Under the Trump administration, the number of immigrants detained by the US government has skyrocketed.
Nearly 75% of those detained are held in private prisons, whose stock prices have soared against the backdrop of Trump’s zero-tolerance and family separation policies.
However, private prison companies are not the only corporate actors being enriched. As we exposed in 2016, Wall Street banks finance the multibillion-dollar private prison industry’s two major players: CoreCivic and GEO Group.
This brief, produced with the Public Accountability Initiative and the Center for Popular Democracy, updates the 2016 figures. It also exposes that Bank of America is the only top six U.S. bank that is currently lending to private prison companies and has not committed to ending its financing relationships with the industry.