Home News Warren invested in private prisons, now pledges to ban them

Warren invested in private prisons, now pledges to ban them

194
0
warren-invested-in-private-prisons,-now-pledges-to-ban-them

THE FREE BEACON:

Presidential hopeful Elizabeth Warren wants to ban private prisons because “no one should make a profit locking people up,” but the senator has financially benefited from private prison companies in the past.

The Massachusetts senator invested up to $50,000 in a Vanguard Group fund that owned hundreds of millions of dollars worth of shares in leading private prison companies. Warren sold her stakes in that fund in exchange for a different retirement account in 2013. At the time, the fund was the largest shareholder of America’s largest private prison corporation.

Warren invested in Vanguard Target Retirement 2025—a retirement account run by the Vanguard Group, an investment management company—which in turn invested more than 30 percent of its money in Vanguard’s domestic stock index fund. Vanguard was the top shareholder of Corrections Corporation of America (CCA), and one of the largest of GEO Group, both private prison companies, according to data from the Securities and Exchange Commission. Vanguard owned more than 12 million CCA shares and nearly 9 million GEO Group shares, which were worth roughly $456 million and $216 million, respectively, in March 2013.

More from The Free Beacon