Overcrowding Vs Incarceration
CXW Bloomberg -- The first sign of trouble came last week: A small here of investors circulated a letter lambasting Barclays Plc for helping to raise hundreds of millions of dollars to build two privately owned prisons in Alabama -- two years after the bank publicly vowed to cut financing ties with the for-profit industry.
Before long, the initial marketing efforts for the municipal-bond sale showed signs of sputtering. A socially responsible business group threw the London-based bank out in protest, and students and activists in Alabama began an email campaign to derail the financing.
Together, the outcry turned what was supposed to be a relatively routine deal into an embarrassing black eye for the investment banking giant. The prison business has long been targeted by activists who say the profit-motive gives an incentive to cut costs, hurting rehabilitation efforts.]
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