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CORRECTION: Wells Fargo Dumps 33% of Geo Group Stock

CORRECTION: Wells Fargo Dumps 33% of Geo Group Stock

In a previous statement issued by PCASC, we incorrectly stated that Wells Fargo divested 75% of it’s holdings of Geo Group. It has now been learned that this was a mistake and the actual amount divested from Geo Group was 33%, not 75%.

According to SEC filings recently made public (see below), Wells Fargo has divested nearly 33% of their holdings in Geo Group, the nation’s second largest private prison company.

The National Private Prison Divestment Campaign noted that by reducing its holdings to less than 5% of GEO’s stock (they now own 4.98%), Wells Fargo will no longer be required to disclose some financial dealings with GEO. Other SEC filings have revealed that Wells Fargo is the creditors’ Trustee for a $300 million GEO senior bond debt.

This partial divestment comes after months and months of public pressure from the community working to expose this dirty connection between Wells Fargo and the private prison industry.

We wanted to take a moment to celebrate this win before we head back into the fight. Obviously 33% is not 100% and Wells Fargo’s ties to the private prison industry run deeper than holding shares. This does go to show that community pressure IS WORKING and we now have to work harder to expose their racist investing portfolio.

PCASC will continue to pressure Wells Fargo until all ties are cut and the private prison industry is dismantled. We work towards a world where all prisons are abolished.

Thanks to everyone who has been involved in supporting this campaign and continue to fight for justice! Follow our ongoing work on pcasc.net and keep up to date through our Wells Fargo Divestment Campaign Timeline.

– SAVE THE DATE

Tuesday, November 13th. We’ll be organizing and event with Students For Unity at Portland State University to talk about our campaign and the effects detention and incarceration is having on women. Guest speaker Vikki Law will be there, as well as members of the community who have been directly affected by prisons and detention centers. More details to come.


[From our friends at Enlace]

November 2, 2012

FOR IMMEDIATE RELEASE

For information contact: Peter Cervantes-Gautschi, (503) 705-3343, pcg@enlaceintl.org

CORRECTION
WELLS FARGO PRIVATE PRISON DIVESTMENT

In a press release dated October 24, 2012, we erroneously stated that Wells Fargo divested 75% of its Geo stock. We regret the error.

The latest SEC filings reveal that Wells Fargo has divested 33% of its dispositive holdings in the Geo Group, the nation’s second largest private prison company, which reduces Wells Fargo’s holdings to 4.98% of Geo Group’s common stock.

The National Private Prison Divestment Campaign noted that by reducing its holdings to less than 5% of GEO’s stock, Wells Fargo will no longer be required to disclose some financial dealings with GEO. Other SEC filings have revealed that Wells Fargo is the creditors’ Trustee for a $300 million GEO senior bond debt.

According to its current annual report, Geo Group, the nation’s second largest private prison company, depends on the incarceration of immigrants to meet its revenue goals. The company is a major contributor to federal political campaigns and lobbying efforts impacting budgets of the Departments of Homeland Security and Justice.

Peter Cervantes-Gautschi, Executive Director of Enlace, the campaign convener, congratulated Wells Fargo on its well-advised decision to dump the private prison stock and called on the financial industry giant to rid itself of the rest of its private prison holdings and to cease financing private prison companies.

Both GEO and the nation’s largest private prison company, Corrections Corporation of America, depend heavily on Wells Fargo financing as they continue efforts to acquire government contracts build, fill and manage immigrant detention centers and other private prisons.

For more information on Wells Fargo’s ties to immigrant detentions in private prisons go to:
http://www.npa-us.org/files/wells_fargo_-_banking_on_immigrant_detention_0.pdf

National Private Prison Divestment Campaign: http://prisondivestment.wordpress.com/
National People’s Action: http://www.npa-us.org/jailsfargo