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Tue Nov 26, 2019, 09:49 AM

Yet Another Investment Firm Profiteering Off Of Inmates




Anand Giridharadas

@AnandWrites
Today I'd like to share a story of a business that gives back.

(But keep reading, just in case.)


Full thread (minus images):

https://threadreaderapp.com/thread/1199332160152506369.html?refreshed=yes
Today I'd like to share a story of a business that gives back.

(But keep reading, just in case.)

American Securities is an investment fund that manages a great deal of money.


And it believes in giving back. I mean, wow. Just look at this list of nonprofits it supports.

Giving Back | American Securities
We believe in long-term strategic partnership, built on trust and driven by core values.
https://www.american-securities.com/en/our-firm/giving-back




And this is inspiring, because so many companies don't have this spirit.

They take and take, and profit from pain.

For example, this company in the news, GTL, which charges prison inmates $3 an hour to read books that are free and in the public domain.

West Virginia Inmates Will Be Charged by the Minute to Read E-Books on Tablets
Inmates at several West Virginia prisons are getting free electronic tablets to read books, send emails, and communicate with their
https://reason.com/2019/11/22/west-virginia-inmates-will-be-charged-by-the-minute-to-read-e-books-on-tablets/
I wonder who is behind this company, GTL?

Maybe we can get a generous company like American Securities to teach them how to be kinder.

Oh, gosh.

American Securities owns GTL.

Oh, gosh.

So here's how it works, then. GTL profiteers from mass incarceration, making money selling inmates the chance to read works that are free and belong to the public.

Then American Securities reaps returns from investments like these, and donates a fraction to all these nonprofits.
Now, we have a recourse in politics.

And Senator @CoryBooker has bravely stepped up and called out GTL’s abusive profiteering.

mentions But if you want to know what a rigged system looks like up close, consider that American Securities, the owner of the company @CoryBooker has criticized, is a Booker donor.

American Securities LLC: Summary
Find the companies and other organizations seeking to influence U.S. politics and policy via campaign donations and lobbying spending, and see which members of Congress hold stock in those companies.
https://www.opensecrets.org/orgs/summary.php?id=D000031499&cycle=2014

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