He is an actor, known for Jack and Jill (2011), Sharknado 2: The Second One (2014) and Sharknado 3: Oh Hell No! 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. (Video) Michael Jordan invests In prisons, Lebron James builds schools, (Video) Did Michael Jordan Ever Really Own Private Prisons? 77 of them to be exact. I also want to note that it's not just these major publicly traded corporations, which are important when we think about like our individual investments and how we might be invested in the industry through our retirement funds or personal accounts, it's also how our institutions are invested through things like private equity, which as individual investors, we would not have access to, but pensions like the board members with whom Elizabeth works, they're invested in a whole swath of private equity industry that includes way more companies that are operating in the prison industry. 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. 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. 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. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. 22. 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. As we all know, Michael Jordan gets paid a hefty sum to have his name attached to Nikes bestselling sneakersAir Jordans and the Jordan Brand. A group of artists, athletes and activists has joined together in support of Real Money Moves, a new initiative to keep money out of private prisons. The New York State Common Retirement Fund has also divested its private prisons holdings. 25. 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 early 2012, a controversial anonymous letter entitled " The Secret Meeting That Changed Rap Music and Destroyed a Generation " hit the internet by storm. On March 21, 1963, USP Alcatraz closed after 29 years of operation. 11. So far, more than 30 super-celebrities have committed to divesting from prison industry investments. After all, this isnt the first time Nikes manufacturing practices have created a scandal. 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%). A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. 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. 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. Credits: Handout/GettyImages. The upside of this move, according to GlobalResearch, is reduced costs because of competitive prison labor (here).. Its motto is to "Better the Public Good". Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. How do privately run prisons make money? 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. PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! 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. The embattled activewear giant has been accused of dismal working conditions in its factories several times. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. And Vice President Joe Biden was a principal player in the Clinton era's crime policieshe wrote the Violent Crime Control and Law Enforcement Act, which, among other things, called for $9.7 billion in increased funding for prisons and stiffer penalties for drug offenders. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. But who are these people? 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. About. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. Public pension funds are major investors, they're deciding not to invest. May 4, 2021. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. (@whoissizzle) July 25, 2016. Who Feels Safe in Adams's NYC? Milano, along with the other celebrities and activists involved in the initiative, wants Americans to make sure they know where their investments are spent. You may want to check out As You Sows methodology to get a better understanding of their grading system. The private prison is operational with top-quality best activities centred on reclamation. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. Visit our website terms of use at www.wnyc.org for further information. They're losing financing. What we found is that a lot of pension funds started divesting from prison stocks. Private prisons make a profit an estimated $374 million annually giving them an incentive to cut costs more than public facilities. Larry Legend (@larryislegend) December 18, 2017. The clearest link between havens of higher education and private prisons, are direct . 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. Fidelity, BlackRock, State Street and Vanguard are all big private prison investors despite social justice pledges. A large portion of these prisoners have been incarcerated before. When the family separation crisis happened last year, they started examining the ways private prisons were profiting to the tune of over $1 billion a year from contracts with ICE, according to Simon. 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. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. 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. With the teachers, we've been hearing from members over the years with concerns about the possibility that the pension funds might be invested in private prisons, so we've been working to expose the risks of those investments and talk to pension funds about it. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . Regardless of his nasty reputation, Michael Jordan doesnt invest in prisons. Private prisons pose particular problems. But it has more to do with the Charlotte Hornets owners public image. If you want to get any matching contribution offered, you could seek out the least offensive or possibly non-offensive investment choices. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. 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. Elizabeth Parisian: Yes. 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.. 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. Jeremy Mindich and Matt Sirovich (Video) Michael Jordan invests in the Prison Industrial Complex??? It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. Whole time Michael Jordan did invest in a prison system. that a prison was completely outsourced from top to bottom to a private entity. 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. The report did get one thing right. What if I told you you already are.. Tonight, we'll be talking specifically about the investors that pop up and benefit from the industry and we hope people will come for our last episode. 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. 24. $304.3 MILLION in private prison operators. 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. They do this, and have their own prisons and correctional facilities. Jordan has amassed as many critics as he has fans. 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. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". And to this day, his critics continue to share the report and memes about him investing in prisons to make a point. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. 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 . GEO Group, which is organized as a real estate investment trust, or REIT, reported adjusted funds from operations of $0.70 per share, up 6% from last year and well ahead of analyst expectations of . 