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babylonsister

(171,059 posts)
Thu Aug 18, 2016, 05:37 PM Aug 2016

Private Prison Corporations Lost Nearly 40% Of Their Value Today

https://thinkprogress.org/private-prison-corporations-lost-nearly-40-of-their-value-today-e69bf9409ed2#.uam30fpto

Ian Millhiser
Justice Editor, ThinkProgress.

Private Prison Corporations Lost Nearly 40% Of Their Value Today
Schadenfreude!


Late Thursday morning, the United States Department of Justice announced that it would phase out its contracts with private prison companies. The announcement followed an Inspector General report which found that federal private prisons “had more frequent incidents per capita of contraband finds, assaults, uses of force, lockdowns, guilty findings on inmate discipline charges, and selected categories of grievances” than government-run facilities.

The report also named three companies, Corrections Corporation of America, GEO Group, Inc., and Management and Training Corporation, that will soon no longer do business with the Justice Department.


The invisible hand responded to DOJ’s announcement with a brutal spanking:


more...

https://thinkprogress.org/private-prison-corporations-lost-nearly-40-of-their-value-today-e69bf9409ed2#.uam30fpto
33 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Private Prison Corporations Lost Nearly 40% Of Their Value Today (Original Post) babylonsister Aug 2016 OP
Gee, whiz, what a shame. Warren DeMontague Aug 2016 #1
There is hope. Montauk6 Aug 2016 #2
Couldn't happen to a nicer bunch of greedy weasels! n/t TygrBright Aug 2016 #3
Finally. But what about all the physical facilities? Kablooie Aug 2016 #4
Part of the "problem" is that the prison population is shrinking Kber Aug 2016 #6
fill them with politicians, most of them, as far as I can tell, belong in prison. putitinD Aug 2016 #7
Same thing they always do MindPilot Aug 2016 #10
Trump will use them to jail Hillary,....and everyone who voted for her. Spitfire of ATJ Aug 2016 #12
Post removed Post removed Aug 2016 #18
How about not locking up so many people? ThoughtCriminal Aug 2016 #28
Good Kber Aug 2016 #5
Good MattBaggins Aug 2016 #8
The "Moustache of Understanding" must be upset. madinmaryland Aug 2016 #9
At the risk of being redundant here,... Fritz Walter Aug 2016 #11
Isn't that "after-class"? Spitfire of ATJ Aug 2016 #15
Only if you have no class. n/t A HERETIC I AM Aug 2016 #19
Right... Spitfire of ATJ Aug 2016 #30
Actually, they've never had any real value ;) grahamhgreen Aug 2016 #13
You beat me to it. nt Xipe Totec Aug 2016 #16
When something has no value, value has to be added Hense Value Added Service Monk06 Aug 2016 #22
As if they had any value at all. nt Xipe Totec Aug 2016 #14
It's worth saying twice! grahamhgreen Aug 2016 #17
Take the potential of future earnings off the table... TheDebbieDee Aug 2016 #20
About damned time Yo_Mama_Been_Loggin Aug 2016 #21
K&R Solly Mack Aug 2016 #23
Good, may they go the way of the slave ships. mahina Aug 2016 #24
Good riddance! Raster Aug 2016 #25
Awesome colsohlibgal Aug 2016 #26
Good UnFettered Aug 2016 #27
Here's hoping they all go out of business. Fuck the for profit prison system. Initech Aug 2016 #29
private prisons are the ultimate 'crime pays' spanone Aug 2016 #31
May they lose all their money burrowowl Aug 2016 #32
Wonderful Hekate Aug 2016 #33

Kablooie

(18,632 posts)
4. Finally. But what about all the physical facilities?
Thu Aug 18, 2016, 06:19 PM
Aug 2016

They are owned by the corporations so where do the prisoners go if they are closed?
Also what do the corporations do with the empty facilities?

Seems the only option is for the corporations to sell the prisons, nicely packed with a full complement of active prisoners, to the government.

Kber

(5,043 posts)
6. Part of the "problem" is that the prison population is shrinking
Thu Aug 18, 2016, 06:26 PM
Aug 2016

Some of those former prison buildings will need to be repurposed or torn down.

Maybe The Donald can turn them into resorts.

 

MindPilot

(12,693 posts)
10. Same thing they always do
Thu Aug 18, 2016, 06:49 PM
Aug 2016

Walk away with fistfuls of cash and leave the taxpayers holding the bag.

Response to Spitfire of ATJ (Reply #12)

ThoughtCriminal

(14,047 posts)
28. How about not locking up so many people?
Thu Aug 18, 2016, 09:33 PM
Aug 2016

Stop the war on drugs and the war on poor people and find out that we do not need so many prison cells.

One of the worst thing about the private prison industry creates a powerful lobby to criminalize personal behavior, harsh mandatory sentencing.

Fritz Walter

(4,291 posts)
11. At the risk of being redundant here,...
Thu Aug 18, 2016, 07:17 PM
Aug 2016

Thanks to a fellow member of the Grammar Police force -- whose motto is: "To Correct and Serve" -- please allow me to re-post this here:

"Boo Hoo!" is not hyphenated, however "Boo-Fucking-Hoo!" is hyphenated.

Questions? See me after class.

Monk06

(7,675 posts)
22. When something has no value, value has to be added Hense Value Added Service
Thu Aug 18, 2016, 07:58 PM
Aug 2016

Also known as privatizing profit and publically subsidizing private infrastructure

Not to mention converting idle prisoners into highly profitable slave laborers

 

TheDebbieDee

(11,119 posts)
20. Take the potential of future earnings off the table...
Thu Aug 18, 2016, 07:48 PM
Aug 2016

That's an excellent first step to prison/sentencing reform in the US!

mahina

(17,649 posts)
24. Good, may they go the way of the slave ships.
Thu Aug 18, 2016, 08:13 PM
Aug 2016

They deserve it. They could have done a decent job and not squeezed every penny at the expense of quality of service.

They chose otherwise and are reaping exactly what they've sown.

UnFettered

(79 posts)
27. Good
Thu Aug 18, 2016, 09:29 PM
Aug 2016

The fact that people have a profit driven entity making money off people being incarcerated is morally reprehensible.
Now if only we can de-escalate the war on drugs.
Maybe then we can give up the incarceration capital of the world title.

Initech

(100,068 posts)
29. Here's hoping they all go out of business. Fuck the for profit prison system.
Thu Aug 18, 2016, 10:45 PM
Aug 2016

Don't let the door hit your greedy asses on the way out!

spanone

(135,830 posts)
31. private prisons are the ultimate 'crime pays'
Thu Aug 18, 2016, 11:55 PM
Aug 2016
federal private prisons “had more frequent incidents per capita of contraband finds, assaults, uses of force, lockdowns, guilty findings on inmate discipline charges, and selected categories of grievances” than government-run facilities.


in other words, they ran shitty prisons while taking major tax dollars.....another republican scam

burrowowl

(17,640 posts)
32. May they lose all their money
Fri Aug 19, 2016, 01:33 AM
Aug 2016

and be prosecuted for abuse of human rights, oops, I forgot the U$ OF A has not ratified the Human Rights Treaty, written by the way largely by Eleanor Roosevelt.

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