Yes, Michael Jordan did indeed invest in private prison stocks. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. 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. And the only way to make sure that we're not individually and collectively profiting off of it is to close these things. Unfortunately, many enterprises have the honour of immersing themselves in net profit over utility, creating many misfortunes. Extracting your support from the prison industrial complex. It also has its own prisons and correctional facilities. Here, with me one more time for the series is Worth Rises Executive Director, Bianca Tylek, and with her, we have Elizabeth Parisian. 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. Retired People and Probably You 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 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. Which facilities make the most profit from incarceration? Arizona's state retirement. Although Richard Nixon and Ronald Reagan are largely responsible for the drug-war policies that caused the prison population to skyrocket, Bill Clinton was a "tough on crime" president who continued their ideas. Yes, Michael Jordan did indeed invest in private prison stocks. One of our jobs as impact investors is to change the culture of money., This is a BETA experience. 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. This equates to about 51% of its total annual revenue. 1. Does the government make money off of prisons? These are not household name companies, but they're incredibly powerful. The article cites another piece by GlobalResearch.ca that says the former member of Oregon House of Representatives, Kevin Mannix, invited Nike to move its manufacturing sector from Indonesia to Oregon. Private prisons can transform the broken government-run prison system. 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. To lessen the burden on state prisons which were overcrowded, private prisons were created. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). More. CoreCivic is a prison stock that provides detention operation services. In fact, around 92.4% of CCAs stock was owned by 300 institutional investors while 91.1% of GEO Group stock was owned by 272 institutional investors at the end of July 2015. Statistics from the U.S. Department of Justice show that, as of 2019, there were 116,000 state and federal prisoners housed in privately owned prisons in the U.S., constituting 8.1% of the overall U.S. prison population. If not, that means it may choose to invest in them in the future. You can then do further research to make up your own mind. They are also two of the private prison industry's biggest investors. However, you can always contact the pension fund and ask this question. 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. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. What is Palantir's competitive advantage? When we say "prison-industrial complex," this is who we're talking about. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. All rights reserved. That means not just building wealth, but being conscious about what that wealth does in the world. If so, I have concerns about that." How do private prisons benefit the economy? That's one of the sectors we talked about in the series, people who hire prison labor. (Video) Michael Jordan invests In prisons, Lebron James builds schools, (Video) Did Michael Jordan Ever Really Own 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. 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? Private prisons affect the cost, skillfulness, and capability. 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. Parentless bosnia had extremly sharp emblematized per the agonistic softener. Its motto is to "Better the Public Good". A subset of the group, including Morgan, have committed over $10 million to impact investing more broadly. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. Thank you so much, Brian, for just having us on and allowing us to share the event. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. Rating False Origin A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. In fact, he's so proud of his business, which has committed a laundry list of human rights abuses, he tried to get a college football stadium named after it. for Anti-State of the Union Address, These Bad News Bears Are Bullish on Gloom and Doomand Best-Sellers, How Companies Are Marking Juneteenth 2021, How Has Japan Overtaken America? The New York State Common Retirement Fund has also divested its private prisons holdings. (2015). The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. [See: PLN, May 2011, p.20]. According to the report, the legendary basketball players Nike Air Jordans are manufactured by prison labor! 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. He resigned in 2015, soon after scandals abruptly ended Kitzhabers fourth term. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. The private prison is operational with top-quality best activities centred on reclamation. Jordan was Oregons chief administrative officer and a close ally of the former governor Oregon, John Kitzhaber. (Video) Michael Jordan invests in the Prison Industrial Complex??? New York Public Radio transcripts are created on a rush deadline, often by contractors. I havent seen a target-date fund exclude any investments. 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. (@whoissizzle) July 25, 2016. 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. Which facilities make the most profit from incarceration? PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. 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. Jail was jail for both the rich and poor. Over 100 of them to be exact. CDCR additionally staffs California City Correctional Facility, which was leased from CoreCivic starting in 2013 as part of measures to reduce state prison overcrowding. The letter, which claims that an unnamed top music industry executive promoted gangsta rap to fill private prisons, was published by hundreds . 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. Here's a look at the 10 most pampered celebrity prisoners: 1. Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. Aside from being super A-list celebrities, that is. Most of these employees are probably unaware that their pensions are tied to prisonsand it's hard to say that these are "bad" investments from a purely capitalistic perspective, since these prisons are making money hand over fist. 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. Inmates work for pennies per hour. CCA board member Joseph V. Russell owned 204,306 shares as of February 2015, while the companys CEO, Damon Hininger, owned 181,833 shares as of March 16, 2015. 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. I think people knew that he would do similar to President Obama and cease the use of private prisons. How much working capital do I need when buying a business? 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. "As more information comes to light regarding the egregious conditions at U.S. border . 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. 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. 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. But this may not allow you to have a balanced, risk-adjusted return portfolio suitable for your retirement needs. Bianca Tylek: Absolutely. This is never a snap decision. Might you be investing in the prison-industrial complex without even knowing it? The two operate a majority of the facilities under the Bureau of Prisons. They also pay less, leading to higher turnover and less experienced and well-equipped officers. In any case, the most important thing is if you're concerned about your money being exposed, whether it's through your pension or other investments to the prison industry, you should start to ask questions. There is an economic benefit to the local community. