City investing company liquidating trust stock
Federal authorities have found that some private prisons have sought to reduce overcrowding by improperly confining rule-abiding inmates in segregated units, which are similar to solitary confinement.Limited and poor-quality medical care is common in the industry — and recent lawsuits have indicated that individuals housed within private prisons are routinely denied medical care.If any have been, the Comptroller’s Office will make recommendations to the Boards of Trustees on divestment.“It is time we put our money where our morals are,” said Public Advocate Letitia James.Examples of additional risks include: As a result of these analyses, the Comptroller and Trustees voted in mid-May to divest from private prisons.Immediately after the vote, Comptroller Stringer directed the Pension Funds’ investment managers to liquidate all investments in companies that derive at least 20% of their revenue from private prisons, including both direct investments and stock owned as part of an index fund. On an annual basis, the Comptroller’s Office will analyze the Pension Funds’ portfolios to ensure no additional private prison investments have been added.
The White House expects to expand the use of those prisons and private detention facilities to house immigrants it intends to hold and deport, as it embraces draconian immigration policies.
In the interest of justice, other municipalities and pension funds should consider our example on this issue and move to divest from the for-profit prison industry,” said Bronx Borough President Ruben Diaz Jr.
Comptroller Stringer serves as the investment advisor to, and custodian and a trustee of, the New York City Pension Funds.
At least two companies from which the Comptroller has divested — GEO Group and Corrections Corporation of America — operate immigrant detention centers.
“With Donald Trump in the White House, we’re seeing more and more industries try to profit from backwards policies at the expense of immigrants and communities of color.