Black People Politics : Private Prison Stocks Crash On News DOJ To Phase Out Their Use

IFE

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Private Prison Stocks Crash On News DOJ To Phase Out Their Use


by Tyler Durden
Aug 18, 2016 12:00 PM

Shares of GEO and CXW are crashing to multi-year lows after The Washington Post reports that The Justice Department says it will end the use of private prisons.

we noted previously,



States now have quotas to meet for how many Americans go to jail. Increasing numbers of states have contracted to keep their prisons at 90% to 100% capacity. This profit-driven form of mass punishment has, in turn, given rise to a $70 billion private prison industry that relies on the complicity of state governments to keep the money flowing and their privately run prisons full, “regardless of whether crime was rising or falling.”

As Mother Jones reports, “private prison companies have supported and helped write … laws that drive up prison populations. Their livelihoods depend on towns, cities, and states sending more people to prison and keeping them there.” Private prisons are also doling out harsher punishments for infractions by inmates in order to keep them locked up longer in order to “boost profits” at taxpayer expense. All the while, the prisoners are being forced to provide cheap labor for private corporations. No wonder the United States has the largest prison population in the world at a time when violent crime is at an all-time low.




The Justice Department plans to end its use of private prisons after officials concluded the facilities are both less safe and less effective at providing correctional services than those run by the government.

Deputy Attorney General Sally Yates announced the decision on Thursday in a memo that instructs officials to either decline to renew the contracts for private prison operators when they expire or “substantially reduce” the contracts’ scope. The goal, Yates wrote, is “reducing — and ultimately ending — our use of privately operated prisons.”



“They simply do not provide the same level of correctional services, programs, and resources; they do not save substantially on costs; and as noted in a recent report by the Department’s Office of Inspector General, they do not maintain the same level of safety and security,” Yates wrote.




  1. Private Prison Stocks Crash On News DOJ To Phase Out Their Use ...
    http://www.zerohedge.com/news/2016-08-18/private-prison-stocks-crash-news-doj-phase-out-their-use - 179k - Cached - Similar pages
 

IFE

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Which inmates does this announcement affect?
Currently, the federal government contracts with 13 private facilities across the US, from California to North Carolina. These kinds of facilities are run by three for-profit companies: Corrections Corporation of America, Geo Group, and Management and Training Corporation.

All told, these private facilities hold about 22,660 inmates who will be affected by this announcement. That's a small percentage - 12% - of the total number of inmates currently incarcerated by the federal government.


Which inmates are not affected by this announcement?

The number of inmates who will be affected by this decision is a miniscule portion of the overall prison population in the US, which is estimated at 2.2m. The vast majority of these men and women are held in state prisons, not federal ones, and so the change in policy has no effect on them.

In addition, while this marks the end of the Bureau of Prison's use of private companies, the Department of Homeland Security's Immigration and Customs Enforcement relies heavily on private facilities to hold immigrant detainees - an estimated 70% of its inmates are in private facilities, about 24,000 people in total. Those detainees are not affected by this week's announcement.

How will the federal government eliminate its use of private prisons?

As Yates noted in her announcement, the federal prison population has already shrunk over the last three years. This has freed up space to move inmates from private facilities back into government-owned facilities.

Nicole D Porter, director of advocacy for the Sentencing Project, says this is a direct result of changes made by President Barack Obama's Department of Justice.

"If steps hadn't been taken to reduce the scale of incarceration in federal prison there wouldn't have been the opportunity to phase out private prison contracts," she says. "This is all because of Obama's leadership and efforts."

There are fewer federal inmates entering at the front door thanks to former Attorney General Eric Holder's direction that low-level, nonviolent drug offenders should not be given automatic harsh, mandatory minimum sentences. And there are more leaving out of the back door, thanks to retroactive drug sentence reductions, which affected 46,000 inmates. The nation's historic low crime rate is also a factor.


  1. Private Prison Stocks Crash On News DOJ To Phase Out Their Use ...
    http://www.zerohedge.com/news/2016-08-18/private-prison-stocks-crash-news-doj-phase-out-their-use - 179k - Cached - Similar pages
 

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