Related Stories
GEO Group Runs Out of Banks as 100% of Banking Partners Say No to the Private Prison Sector
Key Excerpts from Article on Website of Forbes
Posted: October 14th, 2019
https://www.forbes.com/sites/morgansimon/2019/09/30/geo-grou...
All of the existing banking partners to private prison leader GEO Group have now officially committed to ending ties with the private prison and immigrant detention industry. These banks are JPMorgan Chase, Wells Fargo, Bank of America, SunTrust, BNP Paribas, Fifth Third Bancorp, Barclays, and PNC. This exodus comes in the wake of demands by grassroots activists many under the banner of the #FamiliesBelongTogether coalition shareholders, policymakers, and investors. Major banks supporting the private prisons behind mass incarceration and immigrant detention have now committed to not renew $2.4B in credit lines and term loans to industry giants GEO Group and CoreCivic. This shift represents an estimated shortfall of 87.4% of all future funding to the industry. As a brief historical recap: the American private prison industry is a relatively new phenomenon, with the first private prison opening in 1984. Given their business model depends on keeping a consistent and increasing number of people incarcerated, it's been speculated and critiqued that this is why GEO Group and CoreCivic have spent $25M on lobbying over the past three decades to push for harsher criminal justice and immigration laws. A cycle emerges when one follows the money: everyday people put their money in banks, banks lend that money out to the private prison industry, the private prison industry uses that financing for ... lobbying, which successfully funnels more detainees into their facilities, and banks reap a payoff.
Note: For more along these lines, see concise summaries of deeply revealing news articles on prison system corruption from reliable major media sources.
Related Stories
Latest News
Key News Articles from Years Past
