Movers and SHAKERS
The GEO Group, Inc. (GEO)
Biden Signs Executive Order to End Use of Private Prisons by BoP
With over 94,000 beds owned, leased or managed across its business lines and serving over 260,000 people daily, GEO is a leading provider of mission critical real estate to its governmental partners. The Company is the first fully integrated equity REIT specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the U.S., Australia, South Africa, and the U.K.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
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Executive Order. Yesterday President Biden signed an executive order stating "The Attorney General shall not renew Department of Justice contracts with privately operated criminal detention facilities..." Predictably, this news had a negative impact on both the private prison operators we cover CoreCivic and The GEO Group.
But What Does the EO Mean? Not surprisingly, the EO is somewhat vague. And contradictory. First, it is unclear if the order only applies to the BoP, which would be similar to the August 2016 Deputy Attorney General's order requiring the BoP to phase out the use of private prisons or does the order include the U.S. Marshals Service, which also is part of the DoJ. The EO also mentions "prioritizing ...
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