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Tide Turns Against Prison Privatization by North Carolina, Georgia, Utah and Louisiana are among states that experimented with private prisons and because of problems encountered have eliminated them altogether or scaled back plans for future privatization. North Carolina officials converted both of the state's private prisons to public operation, and …
Article • January 15, 2001 • from PLN January, 2001
Sodexho Bows to Pressure, Announces Sale of CCA Stock by Bowing to pressure from angry U.S. and Canadian student activists, Paris based Sodexho Alliance (SA) announced plans to sell its 8 percent stake in Corrections Corporation of America, as soon as CCA completes a corporate restructuring. But in a statement …
Article • September 15, 2000 • from PLN September, 2000
Prison Realty/CCA Bailout Deal Canceled by On the cover of the July PLN we reported that the nation's largest private prison owner and operator, Prison Realty/CCA, verged on bankruptcy and that one of its principal shareholders, Pacific Life Insurance Co., planned to infuse a $200 million equity investment into the …
Prison Realty/CCA Verges on Bankruptcy by Dan Pens On March 31, 2000, Prison Realty Trust, Inc. announced operating losses of $62 million for the year ended December 31, 1999. Its largest subsidiary and chief tenant, Corrections Corporation of America (CCA), reported a net loss of $203 million for 1999. Independent …
Wackenhut's Woes: Guard Killed in New Mexico Riot; Prisoners Exiled to Virginia Supermax by Alex Friedmann Previously, PLN has reported problems at the Lea County Corr. Facility in Hobbs, New Mexico, one of two prisons in the state operated by Wackenhut Corrections Corp. Violent incidents at the Hobbs facility have …
Article • November 15, 1999 • from PLN November, 1999
Prison Realty Stock Plummets; Shareholders File Suit by Last May the price of shares in Prison Realty Trust Inc., the parent company of Corrections Corporation of America, fell almost 35% within a week after Prison Realty announced it would pay increased costs for building and marketing private prisons. Several investment …
Article • June 15, 1999 • from PLN June, 1999
CCA - Prison Realty Merger Approved by Alex Friedmann A merger between Corrections Corp. of America (CCA) and Prison Realty Trust was approved by shareholders of both companies on Dec. 1, and Dec. 3, 1998, respectively. CCA had spun-off Prison Realty Trust in July 1997, then announced merger plans last …
Youngstown Break-Out Leads to Political, Financial Fall-Out by Alex Friedmann On July 25, 1998 a half-dozen prisoners, including four convicted murderers, cut through two fences and escaped from the CCA-operated Northeast Ohio Correctional Center in Youngstown, Ohio. According to Warden Jimmy Turner the successful break-out was due to errors by …
Tennessee Prison Privatization Bill Fails to Pass by Alex Friedmann Adramatic confrontation between the private corrections industry and opponents of prison privatization played out in Tennessee earlier this year, ending in an embarrassing defeat for the prison profiteers. Similar struggles can be expected in other states as privatization continues to …
CCA Sells Self; Wackenhut Creates REIT by In July 1997 the Corrections Corporation of America (CCA) spun off a related company, the Prison Reality Trust, which was formed to purchase CCA's prisons under a lease-back arrangement [ PLN Dec. 97]. Prison Realty is a real estate investment trust, or REIT, …
Article • December 15, 1997 • from PLN December, 1997
GAO Reports Available: Private and Public Prisons by Julia Lutsky By Julia Lutsky GAO Reports Available Federal and State Prisons: "Inmate Populations, Costs and Projection Models," November 1996, GAO/GGD-97-15 Private and Public Prisons: "Studies Comparing Operational Costs and/or Quality of Service," August 1996, GAO/GGD-96-158 Reflecting both the relatively recent "get …
Article • December 15, 1997 • from PLN December, 1997
The Poor Get Poorer - The Rich Get Prisons by Wall Street recently celebrated an initial public offering (IPO) and welcomed the addition of a spanking new growth-oriented corporation: CCA Prison Realty Trust. This Nashville-based corporation is a spin-off of the world's largest private prison corporation -- another Wall Street …
America's Private Gulag by Ken Silverstein What is the most profitable industry in America? Weapons, oil and computer technology all offer high rates of return, but there is probably no sector of the economy so abloom with money as the privately-run prison industry. Consider the growth of the Corrections Corporation …
Article • May 15, 1996 • from PLN May, 1996
Texas Rent-A-Cells Burn by The February issue of PLN featured "Kidnapping and Extortion Texas Style." Several county jails in Texas are scrambling to pay off the "junk munis" (municipal bonds) they used in the late 1980's to build rent-a-jails. Their clientele of Texas state prisoners dried up after the state …
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