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SOCAP19
October 24, 2019, San Francisco, CA, USA
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How Investors & Activists Can Work Together to Take Down Private Prisons
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About the talk


About speakers

Derrick Morgan
Changemaker at KNGDMGROUP
Xochitl Oseguera
National Director at MomsRising
Morgan Simon
Founding Partner at Candide Group
Matt Nelson
Executive Director at Presente.org
Jasmine Rashid
Director at Real Money Moves

Derrick has been challenging the status quo ever since being born in Lancaster, PA. Attending Coatesville area high he became the #1 player in the state. He studied Business management at Georgia Tech and later received his MBA from the university of Miami. Being drafted into the NFL as a first round pick in 2010 was the realization of a childhood dream but that wasn’t the end of his story. Playing for the Tennessee Titans over the last 9 years has been a rewarding and refining experience. As an outspoken advocate for medical cannabis he has pushed the conversation forward around access to medical cannabis for those who need it the most. Derrick has as passion to change the narrative of a traditional athlete. Taking an interest in Tech investments as well as introducing career opportunities to youth has been a passion for Derrick. As of late Derrick has ventured into the Impact investment space while aligning his finances with his overall life values and striving to create a better legacy. Derrick is also a family man, Married with 2 children and his faith is the centerpiece of his life.

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Xochitl Oseguera is a National Director of MomsRising, a million-member grassroots organization advocating for family economic security, child health and ending discrimination against mothers. She heads the organization’s Spanish-language initiatives, MamásConPoder, and organizes Latinas to take action on the critical issues that affect their families. Xochitl is also the co-lead of MomsRising’s immigration campaign, collaborating with staff and policy partners to educate the public and mobilize mothers online and on the ground. She has more than 20 years’ experience working with the US Hispanic population in the for-profit and nonprofit sectors. Born and raised in Mexico, Xochitl has a master’s degree from UW Madison.

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Morgan Simon has close to two decades of experience making finance a tool for social justice. In that time she has influenced over $150B and is a regularly sought out expert on impact investing. Her book, Real Impact: The New Economics of Social Change has been featured everywhere from Harvard Business School to the United Nations. She is a regular voice in media and active investor as Founding Partner of Candide Group, a Registered Investment Advisor.

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Matt Nelson is the Colombian-born, Midwestern-raised Executive Director of Presente.org—the nation’s largest online Latinx organizing group; advancing social justice with technology, media, and culture. Before his work at Presente.org, Matt was the Organizing Director at ColorOfChange.org and also co-founded several worker-owned cooperatives in multiple midwestern cities. He is a seasoned campaign strategist who has won dozens of local and national campaigns and a skilled community organizer who has trained thousands of activists. He was recently featured in the first major book on the Ferguson Uprising, entitled, “Ferguson is America: Roots of Rebellion”. He also contributed to the book, “Welcome to the Revolution: Universalizing Resistance for Social Justice and Democracy in Perilous Times“ and is the co-author of the forthcoming book, ¡Presente! Latinx Power Remaking Democracy.

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Hello, everyone is such a pleasure to be here and I am especially excited about this panel and opportunity and it's rare that it's so Katherine General we get such a diverse group on the stage that we have organizers activist athletes investors African-American Bengali American Latin next fight serious that have been coming together around a particular issue. And in this case were talking about private prisons and their role in mass incarceration and family detention and we're here today to talk about how this diverse set of actors has been collaborating to address this

critical social issue. But also using it as a real example of how diverse actors can collaborate on any social issue and in general we talked a lot about the idea that there's a money story behind every story right that any social issue. You can think of theirs connections to corporations to investment and that it's Interrogate these we can really be more effective is Actavis. I'm Morgan Simon. I'm founding partner at Candy group. We work with athletes actors families and foundations that want their money working for social justice and we are very proud members of

the families Belong Together Coalition and all of us are on this date. So excited to share some of that experience. I want to provide a little bit of context to start knowing that particularly at so cap weave, a lot of folks are not silly who may not know of the many ways in which America is very unique that we have close to 4% of the world's population, but close to 25% of its incarcerated people. We lock up more people than any other country and we're also relatively unique in relying on private prisons to do so, that means companies who make more money

the longer and the more people who are locked up. And in the case of mass incarceration, it's over 10% of people who are held in private facilities and then an immigrant detention over 70% of people and that's a big part of why private prisons have been Central to this debate around immigrant detention in the US and how families Belong Together came together to address this to you. But I want to kick off with someone who is really there from the shark do to you from Alaska to share a bit about how did private prisons become so Central to this Coalition of 10 million active. It's

