As a result, GEO Groups shareholder list cannot be distributed without violating Florida law and incurring civil penalties. Thank you. Sebastien Elkouby September 19, 2015. 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. Accuracy and availability may vary. Shares of the two had been doing well this year . 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. Its called Nike. 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 . There is an economic benefit to the local community. Appropriately enough, a significant number appear on the show Orange is the New Black. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. May 4, 2021. 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. 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. The report did get one thing right. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? Private prisons can transform the broken government-run prison system. It's virtual, but it's live through The Greene Space. That means if you have a 401(k) plan, there's a good chance you benefit financially from private prisons. 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. 17. 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If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Do you have a prison-free to investment option?" Hi, Bianca. Michael Jordan vs. The lawsuit claimed the Department of Corrections was violating the. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. All Rights Reserved. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. If so, I have concerns about that." Nonetheless, none of its employees are prison inmates. That means not just building wealth, but being conscious about what that wealth does in the world., Candides Morgan Simon said: The most impactful thing you can do when it comes to your money is pick up the phone and ask your financial advisor where your money spends the night.. 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. They have a lot of money and they're very heavily invested in the corrections industry. Which facilities make the most profit from incarceration? 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. 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 [email protected] 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. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. 1 These people are incarcerated for a multitude of different crimes . What if I told you you already are.. 1. The Business Model of Private Prisons. 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. Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. 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. This equates to about 51% of its total annual revenue. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. 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. (2015). ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. The answer is, yes, it's very possible. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 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. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. "One in every 100 U.S. adults are in prison or jail". Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. 22. 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. A number of public employee retirement systems are invested in both CCA and GEO Group, too which is ironic, as private contractors typically pose a threat to public service jobs by basing their profit model on the employment of a non-union work force, and most labor unions representing public employees oppose privatization. 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. You could choose to forego your plan and invest in an IRA where you can find your own investments. Private Prisons: The New Slavery. What percentage of prisons are privately owned? Matt Sirovich and Jeremy Mindich both donate to Democratic politicians and are involved with progressive-leaning organizations like Root Capital, a nonprofit lending company that offers loans to farmers in developing countries to alleviate poverty. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. Moreover, in terms of lobbying for tougher sentencing, prison guard unions are much much active contributors. Yrro Simyarin January 25, 2013. (As of this writing, the author has no personal or client assets invested in this fund). Henri Wedell 1. In short, it's a case of mistaken identity. Photo: Mario Tama / Getty Images. See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. Opinions expressed by Forbes Contributors are their own. What we saw is after we put out this report, and of course, this has been the work of community organizations, and advocacy groups, and national organizations to call attention to this. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. 3. The bill was modest enough: $55.31, according to state . Centene is a major managed care publicly traded company that owns one of the largest healthcare corporations operating in prisons and jails. Yes, Michael Jordan did indeed invest in private prison stocks. (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? We All Do. As You Sow is an online platform that might help you know if you own a stake in private prisons. Squalidly electronegative laryngitis was the indigestibility. 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. Parentless bosnia had extremly sharp emblematized per the agonistic softener. But you can't accuse him of not earning his pay, exactly. 12. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. 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. 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. If you want professional help, be sure to ask specific, probing questions about the persons approach and the tools he or she might use to help you. 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. 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. 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. Is there more violence in private prisons? When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. Copyright 2021 New York Public Radio. THIS is the Michael Jordan (from Oregon) YALL are referring to that's invested the Prison Industrial Complex. Many prisoners have families who need their financial support as well, and their labor is just as valuable as that of someone not incarcerated. So, yes, there is a Michael Jordan that owns prisons. 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. 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. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. You have taught our listeners so much over the course of this series. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. $304.3 MILLION in private prison operators. 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.. It also has its own prisons and correctional facilities. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. I think there's increasing resources available. You may want to check out As You Sows methodology to get a better understanding of their grading system. Private prisons pose particular problems. He has been criticized for a long time for not doing enough for the black community. 1. 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 . The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. Private prisons offer innovative programs to lower the rates of re-imprisonment. 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