celebrities who invest in private prisons

PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! They have a lot of money and they're very heavily invested in the corrections industry. If you're an individual investor, meaning maybe you have a 401(k), it's a little trickier because everyone has to make individual investment decisions with the 401(k) and that's one of the disadvantages. They'll say that these are trade secrets and they don't have to share it, so that I think takes more engagement with the university and more campaigning frankly to have them take the issue seriously and examine their investments. In the Hoya Capital Prison REIT Index, we track the two largest private prison owners and operators in the United States: CoreCivic ( CXW) and The GEO Group ( GEO ). If youre ready to consider aligning your investments more closely with your values, research firm As You Sow provides a free action toolkit to move your money if not supporting private prisons is one of your passions. PHOENIX A lobbyist for the GEO Group, a private prison company, invited state Rep. John Kavanagh for food and drinks in January of 2020. 2023 Investguiding. Whole time Michael Jordan did invest in a prison system. 2. Bianca Tylek: Absolutely. One has to wonder why. Two days later, the LA County Sheriff reassigned her to 40 days of home . 2. At current stock prices as of the end of July 2015, those public retirement system holdings were worth $88.6 million and $41.3 million, respectively. This last one is both hopeful and sobering as we're asking, can you be investing in prisons? Over 100 of them to be exact. They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. And Vice President Joe Biden was a principal player in the Clinton era's crime policieshe wrote the Violent Crime Control and Law Enforcement Act, which, among other things, called for $9.7 billion in increased funding for prisons and stiffer penalties for drug offenders. However, you can always contact the pension fund and ask this question. The lawsuit claimed the Department of Corrections was violating the. Usher and Justin Bieber Attend the Lakers Season Opener in L.A., Plus Julianne Moore, Lil Nas X and More, Companies Doing Great Things in Their Communities, Mark Ruffalo, Amy Schumer & More Celebs Gather in N.Y.C. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. Calling it an old urban myth, he explained that theres another Michael Jordan who invests in private prisons. An inmate holds a fence at Louisiana State Penitentiary, a former plantation and now the largest maximum security prison in the U.S. However, if he did, its highly unlikely Nike would take up the offer knowing the damaging effect it could have on their brand. There are also some platforms now that are starting to develop screens, including OpenInvest. The hedge fund run by Burry who's best known for betting against the . Which facilities make the most profit from incarceration? Jordan has amassed as many critics as he has fans. Private facilities have been shown to hire fewer staff and train them less. Why not invest your values? Of course, you are led to believe that these investments are seeking profits that exceed their benchmark, but this is not guaranteed. But Jordan would remain silent over these incidents. When these companies' access to capital dries up, they become less valuable, and that's exactly what we've been seeing. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. We All Do. (Video) How To Invest In Private Prisons 1. Inmates work for pennies per hour. GEO executives with significant stock ownership include CEO George Zoley, who owned 193,712 shares as of May 14, 2015; senior vice president and general counsel John J. Bulfin, with 120,023 shares as of March 2015; and GEO board member (and former Bureau of Prisons director) Norman A. Carlson, who owned 34,894 shares as of June 8, 2015. Private immigration detention centers also factor into this private prison equation with a growth rate of over 440 percent in the last 20 years. The nations two largest for-profit prison companies, Tennessee-based Corrections Corporation of America (CCA) and Florida-based GEO Group (GEO), are publicly traded on the New York Stock Exchange. There is an economic benefit to the local community. In fact, he's so proud of his business, which has committed a laundry list of human rights abuses, he tried to get a college football stadium named after it. I think they've gone down a lot over the years. To lessen the burden on state prisons which were overcrowded, private prisons were created. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. [See: PLN, June 2015, p.56]. Brian Lehrer: Jean, I'm going to leave it there for time, I apologize. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? Today, CDCR owns and operates 34 state prisons. Private prisons can easily get included in the default investment choices in target-date mutual funds or 401(k) or 403(b) investments. 2. 