across the country. Thank you for being here. My name is so true. So Gator national campaign director for momsrising and I need or work for Ability. Next Community mama's computer and moms Rising is a non-profit a Grassroots organization over a million members around the country when we had the crisis of family separation. In the summer of 2018 there was something really busy Cyril about knowing that you have children or you work with children and their being taken away from their Caregivers for political and monetary reasons. And so

we started thinking we'll how can we really make a difference? How come we have an impact and make us an offer a solution for our members to take action instead of making more noise and create more chaos. We decided to go after the private prisons that are working on family separation and family detention because 70% of ice detainee right now our house in in a private prisons the two main corporations that are the private prisons that are Imprisoning these immigrants in and criminalizing them is Cheo group and C corporation and what

we did we decided to go after the money that the Lone Star Inn & Morgan and explain it better, but they can only depend on the loans from Banks. And so we decided to use our consumer boys's organize our members and get together with a coalition of over a hundred and fifty a hundred and twenty organizations partner organizations Dad. We're feeling the same way. How can we make an impact? How can we make a change and We Gather in a familiesbelongtogether corporate accountability Coalition, which

we have what it's called the inside outside of strategy inside of strategy basically talking to investors and putting pressure from inside. Company in my Palace. We'll talk a little bit more about that. But the outside of strategy is basically using our consumer voices. The mom will bring over over 7,000 mothers came to to drop off the dishes to stop fighting and see private prisons to the local branches with their strollers and with the superhero capes and we will

go in and talk to the executives and the branch managers and say we don't like this. We don't like that you're banned if it's a sponsoring these Human by human rights violations, please stop and so then we did several mobilizations. One of them was very creative lead by Morgan. That was break up with your bank. Don't break up your or Parts on February 14th, and we had big hearts and and so that was That was a way that we came up to deliver on Valentine's Day these petitions

being so successful that up to up to today. We have had nine Banks. Got the clear and that announced that they will stop financing the private prisons. Clap for that one. I'm going to pass it on to Morgan sure. Absolutely and it's just been such an honor to work together though Vermilion members of moms Rising Nationwide that I've been taking such a leadership position across all 50 states in the country going to turn to Jasmine who I have the pleasure to

work with at Candy's group and who has been the leading real money moves switch for nonprofit educational initiative has been very active in this campaign. So that makes Jasmine and general an expert on the money story behind the story and I'm curious if you can share a little bit more on what that is and how it applies to private prisons. Definitely. Thank you and such a pleasure to be here with all you today. My name is jazzma. She like Morgan said I'm the director of real money moves and also work with candies group is registered investment advisor Avenue Oakland. I think it's really

important to ground our understanding of private prisons and immigrant detention centers in this country. Knowing that they're relatively new phenomenon, right? They start in the 1980s and we're officially codified but this idea of commodifying and profiting off of particularly vulnerable communities who are incarcerated is nothing new in our country. This is just the latest iteration of it and this iteration. This business model is pretty straightforward. It's make as much money as possible by locking up as many people as possible for as long as possible and that is why we

speculated and we believe that Geo Group in corecivic these two publicly traded Giants in the private prison industry have spent upwards of twenty-five million dollars on lobbying over the past three decades would have included laws for harsher. Sorry for ice enforcement's and they have both served on the board served in the committee of Al Yankovic draft model legislation for criminal justice laws such as three strikes you're out with many of you may have heard of Mediterranean. An Ogio Griffin corecivic say that they don't participate in

lobbying. I'm trusted partners of the Justice policy Institute and other researchers in the space would definitely agree. Otherwise, I believe that private prisons are permissible in the United States because of three key myths and those are that they would save money to government that they would result in better conditions for incarcerated populations and that they would reduce recidivism, which is a huge problem in our country upwards of seventy percent of people who are entered into the system are likely to return But now that we're 30 something odd years down the line and we actually

have the data. We know that those three of us aren't true, right so Often if a person is incarcerated in a for-profit private facility. They're going to cost upwards of $1,600 more per year per inmate in a federal or state facility for violence that happening inside of these private facility is not just for inmates it also for guards and for staff and there's extremely high turnover rates in these communities or private prisons have turned up and increase and this is all really intuitive. When you think about the core business model of that

bottom line, you're going to make sure you're not spending external money on safety training. Or Rehabilitation like that's just not part of the business model and some of you may remember in 2016 when the Department of Justice announced that they were phasing out the federal use them all private prisons for those exact reasons as well as documented human rights abuse says obviously that's easing I was overturned because I was still in the room having these conversations today. I also want to point out in terms of financial structure

