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10 Jul 2018

Corrections Accountability Project

Immigration detention: An American business

On April 6, 2018, the administration announced a "zero tolerance" immigration policy that requires every undocumented adult immigrant and asylum seeker in the U.S. to be criminally prosecuted under federal law... The "zero tolerance" immigration policy and the executive order ending family separation have created windfalls for some... For-profit companies contract with the various government agencies that manage the apprehension, detention, and deportation of undocumented immigrants... The largest financial winners at the border are, as many expect, the private prison companies that operate immigration detention centers, the most prominent of which are The GEO Group and CoreCivic. With more than 40% of their respective revenues stemming from federal contracts, these companies invested heavily in the outspoken federal, state, and local candidates interested in advancing harsh immigration policies like "zero tolerance" during the 2016 election cycle... [B]oth raked in millions on the thousands of immigrant adults and children imprisoned in their facilities.   

... [B]anks... provide credit financing, or loans, to The GEO Group and CoreCivic for the construction of new facilities and expansion of existing facilities... without which they could not pursue such projects... [These banks include JPMorgan Chase, SunTrust, Bank of America, BNP Paribas, US Bank & Wells Fargo.]... [A]s publicly-traded companies, The GEO Group and CoreCivic are also dependent on their institutional investors... Largest institutional investors [include]... Vanguard & BlackRock.