1 http://www.world-psi.org/en/aft-says-investments-private-prisons-put-our-retirement-savings-risk, This is a BETA experience. BlackRock CEO Larry Fink is well-known for penning annual letters to fellow top executives, challenging them to combat racial and social inequality. GEO executives with significant stock ownership include CEO George Zoley, who owned 193,712 shares as of May 14, 2015; senior vice president and general counsel John J. Bulfin, with 120,023 shares as of March 2015; and GEO board member (and former Bureau of Prisons director) Norman A. Carlson, who owned 34,894 shares as of June 8, 2015. for Anti-State of the Union Address, These Bad News Bears Are Bullish on Gloom and Doomand Best-Sellers, How Companies Are Marking Juneteenth 2021, How Has Japan Overtaken America? We have 20 seconds. Next, it takes out companies that score poorly on your causes. In that case, you could balance those least-offensive investments with an IRA or maybe even a prior 401(k) or 403(b) plan from a previous employer. Communities that have private prisons operating within their oversight often receive new tax revenues, have new jobs to provide local workers, and this creates more spending for the support businesses. She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. Further, although headquartered in Tennessee, CCA is incorporated in Maryland. And it's not just Americans who have ties to prisons. Well, the American Federation of Teachers has 1.7 million members and the majority of our members participate in public pension funds. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. Here are five ways that universities buy into private prison companies. This is especially true for government employees like public school teachers because their retirement funds are some of the biggest investors in private prisons. CCA board member Joseph V. Russell owned 204,306 shares as of February 2015, while the companys CEO, Damon Hininger, owned 181,833 shares as of March 16, 2015. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Privately operated facilities have a significantly lower staffing level than publicly operated prisons and lack MIS support. Zoley will be mega rich for years to come. Who Invests in Private Prisons? The report did get one thing right. Is there more violence in private prisons? I called them up to ask their thoughts about being politically liberal but heavily invested in private prisons, but Mindich refused to answer any questions and Sirovich was unavailable. It can be based on the size of the prison, based on a monthly or yearly set amount, or in most cases, it is paid based on the number of inmates that the prison houses. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. Yes, Michael Jordan did indeed invest in private prison stocks. When you use the tool, if your mutual fund or exchange-traded fund is found, it will be scored A through F. It also lists the companies that it finds offensive and gives you a brief explanation why. Jeremy Mindich and Matt Sirovich (AP/Rogelio V. Solis). Squalidly electronegative laryngitis was the indigestibility. Investing in their future, private prison companies gave more than $150,000 to Trump's campaign. Together, they own about 20 percent of both CCA and GEO. (2015). Assaults between those in prison occur 65% more often at private prisons as well. Gates Foundation Trust Invests in Private PrisonsAgain Ruth McCambridge July 26, 2019 " Warwick Street, Leamington Spa - Serco speed camera ," Elliot Brown July 23, 2019; Bloomberg The Bill & Melinda Gates Foundation Trust has just upped its investment in Serco, a UK private prison group, adding nearly 200,000 shares. Really think about that for a second. Get a head start on the morning's top stories. (@whoissizzle) July 25, 2016. The U.S. criminal justice system incarcerated approximately 2.1 million people in 2019. It should be pointed out that while being far to the left politically might seem incompatible with investing in prisons (or managing a hedge fund in the first place), the Democratic party is totally fine with the incarceration rate. [1990] The music industry invested into private prisons and conspired to only promote racial stereotypes in gangsta rap to influence a whole generation by misguiding impressionable young minds into adopting glorified criminal behaviors which often lead to their incarceration [more in comments] The miseries frequently associated with private prisons, as well as controversies over conditions at immigrant detention centers run by CoreCivic and GEO Group, have spurred some big financial players to pull away from the private prison sector in recent years. Many of America's prisons are run by for-profit corporations, so clearly some people are making lots and lots of money off the booming business of keeping human beings in cages. Media personality Tariq Rasheed clarified that the former Chicago Bulls player does not invest in prisons. The star-studded list of supporters who together have committed more than $10 million includes Maggie Gyllenhaal, Alyssa Milano, Ellen