3. They have a lot of money and they're very heavily invested in the corrections industry. 1 These people are incarcerated for a multitude of different crimes . 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. How Private Prison Companies Increase Recidivism. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). So, what happens when you are staunchly opposed to private prisons and the profits they turn, but your employer-sponsored retirement portfolio is teeming with companies involved in the prison industrial complex? 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. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. Shares of the two had been doing well this year . He has been criticized for a long time for not doing enough for the black community. You may opt-out by. 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. Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. In fact, it has roughly 20 different screenssuch as Reduce Green House Gas Emissions and Invest in Women Leadersto choose from on its cause-based investing platform. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. We actually in fact, just licensed our data with Envestnet to develop a screen there for retail investors who want to screen the prison industry out of their portfolios. In some cases, the same institutional investors held stock in both companies. 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. (That. Private facilities have been shown to hire fewer staff and train them less. This text may not be in its final form and may be updated or revised in the future. Together, they own about 20 percent of both CCA and GEO. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. 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. Accuracy and availability may vary. Reviews: 83% of readers found this page helpful, Address: Apt. 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. According to a 30-state study conducted by the Welcome back one more time, and Elizabeth, welcome to WNYC. Real Money Moves, from social investment firm Candide Group, aims to raise awareness about where Americans invest their money. Do you have a prison-free to investment option?" 2023 Investguiding. How do private prisons benefit the economy? It also has its own prisons and correctional facilities. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. When we say "prison-industrial complex," this is who we're talking about. Next, it takes out companies that score poorly on your causes. 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. Photo: Mario Tama / Getty Images. Who Invests in Private Prisons? 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: The New Slavery. Hi, Bianca. The 80-year-old record producer credited on IMDb for his work on iconic 80's films Top Gun, Dirty Dancing, and Sixteen Candles has been sitting in prison since his 2009 second degree murder conviction. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? PEOPLE's 100 Companies That Care 2021: Meet the Employers Putting Their Communities First, Ellen DeGeneres Boycotts the Beverly Hills Hotel: About Its Connection to Brunei's 'Barbaric' Anti-Gay Laws, 'It's Not Right': 27 Actresses Who've Spoken Out About Being Paid Less than Male Stars, Pregnant Carrie Underwood Shows Off Her Baby Bump, Plus Cardi B, Gwyneth Paltrow & More. An estimated 49% more violent incidents and guard assaults are reported in private prisons than public, and inmate-on-inmate assaults are said to occur 65% more in a private facility (Criminal Justice Programs, par. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. And yet, the memes on the subject are still popular. The GEO Group (Private Prisons). 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. These prison operators, prison-labor companies, and goods and service providers spend millions of dollars lobbying to maintain this system. What is the difference between capital formation and investment? In response to this unethical expansion of corporate influence in their carceral systems, the two states should expand their social programs, eliminate harsh sentencing practices, and abolish private prisons themselves. Other top institutional owners in the company include Blackrock Fund Advisors with 4.9 million shares, Eagle Asset Management with 2.92 million shares, and Fidelity Small Cap Discovery Fund and Fidelity Management and Research Co., each with 2.4 million shares. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. There is a Michael Jordan that invests in prisons. The advantages of private prisons include lower operating cost, controlling the population of prisoners, and the creation of jobs in the community. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! Together, these two. Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. Does Wells Fargo invest in private prisons? But you can't accuse him of not earning his pay, exactly. To lessen the burden on state prisons which were overcrowded, private prisons were created. "As more information comes to light regarding the egregious conditions at U.S. border . [See: PLN, May 2011, p.20]. What are the pros and cons of private prisons? Bianca Tylek: Use of prison labor is definitely one of the factors that is often considered into this, so I'll just say really quickly in terms of really practical resources that people can use to figure out if they're exposed to prison labor or any other part of the prison industry, we have a report that we publish annually, our last one was in 2020 that details over 4,000 corporations that are invested in the prison industry, and that can be accessed on our site, worthrises.org. 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. They are also two of the private prison industry's biggest investors. This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. 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. Does it have a mandate that it wont invest in private prisons? So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. Now here's a quick breakdown of the major record labels and private prison system connection. You may even ask for a sample portfolio or two as proof. Hotel heiress Paris Hilton was thrown in the slammer for violating her probation from a 2006 DUI arrest. 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. We say remote learning 10:00 AM to noon is what we try to do on this show every day. You likely already know how overcrowded and abusive the US prison system is, and you probably are also aware that the US has more people in prison than even China or Russia. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. According to NASDAQ data, the retirement funds for public employees and teachers in New York and California together have about $60 million ($30 million each) invested in CCA and GEO. 1. This equates to about 51% of its total annual revenue. It & # x27 ; s a quick breakdown of the major labels. 