Private Prison Stocks Soar As Companies Cash In On Incarcerated Immigrants
Share prices for two of the largest private prison firms have spiked sharply since an influx of unaccompanied migrant children crossing the border was reported this summer. And some investors in GEO Group and Corrections Corporation of America are seizing on the opportunity for more profit from incarceration, according to recent comments to CNN Money.
“Investors see this as an opportunity. This is a potentially untapped market that will have very strong demand,” activist investor Alex Friedmann told CNN Money.
Both firms, which house prisoners through private sector contracts with the government, have arrangements with federal agencies to detain immigrants. Since July 30, CCA’s stock has increased 8.5 percent, and GEO’s has increased 7 percent. "
*Last year, filings showed GEO Group hired a lobbyist to influence federal immigration legislation, despite promises not to do so. And over the past 12 years, GEO has spent at least $4.2 million on direct, reported political contributions, in addition to other contributions by affiliated political action committees, according to data compiled by the National Institute on Money and Politics. A 2012 Associated Press report found that GEO and the two other largest private prison firms had spent $45 million on campaign donations and lobbyists over the course of ten years. "
http://thinkprogress.org/justice/2014/09/02/3477866/private-prison-investors-see-profit-in-central-american-migrant-influx/
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