Tags: 2020 Elections | elizabeth warren | private prisons | investments | 2020 election

Report: Elizabeth Warren Invested in Fund Tied to Private Prisons

Democratic presidential candidate Sen. Elizabeth Warren, D-Mass.
Democratic presidential candidate Sen. Elizabeth Warren, D-Mass. (Scott Eisen/Getty Images)

By    |   Friday, 27 September 2019 11:19 AM

Sen. Elizabeth Warren, D-Mass., invested up to $50,000 in a retirement account run by an investment management company that has heavily invested in private prison companies, The Washington Free Beacon reports.

Warren, who has pledged to ban private prisons and detention facilities if elected president, at one point invested in Vanguard Target Retirement 2025, which is run by the Vanguard Group, before selling her stakes for a different account in 2013. At that time, Vanguard was the top shareholder for Corrections Corporation of America, now called CoreCivic, and one of the top shareholders of GEO Group, both of which are private prison companies.

Vanguard Group told CNN last July that it was in the process of shedding its more controversial investments.

"We believe it would be exceedingly difficult to manage our funds effectively and efficiently while seeking to address the many social, political, and environmental concerns of our 20 million clients and the broader global community," the company told CNN.

Several banks and funds, including State Street, Prudential, Fidelity, Wells Fargo, JPMorgan Chase, and Bank of America, have all come under fire for their involvement with CoreCivic, GEO, and other private prison owners.

Warren wrote in a Medium post in June: "There should be no place in America for profiting off putting more people behind bars or in detention. That's why I will shut down the use of federal private detention facilities by ending all contracts that the Bureau of Prisons, ICE, and the U.S. Marshals Service have with private detention providers."

The Warren campaign did not respond to the Free Beacon's request for comment.

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Sen. Elizabeth Warren invested up to $50,000 in a retirement account run by an investment management company that has heavily invested in private prison companies, The Washington Free Beacon reports.
elizabeth warren, private prisons, investments, 2020 election
265
2019-19-27
Friday, 27 September 2019 11:19 AM
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