The GEO Group, Inc. provides government-outsourced services specializing in the management of correctional, detention, and re-entry facilities, and the provision of community based services and youth services in the United States, Australia, South Africa, the United Kingdom, and Canada. It operates through four segments: U.S. Corrections & Detention, GEO Community Services, International Services, and Facility Construction & Design. The company owns, leases, and operates a range of correctional and detention facilities, including maximum, medium, and minimum security prisons; immigration detention centers; minimum security detention centers; and community based re-entry facilities. It offers correctional and detention management services that involves the provision of security, administrative, rehabilitation, education, and food services primarily at adult male correctional and detention facilities; engages in the supervision of adult parolees and probationers, as well as the provision of temporary housing, programming, employment assistance, and other services; and provides residential, detention, shelter care, and community based services with rehabilitative and educational programs. The company also provides monitoring services, and evidence-based supervision and treatment programs for community-based parolees, probationers, and pretrial defendants; and services to immigration and customs enforcement for the provision of services to improve the participation of non-detained aliens in the immigration court system. In addition, it offers transportation services for offender and detainee populations; and prisoner escort and custody services. As of February 21, 2013, the company owned and/or managed 100 facilities totaling approximately 73,000 beds. The GEO Group, Inc. was founded in 1984 and is headquartered in Boca Raton, Florida.
Local prison operator’s stock plummets following DOJ announcement Geo Group, the world’s second-largest operator of private prisons, took a hit along with the rest of the industry Thursday following a U.S. Department of Justice announcement that it plans to end its use of private prisons. Shares of the Boca Raton-based company (NYSE: GEO) fell more than 40 percent in the hour after the DOJ made its announcement. At 11:30 a.m., its stock was priced at about $32.44 a share, and by 12:44 p.m., the price had fallen to $18.90.
Top comment from pixelrebel on reddit on this topic: "For those thinking this is a buying opportunity, please consider the moral aspect of this trade. These companies lobby government to make or keep more things illegal. If you have conservative or libertarian values this should strike a chord with you. The ridiculously failed drug war still continues, thanks to the efforts of this company. Our percentage of imprisoned citizens for non-violent crimes is an international disgrace and is thrown in our face every time we try to take the human rights moral high ground at the UN. As investors, we arguably have a moral obligation to fight these evils with boycott of the companies securities. We have the power to cripple the company's ability to meddle with the criminal justice system simply by not buying their securities and debt."
GEO provides so many services to government agencies that it will cost the government too much to replace. It will literally take billions of dollars.to build and staff new replacement prisons and re-entry to society programs, Same way US now depends on contractors for Private Military Industry. Even on US soil, federal properties are protected by contractors. Alternative is to release inmates, reducing sentencing, and simply not punish with incarceration. Release pretrial accused and immigration status pending individuals with the use of ankle monitors. Create pretrial diversion programs. All options which GEO is already able to contract for. As long as there will be a place for incarceration in society, there will be cost. As a face saving measure, the government could lease the actual real estate from GEO, as building new prisons is cost prohibitive. Government no longer pays per bed space, per night, to house inmates in a private prison. Government pays rent on a building, Government law enforcement Warden and Correctional Officers operate the facility. Funding could be realigned to hire GEO employees as contractors supplementing Bureau of Prisons and Homeland Security. Same way US Military hires contractors to provide mission support overseas. Or a "major sweeping reform" takes place. Congressional Committee is established to oversee correctional contractors, and the company reorganized into a politically correct corporation. Which still means that the company continues to profit.
