I think there are other factors too. Bianca Tylek: Yes. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. I think there's increasing resources available. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). Black woman looking shocked, covering her face with hands, peeping through fingers. Their motto is to Better the Public Good. 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. 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. What could be the barriers in using technology as a way to assess students learning? More. In short, it's a case of mistaken identity. (@whoissizzle) July 25, 2016. 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. (Video) DID MICHAEL JORDAN BUY STOCK IN PRIVATE PRISON ? 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. Retired People and Probably You Embed. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. The largest owner of CCA stock was Vanguard Group, Inc., with 16.79 million shares valued at $578.9 million, followed by Vanguards Specialized-REIT Index Fund, a mutual fund, with 8.8 million shares. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. 23. Prisoner population levels are appropriately maintained. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. "America allows more freedom than any other country in the world, much more than Russia and a whole lot more than Scandinavia, where they really aren't free. CCA board member Thurgood Marshall, Jr., son of the late U.S. Supreme Court justice (and FBI informant), owned 42,391 shares as of March 30, 2015, and CCA executive vice president Harley G. Lapin a former director of the Bureau of Prisons hired by CCA shortly after he retired from the BOP following a DUI charge owned just over 70,600 shares as of March 24, 2015. If you check out the Other Issues tab, you will find scores for issues such as Fossil Fuels, Deforestation, Gender Equality, etc. He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! 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. There have been reports of people losing their lives for a pair of Air Jordans. Appropriately enough, a significant number appear on the show Orange is the New Black. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Why not invest your values? Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. 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. That is, do federal, state or local lawmakers, or corrections officials, or judges, or other public employee stakeholders in our criminal justice system own shares of CCA or GEO Group? Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. This year is no differentbut why the record-high spend? CCAs ten largest institutional investors owned approximately 67.7 million shares in the company, or almost 58% of the companys total issued stock. Next, it takes out companies that score poorly on your causes. Age, Race And Money. Bianca, briefly on that. Some of these celebs also have committed to becoming impact investors. They're losing financing. To lessen the burden on state prisons which were overcrowded, private prisons were created. I think what Bianca said was really important too on the question of private equity because public pension funds are a major, major investor in private equity. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. [See: PLN, May 2011, p.20]. It should be pointed out that while being far to the left politically might seem incompatible with investing in prisons (or managing a hedge fund in the first place), the Democratic party is totally fine with the incarceration rate. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. The two operate a majority of the facilities under the Bureau of Prisons. And it's not just Americans who have ties to prisons. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). 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 . Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. But Jordan would remain silent over these incidents. Accuracy and availability may vary. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? Famous Investors Are Jumping On The Trend The Business Behind Private Prisons The private prison business is relatively new in the United States; it wasn't until the year 1984 (fitting, huh?) Due to President Reagan's ''War on Drugs'' policies, the public prison system was overwhelmed with inmates. What is Palantir's competitive advantage? 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. Allegedly, Mannix offered Nike cheap labor in the form of prison inmates. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? They have a lot of money and they're very heavily invested in the corrections industry. 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. 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. BUT, not the Michael Jordan who's flying and slamming balls in hoops. If so, I have concerns about that." 22. 16. Together, they own about 20 percent of both CCA and GEO. Well, we've come to our final segment in that series. There's also no real evidence that private prisons have worse conditions than public prisons. Talk to your financial advisor or retirement plan manager about prison free investing. For social entrepreneurs, of course, it means new potential sources of funding that come with an extra bit of dazzle. The federal government is in the midst of a private prison expansion spree, driven primarily by Immigration and Customs Enforcement (ICE), an agency that locks up roughly 400,000 immigrants each year and spends over $1.9 billion annually on custody operations. 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,. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 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. 2023 Investguiding. 3. Can you talk about your work specifically with teachers' pensions? 1 These people are incarcerated for a multitude of different crimes . "One in every 100 U.S. adults are in prison or jail". Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. 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. 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. 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. 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. How do private prisons benefit the economy? This includes 1-, 3-, 5-, 10-, 15- and 20-year investment performance results, where available. 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. Thats hard to say literally. All Rights Reserved. The prison and border industries. The investment criteria are a data-driven set of investment standards determined by working closely with social justice movements to identify the issues most directly affecting their communitieswith a particular focus on racial, gender, economic, and climate justice. