As state governments wrestle with massive budget shortfalls, a Wall Street giant is offering a solution: cash in exchange for state property. Prisons, to be exact.
Corrections Corporation of America, the nation’s largest operator of for-profit prisons, has sent letters recently to 48 states offering to buy up their prisons as a remedy for “challenging corrections budgets.” In exchange, the company is asking for a 20-year management contract, plus an assurance that the prison would remain at least 90 percent full, according to a copy of the letter obtained by The Huffington Post.
- America’s Gulag: The Money (in Politics) Behind Prison Privatization
Source: Nick Penniman, Huffington Post, February 15, 2012
- CCA’s False Advertising
Source: Mike Brickner, ACLU Blog of Rights, March 2, 2012
- Private purchasing of prisons locks in occupancy rates
Source: Kevin Johnson, USA Today, March 1, 2012
- Proposal to buy prisons raises ethical concerns
Source: Kevin Johnson, USA Today, March 7, 2012
- Corrections firm offers states cash for prisons
Source: Greg Bluestein, Associated Press, March 9, 2012