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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPrivate Prison Corporations Lost Nearly 40% Of Their Value Today
https://thinkprogress.org/private-prison-corporations-lost-nearly-40-of-their-value-today-e69bf9409ed2#.uam30fptoIan 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 DOJs announcement with a brutal spanking:
more...
https://thinkprogress.org/private-prison-corporations-lost-nearly-40-of-their-value-today-e69bf9409ed2#.uam30fpto
Warren DeMontague
(80,708 posts)Perhaps throwing people in prison for pot smoking isn't as lucrative as it once was?
Montauk6
(8,075 posts)TygrBright
(20,759 posts)Kablooie
(18,632 posts)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)Some of those former prison buildings will need to be repurposed or torn down.
Maybe The Donald can turn them into resorts.
putitinD
(1,551 posts)MindPilot
(12,693 posts)Walk away with fistfuls of cash and leave the taxpayers holding the bag.
Spitfire of ATJ
(32,723 posts)Response to Spitfire of ATJ (Reply #12)
Post removed
ThoughtCriminal
(14,047 posts)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.
Kber
(5,043 posts)MattBaggins
(7,904 posts)madinmaryland
(64,931 posts)Fritz Walter
(4,291 posts)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.
Spitfire of ATJ
(32,723 posts)A HERETIC I AM
(24,367 posts)Spitfire of ATJ
(32,723 posts)grahamhgreen
(15,741 posts)Xipe Totec
(43,890 posts)Monk06
(7,675 posts)Also known as privatizing profit and publically subsidizing private infrastructure
Not to mention converting idle prisoners into highly profitable slave laborers
Xipe Totec
(43,890 posts)grahamhgreen
(15,741 posts)TheDebbieDee
(11,119 posts)That's an excellent first step to prison/sentencing reform in the US!
Yo_Mama_Been_Loggin
(107,956 posts)One of the dumbest ideas ever.
Solly Mack
(90,764 posts)mahina
(17,649 posts)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.
Raster
(20,998 posts)Prisons for profit make an absolute mockery of our justice system.
colsohlibgal
(5,275 posts)They are an abomination, similar to for profit healthcare.
UnFettered
(79 posts)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)Don't let the door hit your greedy asses on the way out!
spanone
(135,830 posts)in other words, they ran shitty prisons while taking major tax dollars.....another republican scam
burrowowl
(17,640 posts)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.