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From the Open-Publishing Newswire
Tue Jul 9 2013 (Updated 07/28/13)Corrections Corporation of America: The Dismantling of a National Disgrace
Tue Jul 9 2013 (Updated 07/28/13)Report from Anonymous Details Demise of Publicly-Traded Prison Operator
Exploding corrections budgets have forced states to enact bi-partisan criminal justice reforms to reduce their prison populations. The U.S. prison population peaked in 2009. Since then, states across the country have closed prisons due to excess capacity and generational low crime rates.
Faced with empty beds, demand concerns, and a bleak outlook, a report released by Anonymous on July 9 details why the hactivist group expects Corrections Corporation of America’s earnings to get smacked under the weight of current and future contract losses. CCA is a publicly-traded prison operator with a history of horrendous prison conditions and human rights abuses.
Anonymous writes: "The damage these reforms are causing CCA is obvious. For example, CCA has halted a major construction project, is experiencing a glut of empty beds, and is expected to report its first-ever annual revenue decline this year. In fact, a number of CCA’s customers are terminating some or all of their contracts with the Company. Notably, California which represents 12.2% of CCA’s revenue base is expected to cancel all its contracts with the Company in the next few years."
Read More with a PDF of the Report