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Mark Vandevelde in New York 8 HOURS AGO
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US prison companies have lost more than $1bn in market value this year after the pandemic halted most detentions along the southern border and prompted a slowdown in apprehensions elsewhere.
Private prisons house 8.6 per cent of the 2.3m people locked up in America, according to the Prison Policy Initiative. They are the most visible part of a prison services industry that also provides inmate medical services, telephone systems and other essential facilities.
Shares in CoreCivic, which operates 50 “detention and correctional facilities”, are down 45 per cent since the beginning of the year, while those in rival The Geo Group, which claims to run the seventh-largest US correctional system by number of beds, fell 29 per cent over the same period. That contrasts with a broader stock market that fell sharply in early March but has since largely recovered to trade close to its January level.
Labour representatives have warned for years that the incarceration industry is a risky bet on which to stake workers’ pension savings. The American Federation of Teachers in 2018 began urging pension schemes to divest from prison-related investments, including Geo and CoreCivic.
“Making money from injustice is no longer something that Wall Street countenances,” said AFT president Randi Weingarten. “Mass incarceration disproportionately hurts people of colour . . . There is an awakening and a reckoning that making money off injustice is not OK.”
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