On Tuesday, I participated in an Austin protest against Wells Fargo's holdings in private prison corporations GEO Group and Corrections Corporation of America. The coalition of immigrant rights groups (including Grassroots Leadership
and Texans United for Families
) called on Wells Fargo to divest of their holdings in the for-profit private prison industry.
Nearly half of the more than 33,000 immigration detention beds in the United States are operated by private prison corporations, and the detention system will cost taxpayers more than $1.7 billion this year. Benefiting from this practice are companies like GEO Group and Corrections Corporation of America, as well a companies like Wells Fargo, that have invested in the growth of the private prison industry.