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Response to Larrybanal (Reply #41)

Sat Jun 29, 2019, 03:37 PM

45. Change May Be A'Coming

Bank of America, Wayfair, Join those Saying "No" To Profiting From Family Detention

“Bank of America is the third major US bank to pull out of the private prison industry.
Bank of America Corp. — the US’s second largest financial institution and lead lender to CoreCivic — made a milestone announcement this morning that they will stop financing private prison and immigrant detention companies. This follows the lead of JPMorgan Chase and Wells Fargo, who exited the sector earlier this year on the heels of mass public pressure from grassroots activists, shareholders, investors, and political leaders under the rallying call of #FamiliesBelongTogether. “We have decided to exit the relationship’’ said BofA Vice Chairman Anne Finucane in a statement to Bloomberg today. “We’ve done our due diligence that we said we would do at the annual meeting, and this is the decision we’ve made.’’

Beyond financing GEO Group and CoreCivic — the most recognizable names in the private prison game — documents filed in August with the Securities and Exchange Commission demonstrate that Bank of America provided a $380 million loan to Caliburn, as well as a $75 million revolving credit line. You may recognize the name Caliburn from recent headlines; they run the Homestead, Florida detention center under a U.S. government contract that’s making $750 per child detainee, per day.

This decision comes during a week of particularly heightened attention to the migrant crisis at our southern border. Many have winced at the image circulating social media of a Salvadoran father and daughter — 25-year old Oscar Alerto Martinez Ramirez and 2-year old Angie Valeria — who drowned trying to enter the US with hopes of a better life. Exposure of poor conditions in detention centers and the graphic treatment of migrant children has sparked debate and outrage in the US (and beyond) about the ways in which we not only allow — but actually profit from — the suffering of asylum seekers. 70% of immigrant detainees are now held in privately-owned facilities, meaning 70% of immigrant detainees are held in facilities with a clear-as-day financial incentive to lock up as many people as possible.

“With such harrowing statistics, we cannot accept anything less than an end to financing an industry profiting off the pain and suffering of children and families,” stated an official statement by the Families Belong Together Corporate Accountability Coalition. As broken down in previous articles, private prisons rely on big-name bank financing to conduct day to day operations, so BofA’s role as the third “domino” to fall can have significant consequences on the industry's viability. “©2019 Forbes Media LLC. All Rights Reserved.”


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Shanti Mama Jun 2019 OP
Me. Jun 2019 #1
Larrybanal Jun 2019 #41
LineLineLineReply Change May Be A'Coming
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dlk Jun 2019 #2
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