Dear Friend —
America has a mass incarceration problem. For too long, we chose ‘tough
on crime’ approaches that meant millions of non-violent people –
often poor, overwhelmingly of color – were put behind bars. Jails
became job-creating economic development tools at the expense of urban
communities. Our corrections system wasn’t about rehabilitation at all.
Earlier this week, we
did something about it — and I’d like to thank my fellow Trustees at the
New York City Pension Funds for taking such a bold step.
We announced that the New York City Pension Funds became the first major
public pension system in the country to
fully divest from private prison companies. This industry is designed to profit off
of mass incarceration and human suffering – it has a special interest
in maintaining the failed criminal justice approaches of the past.
Investigations into these private facilities have uncovered real issues
across the industry. Private prisons have far higher rates of security
and safety incidents compared to public institutions. Many lack sufficient
medical care — because it cuts into their bottom line. Some resort
to putting inmates in solitary confinement just to alleviate overcrowding.
People, as a result, have suffered and died.
These prisons aren’t just morally wrong. In fact, we studied this
issue for months and found that investing in private prisons actually
has real risks. With ongoing lawsuits and human rights violations, the
reputational damage could be enormous. As a result, divesting is in the
best interests of pensioners.
My fellow Trustees and I are proud to be the first major fund in the nation to
take this step. It’s the right thing to do – financially and morally. And
it’s our hope that other cities and states will follow our lead.
Talk soon.
Scott