Occupy Criminal (In)jusice Working grops have been protesting at Wells Fargo for their investment in private prisons. Now, Wells Fargo is rapidly dumping its stock in private prisons.
In a major boost to the efforts to the National Private Prison Divestment Campaign, its partners and allies, new SEC filings reveal that, as of September 30, 2012, Wells Fargo and Company and its subsidiaries divested nearly 75% of its aggregate holdings in the Geo Group, the nation’s second largest private prison company.
According to an SEC filing recently made public, Wells Fargo and Company and its subsidiaries had aggregate holdings of 3,061,851 shares, or 4.98% of Geo Group’s common stock as of September 30, down from the 9,185,823 shares or 19.56% of Geo Group’s common stock reported as in the December 31, 2011 SEC filing of the same required report. (Wells Fargo and Geo Group SEC filings can be found under the SEC tab at http://wfdetentions.wordpress.com/lobbyist/)
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.
Enlace Executive Director, Peter Cervantes-Gautschi, 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’ efforts to build, fill and manage immigrant detention centers and other private prisons.