![]() ![]() In recent years, campaigns and grassroots movements calling for banks and corporations to cut ties with the private prison and immigrant detention industries - such as CPD Action, Corporate Backers of Hate, Families Belong Together and Make the Road New York - have achieved most of their demands.īen Wolcott, the manager of evaluation and research at Make the Road New York, told WSN that eight banks - JPMorgan Chase, Wells Fargo, Bank of America, SunTrust, BNP Paribas, Fifth Third Bancorp, Barclays and PNC - have committed to stop financing private detention centers. “Frankly, the day that this becomes a large-scale trend is still a bit far off. “ BlackRock would proportionally sell all of the holdings in those funds, including GEO Group and CoreCivic,” Lustig said regarding index funds that include private prison operators. Lustig proposed that BlackRock could instead buy environmental, social and governance funds to avoid investing in certain companies. Michael Lustig, an adjunct professor of finance at Stern, worked at BlackRock for most of his 25-year Wall Street career. We cannot selectively divest from individual companies in indexes.” “Every dollar that BlackRock manages belongs to our clients, and more than 90% of our equity assets are invested in index-based funds that our clients choose. “BlackRock does not select or choose the stocks that third-party index providers include in the benchmarks they create,” a spokesperson for BlackRock wrote to WSN in an email. BlackRock currently owns 15.41% of CoreCivic and 14.71% of GEO Group, amounting to over $279 million in invested capital, and 7.23% of Sterling, amounting to nearly $38.5 million.īlackRock claims that while it acts as a broker between its clients and their investments, it does not always have control over where these investments are placed - particularly in the case of index funds, which are sold as packages. It is also the largest shareholder in Sterling Construction Company Inc., which was contracted by the federal government to construct parts of the border wall. BlackRock holds extensive investments in operators of private prisons and construction companies building the U.S.-Mexico border wall.īlackRock is the largest shareholder in CoreCivic and the second-largest shareholder in the GEO Group, publicly traded companies that own and operate prisons, jails and ICE detention centers across the country and around the world. Fink, a v ice chair of NYU’s Board of Trustees and co-chair of the NYU Langone Medical Center Board of Trustees, is the founder, chairman and CEO of BlackRock, Inc., an investment management corporation and the largest asset manager in the world. NYU has criticized ICE and the agency’s rules regarding international students and their visas however, a member of university leadership is the CEO of one of the largest shareholders in the two largest private prison operators in the United States. But the university has stopped short of adopting GSOC’s proposal to end warrantless campus access for ICE and CBP agents. NYU claims it does not voluntarily provide information to governmental agencies that would endanger undocumented members of the university community. Customs and Border Protection agents has been a point of contention during contract renewal negotiations between NYU and the Graduate Student Organizing Committee. ![]() Immigration and Customs Enforcement and U.S. ![]()
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