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Despite a Crashing Economy, Private Prison Firm Turns a Handsome Profit

By Erin Rosa, CorpWatch. Posted March 4, 2009.

The GEO Group Inc., a private prison firm paid millions by the government to detain undocumented immigrants, is doing just fine.

While the nation's economy flounders, business is booming for The GEO Group Inc., a private prison firm that is paid millions by the U.S. government to detain undocumented immigrants and other federal inmates. In the last year and a half, GEO announced plans to add a total of at least 3,925 new beds to immigration lockups in five locations. The Immigration and Customs Enforcement (ICE) agency and the U.S. Marshals Service, which hire the company, will fill the beds with inmates awaiting court and deportation proceedings.

GEO reported impressive quarterly earnings of $20 million on February 12, 2009, along with an annual income of $61 million for 2008 -- up from $38 million the year before. But the company's share value is not the only thing that's growing. Behind the financial success and expansion of the for-profit prison firm, there are increasing charges of negligence, civil rights violations, abuse and even death.

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