November 11, 2013

Major Investment Firm Divests Private Prison Stock

Allianz Asset Management, an investment firm with over $75 billion in assets and a sponsor of "A Prairie Home Companion," divested over one million stocks from the Corrections Corporation of America (CCA) and the GEO Group (GEO) combined. CCA and GEO own the majority of private prisons in the U.S. and profit off of the mass incarceration of immigrants and people of color. Allianz divested 684,966 shares of CCA and 460,000 shares of GEO. Allianz joins the ranks of institutions such as the United Methodist Church, the Presbyterian Church USA, General Electric, and others that have divested their stock in the private prison industry.

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