In a stunning display of corporate power and influence, the private prison giants GEO Group and CoreCivic have turned to lobbying to secure access to fresh lines of credit from major banks. Despite facing numerous scandals and criticism over their treatment of detainees, the two companies are fighting back by spending millions of dollars on efforts to pass legislation that would prevent banks from denying them financing.
According to a nonprofit report, some of the largest banks in the country, including JPMorgan Chase and Wells Fargo, have cut ties with private prisons after conducting reviews of their environmental, social, and governance policies. These banks had previously provided significant funding for the companies, which has likely resulted in billions of dollars in lost revenue.
However, GEO Group and CoreCivic are not giving up without a fight. The two companies have spent millions lobbying Congress to pass the Fair Access to Banking Act, a bill that would prevent banks from denying access to institutions or people involved in "politically unpopular businesses." While the legislation aims to promote fairness and impartiality in lending decisions, civil liberties advocates have criticized it as an attempt to shield private prisons from public accountability.
Critics argue that private prisons profit solely from locking people up and that the market should be held accountable for their actions. Eunice H. Cho, a senior counsel at the American Civil Liberties Union's National Prison Project, stated, "Consumer advocacy is a very important part of the democratic process... Banks are sensitive to understanding the risks of doing business with harmful industries."
Despite the criticism, GEO Group and CoreCivic remain committed to their lobbying efforts, with both companies spending significant sums on the Fair Access to Banking Act. The legislation has gained some traction in Congress, with President Donald Trump signing an executive order that empowers federal banking regulators to monitor financial institutions that deny services to clients based on "politically unpopular businesses."
If the bill passes, it could have far-reaching consequences for private prisons and the banks that finance them. Many experts warn that this would embolden these companies to expand their operations, potentially putting more people at risk.
As one observer noted, "It's not just about access to credit; it's about being able to build new facilities and cash in on a higher demand for ICE detention facilities." This raises serious concerns about the potential implications for immigration detainees who are already vulnerable to mistreatment in private prison facilities.
Ultimately, this fight highlights the ongoing struggle between corporate power and public accountability. As one advocate put it, "Private prisons have an astronomical amount of funds available to them, and it's unsurprising they're also looking to protect ways to expand those funds with extra lines of credits available."
The Intercept is committed to exploring these issues in depth and holding those in power accountable for their actions.
According to a nonprofit report, some of the largest banks in the country, including JPMorgan Chase and Wells Fargo, have cut ties with private prisons after conducting reviews of their environmental, social, and governance policies. These banks had previously provided significant funding for the companies, which has likely resulted in billions of dollars in lost revenue.
However, GEO Group and CoreCivic are not giving up without a fight. The two companies have spent millions lobbying Congress to pass the Fair Access to Banking Act, a bill that would prevent banks from denying access to institutions or people involved in "politically unpopular businesses." While the legislation aims to promote fairness and impartiality in lending decisions, civil liberties advocates have criticized it as an attempt to shield private prisons from public accountability.
Critics argue that private prisons profit solely from locking people up and that the market should be held accountable for their actions. Eunice H. Cho, a senior counsel at the American Civil Liberties Union's National Prison Project, stated, "Consumer advocacy is a very important part of the democratic process... Banks are sensitive to understanding the risks of doing business with harmful industries."
Despite the criticism, GEO Group and CoreCivic remain committed to their lobbying efforts, with both companies spending significant sums on the Fair Access to Banking Act. The legislation has gained some traction in Congress, with President Donald Trump signing an executive order that empowers federal banking regulators to monitor financial institutions that deny services to clients based on "politically unpopular businesses."
If the bill passes, it could have far-reaching consequences for private prisons and the banks that finance them. Many experts warn that this would embolden these companies to expand their operations, potentially putting more people at risk.
As one observer noted, "It's not just about access to credit; it's about being able to build new facilities and cash in on a higher demand for ICE detention facilities." This raises serious concerns about the potential implications for immigration detainees who are already vulnerable to mistreatment in private prison facilities.
Ultimately, this fight highlights the ongoing struggle between corporate power and public accountability. As one advocate put it, "Private prisons have an astronomical amount of funds available to them, and it's unsurprising they're also looking to protect ways to expand those funds with extra lines of credits available."
The Intercept is committed to exploring these issues in depth and holding those in power accountable for their actions.
. They should be held accountable for the harm they cause, not getting special treatment from banks because of lobbying efforts 
. Its like they're saying "we're gonna lock you up and make you pay" but then expect the system to help them out when things get tough 
. I mean, if we want to talk about fairness and impartiality in lending decisions, shouldn't that be applied equally to all industries, not just those with deep pockets 
?
This is crazy! They think they can just buy their way out of accountability? Like, what's next? Private schools and hospitals lobbying for tax breaks? 
It's about time someone held them responsible for putting profits over people. We need to make sure that these corporations are answerable to the public, not just their own bottom line. The fact that some banks have already backed out of funding private prisons is a good start, but this legislation would only embolden these companies to do even more harm. We can't let them get away with it! 
. We need to hold our elected officials accountable and make sure we're not sacrificing public safety for corporate profits 
.
with his dog 
. I swear, that dog had more skills than most humans I meet 
. Anyway, just thinking about it made me realize how important it is to have some balance in life between work and play. All these corporate power moves can get so intense, but at the end of the day, we're all just trying to make a living and live our lives 
.
. Not sure if they're as awesome as the ones I'm used to, but it's cool to see companies trying to reduce their impact on the environment 
.
like that makes everything okay 
. I mean, come on, folks, let's get real here 
.
. The fact that some big-name banks have already cut ties is a good sign, but if this bill passes, it could embolden these companies to expand their operations even more 
. We need better oversight and accountability from our elected officials 
️. It's time for us to take a closer look at the dark side of corporate influence 
I mean, it's one thing to deny access to credit, but what about holding these companies accountable for the mistreatment of detainees? It feels like a big ol' favor being asked from our elected officials, and I'm not sure how that's gonna play out 
They're gonna keep trying to buy their way out of trouble... spent millions lobbying, lost some big clients... 
. Like, no kidding, you've been involved in some pretty shady stuff! 
. I mean, shouldn't they be held responsible for their actions? It's not like they're doing us all a favor by providing "jobs" in the prison industry 
. It's like, can't we just have some common sense around here? 