that private prisons are structured as Real Estate Investment Trust doctors Riso for investors in the room. You know, that means I got some great accidents is on the flip side. They're required to distribute 90% of their profits to shareholders, which makes them extremely extremely reliant on bank bank Capital Advisors mentioning specifically term lines and credit loan and not first came really into public Consciousness with that moment of the crisis at the border and people started asking who is funding this. Where is this money coming from and the answer was we are

both of our taxes How to present a billion-dollar your contracts with I switch about 2.8 million dollars of taxpayer money a day, but then that other piece really honing in on the bank credit lines and turn loans which are necessary for these presents to run their day-to-day operations in to expand any facilities. So that's why I add candied group as registered investment advisors who have the surrounding social justice. We saw that it was our responsibility to contribute that Financial knowledge to the activity were already on the ground in the trenches doing the work who know how to get

campaigns done who know how to win but using that Financial story that money story behind the story like Morgan mention as a really powerful tool and leverage point for 4 winning campaigns and and figuring out this key pressure points. Fantastic, and can you share a little bit more about how the real money moves initiative came together specifically what that's look like first came at the same time as family detention really came into public Consciousness and this idea that we wanted to make sure that activists in the space. How does Financial tools but also leveraged the visible

platform public platforms of influencer. So people like Derek who reached out and said I'm interested in Impact investing. I also want to make sure my money is aligned with my values. I don't want the money that I'm making to support my family that I'm investing. So also then be locking up someone else's family and because knowing as consumers only put enough money in the bank, the bank is sending that out to be private prisons. So since then we've grown to be a resource and a 501 c 3 to make sure that all these different campaigns for private prisons and Beyond are able to have that

really strong financial Financial activists raining in in a And real money moves every time we came together with over 30 athletes and influencers number of cast members of Orange Is the New Black saying that they did not want their money and put in private prisons and then at the same time some committed 10 million to social investing to say we want to really be thoughtful about not just where we take our money out, but we're really should live in the world and Derek you were one of the early adopters and supporters of real money moves. If you could share a little more

about how you got involved in and with such a busy life and schedule of of how this became an issue that you were so as passionate and committed to it was 2018 the summer of 2018 when the crisis at the border was happening and it was getting a lot of attention and it was really Actually after the fact in which the NFL protests were going on actually during the time the same time and a lot of the protests were about mass incarceration and police brutality. And the one reason why I think a lot of athletes can relate to these

issues is because a lot of them including myself were affected by issues like mass incarceration. Like if you look around in the any locker room in the NFL chances are probably 75 to 80% of those guys near have a family member that's locked up where has been locked up myself included and so that really hit home for us and that really resonated with us and it was like, okay, there's all these issues. There's a family detention at the border their the mass incarceration issues the things in which guys are protesting and so you can only process for so long. It's like after the protest or

during the protest. What's the action like, what's the the follow-up info for me? That's how I was always thinking of it. Like yeah, we know we can take knees and Raised Fist, but what are we? Going to do that's tangible to effect change. And so when when Morgan brought the key idea in the campaign of real money moves to me I was like, yes, this makes a lot of sense. I think we could get a lot of buying from from guys in the league and in the influence is alike and so, you know from it was easy ask because it was like, hey talk to your teammates about talking to their advisers about

divesting from private prisons. Send them a note and email and say hey look, can you make sure I'm not in Geo Group corecivic. What is it called a corporation? Is it for 7 PSI? Like well, it's been gone wrong. This goes back to how nefarious these things are that originally was Corporate Corrections of America, which made it pretty clear. That sounds like a prison corecivic that could be like an after-school program right at like sound like really but not in it. So it goes back to you. No good branding can change the face in and also confused people. So it is corecivic and Geo Group.

I mean, you know, like you're looking at these these issues and you like waiting. I was just getting to this point and you have these giants like you refer to him as just kind of operating and making profits and nobody knows about them. And so what this campaign did was expose those those those players in this game and really had the voice in the momentum and influence of you know, guys, like myself in my my teammates in my locker room and in different influencers, and so it really shined a light on it that that was necessary to really get the the the conversation

going to the in the And so it was a very successful campaign. I would say you had a lot of momentum in and led to I think what a lot what you see a lot going on terms of these Banks divesting or not cutting ties with these entities. So it was a very tangible thing that made a lot of sense of guys like myself and in the locker room that we were able to get these conversations in a very different places than I've been in the past, right? So to actually have People magazine do a feature on private prisons because they care about influencers and what they're up to and

the way that that changes when someone is, you know, hanging out on the checkout line what might get into their news Pipeline and the importance of that math presents given the whole point was whether you had $100 in the bank or a hundred million you were connected to this issue and I think for all of us the ability to read the news and not just get mad, but get even for it to feel like we can really be protagonist and plan. After all, I've been very exciting and I want to turn out a Matt Nelson executive director. Apresenta. Org chart represents over 600,000. I think