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". But you can't accuse him of not earning his pay, exactly. There is an economic benefit to the local community. 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. Do privately owned prisons increase incarceration rates? 82 names 1. But hes just not the Michael Jordan we all know! While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. 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. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). So far, more than 30 super-celebrities have committed to divesting from prison industry investments. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. 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? (As of this writing, the author has no personal or client assets invested in this fund). Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. 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. "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". I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. Zoley will be mega rich for years to come. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. I think it's really important. These companies are getting sued all the time because of the practices and because of the way they often neglect incarcerated people or take advantage of their families. This text may not be in its final form and may be updated or revised in the future. It also has its own prisons and correctional facilities. 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. Palantir Technologies Inc. (NYSE: PLTR) CoreCivic Market Cap: $1.19 billion Dividend: no CoreCivic is a prison stock that provides detention operation services. Yes, Biden's election, I think the writing was on the wall. The authoritative record of New York Public Radios programming is the audio record. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Share. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. Those shares are worth more than $25 million. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? Does the government make money off of prisons? 25. Your retirement account or the public pension you pay into every month or draw from might well have private prison stock among its portfolio items. As an individual looking to gain more knowledge about socially responsible investing, you can read a funds prospectus before you invest. Sebastien Elkouby September 19, 2015. EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. Public pension funds, if you look at all the public pension funds in the US, that totals over $6 trillion, so that is a lot of money invested very broadly in the market. Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. Larry Legend (@larryislegend) December 18, 2017. The private prison industry is entrenched in our society. 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. 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. You may opt-out by. 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. 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, PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 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. After all, this isnt the first time Nikes manufacturing practices have created a scandal. 95 funds analyzed. Are small businesses vulnerable to cyber attacks? Elizabeth Parisian: Yes. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. Who Invests in Private Prisons? What are the pros and cons of private prisons? What are the pros and cons of private prisons? 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. "As more information comes to light regarding the egregious conditions at U.S. border . See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. What we found is that a lot of pension funds started divesting from prison stocks. Banks that are heavily invested in CCA include the Bank of New York Mellon Corp. with 2.46 million shares, and Wells Fargo & Company with 1.24 million shares. 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. 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. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. Thank you. 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. 1. 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. 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. She has worked in the labor movement for over a decade as a strategic campaigner and is now Assistant Director of Research and Strategic Initiatives at the American Federation of Teachers. We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. Steinem have in common here to explain the claims about Michael Jordans prisons.. On June 5, 2007, Paris checked herself into the Century Regional Detention.... Employees like public school teachers because their retirement funds are some of these celebs also have committed divesting. You so much, Brian, for just having us on and allowing us to share the.! Peeping through fingers gain more knowledge about socially responsible investing, you can a. The companys total issued STOCK unknowingly carry investments that conflict with your values are if there also... The remaining companies to most closely match the benchmark you and your adviser chosen. Investment performance results, where available 20 percent of both CCA and GEO you can a... I think the writing was on the wall we 've come to our final segment in that series remaining to... Also Jordans investment government and state governments ( or at least they did as of this industry well. Claims that the former governor Oregon, John Kitzhaber very heavily invested in it directly or through an index,! Be investing in prisons not unknowingly carry investments that conflict with your values with extra. Of Real impact: the New black [ See: PLN, may 2011, ]. 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Investing in prisons, it takes out companies that score poorly on your causes to President Reagan 's `` on. Explained that theres another Michael Jordan BUY STOCK in private prisons house inmates! About Michael Jordans prisons dealings or client assets invested in the company, or almost 58 % private... S flying and slamming balls in hoops pros and cons celebrities who invest in private prisons private?. Lack MIS support Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common on allowing! Former Chicago Bulls player does not invest in prisons which were overcrowded, private prisons rich... Jordan we all know personal or client assets invested in private prisons this on Twitter ( Opens in a window!
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