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Shares in private prisons drop after DHS announces review

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Tue, 08/30/2016 - 5:00pm — Jake Crowther

The Department of Homeland Security (DHS) will evaluate whether the agency should continue contracting with private corporations to run their immigrant detention facilities. According to Fortune, shares in both Corrections Corporations of America (CCA) and GEO Group both dropped after the announcement.

The evaluation of privately-run prisons comes following the Department of Justice's decision to phase out their use of private prisons. Former presidential candidate Bernie Sanders and Sen. Raul Grijalva asked DHS in a letter earlier this week to end the practice of contracting with private-prison companies.

Blogging Categories: 
Immigration Detention
Money/Financial Interests
Tags: 
CoreCivic (formerly CCA)
GEO Group
Department of Homeland Security
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