Bank of America on June 26 said it would no longer provide financing to private operators of prisons and immigrant detention facilities for U.S. federal and state governments. Wells Fargo and JPMorgan pulled out of the business earlier this year.
Publicly traded prison operator GEO Group responded by saying BofA’s move would have “no impact to its senior revolving credit facility.” Chief Executive George Zoley also pointed out that the company has “never managed any facilities that house unaccompanied minors, nor have we ever managed border patrol holding facilities.”
CoreCivic, which also trades on the stock market, said the bank’s “decision is about politics, not about the company we are” and that it “has misrepresented who we are and misrepresented the conclusions of a process in which we voluntarily engaged.” On June 21 Democratic presidential candidate Elizabeth Warren called for private prisons to be banned.
AntonyMCurrie America is sick!
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