JP Morgan Chase Bank chose to finance two private prison companies ‐ CoreCivic and GEO Group. CoreCivic and GEO Group are the two largest prison companies in the United States, collectively managing more than half of the private prison contracts. Thanks to lobbying and incentivizing by CoreCivic and GEO Group, their private prisons are utilized by the US Government as detention centers for immigrants, while they undergo removal proceedings. Because of this, Wilson Immigration severed all ties with JP Morgan Chase Bank in January 2018.
Although Chase Bank is not the only Wall Street investor who supports GEO Group and CoreCivic financially, they are by far the most impactful. Not only did Chase hold stock in CoreCivic and GEO Group, but also they held debt for the two companies, making it possible for them to profit and grow. As of March 28, 2018 Chase bank held 62% more debt for Core Civic and GEO Group than the second largest lender (New York Life Group). Additionally, JP Morgan Chase Bank, along with Wells Fargo and Black Rock, held significant stock in the private prison industry. Chase and Black Rock’s reported holdings in GEO Group and CoreCivic increased 237.8 times from September 2016 to December 2017.
Private prisons make up a $5 billion enterprise ‐ one that profits off of the detention of immigrants and the separation of families. Additionally, the rate of documented abuses against detained immigrants is higher in private prisons. The abuses range from sexual and physical assault to death while in detention.
This corrupt industry is made possible by loans from Wall Street companies, such as Chase Bank. By investing in private prisons, Chase Bank stood to profit financially from increased detention rates, separated families, and overall human suffering.
As a result of these corrupt and heartless practices, Wilson Immigration decided to no longer patronize JP Morgan Chase Bank in January 2019. In March 2019, JP Morgan Chase stopped financing GEO Group. Wilson Immigration is pleased with JP Morgan’s decision and urges other institutions to stop financing the private prison and immigration detention center industry.