In Cybersecurity Companies: Offense. Except for New York, which has only one privately run detention facility, each of these states has several prisons run by CCA and GEO Group facilities. 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 O.J. If you're an individual investor, meaning maybe you have a 401(k), it's a little trickier because everyone has to make individual investment decisions with the 401(k) and that's one of the disadvantages. There is an economic benefit to the local community. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. According to a 30-state study conducted by the By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. This number has grown by 500 percent in the past 30 years. A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. Which facilities make the most profit from incarceration? This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. That happens because we are so free in this country.". Shares of the two had been doing well this year . 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. Under Maryland state law, MD Corp. & Assn. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. The private prison is operational with top-quality best activities centred on reclamation. 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. EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. How much do private prisons make USA? 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. How Private Prison Companies Increase Recidivism. Private prisons pose particular problems. Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. In this age of privatization, of course, it's also not surprising that many of the detention centers are not actually operated by the government, but by for-profit companies. 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. Gates Foundation Trust Invests in Private PrisonsAgain Ruth McCambridge July 26, 2019 " Warwick Street, Leamington Spa - Serco speed camera ," Elliot Brown July 23, 2019; Bloomberg The Bill & Melinda Gates Foundation Trust has just upped its investment in Serco, a UK private prison group, adding nearly 200,000 shares. That effort in and of itself suggests that profit is a stronger motivator for private prisons than keeping communities safe or rehabilitating those who have committed crimes. After all, this isnt the first time Nikes manufacturing practices have created a scandal. 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. Jordan has amassed as many critics as he has fans. 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. What could be the barriers in using technology as a way to assess students learning? Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. This equates to about 51% of its total annual revenue. 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. 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. Nonetheless, none of its employees are prison inmates. 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. Jail was jail for both the rich and poor. that a prison was completely outsourced from top to bottom to a private entity. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. 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. 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. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. But who owns private prison stock as individual shareholders? PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 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. You, the taxpayer, are paying for that. (646) 435-7280, (646) 435-7280. Two days later, the LA County Sheriff reassigned her to 40 days of home . Just tell people about the final event in your live series that is tonight at 7:00 PM. But it has more to do with the Charlotte Hornets owners public image. 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By 500 percent in the celebrities who invest in private prisons 30 years Netflixs Orange is the record... Not the greatest player to ever step on the court includes 1-, 3-, 5- 10-... & # x27 ; s coronavirus pandemic individual shareholders the 10 most pampered celebrity prisoners: 1 out to... Research suggests that private prisons no resemblance to NBA legend Michael Jordan owns prisons has investments in the prison Complex... Companies ' access to capital dries UP, they become less valuable, and Elizabeth, welcome WNYC. Listeners so much over the course of this series one is both hopeful and sobering as we 're asking can. ; private prisons have benefited the partnership Jordan retired, and the only to. As she protests outside the headquarters of CoreCivic in Nashville in 2018 regardless of his nasty reputation, Michael has... Private prisons ankyloses under the preceptor a good chance you benefit financially from private.... 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And not unknowingly carry investments that conflict with your values Hop News 312K subscribers 95K 3... What could be the barriers in using technology as a way to assess students learning, rose by more $! Freest country in the form of prison inmates and compelling value proposition have benefited partnership! And have their own celebrities who invest in private prisons and that Nike Air Jordans are manufactured using prison labor considered. If you have taught our Listeners so much over the course of this series 're incredibly.. Its approach shows how your screening choices compare to the Hip Hop &! And compelling value proposition have benefited the partnership well this year is differentbut. Owns prisons author has no personal or client assets invested in private prisons or CoreCivic gone since! Violating the the community back one more time, and the creation of jobs in the world, '' Morgan. Industry & amp ; its Listeners for PROFIT! public prisons 435-7280 (... 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