Bank of America will stop lending to Private Prisons and ICE

https://www.axios.com/bank-of-ameri...ion-7f42d0d7-8488-45e3-b167-1c410a54a4d2.html

Good for them! Why should they help finance a torture program from the trump regime? Maybe Russian can send them money through the trump corporation?

 

Now I know where not to bank. It is truly a nut left position to be anti-ice. Or many B of A doesn't lock their doors at night.

 

Maybe the feds should stop insuring their holding, that ought to bring the asshats back in line Put your money in local credit unions anyway!

 

Some of us are old enough to remember when there was no ICE, and things were relatively more peaceful. ICE is spawn of the fraud of 911.

 

Ehm .... did you read the article?

"Bank of America told Bloomberg in an interview Wednesday that it will stop lending to companies that run private prisons and immigrant detention centers."

So ... the question is more, why the hack are doing private companies a job which is clear a core duty and job of ICE and the State?

 

It was there. it was just called Immigration and Naturalization service. It was renamed to ICE when it moved to the DNS which was created during the Bush administration. The name change had nothing to do with 9/11.

 

Government does it to save money.

 

But I thought businesses shouldn't be allowed to reject customers on the basis of ideals. Bake the cake, remember?

 

Because they are a banking company and not a political party. It is stupid to turn customers over to competitors for political reasons. It is bad management.

 

Bad decision and reasoning .... But I know, privatization knows no bounds of meaning and reason in the US.
Sure ... I am generally an absolute enemy of this privatization epidemic, which is taking place to a lesser extent in my country, and I can only laugh at the pros arguments ...
But when prisons are privatized, the fun stops! There are state tasks and duties that the state may only and exclusively carry out with its designated institutions.

 

Law, so passe for the left. When you start picking and choosing which laws to follow, then you destroy the rule of law. Liberals. Meh.

 

Why would ICE borrow from a private agency?
Looks like a PR move by the bank. It’s like claiming that you will never land money to the federal reserve.

 

Wait a minute ---- does a business have to do business with everyone, or not?

Anyhow.... I'm sure one of their competitors will be happy to pick up the extra loan business.

 

Yep, a private business can show government contracts, which show guaranteed income, and they’ll get any loan they want.

 

Privatization of of prisons was bound to create problems. There are some things private industry cannot manage in the public interest since their primary duty is to shareholders and other stakeholders. This implies an ROI focus and nothing works better for ROI than cutting costs. Nothing works better for cutting costs is either cutting personnel or hiring cheap employees. These dynamics were destined to run into public perception and budgetary problems, especially when humanitarian issues like prisoner rights and immigration are involved.

 

I’d there anything more pathetic than “woke” capitalism?

If BOA won’t lend, someone else will and they’ll make the profit.

Woke capitalism tried to destroy Wayfair and Chick-Fil-A, and it didn’t work.

 

WRONG.

U.S. Immigration and Customs Enforcement was formed pursuant to the Homeland Security Act of 2002, following the events of September 11, 2001.

 

Actually, a private prison can be more efficient that the state one and even make it easier for inmates to do their time. For example, a state might require all state agencies to have unions. A private prison will circumvent this requirement and might end up having more security guards for the same money the state could have. Same thing with supplies and materials - a government agency might be locked into a long-term contracts, which means that in theory a private entity might spend their resources more efficiently.
The biggest thing is - in most state agencies nobody really cares about the money. So, they can have unnecessary employees who work there (and don’t have much to do) because of a union, or a connection to a higher level government official or because the local boss doesn’t care enough about efficiency. Private entities are driven by profit and would not let something like this to last for too long.

 

I live in Illinois. It’s a widely known fact that this state has thousands of employees who have their jobs because of politics - they could be relatives of powerful officials, or their jobs exist because local bosses don’t care about efficiency.
With the current fiscal state of the Illinois I am a strong believer that the state should shift almost all of its services to private entities. Leave only courts and law enforcement along with a few other things. Even get private companies to run schools with authority to hire/fire teachers and to negotiate with the union, or even eliminate the union altogether.

That alone would save the state billions! Otherwise we are on the track to tax ourselves to death, just like California.

 

Celebrate it until the banks decide not to like one of your ideals... Oh btw then it will to be to late.

 

I was raised in Illinois and glad I don't live there anymore. I live next door in Indiana now and am glad I do.

 

No ... the basic problem is that I never want to see state core tasks in any private hands ... Efficiency and costs are of no importance, or a subordinate role.

For example, for 95% of Germans, it is not just a horror for us to put the water supply into private hands. Any politician who tries or advocates this in Germany commits political suicide! We have been able to follow pretty well how much this has led to scandals in all the other countries that have done so, all at the expense of the quality of the water, the costs and ultimately the customer = citizen.

 

Like what and the state has representatives on location.

 

While this is true, ICE is a combination of 3 agencies that existed prior to 9-11. When Homeland Security was created post-911, the US Custom Service, the Federal Protective Service, and the Immigration & Naturalization Service were all transferred to HS, where they were combined into ICE. So, basically, you are all correct. ICE was formed post-911, but the 3 agencies that were combined to create ICE existed pre-911.