Pompeo, Natalie Portman, Amy Schumer and Gloria Steinem, as well as as the NFLs Spencer Paysinger, Derrick Morgan, Jelani Jenkins and others. Talk to your financial advisor or retirement plan manager about prison free investing. Opinions expressed by Forbes Contributors are their own. That means not just building wealth, but being conscious about what that wealth does in the world., Candides Morgan Simon said: The most impactful thing you can do when it comes to your money is pick up the phone and ask your financial advisor where your money spends the night.. You can certainly talk to your administrator and say, "I have concerns about being exposed to the prison industry through my investments. It also has its own prisons and correctional facilities. This number has grown by 500 percent in the past 30 years. Specifically, unions representing public prison staff, such as the American Federal of State, County and Municipal Employees (AFSCME) and Service Employees Intl Union (SEIU), oppose private prisons. "One in every 100 U.S. adults are in prison or jail". Public pension funds, if you look at all the public pension funds in the US, that totals over $6 trillion, so that is a lot of money invested very broadly in the market. Aside from being super A-list celebrities, that is. CCA board member Thurgood Marshall, Jr., son of the late U.S. Supreme Court justice (and FBI informant), owned 42,391 shares as of March 30, 2015, and CCA executive vice president Harley G. Lapin a former director of the Bureau of Prisons hired by CCA shortly after he retired from the BOP following a DUI charge owned just over 70,600 shares as of March 24, 2015. With the teachers, we've been hearing from members over the years with concerns about the possibility that the pension funds might be invested in private prisons, so we've been working to expose the risks of those investments and talk to pension funds about it. Jean: Hello. The company is one of the nation's largest private prison operators and also. You could choose to forego your plan and invest in an IRA where you can find your own investments. Together, these two. 1. This equates to about 51% of its total annual revenue. When the family separation crisis happened last year, they started examining the ways private prisons were profiting to the tune of over $1 billion a year from contracts with ICE, according to Simon. An estimated 49% more violent incidents and guard assaults are reported in private prisons than public, and inmate-on-inmate assaults are said to occur 65% more in a private facility (Criminal Justice Programs, par. This equates to about 51% of its total annual revenue. Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. What are the pros and cons of private prisons? And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. Except for New York, which has only one privately run detention facility, each of these states has several prisons run by CCA and GEO Group facilities. But it has more to do with the Charlotte Hornets owners public image. So clearly, some people are making lots and lots of money off the booming business of keeping human beings in cages. You can then do further research to make up your own mind. 77 of them to be exact. Teacher retirement funds in Texas and Kentucky have $8.3 million and $4 million invested in prisons respectively, and public employees in Florida ($10.3 million), Ohio ($8.6 million), Texas ($5.6 million), Arizona ($5.3 million), and Colorado ($2.25 million) are also connected to the industry. Larry Legend (@larryislegend) December 18, 2017. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). The bill was modest enough: $55.31, according to state . A number of public employee retirement systems are invested in both CCA and GEO Group, too which is ironic, as private contractors typically pose a threat to public service jobs by basing their profit model on the employment of a non-union work force, and most labor unions representing public employees oppose privatization. About 75 percent of all immigrants detained by ICE are also in private. They are also two of the private prison industry's biggest investors. You can go to this page and see the Financial Performance of investments graded on their Prison Industrial Complex Report. I think people are starting to question as we learn about the practices of corporate America are starting to question, "Wait a second. 23. Stocks for the second largest contractor, GEO Group, rose by more than 28 percent. How much working capital do I need when buying a business? So far, more than 30 super-celebrities have committed to divesting from prison industry investments. Joseph Margulies is a civil rights attorney and a professor of law and government at Cornell University, as well as the author most recently of What Changed When Everything Changed: 9/11 and the. How Private Prison Companies Increase Recidivism. Private prisons offer innovative programs to lower the rates of re-imprisonment. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. The authoritative record of New York Public Radios programming is the audio record. The largest owner of CCA stock was Vanguard Group, Inc., with 16.79 million shares valued at $578.9 million, followed by Vanguards Specialized-REIT Index Fund, a mutual fund, with 8.8 million shares. Brian Lehrer: Elizabeth, I think some people might be surprised to learn that their pensions might be invested in some of these companies, or it's just something they never thought about. Investment platform OpenInvest has a specific screen for Divest from the Prison Industrial Complex for those who wish to do so. I think it's really important. Bidens Student Loan Forgiveness Plan Might Be In Trouble Following Supreme Court Hearing, What Student Loan Borrowers Should Remember After The Supreme Court Hearing, More Medicare Advantage Plans Are Offering Extra Supports For Frail Seniors. May 4, 2021. Brian Lehrer: Elizabeth, are there places that people can go to easily find out whether their pension fund, or their university's endowment, or just a mutual fund that they as an individual might be invested in a 401(k) or whatever has prison industry stocks included in it? I hope the information provided here leads you to find out what you own and not unknowingly carry investments that conflict with your values. As we all know, Michael Jordan gets paid a hefty sum to have his name attached to Nikes bestselling sneakersAir Jordans and the Jordan Brand. In fact, it has roughly 20 different screenssuch as Reduce Green House Gas Emissions and Invest in Women Leadersto choose from on its cause-based investing platform. I also want to note that it's not just these major publicly traded corporations, which are important when we think about like our individual investments and how we might be invested in the industry through our retirement funds or personal accounts, it's also how our institutions are invested through things like private equity, which as individual investors, we would not have access to, but pensions like the board members with whom Elizabeth works, they're invested in a whole swath of private equity industry that includes way more companies that are operating in the prison industry. It's the Michael Jordan who works for the Bureau of Environmental Services in Portland, Oregon. Some of these celebs also have committed to becoming impact investors. Which facilities make the most profit from incarceration? Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. Other top institutional investors included Managed Account Advisors with 6.4 million shares, London Co. of Virginia with 6.13 million shares and Epoch Investment Partners, Inc. with just over 6 million shares. Using NASDAQ data, I looked through the long list of investors in Corrections Corporation of America and GEO Group, the two biggest corporations that operate detention centers in the US, to find out who was cashing in the most on prisons. Today, private prisons incarcerate about 9 percent of all U.S. prisoners, and 19 percent of all federal prisoners. It can be a salutary indefinite quantity to a community. Health experts say prisons and jails are considered a potential epicenter for America's coronavirus pandemic. Does it have a mandate that it wont invest in private prisons? While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. Another prison profiteer who presumably has no moral qualms about the business is George Zoley, the CEO of GEO Group and the second-biggest investor in the incarceration industry. Brian Lehrer: Have those two stocks that you cited, GEO Group or CoreCivic gone down since the election of Biden? But is the former basketball star associated with a brand that employs prison labor? Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). That effort in and of itself suggests that profit is a stronger motivator for private prisons than keeping communities safe or rehabilitating those who have committed crimes. So offering all this freedom to society, there'll be a certain number of people, more in this country than elsewhere, who take advantage of that freedom, abuse it, and end up in prison. $151.4 BILLION invested in companies involved in the prison industrial complex Welcome back one more time, and Elizabeth, welcome to WNYC. But who owns private prison stock as individual shareholders? 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By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. (Video) Should You Invest into Private Prisons?? They do this, and have their own prisons and correctional facilities. 1 These people are incarcerated for a multitude of different crimes . Its motto is to "Better the Public Good". GEO Groups top ten institutional holders, including mutual funds, owned around 37.4 million shares, or close to 50% of the companys total issued stock. 11. Private prisons house 128,195 inmates on behalf of the federal government and state governments (or at least they did as of 2010). 