Wells Fargo Yields to Public Pressure, Divests Large Portion of Private Prison Stock
Following nearly two years of public pressure to cut all ties to private prisons, Wells Fargo divested nearly 75 percent of its aggregate holdings in the GEO Group, the nation’s second largest private prison company, according to the latest SEC filing. The following is a statement by Emira Palacios, vice president of National People’s Action Board of Directors:
“Dumping most of its GEO stock was a good first step by Wells Fargo. The private prison industry is a moral failure, perverting our immigration and justice systems to line their pockets. Wells Fargo still has considerable ties to private prisons, as detailed in our recent report Banking on Immigrant Detention: Wells Fargo's Ties to the Private Prison Industry, but its investment in GEO was its most significant in the industry.
“NPA, the National Prison Divestment Campaign and our allies will continue working to get Wells Fargo to cut all ties to private prisons. Making money off incarcerating human beings, whether as owner, investor or financier, is unacceptable. Justice should be the only reason people are deprived of their freedom, never profit.”