Nation's Largest Pension Fund Divests From Firms That Run ICE Detention Centers

NBC News reported on Monday (October 21) that the largest pension fund in the United States, California Public Employees Retirement System (CalPERS) is divesting from GEO Group and CoreCivic, the two main for-profit prisons that run Immigration and Customs Enforcement (ICE) migrant detention facilities. 

CalPERS is just the latest pension fund to make such a move. According to NBC, in November 2018 the California State Teachers’ Retirement System (CalSTRS) pulled more than $13 million in investments from the publicly traded prison firms. Bank of America and Wells Fargo also cut financial ties with private prison companies that maintain contracts with ICE

“California public employees took a stand and made their voices heard after learning that their retirement savings were propping up the very companies that have played a critical role in the migrant abuse crisis, as well as mass incarceration and the school-to-prison pipeline,” said Emily Claire Goldman, founder and director of the ESG Transparency Initiative, whose Educators for Migrant Justice campaign pushed CalPERS to divest.

Megan White, a spokesperson for CalPERS, however, insists the group wasn’t moved to divest $10.8 million for political reasons, but for financial ones.

“Ben Meng, our CIO, told the Board in January when he started that he would conduct a comprehensive review of our investments and investment strategy,” said White. “That included a review of benchmarks and indices, as well as an analysis of investments and strategies. Ben’s key focus is on risk mitigation; his goal is to assess what is adding value to the fund, consistent with CalPERS’ investment beliefs, and helping CalPERS achieve its 7 percent target return.”

Meanwhile, the California Faculty Association, which met with CalPERS on Friday (October 18), released a statement to NBC emphasizing its political take on the matter. “Our union was not going to stand by and watch our pension dollars support these terrible corporations, and we’re pleased to see that CalPERS investment analysts have come to the conclusion,” the statement read.

A spokesperson from GEO Group told NBC that the company is being misrepresented. “The divestment efforts against our company are based on a false narrative and a deliberate mischaracterization of our role as a long-standing government services provider,” the statement began. “We have been a trusted service provider to the federal government for over three decades, under Democratic and Republican administrations, and in that time, we have never played a role in setting policy, nor have we ever advocated for or against immigration enforcement policies.”

As Colorlines reported in July, GEO Group and Core Civic faced several lawsuits for alleged human rights violations. GEO Group faced even more controversy when one of the company’s top executives went to ICE to ask the agency, and therefore taxpayers, to cover its legal fees. ICE reportedly denied the request.

Source: https://www.colorlines.com/

Votes: 0
E-mail me when people leave their comments –

You need to be a member of The Khaliseum to add comments!

Join The Khaliseum

The Shorty Roc NYC Show

You need to be a member of The Khaliseum to add comments!

Join The Khaliseum

Comments are closed.

NIKKI TERRY TALKS COMEDY, DIVORCE, CHURCH FOLKS, & MORE! #SHORTYROCNYC via The Shorty Roc NYC Show

NIKKI TERRY TALKS COMEDY, DIVORCE, CHURCH FOLKS, & MORE! #SHORTYROCNYC

Watch More Movies, Music Videos, & Podcast by downloading The Khaliseum mobile App at:www.TheKhaliseum.com/App

--- Support this podcast:…
Tuesday
Hiram Watkins is now a member of The Khaliseum
Tuesday
Jacqueline "Kendra" Johnson and K.N. Aisingioro joined The Khaliseum
Monday
Katchidae talks Rap, Growing up playing sports, Kissing Actors, & Never Begging #ShortyRocNYC via The Shorty Roc NYC Show

Katchidae talks Rap, Growing up playing sports, Kissing Actors, & Never Begging #ShortyRocNYC

--- Support this podcast:…
Nov 28
The Rebel Poet talks Poetry Career, Divorce, Healing, Dating, + More #ShortyRocNYC via The Shorty Roc NYC Show

The Rebel Poet talks Poetry Career, Divorce, Healing, Dating, + More #ShortyRocNYC

--- Support this podcast: https://podcasters.spotify.com/pod/show/khaliseum/support
Nov 28
Lyricah Love talks Music Career, past Record Deal, Meeting Dr Dre, + More #ShortyRocNYC via The Shorty Roc NYC Show

Lyricah Love talks Music Career, past Record Deal, Meeting Dr Dre, + More #ShortyRocNYC

--- Support this podcast:…
Nov 28
BUSINESS SPOTLIGHT: Maggie Montague of Secured Financials Talks Tax Prep, Grant, & Bookkeeping via The Shorty Roc NYC Show

BUSINESS SPOTLIGHT: Maggie Montague of Secured Financials Talks Tax Prep, Grant, & Bookkeeping

--- Support this podcast:…
Nov 28
Versotay talks Gold Teeth, Waist So Lizzo Challenge, Management, Jealousy, + More #ShortyRocNYC via The Shorty Roc NYC Show

The #ShortyRocNYC Podcast Season 5 Episode 4Versotay talks Gold Teeth, Waist So Lizzo Challenge, Management, Jealousy, + More #ShortyRocNYC

--- Support this podcast:…
Nov 28
Nikki Terry and King Shorty Roc are now friends
Nov 20
Nikki Terry is now a member of The Khaliseum
Nov 20
King Shorty Roc’s blog post was featured
FOR IMMEDIATE RELEASE
Atlanta, GA - [November 19th 2023]
Renowned singer, model, and actress Qioki, hailing from Bakersfield, CA, has officially inked an exclusive management deal with GDE Management. The agency, known for its commitment to…
Nov 19
King Shorty Roc posted a blog post
FOR IMMEDIATE RELEASE
Atlanta, GA - [November 19th 2023]
Renowned singer, model, and actress Qioki, hailing from Bakersfield, CA, has officially inked an exclusive management deal with GDE Management. The agency, known for its commitment to…
Nov 19
King Shorty Roc updated their profile
Nov 16
LQ was featured
Nov 16
Yung Rus is now a member of The Khaliseum
Nov 7
Pinoy SEO Services Philippines updated their profile
Oct 17
More…