Corrections Corporation of America

Corrections Corporation of America
WhisperToMe · Public domain · source
Name	Corrections Corporation of America
Type	Public
Traded as	NYSE: CXW
Industry	Private prison
Founded	1983
Founder	Thomas W. Beasley, Doctor R. Crants, T. Don Hutto
Headquarters	Nashville, Tennessee

Corrections Corporation of America is a private prison company that was founded in 1983 by Thomas W. Beasley, Doctor R. Crants, and T. Don Hutto. The company is headquartered in Nashville, Tennessee and is listed on the New York Stock Exchange under the ticker symbol CXW. Corrections Corporation of America has been a major player in the private prison industry, operating facilities in partnership with Federal Bureau of Prisons, U.S. Immigration and Customs Enforcement, and various state and local governments, including California Department of Corrections and Rehabilitation, Florida Department of Corrections, and Texas Department of Criminal Justice. The company has also worked with American Correctional Association and National Institute of Corrections to develop and implement correctional programs.

● History

The history of Corrections Corporation of America dates back to 1983, when it was founded by Thomas W. Beasley, Doctor R. Crants, and T. Don Hutto. The company's first facility was the Houston Processing Center, which was opened in 1984 in partnership with the U.S. Immigration and Naturalization Service. In the 1990s, Corrections Corporation of America expanded its operations to include facilities in Tennessee, Kentucky, and Oklahoma, working with Tennessee Department of Correction, Kentucky Department of Corrections, and Oklahoma Department of Corrections. The company has also worked with National Correctional Industries Association and American Jail Association to develop and implement correctional programs. In 2000, Corrections Corporation of America merged with Prison Realty Trust, a real estate investment trust that owned and operated correctional facilities, including Citrus County Detention Facility and Lake City Correctional Facility. The merger created one of the largest private prison companies in the world, with facilities in over 20 states, including Arizona Department of Corrections, Georgia Department of Corrections, and Louisiana Department of Corrections.

● Operations

Corrections Corporation of America operates a wide range of correctional facilities, including maximum security prisons, medium security prisons, and minimum security prisons, as well as immigration detention centers and juvenile detention centers. The company's facilities are designed to provide a safe and secure environment for inmates, as well as to offer a range of programs and services to help inmates rehabilitate and prepare for release, including Substance Abuse and Mental Health Services Administration and National Institute of Justice programs. Corrections Corporation of America has partnered with Federal Bureau of Prisons, U.S. Immigration and Customs Enforcement, and various state and local governments, including California Department of Corrections and Rehabilitation, Florida Department of Corrections, and Texas Department of Criminal Justice, to operate facilities and provide correctional services. The company has also worked with American Correctional Association and National Institute of Corrections to develop and implement correctional programs.

● Controversies

Corrections Corporation of America has been involved in several controversies over the years, including allegations of prisoner abuse and neglect at some of its facilities, such as Idaho Correctional Center and Eloy Detention Center. The company has also faced criticism for its role in the private prison industry, which some argue perpetuates mass incarceration and racial disparities in the criminal justice system, including NAACP and American Civil Liberties Union criticisms. In 2016, the U.S. Department of Justice announced that it would be phasing out its use of private prisons, citing concerns about safety and effectiveness, which affected Corrections Corporation of America facilities, including Adams County Correctional Center and McRae Correctional Facility. The company has also faced lawsuits and settlements related to prisoner rights and employment practices, including Equal Employment Opportunity Commission and National Labor Relations Board cases.

● Facilities

Corrections Corporation of America operates over 60 correctional facilities across the United States, including Adams County Correctional Center in Mississippi, McRae Correctional Facility in Georgia, and Red Rock Correctional Center in Arizona. The company's facilities have a total capacity of over 90,000 beds and employ over 20,000 people, including correctional officers, counselors, and medical staff. Corrections Corporation of America has also partnered with state prison systems, such as California Department of Corrections and Rehabilitation and Texas Department of Criminal Justice, to operate facilities and provide correctional services. The company has worked with National Institute of Corrections and American Correctional Association to develop and implement correctional programs at its facilities.

● Criticisms_and_Reform

Corrections Corporation of America has faced criticism from human rights groups, civil liberties organizations, and community activists, who argue that the company's business model perpetuates mass incarceration and racial disparities in the criminal justice system, including NAACP and American Civil Liberties Union criticisms. The company has also faced criticism for its lobbying efforts and campaign contributions, which some argue are intended to influence public policy and maintain the company's profits, including Center for Responsive Politics and FollowTheMoney.org reports. In response to these criticisms, Corrections Corporation of America has implemented various reforms, including the creation of a compliance committee and the adoption of new policies and procedures for prisoner treatment and employee conduct, as well as partnering with National Institute of Corrections and American Correctional Association to develop and implement correctional programs.

● Financial_Information

Corrections Corporation of America is a publicly traded company listed on the New York Stock Exchange under the ticker symbol CXW. The company's revenue has grown significantly over the years, from $1.2 billion in 2000 to over $3.5 billion in 2020, with major contracts with Federal Bureau of Prisons, U.S. Immigration and Customs Enforcement, and various state and local governments, including California Department of Corrections and Rehabilitation, Florida Department of Corrections, and Texas Department of Criminal Justice. The company's stock price has also fluctuated over the years, influenced by factors such as changes in public policy, regulatory environment, and market trends, including Bloomberg and Forbes reports. Corrections Corporation of America has also been included in the S&P 500 index and has received ratings from Moody's Investors Service and Standard & Poor's, as well as Fitch Ratings and Morningstar, Inc. analyses. Category:Private prisons in the United States