𝖤𝖽𝗎𝖼𝖺𝗍𝗈𝗋𝗌𝟦𝖬𝗂𝗀𝗋𝖺𝗇𝗍𝖩𝗎𝗌𝗍𝗂𝖼𝖾⚖

@ESGtransparency Initiative fighting to end pension fund complicity in the #migrant abuse crisis. Founded & directed by @mle_goldman in partnership with #TBATs.

[𝖤𝖽𝗎𝖼𝖺𝗍𝗈𝗋𝗌𝟦𝖬𝗂𝗀𝗋𝖺𝗇𝗍𝖩𝗎𝗌𝗍𝗂𝖼𝖾⚖ @Edu4MigrJustice]

CA State Controller, Betty Yee, had voted against CalSTRS' divesting from CoreCivic & GEO back in Oct. 2018, so what prompted her to change her mind for CalPERS? Our divestment report!

Read it here: https://t.co/cnokkngc8V

[[email protected] @mle_goldman]

On the 2 yr anniversary of the @Edu4MigrJustice campaign launch, @ESGtransparency is sharing the groundbreaking report that led CalPERS, the US’ largest pension, to divest from for-profit prison giants CoreCivic & GEO Group.

👉🏻 Check out the report at https://t.co/KqSbq3iI2J

[𝖤𝖽𝗎𝖼𝖺𝗍𝗈𝗋𝗌𝟦𝖬𝗂𝗀𝗋𝖺𝗇𝗍𝖩𝗎𝗌𝗍𝗂𝖼𝖾⚖ @Edu4MigrJustice]

Are human rights abuses good for a company's bottom line or is it time to divest from family separation & detention? What about the role of mass surveillance on the criminalization of migrants?

Join us for @PreventableS' roundtable Jan. 14

Register here: https://t.co/7Z8flsbGpN

[𝖤𝖽𝗎𝖼𝖺𝗍𝗈𝗋𝗌𝟦𝖬𝗂𝗀𝗋𝖺𝗇𝗍𝖩𝗎𝗌𝗍𝗂𝖼𝖾⚖ @Edu4MigrJustice]

A then vs now comparison on our twitterversary

👀

🥳

[[email protected] @mle_goldman]

I launched the @Edu4MigrJustice campaign calling for public pensions to divest from CoreCivic & GEO back in June ‘18

$CXW
Then: 23.71/share
Now: $6.73/share

$GEO
Then: $27.26/share
Now: $8.96/share

But I guess cheers 2 all those who argue(d) divestment would hurt their returns

[[email protected] @mle_goldman]

CA upholds ban on for-profit prisons in an absolutely devastating blow to $CXW & $GEO!! AB-32, introduced by @RobBontaCA, prohibits for-profit prison cos from entering into new or renewing/extending existing contracts for immigration detention facilities https://t.co/Gn2BWvSVuh

[[email protected] @mle_goldman]

Updated this🧵thread with more info from the recent shareholder calls!

Make sure to also check out my recent Q&A with @PreventableS on for-profit prison divestment!👇🏻

📰 https://t.co/kFEZ4WAPgp

[[email protected] @mle_goldman]

I sat down w/ @PreventableS 2 talk abt the dirty “D” - divestment - & for-profit prisons

Ultimately, it’s hard 2 see how $CXW & $GEO will be able 2 survive much longer. The outlook, like conditions w/in the facilities themselves, is rapidly deteriorating
https://t.co/kFEZ4WAPgp

[𝖤𝖽𝗎𝖼𝖺𝗍𝗈𝗋𝗌𝟦𝖬𝗂𝗀𝗋𝖺𝗇𝗍𝖩𝗎𝗌𝗍𝗂𝖼𝖾⚖ @Edu4MigrJustice]

*November 2018

[𝖤𝖽𝗎𝖼𝖺𝗍𝗈𝗋𝗌𝟦𝖬𝗂𝗀𝗋𝖺𝗇𝗍𝖩𝗎𝗌𝗍𝗂𝖼𝖾⚖ @Edu4MigrJustice]

CA State Controller, Betty Yee, had voted against CalSTRS' divesting from CoreCivic & GEO back in Oct. 2018, so what prompted her to change her mind for CalPERS? Our divestment report!