Latin X pack of its Nationwide a beginning on the number of issues and has been fantastic strategically as we muddy through these Waters and all these different players. I wanted to ask if you could share a little bit more tactically what has happened in this campaign, but you so much this is amazing to be here. It's so great to work with such incredible partners and as we moved to get free, so how is everybody today there right now? So kept going it's a beautiful day

for justice today. Like Morgan said I met Nelson I was born in Columbia. I grew up in Minnesota, which makes me a proud man Olympian Adam you're in for something really is at the intersection of of building power changing culture and stay for septic. And you know, I got into some of private prison work in 2013, when we specifically focused on how the private prison industry was expanding into States, they're expanding their contracts and there are focused on they have a new model of business which

which was focused in Florida about getting youth facilities. I'm in this was before they were really into the migrants space. But but their bottle was in order to maximize profit knowing that if you lock up young people teenagers mostly black and brown teenagers, they are more likely to come back into the adult system. So they have came up with this this idea of why are We building youth facilities and so we got involved and we actually at that point when after their institutional investors and were able to

pull through in a million dollars out of institutional investing from the private prison industry. And then from there really pressured the federal government and and it participated precipitated into into your the federal government saying we're going to cancel contracts is Jasmine mentioned, but tactically it was similar to what's going on now is that you do need multiple strategies involve. You do need active engagement and quite frankly, you need a lot of leaders from a lot of different sectors in order to make this happen. And I think

we're going to get into that a little more about how how we we made it, but I do want to say a bit more about how The private prison industry started. So in 1983, the album of the year was Thriller scary, right? But even more scary was that was also the year that Corrections Corporation of America form and they formed with with the founding principle and it was a quote from where they're co-founders of said look we can sell prisons just like we sell cars real estate and hamburgers.

People are not hamburgers locking people up for profit is akin to slavery. That no one should be in the business of of something. That's like slavery. And so then let's go back to to the Thriller album to 1983 in that while this was happening the mass incarceration. Boom of the country was happening. So in the early 80s, there were less than 700,000 people locked up in US prisons now, it's showing the time and in the private prison industry knew this they knew that there was a boom

of mass incarceration. Why because the governing policies were criminalize can use of color and change the doctrine of incarceration from Rehabilitation as Jasmine mentioned to punishment prisons were for punishment. and the third strategy here was give law enforcement. More flexibility to Target can use the color and poor people because again like more is it more than a third of people when they are incarcerated are unemployed. And so you have this Confluence of white supremacy.

Couples with corporate domination that really is the core of the private prison industry. So so the remedy is what we're seeing what we seen in the last year but we seen overtime is this incredible leadership Heroes the heroes who are on the front lines of this of this migrant detention not just in the US before something worse with people in Central America following the Caravans understanding what's going on in other countries because money flows transnationally are organizing also has to be transnational and

it's the leaders who we centered. It's the mother's it's the people directly impacted. It's the family members. Those are the best people position to find the solution. Because a lot of our folks and a lot of Latin X folks, you know, we Face The Duel crises and I'm sure it's okay. If you're talking about the existential threat of climate change and War and how to move money away from those existential threats and coupled with that is the daily what I would call a violent fixation on

criminalizing migrants Latin X people and other communities of color and so in order to do that, we need deep solidarity. We need courage and compassion that what we seen in this campaign and that has to replace the cowardice and Corruption of the private prison industry and any elected official who supports them. Thanks. I love that frame of courage and compassion and I'd love if you could share more of what are some of the ways that people have shown up with courage and compassion weather at thing franchisor through petitions. Like what actually glad to talk to

some of these victories and I do want to make sure it's really important as well as a reference that historical context right bed families belong together is a relatively new Coalition. There are certainly the activist who have been working since 1983 right to address private prisons. So we stand on the shoulders of giants and are so thrilled to get to be part of his overall Legacy. So the note this is a much broader Victory, but just to highlight a bit of what are some of the actions that could have led to the current announcement was very strategic and disciplined

and in first engaging for having the research going to the banks engaging them. Give it really giving them an opportunity to be transparent about their involvement in private prisons and then make We had both the financial argument as well as a moral authority of what was going on here. And as we escalated the internal conversations, we had any moment could put thousands of people around the country in the streets at Bank branches. Again, we had some very brand name Banks who were the first to be focused on in the first to pull out of private prisons like Wells Fargo

