This just in from our friends at Cuéntame.
"A major victory for all these efforts, but much still needs to get accomplished. A big boost for the movement, we are proud at Cuéntame Immigrants for Sale to be part of it." —Axel Caballero Cuéntame Founder |Director
WELLS FARGO DUMPS PRIVATE PRISON STOCK
In a major boost to the efforts to the National Private Prison Divestment Campaign, its partners and allies including Cuéntame, new SEC filings reveal that, as of September 30, 2012, Wells Fargo and Company and its subsidiaries divested nearly 75% of its aggregate holdings in the Geo Group, the nation’s second largest private prison company.
According to an SEC filing recently made public, Wells Fargo and Company and its subsidiaries had aggregate holdings of 3,061,851 shares, or 4.98% of Geo Group’s common stock as of September 30, down from the 9,185,823 shares or 19.56% of Geo Group’s common stock reported as in the December 31, 2011 SEC filing of the same required report. (Wells Fargo and Geo Group SEC filings can be found under the SEC tab at http://wfdetentions.wordpress.com/lobbyist/)
According to its current annual report, Geo Group, the nation’s second largest private prison company, depends on the incarceration of immigrants to meet its revenue goals. The company is a major contributor to federal political campaigns and lobbying efforts impacting budgets of the Departments of Homeland Security and Justice.
Great work. Huge step, but more needs to be done to expose and challenge politicians and their lobby affiliations that allow these things to happen. Also, beyond the immigrant aspect, a lot of people aren’t aware for the fact that these private prison companies are actually contracting out prison labor meaning they are getting paid to send people out and work for pennies per hour.
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