Daily Archives: September 18, 2017

How JPMorgan Chase Is Cashing In On Private Prisons

National Memo:

Chase CEO Jamie Dimon is increasingly vocal in public about his newfound ethical concerns. He made a very public statement distancing himself from President Trump over Trump’s failure to condemn white supremacy in Charlottesville, Virginia. He has also described himself as “pro-immigrant”: an opinion that is hard to square away against his roles as a financier, underwriter and bond-holder of private prison corporations like GEO Group and Core Civic (formerly Corrections Corporation of America). Both corporations oversee Immigrant Detention Centers throughout the U.S., many of which house undocumented migrants.

JPMorgan Chase’s investments in private prisons certainly make economic sense: the private prison industry is worth about $5 billion, and the election of Donald Trump has caused the profits of the sector to balloon further. Almost immediately after Trump’s inauguration, the Department of Justice rescinded the Obama administration’s order to phase out federal private prisons from the criminal justice system.