and JPMorgan, it's all I can do that that we could show up whenever we wanted to and I think the other piece of this was really the The Narrative power like it like in part of that narrative Powers. Yes mother showing up with strollers and kids saying like like these children who are detained could be my children. Did this could be us is a really powerful narrative a have Financial expert show up and say but there's no there's no Financial reason for this the industry's I've messed the risk start. Is powerful to have athletes and influencers say look we're taking a

stand removing our money. We believe in this we're part of this movement were part of the solution and I think that's what it took him quite frankly like like when I think about how the dreamers the dream Walkers started 10 years ago and walked from Florida from Miami to DC. Sing undocumented and unafraid went from being criminalized to being Heroes with a 80% approval rating across the country. That's the type of narrative shift and the type of cultural change that Ben is part of the powerful formula to move

the biggest financial institutions in to do the right thing and not just for the short-term and I hope somebody talks about how I'm like a real money moves is sort of leading and Candy group is leading on ensuring that the victories in the progress. We made continue and will be there for the long run. So to speak a little bit to those victories cuz I make it's really critical to acknowledge what's actually happened. Right? So so to mention 9 banks that represent 100% of the publicly known credit and Term Loan providers for Geo Group. That's big.

But with all right and then over 60% of the banks that are provided the credit and term loans to corecivic. So there are a couple banks that are still outstanding. There's National Day the Bastion coming up the opportunity to check and see if your bank has made the commitment yet. So I would invite people to check out real money moves. Org follow hashtag familiesbelongtogether real money. If you want to come to keep in touch and joined that ever a growing movement, but it is really important that you acknowledging that we've made some progress but we have is still a long way to go and I want

to take a moment to really talk through what are the other Financial elements that are still part of the story Jasmine if it's something that you be able to touch on a really, how are the prison companies reacting to this new seeing it on the political landscape? I know you're if you're heading off on a red-eye tonight to be working more in that political side what's happening in terms of politics in the markets and end? I am packing private prisons on the political front. We've seen a lot of movement in terms of getting private prisons into mainstream conversation. If you can watch him to

narcotics a base or just following the news there there's several presidential candidates who are talking about their comprehensive plan for getting rid of private prisons, which is a big deal. We've seen places like here in California completely agree to stop use of private prisons and we've seen major notches Banks, but institutional investors like calstrs and Calpers both agreed to divest and we're seeing just more and more at local levels individuals passing legislation for putting legislation forward that would stop not allowing the use of private prisons, but the

financing of private prisons from any banks that are chartered in their state. So on the political front, we're seeing a lot of movement and just really conversation which you know this time last year was not really happening. But I want to talk about stock prices. Do we have so much fun around the office for like we had a screen I just left the kind of graph speak for itself. But the geographic or Civic at the levels are out right now their stock prices. The last time levels were this low it was when the Department of Justice like I mentioned before

and 2016 announced the federal phasing out. So that's where we return to the one-year returns for investors is down 30% So when you compare that to other Real Estate Investment Trust in their investment classes significantly significantly underperforming but I think perhaps even more about kind of the state of private prisons and how these companies are feeling is to actually just hear what they're saying. How are they responding to the movements? And what are they saying in SEC filing? So Narita really fun quote from one of their SEC filings it from Geo Group. They wrote

and I quote increase public resistance to the use of the public-private Partnerships for Correctional detention and community-based facilities in any of the markets in which we operate and or if other Banks or third parties that currently provide us with debt financing or that we do business with the side in the future to see is providing us with debt financing or doing business with us. Such determinations can have a material adverse effect on our business Financial conditions and abilities to operate rights and not not looking too good

to say that last part again material Financial impact. Can you unpack that? So as a part of that also want to mention that fits in Moody that you just no credit rating agencies have spent because of the. Cutting off of totally 87 87.4% of all of those known big credit lines and turn loans to the private prison industry since they have that. Passing Gap the credit rating agencies have downgraded the status which is going to make it more expensive for juban corecivic to find borrowing Partners II.

To fill that Gap and we can anticipate that. Okay, there's other Financial players in the game. Right? There's private Equity bank's are particularly uniquely placed in order to be able to fill that Gap because of their capacity which really needs to be fast and on hands. We are seeing a few private Equity firms and asset managers that are engaging in the space that really out of just investors that we talked to you representing close to 3 billion assets under management. And we've asked how do you feel about this issue? We're seeing if there really is no appetite for investors to touch this

industry anymore. Just because of this reputational risk that human rights concerns were also like not mention before financially. It's kind of exciting but that like Morgan mentioned doesn't mean that there isn't still work to be done. Right? The fight isn't over there still use 5 banks that are financing. There's also a bonds that are in the market was also making sure that these companies can continue to run Operations. I just want to mention that this conversation of for us ending private

