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The election’s other big winners? Private prisons – Mother Jones
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The election’s other big winners? Private prisons – Mother Jones

A GEO Group prison

Sue Ogrocki/AP

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Donald Trump’s victory on Tuesday sent shares of private prison companies soaring as investors anticipate the president-elect’s promises of mass deportation will increase the need for immigration detention.

Stocks for GEO Group and CoreCivic, the nation’s largest private prison operators, rose 42% and 29% respectively on Wednesday. Sherwood News financial news site concluded that GEO Group “was the single biggest gainer in the US stock market – among companies of all sizes.”

“The GEO Group was built for this unique moment,” said GEO Group founder and executive chairman George Zoley on an earnings call Thursday. He called Trump’s plans an “unprecedented opportunity.”

Zoley also noted accordingly HuffPostthat GEO Group is well positioned to increase its ICE detention bed count from 13,500 to more than 31,000. Contracts with federal, state and local governments — which include 85,000 beds — could also be redirected to federal needs. There would likely be a “charge” for beds, he said, “and we believe ICE will have top priority for all available beds across the country.”

Mass deportation was a mainstay of Trump’s campaign. That Mother JonesIsabella Dias he wrote:

In a second term, Trump did pledged to fulfill his promise and lead “the largest internal deportation operation in American history.” His acolytes, led by Stephen Miller, have spent years crafting legal solutions to prevent their extreme proposals from being watered down or killed in the courts.

This time, they plan to invoke an infamous 18th-century wartime law, deploy the National Guard, and build massive detention camps—and they plan to reshape the federal bureaucracy to make sure it happens, by drafting orders executive and filling the administration with loyalists who will quickly implement policies. “No one is off the table” said Tom Homan, former acting director of US Immigration and Customs Enforcement (ICE) under Trump. “If you’re in the country illegally, you’re a target.”

If Trump and his allies get their way, armed troops and out-of-state law enforcement would likely reach communities — knocking on doors, searching workplaces and homes, and arbitrarily questioning and arresting suspected undocumented immigrants. It would almost certainly be the net trap American citizens, too.

Private prisons weren’t the only industry with share prices rising after the election. Other big winners, CNN rEPORTSinclude crypto stocks, credit card companies and banks, and Tesla.