On the 2 yr anniversary of the @Edu4MigrJustice campaign launch, @ESGtransparency is sharing the groundbreaking report that led CalPERS, the US’ largest pension, to divest from for-profit prison giants CoreCivic & GEO Group.
I'll be adding to this 🧵throughout the day to highlight some of the most shocking & important details from the report (and help break them down into English).
GEO doesn't have insurance for "claims related 2 employment matters," which likely applies 2 claims in all 3 class-action suits. In a '19 SEC filing, GEO identifies "an⬆️in unreimbursed labor rates" & their “exposure to⬆️employee & inmate med costs” as threats 2 their bottom line
From a reporter friend on the ground: family of the student who tested positive for #COVID2019 in 1 of St. Louis’ most affluent neighborhoods (after traveling to Italy) are defying quarantine. Father & sister went to a school dance, mom went grocery shopping & got her nails done.
While student’s family were supposed to be in quarantine while daughter was tested for #COVID2019, the mom went to Gourmet to Go, the @SchnuckMarkets in Clayton/Ladue, Lifetime Fitness, & got her nails done.
Translation: #COVID2019 is hitting the rich, white, republican, private school crowd in St. Louis.
When I sounded the alarm about a similar attempt to build another #ConcentrationCamp for kids in CA's Inland Empire, the mobilization effort & huge push back prompted a public statement from a state rep & forced the gov't to ABANDON ITS PLAN.
If you know people in the area, start tagging! A couple people is all it takes to kickstart a pushback from the #resistance
Woah, weird. I've just learned that I actually had nothing to do with CalPERS divesting. Apparently this was all the work of @CFA_News (according to them). Can someone help me figure out what I've been spending my time doing these past 15 months? My memory is suddenly fuzzy.
@CFA_News Would it be bad form to do a quick side-by-side comparison of the resolution CFA passed vs the ones that were introduced at other unions? (hint: they were all drafted by the same person). Or maybe those call logs where I had to convince them why they should support the campaign?
@CFA_News Or maybe those emails where they kept asking what they should say during public comment because they didn't have a clue?
💥#BREAKING: @CalPERS has quietly divested from for-profit prison giants CoreCivic and GEO Group over their systemic human rights abuses of migrants and other detainees‼️@Edu4MigrJustice
@CalPERS@Edu4MigrJustice This is a huge victory for social justice advocates and the result of more than a year's worth of advocacy by the @Edu4MigrJustice campaign & activism by rank and file union members who have been standing up & speaking out at CalPERS board meetings since last December.
@CalPERS@Edu4MigrJustice This is the first known instance of CalPERS making an internal financial decision to divest as a result of an external initiative or campaign and was based on growing concerns about the material risks both companies’ systemic human rights abuses pose to their bottom lines.
In that time, they've:
-responded to a members' public records request with a statement that staff admitted was "demonstrably false"
-insisted they have policies on responsible investing which they haven't provided despite multiple requests (and that can't be found online)
In that time they've (con't):
-argued their passive investing strategy prohibits them from divesting - thread on why that's bs:
Responding 2 public comments from @Edu4MigrJustice & dozens of CalPERS members, CalPERS board member, Rob Feckner, stated that the Board takes concerns abt CalPERS’ investments in #MigrantAbuseCos as srsly as their stakeholders & that the Board is addressing their concerns. #E4MJ
Feckner alludes 2 internal movement & says stakeholders “will see action @ some pt n time”
But that’s not good enough; the atrocities r happening NOW & conditions r growing more dire by the day
Vanguard just dropped for-profit prison company GEO Group from its #ESG funds.
