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Article • April 15, 2009 • from PLN April, 2009
Economic Crisis Prompts Prison Closures Nationwide, but Savings (and Reforms) are Elusive by David Reutter Economic Crisis Prompts Prison Closures Nationwide, but Savings (and Reforms) are Elusive by David M. Reutter With the current economic crisis adversely affecting state tax revenues, lawmakers across the nation are seeking ways to cut …
Article • April 15, 2009 • from PLN April, 2009
Cornell Defrauded of $13 Million in Prison Construction Scam by Cornell Defrauded of $13 Million in Prison Construction Scam On August 26, 2008, indictments were filed against three men accused of defrauding private prison operator Cornell Corrections of California, Inc. out of $13 million in a prison construction scam. A …
Private Prison Companies Not Forthcoming About Immigration Detainee Deaths by Private Prison Companies Not Forthcoming About Immigration Detainee Deaths by Matt Clarke The private prison industry has benefited from a recent influx of contracts from the federal government to incarcerate immigration detainees. Such contracts are more lucrative than those for …
Article • December 15, 2008 • from PLN December, 2008
GEO Group Consultant Civilly Charged With Insider Trading by The Securities and Exchange Commission (SEC) has filed a civil action that alleges a consultant for private prisoner operator the GEO Group used information obtained through his contracts to engage in insider trading. Zachariah P. Zachariah, a prominent cardiologist and Republican …
Doing Borrowed Time: The High Cost of Back-Door Prison Finance by Kevin Pranis Much public attention has been devoted in recent years to the “industrial” side of the prison boom, from the fortunes of private prison operators to the profits generated by telecommunications companies from lucrative phone contracts. Less attention …
TASER International’s Stock Shocked By $6.2 Million Damages Award by John Dannenberg TASER International’s Stock Shocked By $6.2 Million Damages Award by John E. Dannenberg The stock of TASER International, Inc. tanked by 11% to $6.13 per share on June 9, 2008 when three days earlier a federal jury in …
Prison Legal News Attends CCA Shareholder Meeting by Alex Friedmann Prison Legal News Attends CCA Shareholder Meeting by Alex Friedmann From 1992 to 1998, I served time at the South Central Correctional Center in Wayne County, Tennessee, which is operated by Corrections Corporation of America (CCA), the nation’s largest private …
Alabama Prisons Sell Land to Finance Prison Building, Repair by In July 2007, Alabama Governor Bob Riley announced a plan to sell approximately 6,000 acres of state prison land to finance the construction of new prison beds and make needed repairs to existing facilities. The extra bed space would enable …
Article • January 15, 2008
Taser Shareholders Accept $20 Million in Security Fraud Action Pending Court Approval by On August 9, 2006, Taser International, Inc. (Taser) proposed $20 million in company stock, cash and insurance proceeds to settle shareholder class action and derivative suits pending in the U.S. District Court for Arizona and derivative suits …
Policy Lock-Down, The Institute On Money In State Politics, 95 pp., softbound, April 2006 by John Dannenberg reviewed by John E. Dannenberg In a classic case of "follow the money," The Institute On Money In State Politics (IMSP) reviewed influence-peddling by private prison corporations (and their leaders, lobbyists, and subcontractors) …
Prison Privatization Launders Taxpayer Dollars into Political Contributions by David Reutter by David M. Reutter If you know a company is not saving you money or performing its contractual obligations, why would you continue to use that company? The normal consumer would end the relationship quickly. When it comes to …
Yale University Divests CCA Stock Following Student and PLN Protests by According to a May 12, 2006 Securities and Exchange Commission filing, Farallon Capital Management LLC, a hedge fund that handles part of Yale University's $12 billion endowment, has sold all of its shares in Corrections Corporation of America (CCA), …
Article • January 15, 2007 • from PLN January, 2007
Wisconsin “Boondoggled” Into Buying Broken Down New Private Prison by Wisconsin "Boondoggled" Into Buying Broken Down New Private Prison After buying a private prison for $87.1 million, the Wisconsin Legislature is crying foul upon discovering the Stanley prison violates electrical, plumbing, and safety codes that will cost $5 million to …
Private Prison Execs Win Big While Guards and Prisoners Lose Out by Michael Rigby Many of the problems associated with imprisonment in the U.S. high staff turnover, prisoner neglect and abuse, and the introduction of contraband by employees, for example can be attributed to the paltry salaries and few benefits …
PHS Redux: Sued In A Dozen States, Contract Losses, Stock Plummets, Business Continues by John Dannenberg by John E. Dannenberg Prison Health Services (PHS), a subsidiary of America Service Group, Inc. (ASG), continues to face lawsuits and lose contracts for its deplorable record of prisoner health care gaffes in a …
Article • July 15, 2006 • from PLN July, 2006
U.S. Corrections Corporation Suit Settled for $13.2 Million by The former owners of U.S. Correctional Corporation (USCC) have agreed to settle a lawsuit over misuse of the employee stock-ownership plan for $13.2 million. Prior to 1998, when it was purchased by Corrections Corporation of America (CCA) for $225 million, USCC …
GEO Buys CSC After Settling $38.8 Million Judgment in Texas Boot Camp Death by Correctional Services Corporation (CSC) has settled a $38 million judgment that held the company responsible for the 2000 death of Bryan Dale Alexander, an 18 year old prisoner at a Texas boot camp. The terms are …
Lawyers Bilk Cornell for Millions, San Francisco Jail Scammed by In an attempt to recoup millions of dollars, private prison operator Cornell Companies, Inc., has filed lawsuits against lawyers entrusted to oversee the companys funds for land deals. Cornell, based in Huston filed the latest suit on August 26, 2005, …
Article • March 15, 2006 • from PLN March, 2006
Filed under: Private Prisons, Financing
Avalon Correctional Services Delisted From NASDAQ by On February 3, 2005, Avalon Correctional Services, Inc., announced that it had filed Form 15 with the Securities and Exchange Commission (SEC) to terminate the company's common stock pursuant to the Securities and Exchange Act of 1934 (SEA). This allows Avalon to cease …
Private Prison Firms Stumble; Hire Former California Officials to Lobby for For-Profit Facilities by Private prison companies, which presently house only 2,550 of California's 165,000 prisoners, have hired a former county lawmaker, former CDC employees and the former state Finance Director in an attempt to expand into the $7 billion …
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