GEO Group, Inc.: Despite a Crashing Economy, Private Prison Firm Turns a Handsome Profit
by Erin Rosa, Special to CorpWatch
March 1st, 2009
"GEO reported impressive quarterly earnings of $20 million on February 12, 2009, along with an annual income of $61 million for 2008 – up from $38 million the year before. But the company’s share value is not the only thing that’s growing. Behind the financial success and expansion of the for-profit prison firm, there are increasing charges of negligence, civil rights violations, abuse and even death.
Detaining immigrants has become a profitable business, and the niche industry is showing no signs of slowing down. The number of undocumented immigrants the U.S. federal government jails has grown by at least 65 percent in the last six years. "
THE PRISON BOOM PRODUCES PRISON PRIVATIZATION