WASHINGTON, DC – Today, the #FamiliesBelongTogether coalition calls on Wells Fargo and JPMorgan Chase to stop financing two large for-profit private prison corporations, CoreCivic and GEO Group, which operate immigration detention centers where separated families are being held against their will. Wells Fargo and JPMorgan Chase are leading financiers of CoreCivic and GEO Group.
More than 70 organizations, including the ACLU, the National Domestic Workers Alliance, MomsRising, MoveOn, In The Public Interest, Little Sis, ACRE, Color of Change, Make the Road New York, AVAAZ, Enlace, Presente.org, the Center for Popular Democracy, and more, are demanding that Wells Fargo and JPMorgan Chase stop financing these corporations that directly profit from family separation, detention, and incarceration. The petition comes at a crucial time when the population of immigrants held in private detention centers is expected to increase dramatically due to Trump’s harmful policies.
Cutting off the debt financing from banks would make it harder for CoreCivic and GEO Group to conduct day-to-day business operations, finance new facilities, and acquire smaller companies, all of which hurt immigrant families. An analysis of U.S. Securities and Exchange Commission (SEC) filings over the past ten years shows that Wells Fargo and JPMorgan Chase has played a leading role in financing these debts. JPMorgan Chase is the single largest financier to GEO Group and CoreCivic, holding 62 percent more debt than the second biggest lender to these two corporations.
“The Prison Industry Lobby is fueled by Wall Street and banks like Chase and Wells Fargo. This lobby has been successful thanks to these banks and REIT status in kidnapping people from our community and profiting from our communities pain. We are building Freedom Cities to demand cities and local institutions cut ties with these banks and invest in alternatives like municipal banks. Freedom Cities are building visionary campaigns for immigrants and communities of color, together we fight for our collective liberation,” said Daniel Carrillo, Enlace Executive Director.
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