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Private Prisons See Rise in Profits

By Jeralyn, Section Inmates and Prisons
Posted on Sun Feb 11, 2007 at 10:59:38 PM EST
Tags: Private Prisons (all tags)
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Forbes reports that Corrections Corp. of America saw a 37% profit increase in the 4th quarter of 2006.

For the full fiscal year, Corrections Corp.'s profit more than doubled to $105.2 million, or $1.71 per share, from $50.1 million, or 83 cents per share in 2005.

The principal reason seems to be that demand is up at both the state and federal levels. Prison occupancy rates rose to 97%.

Here's more. [Via Think Outside the Cage.]

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    Private Prisons See Rise in Profits | 8 comments (8 topical)

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    private prisons (none / 0) (#1)
    by wrisky on Mon Feb 12, 2007 at 01:50:56 AM EST
    outsourced prisons are a disgrace.

    Money! (none / 0) (#2)
    by TomStewart on Mon Feb 12, 2007 at 02:39:58 AM EST
    Yep, there's money in locking folks up. Andy Taylor and Aunt Bea could'a made a fortune if they had gone about it a bit smarter.

    Hell, they could have built a new jail and kept
    Barney in bullets off of Otis alone!

    This is so stupid!!!!!!!!!!!!!!!! (none / 0) (#3)
    by plumberboy on Mon Feb 12, 2007 at 04:55:57 AM EST
    I think the system is so wrong going about it this way.The business is in it to make money and that's it. The fact that the government can't take decent take care of inmates a lot of the time,what makes them think that a corporation seeking a profit will do better this is stupid.I watched 60 minutes last night it was an eye opener into how the prison system abuses h-cap people on a pretty regular basis.

    and this is why (none / 0) (#4)
    by cpinva on Mon Feb 12, 2007 at 05:24:13 AM EST
    you'll see absolutely no legitimate effort made on sentencing reform. mandatory minimum sentences were a godsend to the prison industry, you think they're going to let that cash cow go without a fight? i think not. in fact, expect to see even more acts criminalized, it's good for bidness!

    CCA is the true Criminal (none / 0) (#5)
    by Annie4PrisonReform on Mon Feb 12, 2007 at 12:30:35 PM EST
    First hand on a weekly basis I see how the inmates in a male facility run by CCA are being abused and mistreated on a daily basis.  CCA is also taking away all positive programs so that the inmates have nothing to do with their time other than get into trouble because there are no positive things for them to do.  These inmates were sentenced to do their time not to be abused and tortured.  Something has to be done about this.  CCA is making money at the expense of human beings.  Why don't we help these people in the prisons to enter back into society in a positive way and have a lower recidivism rate.  CCA only cares about their profits not human beings.

    The pot callin the kettle black (none / 0) (#6)
    by bx58 on Mon Feb 12, 2007 at 10:40:46 PM EST
    Don't you love it when lawyers start pointing fingers towards where the money is in crime?

    If anyone has ever been in court they know how the judge(a lawyer) tells the poor soul in front of him "you better get a lawyer."

    Fool-proof referral system.

    Yea those prison guards make 30 grand a year.

    Not the screws bx..... (none / 0) (#8)
    by kdog on Tue Feb 13, 2007 at 09:02:07 AM EST
    think of what the CEO of Tyranny Corp. of whatever you call it is dragging in.

    Point taken about the legal system being un-navigatable to a layman....but making a living keeping people out of cages is more noble than making a living putting people in cages, imo.

    Parent

    which is far more than they'd make (none / 0) (#7)
    by cpinva on Tue Feb 13, 2007 at 12:34:46 AM EST
    flipping burgers. and that's all most of them would otherwise be qualified to do.

    Yea those prison guards make 30 grand a year.

    add in the economic "ripple" effect, and those guards have a huge impact on many small communities. they will fight tooth and nail to keep that prison going, if they have to drag people in off the street and put them in there.

    Private Prisons See Rise in Profits | 8 comments (8 topical)

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