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Gov Kay Ivey disappointed as underwriters pull out of Alabama prison deal

Gov. Kay Ivey disappointed as underwriters pull out of Alabama prison deal Updated 2:28 PM; Today 11:47 AM Inmates sit in a treatment dorm at Staton Correctional Facility in Elmore, Ala., Wednesday, Sept. 4, 2019. The Department of Justice sued Alabama in December 2020 over excessive violence and other problems in state prisons for male inmates. (AP Photo/Kim Chandler) APAP Facebook Share Gov. Kay Ivey said this morning she was disappointed that the investment bank Barclays has withdrawn from underwriting the financing of two privately owned prisons that Alabama would lease and operate. The governor said Barclays’ decision would not stop the plan to lease new prisons, which the Ivey administration and the Alabama Department of Corrections have been working on for more than two years.

Barclays Drops Prison Bond Deal at Last Minute After Furor

Barclays Drops Prison Bond Deal at Last Minute After Furor
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Barclays Kicked Out of Business Group Over Prison-Bond Work

Barclays Kicked Out of Business Group Over Prison-Bond Work Bloomberg 1 hr ago © Photographer: David Paul Morris/Bloomberg An inmate in his cell (Bloomberg) Barclays Plc’s membership in the American Sustainable Business Council was terminated by the advocacy group over the bank’s decision to underwrite a municipal bond for two Alabama prisons owned by CoreCivic Inc., two years after saying it would no longer provide new financing to private prison companies. Popular Searches The council and partner organization Social Venture Circle, which combined represent 250,000 businesses to advocate for responsible practices and policies, announced Thursday they would refund Barclays’ membership dues. Barclays joined the group in 2019.

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