Private prisons' stocks drop on Warren pledge

[bluewater]

Shares in private prisons dropped Friday after Sen. Elizabeth Warren (D-Mass.) pledged to ban them if elected president, according to CNN.
Private prison operator CoreCivic's stock fell 5 percent. Shares of The GEO Group, a Florida-based private prison and detention company, fell 5.6 percent. Those drops came as broader stock market on Friday was flat, leaning toward growing.

Warren earlier Friday called for the abolition of private prisons and private immigration facilities "by ending all contracts that the Bureau of Prisons and ICE [Immigration and Customs Enforcement] have with private detention providers."

The Massachusetts lawmaker described private detention facilities as rife with corruption, mistreatment of inmates and support from lobbying efforts in Washington.

Warren's campaign told CNN they were unfazed by the stock drop.

"They shouldn't have a share price because they shouldn't exist," Kristen Orthman, campaign communications director, said.

https://thehill.com/homenews/campaign/449834-private-prisons-stocks-drop-on-warren-pledge

[ck4829]

1. Stocks are dropping because someone won't be able to imprison their fellow citizens?

That's some late stage capitalism right there.