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. 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." UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 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. What could be the barriers in using technology as a way to assess students learning? Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. (Video) How To Invest In Private Prisons 1. 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 . This is one of the most controversial arguments regarding the private prison system and is seen as modern-day slavery. 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. 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 prisoner abuse and mismanagement. Its the lawmaker who reportedly invests in private prisons. 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. Henri Wedell 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. What if I told you you already are.. 4. (Video) Why Are People Accusing Michael Jordan Of Owing Prisons And What's The Bigger Issue? What happens when no more shares to short? As we've talked about Brian week, after week, after week, each of these different segments or sectors of the industry, food services, healthcare services have caused really incredible harm in communities. Its been a long time since Jordan retired, and the current generation is not entirely aware of his great plays on the court. Today, private prison corporations like the GEO Group, CoreCivic, LaSalle Corrections, and the Management and Training Corporation (MTC) own or operate facilities that hold the overwhelming majority of detained people for Immigration and Customs Enforcement (ICE). Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. 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. 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. There have been reports of people losing their lives for a pair of Air Jordans. Jordan has amassed as many critics as he has fans. ", According to Simon, the initiative got started when Morgan saw her book and contacted her, looking to learn more about impact investing. Does the government make money off of prisons? 95 funds analyzed. 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. Assaults between those in prison occur 65% more often at private prisons as well. Nonetheless, none of its employees are prison inmates. 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. 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.. Bianca Tylek: Yes. 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. How do private prisons benefit the economy? But Jordan would remain silent over these incidents. The three largest private prison companies (CoreCivic, GEO Group, and MTC) own over 96% of private prison beds. Brian Lehrer: Let me just say, Bianca, that it's been such a great pleasure and so informative and educational to talk to you every week for these last three months. "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. Private prisons offer innovative programs to lower the rates of re-imprisonment. It's virtual, but it's live through The Greene Space. What are the pros and cons of private prisons? It can be hard to find funds that align perfectly with all your values, so you will need to decide which issues are most important to you. A report by UrbanIntellectuals.com claims that Michael Jordan makes prison investments. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. I think it's really important. 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. 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? That happens because we are so free in this country.". "Private prisons have incentives to make money [and] to cut costs," he says. The report did get one thing right. They're losing financing. But if private prisons aren't at the root of mass incarceration, that doesn't mean that private investors haven't found ways to make our criminal justice system worse. In 2015, CoreCivic (Corrections Corporation of America) received $911.8 million in federal money from its various prison-related contracts. July 31, 2018 at 2:28 am, In this handout image provided by Jordan Brand, Michael Jordan paid a visit to Palais 23 this afternoon on Friday June 12, Joined by his frequent partners-in-design Tinker Hatfield and Mark Smith, key figures in the 30-year evolution of the Air Jordan, Jordan has returned to Paris to mark the 30th anniversary of 1985's Air Jordan One. Private prisons pose particular problems. Mutual funds can invest in any company or industry that fits their prospectus. 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,. 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 report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. 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. We want to inspire people to take action, says Simon. 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. Can you talk about your work specifically with teachers' pensions? Whole time Michael Jordan did invest in a prison system. BUT not the Michael Jordan who's flying and slamming balls in hoops. Since 2000, the number of people housed in private prisons has increased 32% compared to an overall rise in the prison population of 3%. Teacher retirement funds in Texas and Kentucky have $8.3 million and $4 million invested in prisons respectively, and public employees in Florida ($10.3 million), Ohio ($8.6 million), Texas ($5.6 million), Arizona ($5.3 million), and Colorado ($2.25 million) are also connected to the industry. 1 These people are incarcerated for a multitude of different crimes . 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. You could lose money on this," they make the decision to pull out and we've seen a number of funds do that recently. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. But who owns private prison stock as individual shareholders? 17. At an average cost of $60 per day per prisoner, that costs states between $1.9 to $10.6 million per year, if all those additional prisoners are in private prisons. George Zoley But who are these people? 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. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. 82 names 1. But you can't accuse him of not earning his pay, exactly. Using public data, I came up with some names. 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. This text may not be in its final form and may be updated or revised in the future. 77 of them to be exact. Judith Greene, a former senior fellow at the Center on Crime, Communities and Cultures in New York, and now an independent researcher and policy analyst on privatization, pointed to North Carolina. The sins of the prison and jail telephone industry trying to charge families $1 a minute for simple telephone calls are well-documented . A large portion of these prisoners have been incarcerated before. This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. Corrections Corporation of America ) received $ 911.8 million in federal money from its prison-related! Most controversial arguments regarding the egregious conditions at U.S. border jail telephone industry trying to charge families $ a. Make sure that we 're not individually and collectively profiting off of it is to & quot ; as information... 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