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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Inmate Assault at Cowansville Institution

Category : World News

COWANSVILLE, QUEBEC–(Marketwire – June 30, 2012) - On June 29, 2012, at approximately 8 p.m., two inmates were assaulted at Cowansville Institution, a medium security federal penitentiary.

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Inmate Assault at Cowansville Institution

Category : Stocks, World News

COWANSVILLE, QUEBEC–(Marketwire – June 30, 2012) - On June 29, 2012, at approximately 8 p.m., two inmates were assaulted at Cowansville Institution, a medium security federal penitentiary.

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Jerry Sandusky reportedly ‘serenaded’ with Pink Floyd lyrics by prison inmates … – CBS News

Category : Stocks


CBS News
Jerry Sandusky reportedly 'serenaded' with Pink Floyd lyrics by prison inmates
CBS News
(CBS) BELLEFONTE, Pa. – Inmates reportedly taunted Jerry Sandusky in song last December when he stayed at the Centre County Correctional Facility. It is the same jail the former Penn State assistant football coach returned to following his Friday
Lawyer: Jerry Sandusky Still Says He's Not GuiltyABC News
Thom Loverro: Maybe time to sideline Penn State for a yearWashington Examiner

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From inmate to entrepreneur

Category : World News

The inmates learning social media – without internet accesss

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VIDEO: From prison to Belfast distillery

Category : Business, World News

A notorious Belfast prison that held IRA inmates during the worst of the city’s sectarian troubles is to be transformed into a whiskey distillery.

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Righting the record on prison rape | Sadhbh Walshe

Category : Business

One lone shareholder is on a crusade to force America’s largest private prison corporation to publish records on sexual abuse

Alex Friedmann, the associate editor of the monthly magazine Prison Legal News, once served six years at a private prison run by the Corrections Corporation of America (CCA), the country’s largest for-profit prison company. Friedmann now owns 191 shares of CCA stock, just enough to allow him to introduce a stockholder resolution.

His recent proposal that the CCA’s board of directors (pdf) provide biannual reports to their stockholders about the company’s efforts to reduce incidents of rape and sexual abuse in their facilities was greeted with outright horror by the CCA, which immediately wrote to the US Securities and Exchange Commission (SEC) asking to be allowed to omit the proposal from their proxy materials.

The CCA’s objections to the proposal were threefold (pdf): first, because “it related to ordinary business operations of the company; second, because “the proposal relates to the redress of a personal claim or grievance against the company; and third, because the proposal has “already been substantially implemented by the company”. In a major victory for Friedmann, the SEC did not concur with any of the CCA’s arguments (pdf).

And so, the CCA has no choice but to include the proposal in their proxy materials. They made it clear in a letter to Friedmann (pdf), however, that they intend to include a lengthy rebuttal and will recommend voting against it. In the same letter, they claim to “take a zero tolerance approach to prisoner sexual abuse”. They also claim to have taken “a leadership position on eliminating prisoner sexual abuse”. So it seems somewhat bizarre that a company that is so adamant about its excellent record on rape prevention would not wholeheartedly support a proposal to let their shareholders know all the great things they have been doing about it.

About that record. In 2007, a report by the Bureau of Justice Statistics (BJS) found that the CCA facility in Torrance, New Mexico had one of the highest levels of sexual victimization of any prison in the country. In 2009, the state of Hawaii withdrew all 168 of its female inmates from the Otter Creek Correctional Center in Kentucky, another CCA-run facility, because of charges of sexual abuse by guards. Not long after, the state of Kentucky withdrew all its female prisoners from the facility also.

Losing inmates on the scale that occurred at Otter Creek is no different than a private company losing a major account. I imagine the amount of money the CCA has paid out in settlements to many of the women who have since sued the company should also be of concern to shareholders. Even if you make the bold assumption that majority of people who buy stock in a company that runs prisons for profit do not do so for humanitarian reasons, you’d imagine they’d still want to know how these cumulative incidents of sexual assault affect their bottom line.

Shareholders should also want to be kept in the loop about the lawsuit filed last October by the ACLU of Texas seeking class action damages on behalf of three immigrant women who (along with numerous others) have made allegations of sexual assault at the T Don Hutto Family Residential Center, another CCA facility. According to Mark Whitburn, a senior staff attorney for the ACLU, one of the reasons they brought the case as a class action was because the CCA was contractually bound to adhere to the policy of transporting women to the facility with same-sex guards, yet this policy was violated by numerous individuals employed by the company. One would think that a company that prides itself on having
taken a “leadership position on eliminating prisoner sexual abuse” would insist on its staff adhering to such a simple assault prevention policy.

The shareholders may not be too finicky about the CCA’s actual record on protecting inmates from being raped or sexually violated: Friedmann told me if he sold his 191 shares today, they would be worth around $4,750. That’s over $24 per share. He intends to hold on to his shares for the time being, so that he can continue to introduce resolutions he believes will make the CCA a better company. However much of a thorn he may be in the CCA’s side, his fellow shareholders may ultimately be indebted to him.

Interested parties can write to:

Sadhbh Walshe
PO Box 1466
New York, NY 10150

Or send an email to: sadhbh@ymail.com

Honduras investigates deadly jail blaze

Category : World News

Top prison officials suspended and inquiry launched after fire kills more than 350 inmates at overcrowded facility.

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Federal prison stormed in Nigeria

Category : World News

Unidentified attackers bomb their way into state-run jail in Kogi, killing one guard and freeing more than 100 inmates.

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Hundreds in Israeli jails join hunger strike

Category : World News

Palestinian inmates join Khader Adnan, who has gone 56 days without food or water to protest his pre-trial detention.

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