prisons and not just any private than financing or sick of myself. I want to see the end of private prisons has to be positioned in the larger conversation of Criminal Justice Reform as a whole, right? So this needs to be looked at as a a Sound Investment, if you will to free up the time and resources and people power of these amazing people who know how to win know how to do these campaigns so that they can work on making our communities safer and healthier and more free and if you have never engaged an activist campaign, I think the same way that many active isn't kind of everyday

people are saying, oh I can engage in financial activism. If you have never engaged in The Exodus world and you have the financial knowledge know I got to do things like how to file a shareholder resolution is really really valuable and really strategic for these movements that need to have all these different plans. Like I said because they know how to make our communities healthier safer and more free. Absolutely all really great points and I think also critical to highlight in the broader Landscaping conversation about decarceration. This isn't just saying, oh we want public prison

for not private prison break we really want is well in some of us want no prisons at all and a greater emphasis on Mental Health Services on drug treatment on sentences that actually make sense right rather than the start of arbitrary mandatory minimum history strikes these policies we mentioned before that has been very beneficial to companies that might make money off of having more people locked up for more time. So the idea is that why don't we work on just reducing the overall population is opposed to saying that it's about you know, public prisons being a walk in the park

either. What's also been really exciting is to see if people are moving away from private prisons where they can go to write because sometimes divestment campaigns can feel a bit like whack-a-mole right of like which Corporation is going to do some terrible thing today and that's often a Christy caserta vsg with an impact investing of if we're just kind of screening out but not being more conscious of will what is the positive impact that my money can have are we actually going as far as we can go and it's been really amazing to see Derek's leadership in really emerging within the

impact investment sector in transitioning your own portfolio to impact I wanted to ask if you could share a little bit of what are some of the opportunities that you found two, really invest in something different than private prisons and what you're doing with the kingdom your impact investment initiative. I would take it back to 2016 and this is right around the time that you know, I had to watch the 13th documentary on private prisons and Kaepernick was was protesting and it was a berry. Volatile environment

around social justice and for me, I was always looking at what's the action like what's the action item for for alleviating the saying and remedy in this this issue and so one of the things we did back in 2017 16 17. We took about a hundred kids from hbcus to South by Southwest to expose them to the tech industry to get them in a room full of decision-makers with companies like Microsoft Twitter Google Mail champ and a lot of them got jobs out of that and internships and so for me, it was like, okay. There's a reason why obviously people are getting locked up his policy.

It's you know, corruptness is private prisons all these things but a lot of it is a lot of people don't have options. So they're committing Petty crimes and getting locked up for it. So if there are options for kids and opportunity to do something else right, then you start to alleviate it from from a different vantage point and so That was one initiative that we seen had a lot of Roi and was a very good outcome more. So me personally, I started the transition most of my money out of the market. I always wanted to see what my money was doing.

And when you're investing into the market into these ETFs and these funds you're you're taking a passive role. You're not really understanding what your money is doing and where you're at your money spending the night and for me that wasn't really sitting right and so after reading room packing and Consulting with Morgan, like I really starts up educate myself on what the possibilities were in the impact space. So as I transitioned out of the market, I reallocated to things like affordable housing housing in investment bitwise is a company founded by Latina founder

in Fresno that gives technology training to underserved minorities. And so that was something that was tangible for me invested in math. Rolo style company that sells positive stories about minorities and so these things make sense to me and it seemed like I was playing whatever Road I could play and that made me feel good. I can sleep good at night knowing that my money was woodworking in positive ways First Financial activist is organizers on the street of what are the ways that we can really apply this sort of collaboration just so many different social issues and I wanted to

close off before we take a couple questions. I'm with 30 and Matt if you could share a little bit of ways that this community can really support Grassroots organizations and efforts. Thanks for asking and mention that we are at working. We're targeting five more Regional Banks and on November Fourteenth and Fifteenth. We're going to have the livery In Alabama and Tennessee, if you know anyone in those in Birmingham and Nashville, please let me know. We would love for people

to join us and to be there with us when we deliver our petitions and we are going to have signs outside would love to see kids moms. And so those two places were targeting to Regional five Regional band since I believe that these banks are also some of the executives have been Executives for I don't know exactly the name of board members for the prison companies as well as no conflict of interest, right totally. Okay. So these are the next steps that will be

wonderful if you follow the candiru percenter momsrising every single action that you take Make sure it has a big impact. I spend a lot of my time delivering your signatures. We do deliver them and every single one counts, so please keep taking actions. Thank you so much Matt. And that's a great Point. Like we've had pretty incredible numbers on their campaign positions in all of those may seem like big statistics a hundred thousand five hundred thousand million, but statistics are people too, especially with organizations like ours and so we really are committed

to that making sure that the people power moves things no disrespect to cockroaches or rats, but I think the private prison industry operates a lot like cockroaches and rats and so they're they're going to be look in terms of rats. They're going to be looking for the next thing to be trying to sniff out the next, you know, just disgusting way to make profit. NN when Chrysler Corporation Corrections Corporation America formed actually had like another partner and to do that was called Hospital Corporation of

