Texans in Austin and the Rio Grande Valley are organizing to close more than a dozen individual Wells Fargo accounts on Thursday. We are protesting the financial institution doing business with companies that profiteer from locking up immigrants. [node:read-more:link]
Welcome to The Hump Day Hall of Shame: Every Wednesday we highlight the private prison industry’s influence on public policy through campaign contributions, lobbying, and the revolving door of public and private corrections.
National Peoples Action and Public Accountability Initiative have co-released the first in a series of reports on Wells Fargo’s connections to the private prison industry. The report shows that more than any other banking institution, Wells Fargo has provided critical financing to the private prison industry’s top giants — Corrections Corporation of America, GEO, and MTC — by either investing in them or by lending them significant amounts of capital. According to the report’s executive summary:
- Wells Fargo is a major lender to Corrections Corp of America (CCA), acting as the syndication agent and issuing lender on CCAʼs $785
- Wells Fargo is a major investor in GEO Group, with $95.5 million invested through its mutual funds, and serves as trustee for $300 million of the companyʼs corporate debt.
- Wells Fargo is a lender to Management & Training Corp (MTC). MTC is a private company and so it is difficult to find data on its investors and lenders, but Wells Fargo is listed as a lender to MTC in a Utah UCC filing.