Private Prison Corporations Lost Nearly 40% Of Their Value Today

Schadenfreude!

CREDIT: SHUTTERSTOCK
CREDIT: SHUTTERSTOCK

Late Thursday morning, the United States Department of Justice announced that it would phase out its contracts with private prison companies. The announcement followed an Inspector General report which found that federal private prisons “had more frequent incidents per capita of contraband finds, assaults, uses of force, lockdowns, guilty findings on inmate discipline charges, and selected categories of grievances” than government-run facilities.

The report also named three companies, Corrections Corporation of America, GEO Group, Inc., and Management and Training Corporation, that will soon no longer do business with the Justice Department.

The invisible hand responded to DOJ’s announcement with a brutal spanking:

The third company listed in the Inspector General report, Management and Training Corporation, is privately owned, so a stock quote is not available for this company.