Home » crime sin stocks » Crime Sin Stock Opportunity: Canada to Privatize its Prisons?

Sin StocksMany people don’t realize this but Australia and the United States already have privatized prisons. This is where the government hires other companies to build prisons and/or staff them with guards. Here at Sin Stocks Report, we call these companies “crime sin stocks” because they are companies that make money because of crime. (These companies include Corrections Corporation of America, Avalon Correctional Services, and The GEO Group.

In a recent article published in the UK’s The Guardian, and summarized at Yahoo!, Canada is now looking at outsourcing some of its detention facilities to a private company.

Specifically, Canada’s recently tightened immigration laws anticipate swelling numbers of immigrants who are not necessarily approved for immediate entry into Canada. Two “immigration holding centers” have been prepared and publicly traded company G4S (GFS).

Private prisons are a risky political move, especially in left-leaning Canadian politics. But this is one of the few times when governments realize that they are bloated and inefficient and profit-driven private corporations might actually do a better job. Of course, watchdog organizations have concerns about the rights of prisoners but with Australia and the US’s success of using private prisons, these concerns about rights are ameliorated.

This also means something else: If private immigration detention facilities are successful in Canada, will it open up other opportunities for crime sin stock companies to enter the Canadian prison market?

 

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