REPORT: Big Banks Cut Ties With Private Prison Companies Following Activist Pressure
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The biggest U.S. banks are severing ties with private prison companies amid activist pressure and calls from Democratic presidential contenders to do away with the industry altogether.
“Following an ongoing and deliberate process, SunTrust has decided not to provide future financing to companies that manage private prisons and immigration holding facilities,” read a SunTrust statement released Monday, and provided to the Daily Caller News Foundation. “This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue.”
The article goes on to state the following:
With that announcement, SunTrust became the fourth major bank to recently cut ties with the private prison industry. JP Morgan Chase, Wells Fargo, and Bank of America made similar announcements earlier in 2019. Their decisions all came in the face of intense protests from progressive groups and lawmakers who oppose private prison companies.
“Wall Street — and Corporate America in general — is nervous about the perception that it is doing business with prison operators who have reportedly engaged in controversial practices, particularly regarding the treatment of migrant children,” CNN reports. “Companies often face customer and investor scrutiny when they do business with entities that fall out of public favor.”
CoreCivic said in a statement on its website Monday that what it called “politicized banking decisions” send “a terrible message to others in the private sector who are working to help our government solve serious problems in ways it could not do alone.”
“Like others before it, this decision is about caving to political pressure based on false and misleading statements about our company,” CoreCivic said. “CoreCivic has a 35-year track record of working with both Democrat and Republican administrations to help solve the very types of crises we are now seeing on our southern border.”
CoreCivic added that SunTrust has contractual obligations to work with the company through 2023.
“No one should profit off the imprisonment of children,” tweeted Families Belong Together. “Glad to see @SunTrust making the right choice.”
“Families Belong Together includes nearly 250 organizations representing Americans from all backgrounds who have joined together to fight family separation and promote dignity, unity, and compassion for all children and families,” their website says. “Led by the National Domestic Workers Alliance, Women’s Refugee Commission, MomsRising, FWD.us, United We Dream, People’s Action, ACLU, Leadership Conference on Civil and Human Rights, MoveOn and others…”
— Families Belong Together (@fams2gether) July 8, 2019
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