Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. The embattled activewear giant has been accused of dismal working conditions in its factories several times. While institutional investor ownership is a matter of public record, most individual shareholders own stock through brokerage firms, mutual funds, retirement accounts or other investment vehicles, not directly; thus, its difficult to connect them to specific stock ownership. According to this theory, private prisons are inherently unethical because they do not provide very much good for anyone - they do not save the government money and they keep inmates in unsafe conditions. Michael Jordan vs. Thats hard to say literally. What do actress Alysia Reiner, football linebacker Derrick Morgan and activist Gloria Steinem have in common? EarnTheNecklace.com is here to explain the claims about Michael Jordans prisons dealings. This equates to about 51% of its total annual revenue. (@whoissizzle) July 25, 2016. Today, CDCR owns and operates 34 state prisons. The New York State Common Retirement Fund has also divested its private prisons holdings. But you can't accuse him of not earning his pay, exactly. 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. Bianca Tylek: Yes. On March 21, 1963, USP Alcatraz closed after 29 years of operation. 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. Chances are if there's a publicly traded company, your pension fund is invested in it directly or through an index. Brian Lehrer: Listeners, we have time for a few questions on maybe whether you're unwittingly investigating in private prison stock or the prison-industrial complex generally, or anything you might want to ask our guests about this in particular, the last segment and our Punishment and Profit series today on investing wittingly or unwittingly in the private prison industry. Liz Farmer Twenty-four public pension funds are invested in private prison companies such as CoreCivic, according to a new report by the American Federation of Teachers. Under Maryland state law, MD Corp. & Assn. Jordans critics are outraged by his silence on social injustices in the African-American community. 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. 16. Since CCA has around 117 million shares of outstanding stock, an investor would have to own about 5.85 million shares (currently valued at over $200 million) before they could obtain a copy of the companys shareholder list. 24. 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. And this claim birthed many Michael Jordan prison memes. 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. 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. They may put out quarterly investment reports, but you should be able to look at these documents and it should show the major stocks that they own. 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. Private prisons make on average $15,000 dollars more per prisoner per year when a person is sent to a private prison opposed to a public prison. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. 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. It's virtual, but it's live through The Greene Space. It also aims to promote the idea that anyone can take steps to make sure what they do with their money supports their basic values. (Video) How To Invest In Private Prisons 1. Tags: activists, alysia, alyssa, appropriately, beth, black,, celebrities, celebrities who invest in private prisons, committed, divesting, dover, ellen, enough,, far,, includes, industry, invest, investments, kate, lyonne,, milano, money, moves, mulgrew, natalie, natasha, number, orange, pompeo,, portman,, prison, prisons, private, real, These are large, large pools of money and they're long-term investors, but they did the analysis and they found that these investments are too risky to remain invested in and decided to pull out. I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. Just tell people about the final event in your live series that is tonight at 7:00 PM. 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. 2023 Investguiding. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. In fact, it has roughly 20 different screenssuch as Reduce Green. Private prisons affect the cost, skillfulness, and capability. 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. Photo: Mario Tama / Getty Images. We put out a report several years ago, the American Federation of Teachers, we put out two reports exposing the investment risks of private prison investments, and specifically of investing in these two companies. FYI.. Michael Jordan is NOT an investor in private prisons. 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. Michael Jordan, an Oregon lawmaker, has next to no resemblance to NBA legend Michael Jordan. 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. Retired People and Probably You Appropriately enough, a significant number appear on the show Orange is the New Black. In some cases, the same institutional investors held stock in both companies. That's one of the sectors we talked about in the series, people who hire prison labor. 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Thank you. 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. Private prisons in the United States incarcerated 115,428 people in 2019, representing 8% of the total state and federal prison population. 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. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. 77 of them to be exact. I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. (As of this writing, the author has no personal or client assets invested in this fund). Private prisons pose particular problems. There is a Michael Jordan that invests in prisons. So, yes, there is a Michael Jordan that owns prisons. Concerned that you wont make money? One has to wonder why. Really think about that for a second. Private facilities have been shown to hire fewer staff and train them less. Extracting your support from the prison industrial complex. (2015). The Justice Department concluded in a review that private prisons were more dangerous and less effective at reforming inmates than facilities run by the government, leading to policy changes under the Obama Administration to phase out private contracts. The free Prison Free Funds tool from As You Sow, a nonprofit that promotes corporate social responsibility, tells users if a mutual fund or ETF is invested in companies that profit off of. 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. Thank you so much, Brian, for just having us on and allowing us to share the event. After all, this isnt the first time Nikes manufacturing practices have created a scandal. Yes, Biden's election, I think the writing was on the wall. 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. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. Download. There's regulatory risk. That happens because we are so free in this country.". $151.4 BILLION invested in companies involved in the prison industrial complex It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. Welcome back one more time, and Elizabeth, welcome to WNYC. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? 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. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. Why is Pakistan an underdeveloped country? 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. 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. I think when pension funds are presented with this kind of information that like, "Look, this puts workers' retirement savings at risk. How do private prisons benefit the economy? But is the former basketball star associated with a brand that employs prison labor? Larry Legend (@larryislegend) December 18, 2017. 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. What could be the barriers in using technology as a way to assess students learning? 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