Following NYC, Philadelphia Pulls Pension Stock in Private Prisons

Source: David Gambacorta, Governing, October 27, 2017
 
The Philadelphia Board of Pensions and Retirement voted Thursday to withdraw its investments in the for-profit prison industry, which has been dogged for years by health and safety problems.  Francis Bielli, the board’s executive director, said the board voted 6-1 in favor of liquidating the $1.2 million worth of stock it held in three companies: the GEO Group, CoreCivic, and G4S. The funds will be routed to other investments over several months.  In August, the Inquirer and Daily News published a report on the perils of the for-profit prison industry, which has been paid billions by the federal government since 1997 to house more than 34,000 inmates every year.  A multi-year study by the Justice Department’s Office of Inspector General found that for-profit prisons had higher rates of violence and lockdowns, and provided poorer access to medical care, than government-run prisons. …