Earlier this month, we wrote about a student organization group that discovered that the University of California school system had stock in private prisons, worth close to $30,000,000.
The Afrikan Black Coalition, which is made up of students, staff and other people with ties to the university, announced that it was successful in getting the university to sell its stock in the private prisons.
“The students brought this to our attention, and based on that, we looked at our investments in private prisons, which total less than $30 million, and we decided to sell them – they are gone,” University of California Media Director Dianne Klein said in a statement.
Afrikan Black Coalition’s Political Director Yoel Haile wrote how big of a deal the sell is:
“This victory is historic and momentous. Divesting $25 million is a good step towards shutting down private prisons by starving them of capital. This is a clear example of Black Power and what we can achieve when we work in unity. This victory belongs to the masses of our people languishing behind America’s mass incarceration regime. When the UC system is the largest public institution in the country and is investing millions of dollars into private prisons, the message is obviously that you support this because, even if you say rhetorically that you don’t, your money is speaking.”
And the group isn’t stopping there. They also want the university to break ties with Wells Fargo, who is also a huge investor in private prisons.
“Unless Wells Fargo immediately cancels all of its business relationships with private prisons, the $425 million the UC has invested in Wells Fargo must be divested immediately. ABC Field Organizer Kamilah Moore states:
“In order for the UC’s mission to be fulfilled, it is imperative to assess investments not only from a risk perspective, but from a socially responsible perspective as well. Our campaign is not over. We will continue to call for complete divestment, increased transparency, and reinvestment in education and businesses owned or controlled by the formerly incarcerated.”
Now this is how it’s done!