One word for you, young man: ‘Prisons’

The “too-big-to-fail” bank Wells Fargo received a $37 billion bailout from the government after playing a major role in sparking the 2008 collapse of the housing market. Now the bank is bigger than ever and investing heavily in one of the country’s fastest-growing industries — for-profit prisons.

From Salon:

Wells Fargo has been busy expanding its stake in the GEO Group, the second largest private jailer in America. At the end of 2011, Wells Fargo was the company’s second-largest investor, holding 4.3 million shares valued at more than $72 million. By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.

Unfortunately, it’s a safe investment. While a 50 percent growth in the number of human beings our society cages in rape factories may sound impressive – or perhaps the word is “revolting” – a study released last year by the Justice Policy Institute found that the private prison industry grew by more than 350 percent over the last decade and a half. While other industries of course benefit from state-granted privileges, companies like GEO profit by the state literally kidnapping and handing them clientèle, particularly as of late about-to-be-deported immigrants, of which President Barack Obama has ensured there is a steady, record-breaking supply.

It’s a win-win situation for Wells Fargo, which apparently has realized that housing for prisoners is a much less risky business than housing for free people.

The Salon story calls to mind the award-winning movie The Graduate, in which Dustin Hoffman’s character, a young college grad, is pulled aside and given career advice from a friend of his father’s: “I just want to say one word to you, just one word, are you listening? Plastics.” If The Graduate were remade now, the magic word might be prisons.

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2 Responses to One word for you, young man: ‘Prisons’

  1. Pingback: One word for you investors: ‘Prisons’ | Suburban Guerrilla

  2. robinhood63 says:

    I think I read somewhere that the U.S. has the largest juvenile prison population in the world. Something to look-up. If true it’s very shameful. The system got my brother (12 or 13) and I believe that it contributed to his early death. (32) Small town. Asshole chief-of-police that was later convicted of B&E and drug dealing while a cop. He was killed a month after he was released from prison. That was really to bad. (not really)


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