Jonathan Mattise, AP
Private Prison Firm Sees Trump Immigration Push Opportunity
The United States' largest private prison operator said it can provide the additional detention facilities that will likely be needed under President Donald Trump's executive orders on immigration. In an earnings call this week, CoreCivic President/CEO Damon Hininger identified the possible opportunity to grow its detention business with U.S. Immigration and Customs Enforcement.
Nashville-based CoreCivic, formerly named Corrections Corporation of America, saw its stock price plummet when the Obama administration announced in August that the Justice Department would wind down private prison use. A Justice Department audit at the time said there were more safety and security problems at privately run prison operations.
ICE contracts with private prison groups were unaffected by the policy shift.
The day after Trump's election, CoreCivic saw its shares on the New York Stock Exchange climb 43 percent. Shares of another private prison firm, Geo Group, also increased 21 percent.
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