Archive for June 20th, 2014

20
Jun
14

unmasking private prison investors

mask

It has long been my belief that the individuals and companies behind the injustices perpetrated against young people must be unmasked, otherwise reform will never take place. CCA and GEO are the two largest private prison companies in the US, and these are the biggest shareholders profiting from their growth and practices.

Do what you will with this information. My own son works for one of these investors, and this information will certainly affect how I advise him. He is a deeply ethical young man, and it is essential that he knows his employer is working against my goals.

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Million Shares Club: 36 Major Private Prison Investors

by the Prison Divestment Campaign

June 12, 2014

There are 36 US-based major financial investors that own over one million shares of CCA and GEO combined. The following companies each own over 1 million shares of CCA and GEO, and collectively own over two-thirds of CCA and GEO:

American Century Companies Inc.
Ameriprise Financial Inc.
Balestra Capital LTD.
Bank Of America Corp.
Bank Of New York Mellon Corp.
Barclays Global Investors
Blackrock Fund Advisors
Carlson Capital LP
Cramer Rosenthal McGlynn LLC
Dimensional Fund Advisors LP
Eagle Asset Management Inc.
Epoch Investment Partners, Inc.
FMR LLC
Goldman Sachs Group Inc.
Hamlin Capital Management, LLC
ING Investment Management, LLC & Co.
Invesco LTD.
Jennison Associates LLC
JPMorgan Chase & Co.
Keeley Asset Management Corp.
Lazard Asset Management LLC
London Co. Of Virginia
Makaira Partners LLC
Managed Account Advisors LLC
Morgan Stanley
Neuberger Berman Group LLC
New South Capital Management INC
Northern Trust Corp
Principal Financial Group Inc
Renaissance Technologies LLC
River Road Asset Management, LLC
Scopia Capital Management LLC
State Street Corp
Suntrust Banks INC
Vanguard Group INC
Wells Fargo & Company

Without the financial support of major investors like Vanguard and Wells Fargo, CCA and GEO alone would not be strong enough to successfully lobby for policies that increase the federal government’s demand for private prisons. With these powerful allies, however, they have been able to sway public policy in favor of more severe “tough on crime” laws and the increasing criminalization of immigrants.

The financial services industry now makes up a third of the US economy, and its members collectively own over two-thirds of CCA and GEO Group. It is the most powerful lobbying force in both Washington DC and in state governments. To address the root causes of anti-immigrant and other racist legislation, it is imperative that we expose and sever the financial ties that allow shareholders to cash in on the incarceration of immigrants and people of color.

Divestment from these financial services companies because they support CCA and GEO will force these companies to change their investment practices if they want to continue making a profit. With enough public pressure, these 36 major investors will divest or create portfolio screens shielding their investments from making their way to CCA and GEO. Once deprived of the financial support of their investors, CCA and GEO will lose capital and with it, their ability to lobby for stricter punishments, anti-immigration laws, and more contracts.

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Groove of the Day

Listen to Fleetwood Mac performing “Behind the Mask