CorpWatch : GEO Group, Inc.: Despite a Crashing Economy, Private Prison Firm Turns a Handsome Profit
CorpWatch : GEO Group, Inc.: Despite a Crashing Economy, Private Prison Firm Turns a Handsome Profit: "While the nation’s economy flounders, business is booming for The GEO Group Inc., a private prison firm that is paid millions by the U.S. government to detain undocumented immigrants and other federal inmates. In the last year and a half, GEO announced plans to add a total of at least 3,925 new beds to immigration lockups in five locations. The Immigration and Customs Enforcement (ICE) agency and the U.S. Marshals Service, which hire the company, will fill the beds with inmates awaiting court and deportation proceedings.
GEO reported impressive quarterly earnings of $20 million on February 12, 2009, along with an annual income of $61 million for 2008 – up from $38 million the year before. But the company’s share value is not the only thing that’s growing. Behind the financial success and expansion of the for-profit prison firm, there are increasing charges of negligence, civil rights violations, abuse and even death.
Detaining immigrants has become a profitable business, and the niche industry is showing no signs of slowing down. The number of undocumented immigrants the U.S. federal government jails has grown by at least 65 percent in the last six years. In 2002, the average daily population of immigration detainees was 20,838 people, according to ICE records. By 2008, the average daily population had grown to 31,345.
Since 2003, more than a million people have been processed through federal immigration lockups, which are part of a network of at least 300 local, state and federal lockups, including seven contracted detention facilities. GEO operates four of those seven for-profit prisons."
GEO reported impressive quarterly earnings of $20 million on February 12, 2009, along with an annual income of $61 million for 2008 – up from $38 million the year before. But the company’s share value is not the only thing that’s growing. Behind the financial success and expansion of the for-profit prison firm, there are increasing charges of negligence, civil rights violations, abuse and even death.
Detaining immigrants has become a profitable business, and the niche industry is showing no signs of slowing down. The number of undocumented immigrants the U.S. federal government jails has grown by at least 65 percent in the last six years. In 2002, the average daily population of immigration detainees was 20,838 people, according to ICE records. By 2008, the average daily population had grown to 31,345.
Since 2003, more than a million people have been processed through federal immigration lockups, which are part of a network of at least 300 local, state and federal lockups, including seven contracted detention facilities. GEO operates four of those seven for-profit prisons."
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