GOLDMAN SACHS $100 MILLION PRISON PHONE PROFIT

Goldman Sachs owns a company called Global Tel-link which is a prison phone call provider that earns $100 million annually. This profit comes from phone calls made by prison inmates. Prison inmates call people like family, friend, and attorneys. Prison inmates are locked away from society. They are not allowed to bring cell phones to prison and there is no choice of calling plans. The only phone you may use the phone in the prison which may be provided by Global Tel-link. How do inmates get money for phone calls? They may have a job at their prison which pays anywhere from 12¢ – $2 an hour. Or maybe they have family members on the outside who send them money. The holding of a prison phone provider is thought to be a good investment because the profits are fixed and are not subject to fluctuations of the market.  Say for example the prison phone provider has phones in 10 maximum security prisons. The prisoners in a max are doing 20 years to life. There is a fixed number of inmates, inmates are allotted a certain number of minutes to use the phone every month (300 minutes), and it’s hard to win on appeal. Therefore the profits are virtually guaranteed.

 

I was listening to a black activist radio program a few weeks ago and the host was talking about corporate America not making investments in the black community. Why isn’t anyone holding Goldman Sach’s accountable to the black community? We’re always told the majority of the prison population is black. If you have a felony conviction, you probably can’t even get a job cleaning toilets at Goldman Sachs.

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