Bidding Up GEO Group and ICE Contract

This couldn't possibly have anything to do with all of GEO Group's pending ICE contracts or the appointment of a GEO Group lobbyist to head up the US Marshall's Service which awards contracts for privately run detention facilities now could it? Nah...I'm sure there are no backroom deals going on and that the timing of this is just pure coincidence...
From Benzinga

Posted on 11/10/10 at 1:58pm by Chip Brian
Geo Group is in SmarTrend's Security industry and this industry is currently in an Uptrend according to our research. We are monitoring many other stocks on the move within this industry.
SmarTrend currently has shares of Geo Group in an Uptrend and issued the Uptrend alert on June 17, 2010 at $21.57. The stock has risen 16.9% since the Uptrend alert was issued.

Read more: http://www.benzinga.com/press-releases/10/11/c599265/investors-bid-up-shares-of-geo-group-up-1-geo#ixzz15O89nsLj

Geo Group's Pending ICE Contracts

Now that GEO Group has succeeded in putting one of their spokesmen/puppeteers in place as head of the US Marshall's Service, they have a stronger chance of winning the *bid* for this contract...and many others as well. Small communities everywhere should be aware and not fall for the ruse of corrections for profit as a money saving endeavor. Communities who have fallen for it have paid a pretty hefty price in many cases.

From
By Beth Brelje

Pocono Record Writer

November 15, 2010 

GEO Group, formerly known as Wackenhut, wants to build and operate the detention center in Upper Mount Bethel Township, Northampton County. The operator says the center would house 2,250 illegal immigrants awaiting deportation. The project, the company says, would provide 350 construction jobs and 500 permanent jobs.

Immigration and Customs Enforcement has announced an interest in securing additional detention space in the Northeast, said ICE spokesman Mark Medvesky. Ideally, a detention system would reduce transfers and house people near the site of their apprehension, and close to legal services and hospitals.

"Counties, along with private companies with whom they may choose to partner, are drafting concept papers for ICE's consideration. These concept papers, developed by local jurisdictions, are not binding on ICE," Medvesky said in an e-mail to the Pocono Record. "No sites for the northeastern U.S. have been selected and no intergovernmental service agreements have been awarded."

Story Continues -

What if GEO Group doesn't get a contract from ICE, or decides to leave after the center is built?

"In Littlefield, Texas, the municipality had to dip into reserves to cover payments for about $1.2 million in bonds and other debt used to finance the Bill Clayton Detention Center," Smart Money magazine reported in September. "The bonds were issued in 2000, but the expected revenue stream evaporated when, after a prisoner suicide in 2008, the 310-bed private prison lost its contract to house out-of-state inmates. In 2009, GEO Group ended its operating agreement with the detention center, leaving it unoccupied."

In Pueblo, Colo., GEO Group initially promised to fund the building of a private prison for 500 state inmates and later demanded repeated changes in the deal. GEO wanted government financing and changed the size of the proposed prison.

"GEO demanded more money. It wanted either more money per inmate, or a revenue guarantee that amounted to $1 billion over 30 years for two prisons," according to a 2006 report by the Rocky Mountain News."

For more information about the impact of the proposed facility and for more background on GEO Group Read Full Article

Contract renewal needs rethinking

From Kentucky.com

ARAMARK Correctional Services' $12 million state contract specifically says the state auditor's office "shall have access to any books, documents records or other evidence ... for the purpose of financial audit or program review."

But the company refused to provide key financial information when the auditor's office conducted a recent review of its performance in providing food to inmates of state prisons.

Not surprisingly, then, Auditor Crit Luallen asked the Department of Corrections and the Finance and Administration Cabinet to consider whether ARAMARK was in breach of contract. 

Luallen's office launched its audit after a review of the 2009 riot at Northpoint Training Center listed food service as one of the contributing factors and after corrections officers testifying before a legislative committee spoke of bugs and feces in prison food.

Read more: http://www.kentucky.com/2010/11/12/1521456/contract-renewal-needs-rethinking.html#ixzz15CvEbuz2