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On a quarterly earnings call, CoreCivic execs are trying to calm concerns that a Biden presidency will be bad for business:
"If Joe Biden were to become the next president, I think there's a lot on his plate to deal with— certainly COVID-19 is going to be mission number one...
"If Joe Biden were to become the next president, I think there's a lot on his plate to deal with— certainly COVID-19 is going to be mission number one...
When you think of all the other initiatives that are on his plate: healthcare, tax reform, climate change, trade negotiations... It's probably a while before you would expect the focus to become private prisons."
Execs also pointing to the Obama years: "Biden was VP under the Obama administration, and... they did turn to the private sector to help resolve the humanitarian crisis that they saw in 2014. So, hopefully, memories are long and can recall the solutions that we helped provide."
That's true, but the party has shifted leftward on this question over the Trump era, with Biden joining a chorus of Dems in the primary who came out against private prisons and detention in no uncertain terms.
CoreCivic execs noted that most of their federal contracts are..
CoreCivic execs noted that most of their federal contracts are..
for US Marshalls and ICE detention, rather than BoP prisoners, and unlike the BoP, neither agency has its own robust network of public facilities. CoreCivic notes the possibility of leasing or selling some of those facilities to the government to run themselves, but correctly...
point out the likelihood that Republicans will retain control of the Senate. "There's gonna have to be some discussion and probably agreement that that in the best interest of the government. We think that one's going to be a kind of a difficult one."
CoreCivic also notes that over the last 10 years, BoP contracts have fallen from 15% of revenue to 2%. Biden COULD end BoP contracts w/ private companies fairly easily but, per Corecivic: "we think our risk is pretty, pretty minimal there," as the company operates just 1 facility
