JPMorgan to stop financing private prison industry

JPMorgan Chase & Co has decided to stop financing private operators of prisons and detention centres, which have become targets of protests over Trump administration immigration policies.

“Our credit exposure to private prison companies has significantly decreased and is expected to continue to decline, and we are not actively marketing to that sector,” Wells Fargo said in its “Business Standards Report” for 2018. Moody’s and S&P Global have speculative grade, or junk, credit ratings on CoreCivic and GEO Group partly because their revenues are at risk to changes in government policy and public scrutiny of companies profiting from detention.

CoreCivic spokesman Steven Owen called JPMorgan’s decision “disappointing.” He said in an e-mail that “decisions like this are being based on false information spread by politically motivated special interests, who completely mischaracterize our company.” CoreCivic changed its name from Corrections Corporation of America in October 2016. It said the rebranding was to highlight its strategy to transform its business “from largely corrections and detentions centres to a wider range of government services.”

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canadians are gloomy about the economy, the housing market, their personal finances …This may bode ill for the Liberals Thanks Justin the “Imposter “! except for liberals, they are all sunny ways. because justin said so. So no more sunny ways?
Source: nationalpost - 🏆 10. / 80 Read more »

Fresh blow to Canada’s oil industry as key pipeline delayed by a yearAlberta was counting on Enbridge’s Line 3 to ease the province’s oil glut and end production cuts
Source: VancouverSun - 🏆 49. / 61 Read more »

Asbestos removal contractor barred from industry by B.C. Supreme Court rulingSeattle Environmental is responsible for repeated and egregious breaches of the Workers Compensation Act and regulations: Judge. He should have been stopped long ago. Infraction after infraction after infraction. He has no respect for the law, regulations, or employees. Bet he doesn't stop. Who's going to ensure he doesn't carry on business?
Source: VancouverSun - 🏆 49. / 61 Read more »