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Published on Jun 11, 2011
Facts about Wells Fargo and Private Prisons
- Wells Fargo owns 4 million shares of GEO stock valued at $73 million dollars. They also own half million shares of CCA stock . CCA and GEO are expanding and making billions through the privatization of prisons and private immigration detention centers.
- Wells Fargo and GEO share the same Lobbyist Firm, Podesta Lobbying Group. Podesta has lobbied for the privatization of prisons and laws that keep people inprison longer, like 3 strikes and higher sentencing for certain charges.
- Lawslike AZ's SB1070 ensure a constant flow of capital = immigrant detainees.
- Wells Fargo got $44 billion in bailout money and they haven't paid it back yet.It wouldn't be far-fetched to say that they used bailout money to lobbyin order to keep people detained longer.
- GEO is a Wells Fargo client. Wells Fargo manages GEO's assets and does financial advising for them.
- GEO is bidding to build a private ICE detention center in Florida City. It will cost $100-$200 million to build. They will pay for it our of their ownpocket. It will be one of the largest immigration detention centers inthe country with 1800 beds. At an estimated profit of $122 per day perbed, GEO will get all their money back in less than 2 years.