Vanguard is GEO's largest investor, owning a nearly 15% stake in the company (as of March 2019). ft.com/content/5b6caa…
While this won't affect the entirety of Vanguard's $340 million worth of holdings in GEO Group, it's nonetheless a huge blow to GEO and marks an important milestone in the global movement for socially & environmentally responsible investing. #ESG#SRI
Though the fact that a) Vanguard's #ESG fund held shares in GEO in the 1st place is appalling (bt not the least bit surprising); & b) the article quotes the CIO of State Street Advisors, GEO's 6th largest shareholder, indicates how pervasive #greenwashing is in the 🌎 of finance
Inst’l investor: it’s imp 2 have a seat @ the table w/ 4-profit prisons 2 drive change
Me: engagement hasn’t led 2 pos developments
Inv: not true; GEO passed a shareholder res on #HumanRights
Me: & days later they denied lawyers access 2 detainees
Inv: oh, we didn’t know that
U can’t insist on engaging w/ these cos if you aren’t even doing this VERY BASIC level of due diligence. The shareholder res @ GEO passed but was strongly opposed by GEO’s board, & their objection 2 a dif shareholder res on family detention meant that res wasn’t even put 2 a vote
So AGAIN, for the people in the back: this whole “engagement over divestment” approach is not an acceptable or realistic strategy with companies whose business model depends on their ability to to cut costs through human rights abuses like forced labor & medical neglect.
Basically all of the 6+ case managers that my case has been passed to have each straight up lied to me. Lied about what they’re telling the host, lied about the resolution process, lied about following up... @Airbnb@AirbnbHelp@bchesky@jgebbia@nathanblec
More than a year after I published the list of pension funds that are complicit in the migrant abuse crisis, highly regarded investor publication, @barronsonline, highlights @NYSTRS’ investments in #MigrantAbuseCos CoreCivic & GEO Group.
In a Dec ‘18 interview, CA State Controller & CalSTRS/CalPERS board member @BettyYeeforCA argued against divestment from for-profit prisons [CoreCivic & GEO Group] b/c “none of the facilities that [the pensions] are involved in are in the practice of detaining migrants.”
Yes, you read that correctly. @BettyYeeforCA actually tried to claim that CoreCivic & GEO Group “aren’t involved in the practice of detaining migrants.” The two companies are, in fact, responsible for detaining nearly 70% of all migrants in US custody. institutional-allocator.com/cal-states-con…
Given that @BettyYeeforCA made this statement after @Edu4MigrJustice presented the facts and info to her multiple times during public comment at CalSTRS & CalPERS’ board meetings, it raises serious concerns about potential breach of fiduciary duty.
According to the Q&A attached to the solicitation for that award, the contractor specifically inquired about holding migrant children at that facility and was told that several migrant children have in fact been held there within the past few years. fbo.gov/index?s=opport…
With the government running out of space to detain migrant children, the Trump administration has floated GITMO as a solution and the award specifies that children and families may be detained at the GITMO facility under the terms of the contract. fbo.gov/utils/dZip?bas…
So while Comprehensive Health Services runs Florida Homestead's child concentration camp (& first for-profit child detention facility), DoD contractor General Dynamics has had numerous government contracts for the Homestead facility.
Contract for General Dynamics Information Technology (IT)
"Provision of training & technical assistance services at temporary shelters in Homestead, FL for unaccompanied children"
so the DoD contractor providing services & support 2 the FL child concentration camp apparently employs multiple former employees of [Devos'] Bethany Christian Services, the org that's selling separated children & placing them exclusively w/ white, Christian, cisgender couples
My prezzie to you: a response to your argument that divesting from for-profit prison company CoreCivic is a threat to your bottom line (part 1) 👇🏻👇🏻 *screenshot from BuySellSignal's CoreCivic report Dec. 31, 2018 #ESG#SRI#bizhumanrights
💝 Let's play a game of "would you rather," @CalPERS
1. Would u rather have your💰invested in a co. whose share price has ⬇️ by nearly 50% over the past 4 years? 📉
2. Would u rather have your 💰 invested in a co. that performed abt as well as the S&P 500 ⬆️ by 20% 📈
While I - and your members - eagerly await your reply, @CalPERS, let's get moving with the second part of my 💝 Valentine's Day prezzie🎁: the GEO Group sequel. *screenshot from BuySellSignal's GEO Group report December 31, 2018 👇🏻👇🏻
GEO Group, a private prison company that runs detention facilities where several migrants have died due to lack of medical care (the subject of a 2016 Human Rights Watch report), can count public state funds among its investors.
GEO Group - whose migrant transportation has been described as "a prison bus just for babies" - currently runs the largest ICE detention facility & is profiting heavily on Trump's family separation policy.
ATTN: Public state employees and teachers in AK, AZ, CA, FL, OH, NY, & TN - your pension funds and retirement plans are helping fund this!
Alaska Retirement Mgmt Board ($1.42 m. currently invested in GEO Group)