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joining me again is christopher patrolling is a columnist that nation of
change also a p_h_d_ student at u_c_-berkeley african american studies
of great to talk to you as always i wanna walk route this fascinating uh...
circle now which we've identified which connects
private prisons making money from
the detailed to the tension of a legal immigrants which we've covered
individually on the cell
as well as the bank investments in some of these private prison industries which
basically leads us through some of the big wall street banks
that we're bailed out by the government
making money essentially from the detention of over legal immigrants
you start where you think makes the most sense
that earlier
well pittsburgh and thanks for having me on friday i i think you might make sense
to begin by clarifying some of our terms and uh...
the the term president industrial complex has become so
popular in recent years that
in a lot of ways to acute care prior derek raised former secretary of labor
robert rightish
determine cell has gone from period of obscurity
to relative meaninglessness without any intervening puritanical hearings is
applied so carelessly today that india needs tends to be invite find very
precisely
what we mean by prison
uh... industrial
uh... complex o
essentially martin
uh... well
you know in recent years a lot of attention has been he too
the in industrial operations of the prison industrial complex that is
uh... b
the contract next week the jim a prison labor
surprisingly little attention has actually been he too
uh... prisoner fine sing
that is the fact that where's the financiers investors shareholders
who actually holds a significant investments
in private prison uh...
common so
is actually behind from start to talk about prison labor because at present
bones about point five percent
along prisoners are
uh... contract without problem generating
converts
and so we are met by go something like this
uh... you know up a private firm a private company away
bonior passes the insurance repeat for secret
will hire a prisoner forty cents an hour
uh... to assemble products that support services that sarah
and then of course as the argument goes
the become people actually increases robert parker by packing last
and although that's not his adopted source story i think it has a lot a lot
of cultural traction
in the public sphere
it'll be
is actually only aftra
uh...
positions and here's why in the late seventies in nineteen seventy nine
others views of legislation passed all
the globe related pop
of the prison industry can transportation act
and with the ac basically said was that indian order wishing to either
well convict labour
actually needs to be here cowling minimal based answer today
the federal minimum beijing is at seven twenty five and so anybody wishing to
hire prisoners needs the patient
the the cash
is that really newton's law is a is also a provision that allows state
departments of corrections
uh... too
did talk about the eighty percent of rose wages
that prisoners earn
well working
problem generating
company and when i was going to be but my next question which is
pleaded that the company may be paying back to a minimum wage but what actually
goes to the prisoner
could be a tiny fraction of those we often hear these dollar-an-hour fifty
cents an hour wages
so is it safe to say that if the state then that is keeping that different
v_d_ the department is not necessarily the speakers cheating to get through the
state is going to be beating decision alternately
as to what proportion of which is will will be part of
uh... and it is the lofty enough to eat
eighty percent of wages
bars are intimately uh...
of uh... portion back above the family support some of it but victims
compensation
apob
uh... services or fondness
and some of the could actually end up in the state department corrections of
another different not
now
fit into the question
uh... specifically so the convened at you know in a lot of ways these
companies before proceeding tremendous amounts of money
ongoing
biz rats all of that that is why i would say
uh...
of the production of complex the while
and it's a lot of work to consider the whole but shareholder
display
in the essentially format populations of
of property com
okay so in in the limited time we have a definitely want to touch on this circle
that involves
the detention of those suspected to be in the country illegally leading all the
way back to you
the big banks the talked before about that which banks
own port mistakes in which private prison companies first of all i think
the question
jericho or so
so converse all are
and it did present briefly by sending them back here along
uh... chiew around two hundred thousand immigrants were detained in primary
prison facilities that would be privately damaged home operated
facilities
uses a number of its power white over account percent in the last decade so
every time a piece of the anti-immigration legislation is passed
by state legislatures i had pork rappers in popular lobby for dispositive we'd
like talking with representatives of the department of homeland security
these companies that altman has the right now
our delivery exactly return on their investment so
and currently spending it
*** u
largest uh...
prior agreement properties corrections corporation of america
and the g_o_p_ both publicly traded
have a number
shares owned by the following
five largest u_s_ uh... uh...
investment banks
so very nasty groups and they own about three hundred twenty five thousand
dollars
upward about stocks
uh... securities
in these two companies
band in america one point one million
uh...
at goldman sachs frequently one million jpmorgan chase seven point six million
and the mother of the mall wells fargo the popping one hundred eighteen billion
dollars
in these two company's accounts for almost ten percent of geo groups uh...
entire apartment capitalization right so when i look at these numbers and by the
way people can access these numbers on the s_e_c_ website
this is a group three hundred twenty five thousand i mean literally a drop in
the bucket for with citigroup that is doing in the size of citigroup but i
would say
it would not be realistic to say citigroup has a purpose that interest in
the detention of a legal immigrants that being said
when you look at jpmorgan chase and increasingly so with wells fargo
there's a compelling argument to be made
not we can't say that wells fargo with actively interested
in passing these laws which will increased attention of illegal
immigrants are suspected illegal immigrants
but we can clearly find
why that motivation would exist
that i know i i think that's i think that's true aloe you know i think the
the picture looks bleak right now because there are your essential largely
great collusion between
private prison operators and be back that's the banks
you know that i will say the aren't there there is actually move but by now
uh... in which it concerned citizens have begun to me and
bat all companies isn't worth the investment banker
shooter boers in bryan brennan companies cc ngo group divested immediately
i'm so it is within your listeners were interested in in getting involved
are being head on over to the national prison divestment campaigns website
prison nightmare asthma dot wordpress
uh... dot hogaya and and and a lot of ways i think that the directed uh...
dot net
incompetent basketball profit op rations firms
is really the next step
inserts tension blow of of the presidential
well christopher this is great stuff because these talks so much on the show
over several years about private prisons and about
or not you know individual instances of a private public person going private
vice versa but this really ties it back into how this relates to what's going on
on wall street and with investment so this is act absolutely excellent stuff
we've been speaking with christopher patrol he's a columnist at nation of
change so you can read stuff there
also a p_h_d_ student at u_c_ berkeley and african american studies great is
always to talk to you
thank you and i really appreciate folk ill take a break we'll be back with more
after this