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GEO Executive Calabrese selling millions of dollars in property

The private prison industry makes good sense for at least one group of well-heeled individuals - executives at the biggest private prison corporations who make big bucks operating these companies.  We reported last month GEO Group CEO George Zoley and chief operating officer Wayne Calabrese were amongst the highest paid south Florida executives

Now, Calabrese is selling two South Florida homes for a combined value of more than $3 million.  The first, a modest 1,810-square-foot house in the Boca Raton Riviera subdivision, is going for a mere $575,000.  The second is a 6,105-square-foot house Royal Palm Yacht & Country Club subdivision that is on the market for a less modest $2.475 million. Clearly, the prison business has been good to Mr. Calabrese.

Sometimes we forget that the wealth accumulated by private prison corporations and their executives comes soley from taxpayer dollars paid to companies that in turn don't spend all that money on correctional services.  Calabrese's $3.6 million compensation was more than than 19 times the salary of TDCJ director Brad Livingston and more that 16 times the starting salary of the Secretary of Corrections for the state of California. GEO head George Zoley's total compensation last year was more than $7 million, and Zoley listed a home in Fort Lauderdale for sale for nearly $11 million last January.  Private prisons are clearly good business for some. 

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GEO execs amongst highest paid in South Florida

While GEO Group (NYSE: GEO) m

ay have recently lost contracts in Texas, the company's highest executives continue to earn handsome figures.  According to the Palm Beach Post ("102 best paid execs in PBC, TCoast for 2009," July 10), three of the highest paid corporate executives in Palm Beach County are GEO executives.  Top 2009 earners include:

George Zoley, GEO Group's CEO was the third highest earning executive in the Palm Beach area, taking in $7,059,003 in total compensation.

Wayne Calabrese, GEO Group's Chief Operating Officer, was 6th on the list earning $3,602,321 in total compensation last year.

John O'Rourke, GEO Group's outgoing CFO earned $2,274,951 in total compensation last year and was 9th on the list.

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