REPORT: Big Banks Cut Ties With Private Prison Companies Following Activist Pressure

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BY TEAM DML / JULY 9, 2019 /

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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by DAILYCALLER.COM:

The biggest U.S. banks are severing ties with private prison companies amid activist pressure and calls from Democratic presidential contenders to do away with the industry altogether.

“Following an ongoing and deliberate process, SunTrust has decided not to provide future financing to companies that manage private prisons and immigration holding facilities,” read a SunTrust statement released Monday, and provided to the Daily Caller News Foundation. “This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue.”

The article goes on to state the following:

With that announcement, SunTrust became the fourth major bank to recently cut ties with the private prison industry. JP Morgan Chase, Wells Fargo, and Bank of America made similar announcements earlier in 2019. Their decisions all came in the face of intense protests from progressive groups and lawmakers who oppose private prison companies.

“Wall Street — and Corporate America in general — is nervous about the perception that it is doing business with prison operators who have reportedly engaged in controversial practices, particularly regarding the treatment of migrant children,” CNN reports. “Companies often face customer and investor scrutiny when they do business with entities that fall out of public favor.”

From CNN:

CoreCivic said in a statement on its website Monday that what it called “politicized banking decisions” send “a terrible message to others in the private sector who are working to help our government solve serious problems in ways it could not do alone.”

“Like others before it, this decision is about caving to political pressure based on false and misleading statements about our company,” CoreCivic said. “CoreCivic has a 35-year track record of working with both Democrat and Republican administrations to help solve the very types of crises we are now seeing on our southern border.”

CoreCivic added that SunTrust has contractual obligations to work with the company through 2023.

“No one should profit off the imprisonment of children,” tweeted Families Belong Together. “Glad to see @SunTrust making the right choice.”

“Families Belong Together includes nearly 250 organizations representing Americans from all backgrounds who have joined together to fight family separation and promote dignity, unity, and compassion for all children and families,” their website says. “Led by the National Domestic Workers Alliance, Women’s Refugee Commission, MomsRising, FWD.us, United We Dream, People’s Action, ACLU, Leadership Conference on Civil and Human Rights, MoveOn and others…”

To get more information about this article, please visit DAILYCALLER.COM. To weigh in, leave a comment below.

DML News App offered you the above aggregated article preview as part of our ongoing effort to educate and inform people around the world about news, events, and politics. We encourage you to obtain additional information by visiting DAILYCALLER.COM

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4 Comments

  1. Kathy July 9th, 2019 at 7:55 pm

    No they are hitting banks and banks are caving what are they going to change our country to

    Reply

    • Kathy July 9th, 2019 at 7:56 pm

      * now

      Reply

  2. James Bagwell July 9th, 2019 at 10:06 pm

    The federal government can change the banks mind anytime they want. The banks work at the will of the government, so don’t worry. I’m sure that this will be resolved soon. Remember who protects the banks too. Stupid people are running the banks who can’t think very far ahead apparently.

    Reply

  3. Becky July 9th, 2019 at 11:15 pm

    This is good news. Anyone who thinks it’s bad news does not know about private prisons for profit. They have to keep these prisons full in order to make a profit for their stockholders which include judges, government lawmakers etc so innocent people are going to prison, being kept in these prisons without benefit of a trial (indefinite detention, look it up), being shuffled from prison to prison to keep numbers up at different locations, etc etc. And just FYI conservatives have been protesting these prisons and asking for them to be shut much longer than the liberal Democrats!

    Reply

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