Private prison stocks collapse after Justice Department promises to phase them out

August 18, 2016 5:52 PM

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Private prison stocks collapse after Justice Department promises to phase them out

The Justice Department on Thursday announced that it will end the use of private prisons, which currently house more than 22,000 federal prisoners, or about 12 percent of the total federal prison population.

These prisons had become increasingly controversial in the past several years. A DOJ Inspector General's report recently found that these prisons were on average less safe and secure than government-run prisons. Mother Jones magazine recently published a searing, 35,000-word expose on abuses at one ...

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