America that was in the business of essentially cutting Corners in hospitals in a way to make profit and as you can imagine that didn't turn out very well what I see for where these companies are going is a t carceration is a big is a big deal the surveillance industry again over the last 35 + years for profit incarceration privatized incarceration has become a large industry and in there so many ways that they can gouge people and so I think it's up to us to understand where they're going to expand and be able to be there to make sure that there's not money for their next scam.

You know and then there's other smaller companies that are part of the industry. So for instance, there was a a a research a company that research how much can you charge for a bag of chips at a prison? That's a real prison. Let's say takes an average of 3 hours to drive there for families of addicts. They calculate if it takes an average of 3 hours to drive there. He could probably charge $7 a bag if it took it average of 4 hours. You could probably charge 825 a bag. And so this going back to this model that is inherently wrong and needs to be

cut off in any way possible. I think I think we actually have now the infrastructure in the architecture to 2 to go where they want to go and stop them before they they do any more harm. All right. Well, we will close at on Matt call to action and would love to have everyone in the room engaged with us. We're going to take a couple questions. We're going to talk about questions which are the following questions have a? At the end. They are relatively brief. They're directed to a person and then hopefully they'll be answered. So we're going

to start here in the back and all right. Y'all should be giving thanks. Thank you all so I fundamentally believe that private Capital which includes the financial services industry is necessary to change some of the wrongs. That's why we're all at so cap, right? That's what social capital is. So I started my career 30 years ago as a banker in London financing private in the structure projects. including the first privately financed public Hospital I think today Bankers involved in this industry have been accused of profiting from locking people up

holding slaves, and I guess now cockroaches and rats I do applaud. That you have cut off the funding or are in the process of cutting off funding for a business model that has not met its goals and has not been successful. I feel as strongly about mass incarceration recidivism and the issues around immigration as anyone else in the room. But like I said, I believe that the financial services industry and private Capital have a role to play in some of the

solutions you've talked about our third of entrepreneurial and small but it seems to me that cutting off private prisons which again I success I applaud you for is sort of the low-hanging fruit in addressing the societal issues and So I guess my real question is how are you going to change your language and become friendly with the private? Funding markets so that they do bring the banks included. Back into Funding Solutions that the government is not addressing. Do you want to direct that anyone in particular or whoever feels the

most negative about the financial services industry or maybe somebody it's really about the activist and the banks working together. So maybe the activist by the role of finance and money and the power that it has to change how we think about incarceration and it and I thank Morgan and Jasmine for really leading that in showing that there is an alternative there is an alternative to the type of brutal horrible for-profit torture that that that that these particular that this industry is represented over the last 35

years. There is an alternative there in like Derek mention there is a way that you can actually do a lot of good. Through Finance through money and I think that's powerful and I think part of it and why I'm excited yet. So cap is is we have to expand our imagination around how can we actually transform and create a situation where where people do have opportunities where there's not a focus on punishment in criminal ization what it is on on opportunities and dignity and I think that you most of the other there's there's so

much out there around with Derek was saying about if we actually have a Baseline and and protecting and a firm basic human rights, we we can go a long way and not needing the type of mass incarceration system until there are choices to make I think for for private equity and quite frankly for this particular type of capitalism. It can either go in the way of Of doing the the most time for the most profit or it can partner with with communities to find a better way and and quite frankly change the culture around money

important to acknowledge know my mind picking the proverbial Mike all of these major Banks had environment social and governmental policies EFT policies, right and a couple of them. Actually even quoted the universal Declaration of Human Rights rights of these are institutions that have clearly stated. We do not want to be financing companies that have clear human rights abuses. So then when they were credible reports of Human Rights abuses within private prisons including reports from the Department of Justice right under the Trump