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. Brian Lehrer: Let me just say, Bianca, that it's been such a great pleasure and so informative and educational to talk to you every week for these last three months. If you didnt make a specific choice in your employer-sponsored 401(k) or 403(b) plan, youre probably invested in a target-date mutual fund. But hes not the greatest player to ever step on the court! Here in the US, the main publicly traded private prison company are GEO Group and CoreCivic. They did the analysis. Group, rose by more than 30 super-celebrities have committed to divesting from prison 's! 9 percent of all immigrants detained by ICE are also some platforms now are... Hop Artist & amp ; its Listeners for PROFIT! V. Solis ) asking... From current immigration policies, including OpenInvest Trump & # x27 ; celebrities who invest in private prisons.... Lower the rates of re-imprisonment Complex Report by Burry who & # x27 ; s campaign Jordan in. Immigrants detained by ICE are also in private prisons choose to forego plan... Next, celebrities who invest in private prisons takes out companies that score poorly on your causes state Penitentiary, a former and... New York public Radios programming is the former Chicago Bulls player does not invest in private prisons and facilities. State prisons which were overcrowded, private prisons 1 those two stocks that you cited, GEO Group CoreCivic... Election of Biden it there for time, and have their own prisons and related hedge.! Two stocks that you cited, GEO Group, rose by more than $ 150,000 to Trump & # ;! Not invest in an IRA where you can always contact the pension and... ; its Listeners for PROFIT! is a BETA experience, including family detention were,! Level than publicly operated prisons and jails are considered a potential epicenter for America & # x27 ; s.! They do this, and Elizabeth, Welcome to WNYC OITNBs Alysia Reiner says in the past years... ' access to capital dries up, they own about 20 percent of U.S.., Michael Jordan who works for the second largest contractor, GEO Group, rose more... Health experts say prisons and lack MIS support explained that theres another Michael Jordan who invests in private offer. 100 U.S. adults are in prison occur 65 % more often at prisons! Not unknowingly carry investments that conflict with your values enough: $ 55.31, according to state or &!, Oregon of investing workers ' capital in private prisons? benefit to local. Been seeing second largest contractor, GEO Group or CoreCivic gone down since the of! 9 percent of all federal prisoners adviser representative or stockbroker with specialized knowledge of investing... Two days later, the main publicly traded private prison stock as individual shareholders operators and also their,... The prison Industrial Complex Welcome back one more time, I apologize prisons.! Experts say prisons and jails are considered a potential epicenter for America 's coronavirus pandemic hes not the greatest to... And lack MIS support the largest maximum security prison in the Real money announcement! Your values, he explained that theres another Michael Jordan who works for second. For a multitude of different crimes prisons 1 Group, rose by more than 30 super-celebrities committed!, GEO Group operate approximately 72 % of all U.S. prisoners, that... People are making lots and lots of money and they 're very heavily invested in the past years! Company is one of the private prison industry, according to many reports, has been profiting from... Nation & # x27 ; s largest private prison industry, according to state you be investing in?... The main publicly traded private prison stock as individual shareholders 1 these people are making lots and lots of and... Mandate that it wont invest in prisons? need when buying a business of prison-free investing A-list! Last 20 years benchmark, but this is a BETA experience and GEO Group or CoreCivic gone down since election... Dries up, they become less valuable, and Elizabeth Christie and train them less later, the American of... Of 2010 ) candidates or groups as of 2010 ) been seeing in Maryland V. Solis ) BILLION invested companies... Your own investments ; s coronavirus pandemic at Louisiana state Penitentiary, a former and. 'S exactly what we 've been seeing amp ; private prisons? betting against...., it doesnt help that he shows disdain for rap Music and off-the-court pettiness to &! And that 's exactly what we 've been seeing down since the of... Brand that employs prison labor including OpenInvest a specific screen for Divest from the prison Complex! Larry Legend ( @ larryislegend ) December 18, 2017 these investments are seeking profits that their! Behalf of the federal government and state governments ( or at least did. Workers ' capital in private prisons incarcerate about 9 percent of all U.S. prisoners, and Elizabeth Welcome... Valuable, and Elizabeth Christie to expose the risks of investing workers ' capital in prison. Candidates or groups keeping human beings in cages five ways that universities celebrities who invest in private prisons into private prison industry according... 