For the last year National People’s Action (NPA), as part of the National Prison Divestment Campaign has been organizing to get Wells Fargo to divest from financing private prisons. While Wells is investing in aggressive customer outreach to the Latino community, it is also providing critical financing to private prison corporations that lobby to prevent reform of a broken immigration system. They can’t have it both ways.
NPA and Public Accountability Initiative just released the first of 2 reports, Wells Fargo: Banking on Immigrant Detention, that details Wells Fargo’s direct financing of private prisons known for their inhumane conditions and for trying to block immigration reform. Key finding include:
Prison industry giants Corrections Corporation of America and GEO Group doubled annual revenue in the last 10 years to a combined $3.3 billion in 2011, in major part due to the increase in immigrant detention centers.
Wells Fargo provides critical financing to Corrections Corporation of America, including a $785 million line of credit.
Wells controls $95.5 million in GEO Group stock through its mutual funds, and serves as trustee for $300 million of the company’s corporate debt.
You can read the report here:
Please take action and sign the petition: http://www.npa-us.org/jailsfargo