The Private Prison Industry (Finally) Faces an Uncertain Future

October 2, 2019
Texas Observer

Donald Trump is a private prison kind of guy. America’s two for-profit titans of incarceration—GEO Group and CoreCivic—pitched in $500,000 for his inauguration. Almost immediately after Trump took office, his Justice Department reversed an Obama-era move to partially phase out federal use of the companies, sending their stocks soaring. As of August, a record 55,000 immigrants languished in detention, mostly in for-profit facilities and many in Texas. Yet, somehow, the future looks murkier than ever for the poor prison profiteers.

Here’s a recent sampling of headlines from Seeking Alpha, a news service for investors: “Bank of America stops lending to private prison operators,” “Democrats’ lead in polls highlights political risks,” and “More shun U.S. private prison financing.”