Read it here: https://t.co/cnokkngc8V

[[email protected] @mle_goldman]

On the 2 yr anniversary of the @Edu4MigrJustice campaign launch, @ESGtransparency is sharing the groundbreaking report that led CalPERS, the US’ largest pension, to divest from for-profit prison giants CoreCivic & GEO Group.

👉🏻 Check out the report at https://t.co/KqSbq3iI2J

[𝖤𝖽𝗎𝖼𝖺𝗍𝗈𝗋𝗌𝟦𝖬𝗂𝗀𝗋𝖺𝗇𝗍𝖩𝗎𝗌𝗍𝗂𝖼𝖾⚖ @Edu4MigrJustice]

Make sure to check out Yee's interview with Chief Investment Officer and note how closely her rationale for divesting from $CXW & $GEO follows the report we sent her just weeks prior!

https://t.co/lrJ0nj4qmx

[[email protected] @mle_goldman]

Wondering how we managed to get one of the world’s largest and most influential institutional investors to do something (divest) they’ve only done a few times in their entire history? 👇🏻👇🏻

#ESG #SRI #CSR #bizhumanrights #DetentionKills #FreeThemAll

[[email protected] @mle_goldman]

Or, to put that in English, while GEO's financials may seem remarkably healthier than CoreCivic's at first glance, it's all but impossible to believe that's truly the reality on the ground.

[[email protected] @mle_goldman]

On #AB32: GEO expects to lose >$4 b. in cap investment & future revenue/next 15 yrs as a result of the #CalLeg, & CoreCivic noted in an SEC filing that “non-renewal” of their contract 2 operate Otay Mesa “would have a significant impact on [their] results of operation & $ flows"

[[email protected] @mle_goldman]

Then there's also this recent development with GEO's auditors that raises even more concerns about the accuracy and reliability of these figures. https://t.co/1cIUwS4dVP

[[email protected] @mle_goldman]

GEO’s goodwill valuation, which incl the value of the co’s brand name, & customer base also raises some big🚩, as GEO reported goodwill of $776.4 m. as of Dec '19 w/ total assets of $4,317 m.

Compare w/ CC, which estimates its goodwill at $50.5 m., w/ total assets of $3,791.6 m.

[[email protected] @mle_goldman]

Analysts have also identified potential concerns with GEO’s asset-liability valuation ratios, and indicated that GEO’s accounting and financial reporting practices "MAY WARRANT CLOSE ATTENTION FROM SHAREHOLDERS."

[[email protected] @mle_goldman]

This has led analysts 2 cast doubt on GEO's ability 2 cover litigation expenses & fines stemming from their corp practices. These concerns were reinforced in GEO’s latest 10-K SEC filing, where the co’s estimated cost of uninsured claims was identified as a critical audit measure

[[email protected] @mle_goldman]

GEO doesn't have insurance for "claims related 2 employment matters," which likely applies 2 claims in all 3 class-action suits. In a '19 SEC filing, GEO identifies "an⬆️in unreimbursed labor rates" & their “exposure to⬆️employee & inmate med costs” as threats 2 their bottom line

[[email protected] @mle_goldman]

I'll be adding to this 🧵throughout the day to highlight some of the most shocking & important details from the report (and help break them down into English).

[[email protected] @mle_goldman]

On the 2 yr anniversary of the @Edu4MigrJustice campaign launch, @ESGtransparency is sharing the groundbreaking report that led CalPERS, the US’ largest pension, to divest from for-profit prison giants CoreCivic & GEO Group.

👉🏻 Check out the report at https://t.co/KqSbq3iI2J

[[email protected] @mle_goldman]

💥 Get ready, folx! 💥

👉🏻 In the next few days I’ll be releasing the groundbreaking @Edu4MigrJustice report that led the US’ largest pension to divest from for-profit prison giants & migrant abuse profiteers, CoreCivic & GEO Group‼️

[[email protected] @mle_goldman]

Following on the heels of CalSTRS & CalPERS divesting from for-profit prisons, Canada's largest pension divested from CoreCivic & GEO Group in November, and now two Danish pensions have followed suit. 🙌🏻🙌🏻