Administration just to be clear right to this is not about political bias, but just the inspectors going and seeing what was happening in facilities like Adelanto in California that when we were going to bank saying, You have a policy that says that you do not want to support companies that have human rights abuse has hear some reports saying this is happening and you've made this commitment to your shareholders and to your customers and we'd love for you to fulfill bats. And I don't see that as a tall in congruent with them funding future inventions that are absolutely supportive of human

rights in a way that is integrated with the policies that they've created. I do want to make sure we get to hear from other voices in the audience. Itachi of the question of are we thinking the banks that have been facing protests? We're getting on the phone with these different banks and we're actually talking to the human rights lawyer that they have on Sat they hired because they want to be better. They want to make sure that their role in the world is aligned with the values are saying because as we moved to this market economy that is really focus on consumers being

conscious about what their money is doing. We want them to be going the right direction and we're not saying that Banks should be like trying to demonize Banks through this campaign, but we are trying to make sure that all of the companies that are using our money to fund their business practices are alive and I also want to agree with you and thank you for bringing up the question, but I do have low hanging fruit because I agree I think private prisons in many ways are a low-hanging fruit a low hanging fruit that has Extremely high rates of sexual assaults among children woman

man that has extremely high rates of Human Rights abuses floating fruit that I really believe we do need to get rid of in order to join the bigger fight of affirming our kind of justice system. Thank you, which is which is been opening of us to allow different conversations like Morgan mention. We're flying to South Carolina tonight and tomorrow morning and we're going to be front row at a Criminal Justice Reform watching President Trump speak about how he believed the future of Criminal Justice will be safe in this country as well as always a Democratic primary candidates. So being

able to get in those spaces and ask those questions through private prisons really this is just the beginning. Angie said quickly having one of the hopes with these type of collaborations that brings more proximity. Like I'd I do think these advisors should be visiting facilities should be going with us and really seeing what's going on in and finding Solutions together. We have another question I think down here in this country is huge and there's no single strategy that will solve it. We have to

have multiple strategies across all the problem areas in order to be successful in some private prisons is one part, but you know, it's a big movement. My name is today. I'm the founder of recapped and I have been incredibly inspired by all these folks on the stage to launch a publicly traded fund. That's the best thing from prisons and investing in companies that can actually create policies that can reduce mass incarceration rates in this country. So my question is how what does a publicly traded company look like as an ally in this face? What are some of the ways the corporates

can actually help as opposed to be a problem? I think there's a couple pieces in the shareholder landscape that have been really powerful talk about unbelievably low-hanging fruit is open hiring policies of the number of people who come out of incarceration are not able to get a job for the incredibly dumb reason that the idea that if you haven't if you served your time, the whole point is you served your time and that it's hard enough to come back into society that may or may not be

familiar to you that you may or may not have support from family or friends. You got to find a home you got to find a job and there's often that box and a job application. Have you done time and how incredibly honest luiginary that can be so there have been National campaigns around ban-the-box that have been led by a number of investors of filing shareholder resolutions, and otherwise looking to have publicly traded companies to get rid of That restriction and that's the type of stuff that companies can choose to do proactively, right? They don't have to wait for

shareholders to demand it. But I would hope that in the context of a fun like you are as right that would be equally looking at how do we get out of these prison companies? But then also what are some of the practices within companies that can better support returning citizens as they move on in their life. do one more and I think we got the Canada in the back. yes you Hi, my name is Joe Ingles coming from Sacramento and our Publications are we created a publication for immigrant know your rights which actually made Fox & Friends but not in a positive way, but we are as a Badge of Courage.

And so my question is what are the communication needs what look who's not getting the message? What does the general public need to know about this? They don't know already. Those are my questions. Anybody answer? So I do think that that there's no such thing as a general public and your we like the thing about it. Is that is that what do we need to win? And how do we figure things out together? I do think there's a big there's a big shift happening and and 2020

is going to be essentially The Proving Ground of whether or not the model can hold the current model of private prisons. Can it hold there's a good chance that it can't and we actually have to be building this Narrative of what is a rebuild look like I take inspiration from some of the detention facilities in in in Mexico and Central America that are now being turned into the trauma support centers. And and we're at a point where we can rebuild from this from the hopefully what will be the ashes of the

of of private. Of the private prison industry as we know it and so more expiring narratives knowing that we have more people on our side and knowing that we we we have this wave of culture that has has been universally disgusted by what's going on with family detention. And so it does open up the space as an invitation for quite frankly remaking how we how we deal with incarceration and and democracy in this country. And the one other small kind of culture

shift, I'd saying that same way we often think about family separation right assertive how it's been portrayed in the news that the Trump family separation policy, but it's really critical to think that anytime we incarcerate someone and separate them from their spouse from an aging parent from anyone in their life. That's family separation rights of this is not a new phenomena, and we need to be equally outraged in the case of adults as we are children and that I think that's one of the narrative shift pieces that is really really important as we continue on that is the time that we have

for today, and I think this conversation just goes into the levels of complexity right in in getting down to critical social issues and their connections to finance, and I'm just so honored to get to be in this work with you every day and hope that you all join us. Thank you so much. Thanks for an 11:30, buddy. What grade?

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