Friday, March 2, 2012

4th Quarter Earnings

It's our (least) favorite time of year again here at WhyIHateCCA, when we get to see just how obscenely CCA and the GEO Group have profited off human misery in the past few months.

First we'll go over the GEO Group's earnings report, which shows that their 4Q profits somehow dipped nearly 20%, despite an increase of more than $30 million in revenue, when compared to the fourth quarter of 2010.  But don't worry, GEO Group investors; the company still made $18.74 million in profit over those three months, which averages out to about $208,000 in profit every single day, from taxpayer dollars, or $144 per minute.  They take in about $1.6 billion of taxpayer dollars every year in revenue.

Next, let's look at CCA.  Their 4Q earnings report shows they also had a dip in profits compared to the 4th quarter on 2010 (again, even though revenues increased), but they still earned $40.52 million in profit.  That comes out to  about $13.5 million per month, $450,000 per day, $312 per minute, and $5 every single fucking second.  In profit.

No wonder private prisons don't save money despite cutting services in every conceivable way; they just rake in more and more profit for their executives.  But that's exactly what privatization proponents want.  Because, let's face it; privatization is NEVER about increasing efficiency or competition.  It's a legal way for conservatives to funnel money to their friends in private business who would never survive on a truly free market, since all they care about is lining their own pockets.

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