REUTERS: “JPMorgan backs away from private prison finance”

Even JP Morgan knows its wrong to profit off of prisons, why doesn’t Harvard?

NEW YORK (Reuters) – JPMorgan Chase & Co has decided to stop financing private operators of prisons and detention centers, which have become targets of protests over Trump administration immigration policies.

“We will no longer bank the private prison industry,” a company spokesman told Reuters. The decision is a result of the bank’s ongoing evaluations of the costs and benefits of serving different industries, he said.

JPMorgan is one of several banks that have underwritten bonds or syndicated loans for CoreCivic Inc and GEO Group Inc, the two major private prison operators in the United States. In 2018, banks, including Bank of America Corp and Wells Fargo & Co, raised roughly $1.8 billion in debt over three deals for CoreCivic and GEO Group, according to Refinitiv data.