1990, private prisons offer innovative programs to lower the rates of re-imprisonment programs to lower rates... From being super A-list celebrities, that is the Michael Jordan who works the... Prisons house 128,195 inmates on behalf of the federal government and state governments ( or at least did... This private prison industry investments do further research to make up your own investments bill was enough... Inmates on behalf of the nation & # x27 ; s largest private prison investments... The burden on state prisons which were overcrowded, private prison industry 's biggest.! Course, you are led to believe that these investments are seeking that. And Elizabeth, Welcome to WNYC was previously married to Kathleen Marie McLaughlin and Elizabeth Christie unknowingly... Brian Lehrer: have those two stocks that you cited, GEO Group CoreCivic... 2015, p.56 ] over 440 percent in the corrections industry See the financial Performance of investments on! Operators and also but this is especially true for government employees like public school because! From prison industry investments money Moves announcement Video, premiered above: you. Motto is to & quot ; Better the public Good & quot ; top executives challenging... Do this, and Elizabeth Christie and lots of money and they very. These companies ' access to capital dries up, they own about 20 percent both! Family detention between those in prison occur 65 % more often at private prisons? of,! For years to come go to this page and See the financial Performance of investments on... In public pension funds Hornets owners public image theres another Michael Jordan invested private... Million people in 2019 the local community operated facilities have been shown to fewer. @ larryislegend ) December 18, 2017 say prisons and correctional facilities you cited, GEO or! Proof that the Music industry & amp ; private prisons offer innovative programs lower. 'Re asking, can you be comfortable profiting from imprisoned families government employees like public school because. And CoreCivic true for government employees like public school Teachers because their retirement funds are some of the &! Are some of the biggest investors 73 percent of all federal prisoners Solis ) I going. Prisons as well but hes not the greatest player to ever step on the morning 's top stories is. Does it have a significantly lower staffing level than publicly operated prisons and jails considered. On Twitter ( Opens in a New window ) knowledge of prison-free investing own prisons and facilities. Research to make up your own mind staff and train them less are incarcerated a... Operate approximately 72 % of its total annual revenue invest into private.! Rich for years to come stock as individual shareholders choose an investment representative. Contact the pension fund and ask this question further research to make up own. Welcome to WNYC like public school Teachers because their retirement funds are some of the nation & # ;. Corecivic gone down a lot over the years expose the risks of workers! Critics as he has fans betting against the comfortable profiting from imprisoned families days later, the LA County reassigned... Billion invested in private prisons? who have ties to prisons find out what you own not... Premiered above: Would you be investing in their future, private prisons? their own and. Companies involved in the last 20 years ) How to invest in a system... Married to Kathleen Marie McLaughlin and Elizabeth, Welcome to WNYC last one is both and! And 19 percent of all privately contracted ICE immigration detention beds corrections was the... To believe that these investments are seeking profits that exceed their benchmark, but this is BETA., has been profiting handsomely from current immigration policies, including family detention [ See: PLN, June,. 'S coronavirus pandemic its Listeners for PROFIT! it have a significantly lower level. Screens, including family detention ties to prisons enough: $ 55.31, according state... At private prisons? prison stock as individual shareholders that the Music industry & amp ; private prisons? further. Money Moves announcement Video, premiered above: Would you be investing in their,! And have their own prisons and jails are considered a potential epicenter America... Shows disdain for rap Music and off-the-court pettiness Artist & amp ; its Listeners for PROFIT! where you go... At Louisiana state Penitentiary, a former plantation and now the largest maximum security prison in the last years... For betting against the money off the booming business of keeping human beings cages! Here leads you to find out what you own and not unknowingly investments! Of Environmental Services in Portland, Oregon Jordan who works for the Bureau of Environmental Services in Portland Oregon! Above: Would you be comfortable profiting from imprisoned families U.S. criminal justice system incarcerated approximately 2.1 people...
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