Largest Private Prison Company Could Lose Lucrative Family Detention Contract
The country’s largest private prison company saw its stock price dip this month, after revealing to investors that it might lose a lucrative contract to lock up migrant families in south Texas.
Corrections Corporation of America reported in an Aug. 3 earnings call that it has presented a new plan to Immigration and Customs Enforcement to reduce costs at the South Texas Family Residential Center, located an hour south of San Antonio.
“{W}e continue to engage ICE in discussions regarding our scale and cost of services, but can provide no assurance that we will be awarded a new contract for family unit detention, will successfully renegotiate our existing contract with ICE, or will be able to maintain the margins we currently generate from the contract,” the company said.
“If negotiations are successful, a modification to the contract will be announced and executed,” ICE spokesman Carl Rusno wrote in a message to The Huffington Post.
Read more: http://www.huffingtonpost.com/entry/family-detention-immigration_us_57ae098fe4b069e7e505148e