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Home / Business / Bank of America leaves private prison and detention industry

Bank of America leaves private prison and detention industry

HHS releases video of Homestead less bright

Health and Human Services Department released video said it is from the noise of the Homestead where 1200 immigrant children are kept, including the dozen divorces from their parents.

Department of Health and Human Services released video said it is from the noise of the Homestead where 1200 immigrant children are kept, including the dozen divorced from their parents.

One day after company officials toured the Homestead detention center for unaccompanied immigrant teenagers, Bank of America decided it would withdraw from private prison and detention industry.

The bank giant's decision to withhold credit from facilities such as that in the Homestead – which houses about 3,000 immigrant years – comes after company officials visited the property on Tuesday, sources of the Miami Herald said. The bank would not confirm a visit to the facility.

At the end of May, the Miami Herald revealed that Bank of America is the fundraiser of Caliburn, the Homestead Center operator.

On Wednesday, Bank of America confirmed that it will no longer lend money to companies that run private prisons and detention centers, saying it has been " discussed this issue for some time."

"We have decided to leave the conditions we have with companies that provide prisoners and immigration protection for federal and state authorities as quickly as possible," an American spokeswoman told Miami Herald in an email. "We have had intensive engagement with the limited number of customers we have provided these services. We appreciate the steps they have taken to implement their contractual and humanitarian responsibilities properly."

Bank of America joins other major banks as Wells Fargo and JPMorgan Chase, who announced at the end of March that they would break the ties with the private prison industry – especially the GEO Group and CoreCivic, the largest private prison and detention center operators in the country – because there was a "risk" for their business after national extinction over private companies exploiting the arrest of people and children.

"Public opposition to the use of public-private partnerships for rights, detention and community-based facilities may result in us not being able to get new contracts or loss of existing contracts, affect our ability to obtain or refinance debt financing or enter into in commercial events, which can have a significant negative impact on our business, finances and operating profit, "GEO Group wrote at that time.

Until now, Bank of America, based in Charlotte, N.C., the last Wall Street bank that funded the industry, shows record viewing.

In a statement on Wednesday night, Caliburn Miami Herald told that the Bank of America's decision to liquidate the financing of companies operating private prison and detention facility did not affect the company or its Homestead facility.

"The Bank of America has announced that it will discontinue the financing of companies that run private prison and detention facility. To be clear, Caliburn is not in business, and their decision has no impact on the company," the statement said. ] But sources of the Bank of America said earlier Wednesday that the institution considers the Homestead House a private detention facility. The bank's officials would not comment on Caliburn's statement Wednesday evening.

According to documents filed in August with the Securities and Exchange Commission, Bank of America a $ 380 million loan to Caliburn, the company that runs the Homestead Center under a US government agreement, as well as a $ 75 million revolving credit line.

A number of both large and small banks still provide more than $ 2.6 billion to the industry, According to a new report published by three research guard groups: In public interest, publicly responsible initiative and Senter f or popular democracy.

One of them is Atlanta-based SunTrust. SunTrust will not comment on whether it will continue to fund the private prison industry, but said in May that has a broad range of corporate clients, and we consider these issues thoughtfully. "

Critics of the Homestead Prison Center for Single Children with Children have condemned practices to divorce children from their families and then capture them in" prison-like conditions. "Some opponents of the Homestead facility have tried to shame financial supporters to keep credit for private operators.

Caliburn did not immediately respond to emails from the Miami Herald on Wednesday, but issued a statement on Tuesday in response to US Warren Elizabeth Warren's statement that the Homestead is a "prison".

"We operating temporary emergency rooms, not private prisons or detention centers, says the statement. "Those who propose something else are intentionally creating a false and misleading description to mislead the audience and score political points."

Kevin Connor, director of the Public Accountability Initiative, a security research group that recently published a data briefing entitled "Wall Street Banks Still Funding Private Prisons", says Wednesday's announcement is a major victory for Greek work. "

"It's a testament to the power of people who organize to put pressure on these companies to stop the profits from this industry. It is an important milestone because this is the first leading lender of one of the private prison companies, CoreCivic, to commit to terminate the funding altogether. It was also the leader of Caliburn. "

Families belong to Together The Corporate Accountability Committee, a coalition of organizations that opposed family separation, said the move was an achievement" for more than 100 organizations that have raised their voices, signed petitions and protested in bank branches across the country to end the financing of the moral bankruptcy private prison industry. "

" We applaud Bank of America for this decision when we commit to keeping them accountable, and we will also put pressure on other major banks such as SunTrust to leave the private prison industry, the Miami Herald organization said.

Banking giants provided loans and other financing agreements such as

Private prison and prison operators rely on banks to finance to support their daily operations in securing multiple public contracts. Then these contracts are used to pay off the banks.

As a result, banking institutions receive millions of dollars in interest and fees from the facilities.

In April, the Miami Herald revealed that the US Department of Health and Human Services had awarded Caliburn's subsidiary a non-offer $ 341 million contract and that John Kelly, former Donald Trump's former chief of staff and former head of the Department of Homeland Security, came to the board of the company.

This news led lawmakers across the country, including the Florida Reps. Donna Shalala, Debbie Wasserman Schultz and Debbie Mucarsel-Powell, along with Sen. Warren, the Massachusetts Democrat running for president, and the US rep. Pramila Jayapal, a Seattle democrat – calling for an investigation into the deal.

"The private sector is attempting to respond to public policy and government needs and requirements in the absence of long-term and widely-acknowledged reforms needed in criminal justice and immigration policies," Bank of America wrote. "The lack of further legal and political clarity, and in recognition of the concerns of our employees and stakeholders in the communities we serve, is our intention to end these relationships."

Monique O Madan covers immigration and business; She previously covered breaking news and local authorities. Her work has appeared in the New York Times, The Boston Globe, The Boston Herald and The Dallas Morning News. She is currently a Reveal Fellow at the Center for Investigative Reporting. She graduated from Miami Dade College and Emerson College in Boston. A comment on tipsters: If you want to send Monique O. Madan's confidential information, her email and mailbox is open. The address is 3511 NW 91st Ave, Doral, FL 33172. You can also directly enroll her on social media and she will provide encrypted Signal details.

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