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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 the one in the Homestead – which houses about 3,000 immigrant teenagers – comes after 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.

According to documents filed in August with the Securities and Exchange Commission, Bank of America issued 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 recent report published by three research watch groups: Public Interest, Public Responsible Initiative and Popular Democracy Center.

One of them is Atlanta-based SunTrust. SunTrust did not want to comment on whether it would continue to fund the private prison industry, but said in May " it has a broad range of corporate customers, 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 attempted to shame financial supporters to hold credit to private operators.

Caliburn did not immediately respond to e-mails 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 operate temporary emergency rooms, not private prisons or detention centers," said the statement. "Those who propose otherwise 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 "The Wall Street Banks Still Financing Private Prisons", says Wednesday's announcement is a major victory for green work.

"It is proof of 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 funding altogether. There was also the leading lender of Caliburn. "

Families Belong Took together 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 big banks like SunTrust or to leave the private prison industry, says the organization of the Miami Herald.

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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