“As America’s incarcerated and detained populations have boomed in recent years, the business of owning and operating prisons and jails has grown into a multibillion-dollar industry. A new report uncovers which Wall Street banks finance the industry’s two leaders, CoreCivic (formerly “Corrections Corporation of America [CCA]”) and GEO Group.
“The Banks That Finance Private Prison Companies shows that six banks have played large roles in bankrolling CoreCivic and GEO Group: Wells Fargo, Bank of America, JPMorgan Chase, BNP Paribas, SunTrust, and U.S. Bancorp.
“The report also reveals how these banks profit from providing credit, bonds, and loans to private prison companies.”