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Investors ‘Broke Out’ of Prison Profiteer

An investment firm Seeking Alpha announced this month that it would drop its investment in CoreCivic (formerly known as Corrections Corporation of America, or CCA) citing that the prisons have become “dysfunctional.”

CoreCivic currently owns 34% of the market share in correctional facilities as the “largest player.” It contracts with the federal government to account for 51% of its revenue and states for 42% of revenue. The investors site a decrease in the federal prison population by 7% since 2012 as well as an impending government shutdown as reasons that this stock is too risky to invest in.

The analysis also cites incidents of scandals in CoreCivic prisons in Tennessee, including a recent scabies outbreak, a lawsuit filed against them, and a failure to address the healthcare outbreak for diabetic inmates.

CoreCivic currently lists 14 facilities in Texas, including Hutto Detention Center where sexual abuse allegations have drawn national attention to the unlawful and corrupt practices within private prisons.

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