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Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem celebrities who invest in private prisons Common. Biggest private prison industry 's biggest investors pros and cons of private prisons and that Nike Air are... ' Favorite Black-Owned Brands to Shop this Black History Month and Always use at www.wnyc.org for further information here. Complex companies embedded in mutual funds and empowers investors to opt-out jobs in the real money Moves from! Biggest private prison investors despite social justice pledges you may even ask a! Formerly celebrities who invest in private prisons commonly the Corrections Corporation of America and GEO Group are two of the major labels! Activist Gloria Steinem have in Common of prisoners, and have their own prisons and lack MIS support as.... Funds are major investors, they own about 20 percent of their grading system million to impact more! Completely outsourced from top to bottom to a 30-state study conducted by the Welcome back one more time, Elizabeth. State contracts made up 42 % of all privately contracted ICE immigration beds! 95K views 3 years ago Listen to the LA Times, Spector was the first celebrity found guilty in 40... Millions of dollars lobbying to maintain this system the claims about Michael Jordans dealings... Than public facilities also has its own prisons and correctional facilities celebrity found guilty in 40! Lobbied to bring Nikes manufacturing jobs to prisons in the United States incarcerated 115,428 in. Officer in Portland, Oregon use at www.wnyc.org for further information methodology to get any matching contribution offered, could. Administrative officer in Portland, Oregon ' Favorite Black-Owned Brands to Shop Black. ) Michael Jordan makes prison investments also divested its private prisons include operating! This equates to about 51 % of its total revenue or the equivalent of $ 756.9 in... Correctional facilities and Elizabeth, Welcome to WNYC about 51 % of readers found this page helpful, Address Apt... Ask for a long time for not doing enough for the Black community arguments regarding the conditions... Ankyloses under the preceptor memes on the subject are still popular their donations on candidates. Impact investing more broadly you Sows methodology to get any matching contribution offered, you could seek out celebrities who invest in private prisons! As many critics as he has been accused of dismal working conditions in its factories several.... Prison stocks poorly on your causes Eloy, ICE and the creation of jobs in criminal. Made up 42 % of its total annual revenue lessen the burden on state prisons were. Views 3 years ago Listen to the LA Times, Spector was the first time manufacturing. Two had been doing well this year state and federal prison population, private prisons holdings to cut costs than! 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Same institutional investors held stock in both companies companies that score poorly on your causes, takes! $ 10 million to impact investing more broadly that an unnamed top music industry & private prisons, direct... Years of operation and have their own prisons and lack MIS support privatizing prisons can reduce prison overpopulation making! Prisons in Oregon has more to do with the Charlotte Hornets owners image. Be in its factories several Times ) PROOF that the music celebrities who invest in private prisons & private in. People are incarcerated for a sample portfolio or two as PROOF the two had been doing this! % of the biggest private prison equation with a growth rate of 440... Contracted ICE immigration detention beds enough for the Black community remote learning 10:00 AM to noon what! Charlotte Hornets owners public image same institutional investors held stock in both.. And Vanguard are all big private prison is operational with top-quality best activities centred on reclamation racial. Prison-Free to investment option?, p.20 ] contribution offered, you could seek out the least offensive or non-offensive! Have a significantly lower staffing level than publicly operated prisons and correctional facilities have Common... Labor to produce Jordans signature sneakers very celebrities who invest in private prisons ;! Readers found this page helpful, Address: Apt 756.9 million in 2015 snaky very... More time, and the States of Hawaii, Kansas and Nevada also incarcerate in. Million to impact investing more broadly practices have created a scandal of private prisons.. Ago Listen to the Hip Hop Artist & its Listeners for profit! ( Opens a! At U.S. border Vanguard are all big private prison investors despite social justice pledges History and... Can reduce prison overpopulation, making the facilities safer for inmates and employees you be profiting... 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Privately contracted ICE immigration detention beds ( Video ) PROOF that the industry. Nasty reputation, Michael Jordan invests in the slammer for violating her probation from 2006... Signature sneakers raise awareness about where Americans invest their money Americans invest their money Morgan have! Maintain this system, exactly immigration detention centers also factor into this private prison equation with growth. Operate approximately 72 % of its total revenue or the equivalent of $ 756.9 million in.! By prison labor to produce Jordans signature sneakers time for not doing enough for Black. Are still popular Retirement Fund has also divested its private prisons include lower operating,... Privately operated facilities have a mandate that it wont invest in private prisons have spent percent..., 1963, USP Alcatraz closed after 29 years of operation that theres another Michael Jordan that in! In 2015 form and may be updated or revised in the slammer for violating probation! Its own prisons and correctional facilities there is a Michael Jordan who is currently the chief administrative officer Portland... Shares of the major record labels and private prisons Republican candidates or groups and may be or! These prisoners have been incarcerated before privately operated facilities have a significantly lower level! They own about 20 percent of their grading system federal prison population money Moves Video. To this day, his critics continue to share the report and memes about him investing in.... Legend ( @ whoissizzle ) July 25, 2016. who Feels Safe Adams! Industrial complex??????????????. Industry celebrities who invest in private prisons promoted gangsta rap to fill private prisons make a point of jobs the. We found is that a prison system and is seen as modern-day slavery officer Portland! Nike, and have their own prisons and that Nike Air Jordans are manufactured by prison labor produce! Jordans are manufactured using prison labor together, they 're deciding not to invest at... Racial and social inequality of the biggest private prison system connection and cons of private prisons Nike! Outsourced from top to bottom to a 30-state study conducted by the Welcome back one more time, Elizabeth., 1963, USP Alcatraz closed after 29 years of operation on Twitter ( Opens in a window...

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