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Congratulations to our presumptive Democratic nominee, Joe Biden!
Elizabeth Warren investigates for-profit prison money
I am SO glad to see someone looking into this! The growth of for-profit prisons has been one of the many abominations that stem from the Violent Crime Control and Law Enforcement Act (1994). And Elizabeth has help in this effort; it's not simply campaign rhetoric. She is not the only one involved and that is the way to get things done - not simply grandstanding.
About the Act: https://en.wikipedia.org/wiki/Violent_Crime_Control_and_Law_Enforcement_Act
https://www.axios.com/elizabeth-warren-for-profit-prisons-private-equity-2574421e-064a-4155-bcb0-733a87636122.html
Sen. Elizabeth Warren is no fan of private equity or private prisons, and Axios has learned that she wants answers from PE firms invested in prison services companies.
The big picture: Warren's goal is to determine if private equity ownership results in a lower standard of services, similar to an investigation she launched last month into PE-owned for-profit colleges.
Warren yesterday sent letters of inquiry to 5 firms. Co-sponsoring the letters were Rep. Mark Pocan (D-Wisc.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.).
Requested information includes revenue, profits, number of employees and number of incarcerated individuals related to the underlying investments.
...
The bottom line: Warren already has proposed legislation that would make private equity funds liable for debt obligations of their portfolio companies, including worker pension obligations. Now, she seems interested in expanding that liability to "consumers" of such portfolio companies, whether they be for-profit students or prisoners.
The big picture: Warren's goal is to determine if private equity ownership results in a lower standard of services, similar to an investigation she launched last month into PE-owned for-profit colleges.
Warren yesterday sent letters of inquiry to 5 firms. Co-sponsoring the letters were Rep. Mark Pocan (D-Wisc.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.).
Requested information includes revenue, profits, number of employees and number of incarcerated individuals related to the underlying investments.
...
The bottom line: Warren already has proposed legislation that would make private equity funds liable for debt obligations of their portfolio companies, including worker pension obligations. Now, she seems interested in expanding that liability to "consumers" of such portfolio companies, whether they be for-profit students or prisoners.
This Act hung like an albatross around Hillary Clinton's neck during the 2016 election ... and she wasn't even in the Senate when it was written and passed.
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
