Monday, July 25, 2011
Strong Launch for the Divestment Campaign
The Prison Industry Divestment Campaign, which launched earlier this year, has already gotten off to a strong start. Following multiple protests in May, Pershing Square Capital divested itself of millions of shares of private prison stock, to the tune of nearly $200 million. More protests followed in July, taking aim at Wells Fargo offices across the country. Wells Fargo holds nearly $100 million in private prison stock, mostly in the GEO Group. Activists were able to secure 2 meetings with Wells Fargo regional vice presidents to discuss the company's stock holdings in an industry that purposefully tries to incarcerate an ever-increasing number of people to drive up profits. Unfortunately, one of those meetings has since been cancelled, but the regional VP in Denver is still scheduled to meet with activists next month. Here's wishing the best to the brave folks who have stood up to the private prison industry and called for corporate accountability.