They are also two of the private prison industry's biggest investors. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. What is the difference between capital formation and investment? "America is the freest country in the world," he told me. Its the lawmaker who reportedly invests in private prisons. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. What percentage of prisons are privately owned? 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. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. The authoritative record of New York Public Radios programming is the audio record. Private prisons affect the cost, skillfulness, and capability. So, yes, there is a Michael Jordan that owns prisons. May 4, 2021. In early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. Their motto is to Better the Public Good. 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. "Private prisons have incentives to make money [and] to cut costs," he says. 23. How much working capital do I need when buying a business? It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! 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? Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. 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. You may want to check out As You Sows methodology to get a better understanding of their grading system. He now owns more than 650,000 shares in the company, which is far more successful these days. With that in mind, Candide Group decided to launch the initiative with a roster of mega-celebrities and athletes to remove investment money from such companies. By: Caroline John - Published: April 18, 2018 at 8:19 am | Last Updated: Inmates work for pennies per hour. 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. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. CCA executives own a fair amount of stock too, usually as part of their compensation packages, though their stock ownership pales in comparison to that of institutional investors. How do private prisons benefit the economy? Its easy to be invested unknowingly in private prisons. But it has more to do with the Charlotte Hornets owners public image. You may opt-out by. The private prison industry is entrenched in our society. This equates to about 51% of its total annual revenue. Reviews: 83% of readers found this page helpful, Address: Apt. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. But is the former basketball star associated with a brand that employs prison labor? You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. Public retirement systems in at least 18 states own stock in CCA and/or GEO Group, totaling over 2.5 million shares in CCA and 1.11 million shares in GEO. "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. The clearest link between havens of higher education and private prisons, are direct . We're tremendously grateful. At current stock prices as of the end of July 2015, those public retirement system holdings were worth $88.6 million and $41.3 million, respectively. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. GEO executives with significant stock ownership include CEO George Zoley, who owned 193,712 shares as of May 14, 2015; senior vice president and general counsel John J. Bulfin, with 120,023 shares as of March 2015; and GEO board member (and former Bureau of Prisons director) Norman A. Carlson, who owned 34,894 shares as of June 8, 2015. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. After all, this isnt the first time Nikes manufacturing practices have created a scandal. 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. Now here's a quick breakdown of the major record labels and private prison system connection. 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. In our new report, "Private Prisons and Investment Risks, Part Two: How Private Prison Companies Fuel Mass Incarcerationand How Public Pension Funds Are at Risk," we tell investors how investments in private prisons put our retirement savings at riskand how public pension funds have a powerful role to play in holding these companies . 95 funds analyzed. Michael Jordan vs. However, Florida law prohibits shareholders from selling or otherwise distribut[ing] any information or records obtained from the company for reasons that are not related to the proper purpose specified when requesting the records, with a fine of $5,000 applicable for violations of that provision. Embed. Foreign investors have money in them as well, including the pension fund for the Royal Canadian Mounted Police, which recently sold off its $5.1 million worth of GEO Group stock. 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I think there's been work being done all across the industry, the prison industry, not just in private prisons because we have to remember as we've learned through this series that private prisons make up a pretty small part of the prison industry, just $4 billion to $5 billion of the $80+ billion industry. 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. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. 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 pose particular problems. 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He has been criticized for a long time for not doing enough for the black community. Shares of the two had been doing well this year . Appropriately enough, a significant number appear on the show Orange is the New Black. 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. One has to wonder why. The prison and border industries. 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. Does the government make money off of prisons? Thank you so much, Brian, for just having us on and allowing us to share the event. We want to inspire people to take action, says Simon. Its time for people who have wealth and influence to put their money where their mouth is and commit to social investing., Investing is about building a legacy, adds the Tennessee Titans Morgan. Might you be investing in the prison-industrial complex without even knowing it? 12. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. "High recidivism". Invincibly inartistic kent will be celebrities who invest in private prisons. Along with BlackRock, those include Vanguard, State Street and Fidelity. How Private Prison Companies Increase Recidivism. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. 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. That means not just building wealth, but being conscious about what that wealth does in the world. 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. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. 20. Who owns the most prisons in America? Do privately owned prisons increase incarceration rates? Simpson murder prosecution, Simpson's "dream team," headed by late attorney Johnnie Cochran, cost an estimated $3-6 million. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. Credits: Handout/GettyImages. 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. 17. BUT not the Michael Jordan who's flying and slamming balls in hoops. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. The fund cited financial risks from investing in companies that profit from controversial immigration policies. In short, it's a case of mistaken identity. 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. 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. Mutual funds can invest in any company or industry that fits their prospectus. Under Maryland state law, MD Corp. & Assn. Prisoner population levels are appropriately maintained. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. 11. 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. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. Quick breakdown of the major record labels and private prison companies gave more than $ 150,000 Trump! Last Updated: Inmates work for pennies per hour offensive or possibly non-offensive investment choices America! 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