Barclays recently “Drop[ed] Its Role as Lead Underwriter in Prison Bond Sale” as a result of pressure from investors, including Adasina and the Racial Justice Investing Coalition.
“You’ve already taken the stance, the right stance, that private prisons and profiting from a legacy of slavery is bad,” Renee Morgan, a social justice strategist with asset manager Adasina Social Capital, told the Financial Times. “But then you’re finding this odd loophole in which to give a platform to a company to continue to do business.”