NEW YORK DAILY NEWS
Published: Wednesday, February 22, 2012, 4:00 AM
Updated: Wednesday, February 22, 2012, 4:00 AM
Handout
More than 200 members of Occupy Wall Street groups rally outside a Wells Fargo bank branch in Harlem to protest investments in prisons-for-profit.
Incarcerating poor, powerless people for profit is a despicable business, but it sure is profitable.
“Hello Harlem, we’re here to help” reads an unintentionally ironic sign in a Wells Fargo bank, a major investor in two private prison companies, the GEO Group and the Corrections Corporation of America (CCA) that in 2010 made a whopping $2.9 billion in profits.
On Monday 200 people took to the streets to protest the scandalous connection between investment in private prisons and the mass jailing of prisoners and immigrant detainees for profit. The demonstration was organized by the Occupy Wall Street Immigrant Worker Justice working group and the OWS Prisoner Solidarity working group, "[For these corporations\] the more people in prison the better it is for business,” said Mariano Muñoz of the Occupy Wall Street Immigrant Worker Justice working group.
Not surprisingly, both GEO and the CCA spend a pretty penny lobbying at both the state and federal level for laws like the infamous Arizona and Alabama anti-immigrant legislations.
“[Those laws\] place greater numbers of non-U.S. citizens in the immigrant detention and deportation system,” Muñoz added. “And that’s good for business.”
Private prison corporations that profit from detention and deportation policies make tons of money by locking up poor, powerless immigrants for months and even years with little federal supervision. One of these jails is located in Springfield Gardens, Queens, and many voices have been raised in protest.
A spokesman for Wells Fargo denied the company owns shares of GEO or CCA or that it is invested in either company. "Wells Fargo Advantage Funds currently holds a small position in mutual funds that we administer as a trustee on behalf of fund shareholders. Wells Fargo is not the owner. Public filings and website listings can give the incorrect impression that Wells Fargo is an owner of a company’s stock – we are not. These shares are owned by various Wells Fargo mutual funds. Wells Fargo is not a beneficial owner of these mutual funds, but serves as an adviser,” he said.
The rally last week focused on the role those private prison companies have played in supporting anti-immigrant policies, leading to record detention and deportation rates.
The rally began in front of the Lincoln Correction Facility in Harlem, one of the city’s many African-American neighborhoods devastated by the explosive growth in prisons over the past few decades. From there, protesters marched to a Wells Fargo bank branch.
“Hello Harlem, we’re here to help” reads an unintentionally ironic sign in a Wells Fargo bank, a major investor in two private prison companies, the GEO Group and the Corrections Corporation of America (CCA) that in 2010 made a whopping $2.9 billion in profits.
On Monday 200 people took to the streets to protest the scandalous connection between investment in private prisons and the mass jailing of prisoners and immigrant detainees for profit. The demonstration was organized by the Occupy Wall Street Immigrant Worker Justice working group and the OWS Prisoner Solidarity working group, "[For these corporations\] the more people in prison the better it is for business,” said Mariano Muñoz of the Occupy Wall Street Immigrant Worker Justice working group.
Not surprisingly, both GEO and the CCA spend a pretty penny lobbying at both the state and federal level for laws like the infamous Arizona and Alabama anti-immigrant legislations.
“[Those laws\] place greater numbers of non-U.S. citizens in the immigrant detention and deportation system,” Muñoz added. “And that’s good for business.”
Private prison corporations that profit from detention and deportation policies make tons of money by locking up poor, powerless immigrants for months and even years with little federal supervision. One of these jails is located in Springfield Gardens, Queens, and many voices have been raised in protest.
A spokesman for Wells Fargo denied the company owns shares of GEO or CCA or that it is invested in either company. "Wells Fargo Advantage Funds currently holds a small position in mutual funds that we administer as a trustee on behalf of fund shareholders. Wells Fargo is not the owner. Public filings and website listings can give the incorrect impression that Wells Fargo is an owner of a company’s stock – we are not. These shares are owned by various Wells Fargo mutual funds. Wells Fargo is not a beneficial owner of these mutual funds, but serves as an adviser,” he said.
The rally last week focused on the role those private prison companies have played in supporting anti-immigrant policies, leading to record detention and deportation rates.
The rally began in front of the Lincoln Correction Facility in Harlem, one of the city’s many African-American neighborhoods devastated by the explosive growth in prisons over the past few decades. From there, protesters marched to a Wells Fargo bank branch.
Read more: http://www.nydailynews.com/new-york/protesting-prisons-for-profit-prey-poor-powerless-immigrant-detainees-article-1.1026328#ixzz1nLZXHy4B
Read more: http://www.nydailynews.com/new-york/protesting-prisons-for-profit-prey-poor-powerless-immigrant-detainees-article-1.1026328#ixzz1nLZL5UJr
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