Bank of America Corp. — the US’s second largest financial institution and lead lender to CoreCivic — made a milestone announcement this morning that they will stop financing private prison and immigration-detention companies.
, private prisons rely on big-name bank financing to conduct day to day operations, so BofA’s role as the third “domino” to fall can have significant consequences on the industry's viability. a mandatory yearly gathering of a company's interested shareholders. There, shareholders expressed concerns linked to the potential human rights abuses, and have since continued to meet with bank representatives to ensure that those concerns wouldn’t fade from the radar.
“As shareholders in Bank of America, investors from Interfaith Center on Corporate Responsibility have engaged with executives encouraging them to conduct human rights due diligence, including site visits, to assess the human rights risks and the commitment and capacity of GEO Group, CoreCivic, and Caliburn, to respect the rights of the individuals who are detained or in custody in their facilities,” shared Mary Beth Gallagher, Executive Director of the“We are pleased to see that after doing...
Recent political pressure may have also influenced the timing of BofA’s decision to cut ties. On June 21st, presidential candidateshared her plan to end the industry as a matter of moral priority in a twitter thread. “Private prison companies have spent millions to turn our criminal and immigration policies into ones that prioritize making them rich instead of keeping us safe — with terrible consequences. Today I’m announcing my plan to end this private profiteering off of cruelty.
The BofA timing also corresponds with another pressure point today: what many are referring to as the #WayfairWalkout. Workers of Wayfair, the e-commerce giant with the catchy jingle,
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