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Original Source: online.wsj.com...
As a result, private-prison stocks are selling at unusual -- and untenable -- discounts to their historical multiples or value. The three biggest companies are Corrections Corp. of America, which controls 39% of private-prison beds, Geo Group, which runs 25%, and Cornell, with 10%. While their stocks have rebounded recently, they still trade at 12 to 18 times what each is expected to earn in 2010 -- compared with multiples pushing 30 before the financial crisis.
Besides, private prisons earn steadily recurring revenue, impervious to seasons or business cycles. Customers don't defect easily to competitors. And the facilities tend to be durable, low-maintenance and quite immune to changing architectural whims.
NASHVILLE, Tenn. – CCA CEO and President Damon Hininger has been named among America's "20 Most Powerful CEOs Age 40 or Under" by Forbes Magazine. The list features the nation's leading group of young top executives of the country's biggest publicly traded companies by market capitalization, as of Feb. 11, 2011.
Our private and independent ownership model appeals to clients who place a high priority on confidentiality, and our sole business focus on institutional investment management ensures there is no conflict of interest.
Original Source: www.thedailybeast.com...
It's time for Wall Street to see if it can get its money's worth in Washington. Over the last 10 years, banks and other financial companies have poured $1.7 billion into the coffers of congressional candidates, most of that going to members of the House and Senate financial committees. Usually, The New York Times reports, this cash flow has bought banks and their allies preferred treatment in D.C.
Original Source: www.diversityinc.com...
ALEC has taken credit over the years for many of the kinds of state [laws] that have greatly expanded our prison population … and caused so much racial disparity," says Judith Greene, a policy analyst with Justice Strategies, a nonprofit criminal-justice policy research group.
Original Source: www.globalresearch.ca...
What has happened over the last 10 years? Why are there so many prisoners?
"The private contracting of prisoners for work fosters incentives to lock people up. Prisons depend on this income. Corporate stockholders who make money off prisoners' work lobby for longer sentences, in order to expand their workforce. The system feeds itself," says a study by the Progressive Labor Party, which accuses the prison industry of being "an imitation of Nazi Germany with respect to forced slave labor and concentration camps."
The prison industry complex is one of the fastest-growing industries in the United States and its investors are on Wall Street. "This multimillion-dollar industry has its own trade exhibitions, conventions, websites, and mail-order/Internet catalogs. It also has direct advertising campaigns, architecture companies, construction companies, investment houses on Wall Street, plumbing supply companies, food supply companies, armed security, and padded cells in a large variety of colors."
According to the Left Business Observer, the federal prison industry produces 100% of all military helmets, ammunition belts, bullet-proof vests, ID tags, shirts, pants, tents, bags, and canteens. Along with war supplies, prison workers supply 98% of the entire market for equipment assembly services; 93% of paints and paintbrushes; 92% of stove assembly; 46% of body armor; 36% of home appliances; 30% of headphones/microphones/speakers; and 21% of office furniture. Airplane parts, medical supplies, and much more: prisoners are even raising seeing-eye dogs for blind people.
Original Source: www.glgroup.com...
The Supreme Court has just ruled a federal law bars lawsuits against drug makers for the serious side effects from childhood vaccines. In a 6-2 vote, the court held that drug maker Wyeth can not be held liable in Pennsylvania state court for the health problems a now 19 year old suffered from a vaccine in infancy.