Yes, Michael Jordan did indeed invest in private prison stocks. If you have a pension fund, most public pension funds put out an annual report. "One in every 100 U.S. adults are in prison or jail". 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. How Private Prison Companies Increase Recidivism. Do you have a prison-free to investment option?" Larry Legend (@larryislegend) December 18, 2017. How much working capital do I need when buying a business? See the chart accompanying this article for a list of public employee retirement systems invested in private prison stock as of March 31, 2015. 2. Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. 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. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? 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. If so, I have concerns about that." Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. Age, Race And Money. Jean: Hello. Does the government make money off of prisons? 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. Well, we've come to our final segment in that series. 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. You could choose to forego your plan and invest in an IRA where you can find your own investments. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. 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. Arizona's state retirement. 4. Using public data, I came up with some names. This year is no differentbut why the record-high spend? Here's a look at the 10 most pampered celebrity prisoners: 1. 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. Jordan has amassed as many critics as he has fans. Using NASDAQ data, I looked through the long list of investors in Corrections Corporation of America and GEO Group, the two biggest corporations that operate detention centers in the US, to find out who was cashing in the most on prisons. Bianca Tylek: Absolutely. PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! But you can't accuse him of not earning his pay, exactly. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. Privatizing prisons can reduce prison overpopulation, making the facilities safer for inmates and employees. Their day job, however, is running Scopia Capital, a hedge fund that is the one of the largest shareholders of GEO Group. Inmates work for pennies per hour. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. But this may not allow you to have a balanced, risk-adjusted return portfolio suitable for your retirement needs. 130,000 people incarcerated by private companies is roughly 7% of the total inmate population. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. In some cases, the same institutional investors held stock in both companies. In "'All Eyez on Me': America's War on Drugs and the Prison-Industrial Complex ," Andre Douglas Pond Cummings documents the obvious truth that "the vast majority of the prisoner increase in the United States has come from African-American and Latino citizen drug arrests." 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. The embattled activewear giant has been accused of dismal working conditions in its factories several times. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. 24. (Vlog), (Video) Willie D Lays out His Reasons Why He Thinks Michael Jordan Is a B**** (Part 7), (Video) Michael Jordan holds stocks in private prisons. 2. Might you be investing in the prison-industrial complex without even knowing it? Are small businesses vulnerable to cyber attacks? $151.4 BILLION invested in companies involved in the prison industrial complex 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. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. 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. 22. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. It did not close because of the disappearance of Morris and the Anglins (the decision to close the prison was made long before the three disappeared), but because the institution was too expensive to continue operating. Is there more violence in private prisons? Moreover, in terms of lobbying for tougher sentencing, prison guard unions are much much active contributors. 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. [1990] The music industry invested into private prisons and conspired to only promote racial stereotypes in gangsta rap to influence a whole generation by misguiding impressionable young minds into adopting glorified criminal behaviors which often lead to their incarceration [more in comments] How do I report excess contributions removed? The exact form that will take is up to the individual. 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. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. (As of this writing, the author has no personal or client assets invested in this fund). 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. 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. Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. 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. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. 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. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. Some of these celebs also have committed to becoming impact investors. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. Together, they own about 20 percent of both CCA and GEO. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. Download. They are part of what is known as the prison industrial complex. This is essentially a network of companies, legislators, government systems, and investors that profit from the business of imprisoning people. The prison and border industries. 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. 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. 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. Viral Hip Hop News 312K subscribers 95K views 3 years ago Listen To The Hip Hop Uncensored. 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? In early 2017, Rep. Sheila Jackson Lee, a Democrat from Texas, introduced a resolution to require operators of federally funded private prisons to maintain the same level of transparency about their operations as government-run prisons do. There's regulatory risk. The company is one of the nation's largest private prison operators and also. (Video) Michael Jordan invests in the Prison Industrial Complex??? 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. Elizabeth Parisian: Yes. 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. Concerned that you wont make money? Michael Burry's Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons. Yes, Biden's election, I think the writing was on the wall. I think there's been a lot of work and again a lot of campaigning around this that can support folks who have these questions. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. Thank you so much, Brian, for just having us on and allowing us to share the event. The brands investment into private prisons SET up Hip Hop News 312K subscribers views... ; s largest private prison company are GEO Group and CoreCivic penning annual letters to fellow top executives challenging! To becoming impact investors of our members participate in public pension funds put out an annual report so much Brian! For this and other premium content Legend Michael Jordan to becoming impact investors and empowers investors to opt-out activewear has... 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