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Private prison stocks soar after Jeff Sessions rescinds Obama order that curtailed their use

Shares of U.S. private prison companies jumped today after Attorney General Jeff Sessions rescinded an Obama-issued memo meant to curtail their use by the federal government. Shares of CoreCivic—formerly the Corrections Corporation of America—were up almost 3% in after-hours trading. Similarly, GEO Group saw a bump, though not quite as large.  Here’s what just happened … Continue reading “Private prison stocks soar after Jeff Sessions rescinds Obama order that curtailed their use”

Shares of U.S. private prison companies jumped today after Attorney General Jeff Sessions rescinded an Obama-issued memo meant to curtail their use by the federal government. Shares of CoreCivic—formerly the Corrections Corporation of America—were up almost 3% in after-hours trading. Similarly, GEO Group saw a bump, though not quite as large. 

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As was reported earlier, Sessions directed the Bureau of Prisons to resume contracting with private prisons. Politico reported in October that GEO Group had retained a number of lobbyists to focus on various issues—among them two former aides to Sessions, who were to focus specifically on the federal use of contracts.

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About the author

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

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