The nation’s largest private prison company, the Corrections Corporation of America, is on a buying spree. With a war chest of $250 million, the corporation, which is listed on the New York Stock Exchange
, this month sent letters to 48 states, offering to buy their prisons outright
. To ensure their profitability, the corporation insists that it be guaranteed that the prisons be kept at least 90 percent full. Plus, the corporate jailers demand a 20-year management contract, on top of the profits they expect to extract by spending less money per prisoner.
For the last two years, the number of inmates held in state prisons has declined slightly, largely because the states are short on money. Crime, of course, has declined dramatically in the last 20 years