BIG BANKS: INVEST IN THE PEOPLE, DUMP YOUR PRIVATE PRISON STOCK

Major investors of the private prison industry, including Wells Fargo and Fidelity, were embarrassed yesterday as members of Occupy Miami and Palm Beach County for Immigration Rights along with concerned community leaders from ENLACE and National People’s Action disrupted the hedge fund conference GAIM in Boca Raton, Florida.

Three protestors were arrested after they tried to talk to inform investors about their in financing the wasteful and abusive private prisons owned by CCA and GEO. These private prison companies lobby heavily to keep prisons full --- a waste of public dollars fueled by a broken immigration and criminal justice system. In addition, private prisons, especially those specializing in holding immigrants, have been exposed by three independent studies for hosting terrible human rights abuses, including sexual abuse and rape. The protestors demanded that investor’s divest from these companies and follow the lead of the United Methodist Church, one of the largest faith-based pension funds in the US, who divested its entire holdings from CCA and GEO.

The action took place inside the Boca Raton Resort and Club where the 2012 GAIM conference is being held to personally deliver the message, “Divest from Prisons Now." Other major investors in private prisons present included: Bank of America, General Electric, Vanguard, BlackRock, Lazard, and others. This action was part of the National Prison Divestment Campaign’s national day of action and coincided with a rally held outside the grounds and organized by Florida Immigrant Coalition and Occupy Miami and West Palm Beach.

This action comes as Wells Fargo faces increased White House scrutiny for their role in the subprime mortgage disaster and the continuing economic drag of millions of home foreclosures.