Celebrities Who Invest In Private Prisons - Does Jeff Sessions have investments in the private prison industry? The website claimed Sessions benefited from a recent rollback of Obama-era private prison policies.
Jeff Sessions has stakes in two mutual funds that include stakes in two leading private prison companies.
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The mutual funds are highly diversified (involving 3,557 and 1,422 companies, respectively), the DA's annual revenue is relatively low, and Sessions will not be able to reap a significant financial benefit if the private prison industry increases in value. , and their investments do not conflict with conflict of interest rules.
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On April 12, 2017, the partisan website Crooks and Liars reported that Attorney General Jeff Sessions owns stock in the private prison industry and may benefit financially from some of his recent policy statements:
This is more than a conflict of interest. The more people Attorney General Jeff Sessions sends to private prisons, the more money he pockets. From saying he wants federal law enforcement to catch people for a little weed to ordering federal prosecutors to find ways to convict more immigrants, Sessions is looking for ways to give more customers to private prisons run by the federal government . .. ...When Attorney General Sessions fills up these private prisons, he makes money. According to its latest financial disclosures requested by Congress, dated December 23, 2016, it has divested itself of other investments that were deemed to be in conflict. In those disclosures, he also lists numerous Vanguard funds. Vanguard owns more private prison funds than any other investment management firm.
The article lists three funds that Sessions owns, all managed by the investment firm Vanguard, and states that the funds have stakes in two of the leading companies in the private prison sector: CoreCivic and GEO Group. This applies to only two of these funds.
The third seems to have appeared as a result of confusion. The article correctly notes that one such fund, the Vanguard Total International Stock Index fund, contains holdings of GEO Holdings Corporation. However, it is a Japanese company unrelated to Florida-based private prison company GEO Group, a GEO Group spokesman confirmed.
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As for the other two mutual funds, federal financial reports show the attorney general owns between $31,003 and $115,000 in the Vanguard Total Stock Market Index Fund, bringing the total to between $1,403 and $4,500. revenue per year for sessions.
However, the article fails to mention that CoreCivic and GEO Group are just two of the 3,557 companies in the Vanguard Total Stock Market Index Fund.
The Vanguard Total Stock Market Index Fund is what's known as an Exempt Investment Fund (EIF), meaning the fund is independently managed (ie, not by Sessions himself) and either publicly traded or is "broadly diversified" (ie, not focusing on a specific sector of the economy), according to the Office of Government Ethics.
A quick look at this particular fund shows that its more than 3,500 holdings are tied to companies across the economy, including big names like Cracker Barrel, Zillow and Rite Aid.
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The same is true of the Vanguard Small-Cap Index fund, in which Sessions holds between $15,001 and $50,000 worth of shares, earning him between $201 and $1,000 a year.
While it includes stakes in CoreCivic and GEO Group, these are just two of the 1,422 companies listed in the fund, which come from a variety of sectors and include names like Domino's Pizza and JetBlue Airways.
According to Kathleen Clarke, a professor at the University of Washington School of Law and an expert on legal and government ethics, investing in highly diversified funds like these is unlikely to leave a public official vulnerable to a conflict of interest.
If it is a diversified fund and not an industry fund [focused on one sector of the economy], then it is not subject to the conflict of interest law.
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Clarke told us that even if one or two companies in a broadly diversified fund do well and rise in value, the presence of a large number of other companies in that fund means, "It is extremely unlikely that such an interest will influence a public official. or be perceived by the public." . as a significant risk."
Remember that in one fund, CoreCivic and GEO Group represent two of 3,557 companies, and in the other, two of 1,422. Remember that the total annual income of the Attorney General from the first fund ranges from $1,403 to $4,500, and from the second fund. - from 201 to 1000 dollars.
So while it's true that Jeff Sessions has some holdings in funds that include stakes in two private prison companies, it would be misleading to suggest that this means he can make a significant profit from the increase in value of those companies or that "The more people send the Attorney General Jeff Sessions to Private Prisons, More Money Pockets."
Execution of these funds. An increase in the value of CoreCivic or GEO Group would very quickly be offset by a decrease in the value of just a few of the other thousands of companies included in these two funds, and because they are broadly diversified funds with exceptional investments, they would not violate the conflict clause of interests The Papillon actor said he rejected the financial adviser's advice because he didn't want to "take advantage of other people's suffering".
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Charlie Hunnam says he has repeatedly rejected advice to invest in private prisons because he doesn't want to "profit from other people's suffering."
The actor, who plays a prisoner in the remake of Papillion, said Thursday that America in particular is playing a "rigged game" by making money by keeping prisoners locked up.
He told the Press Association: “For years, my financial adviser has advocated for me to invest in prisons because it's a really big investment because the value of stocks goes up and down based on prison occupancy.
“It's a rigged game because if you're allowed to decide who stays for how long, you'll always be at your best.
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"It seems like a very, very big problem that we're seeing because we really have to try to help, improve, educate and send people back into society to become productive members."
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When asked if it was an investment he resisted, Hunnam said, "Every energetic interaction you engage in in this life has consequences, and that's not something I want to be involved in at all, profiting from other people's suffering is not something that I'd like to. feel comfortable."
The 37-year-old actor, who plays the lead role of Henri Charrier, was speaking at the world premiere of Papillon at the Toronto International Film Festival.
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His character is based on Henri Charrier's semi-autobiographical novel about his experiences behind bars and his escape attempts.
The perpetrator, played by Steve McQueen in the 1973 film, which also starred Dustin Hoffman, claimed he was incarcerated for a murder he did not commit.
Hunnam, from Newcastle, said he had not seen McQueen's performance, saying it would be "silly" to draw inspiration from the actor's character, and instead said he was influenced by friends who had served time.
Producer Joey McFarland also tried to distance the film from being seen as a remake, admitting that's a "four-letter word" these days. Charlie Gunnam says he has repeatedly rejected advice to invest in private prisons because he doesn't want to "make a profit". of other people's suffering".
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The actor, who plays a prisoner in the remake of Papillion, said Thursday that America in particular is playing a "rigged game" by making money by keeping prisoners locked up.
He told the Press Association: “For years my financial adviser has been pushing me to invest in prisons because it's a very big investment because the value of shares goes up and down based on prison occupancy.
“It's a rigged game because if you're allowed to decide who stays for how long, you're always going to be at your best.
"It seems like a very, very big problem that we're seeing because we really have to try to help, improve, educate and send people back into society to become productive members."
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Donald Trump's tenure as US president has given private prison contractors a big boost, as his rhetoric on restricting immigration sent shares soaring.
When asked if it was an investment he resisted, Hunnam said, “Every energetic interaction you engage in in this life has consequences, and that's not something I want to be involved in at all, profiting from other people's suffering is not.
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