Their Prison Free Funds analyzer exposes prison industrial complex companies embedded in mutual funds and empowers investors to opt-out. Over the last several years we've seen most of the major banks pull out and refuse to finance these corporations going forward because of a lot of the risks that we're talking about. Its the lawmaker who reportedly invests in private prisons. Jordan has amassed as many critics as he has fans. About 75 percent of all immigrants detained by ICE are also in private. Here's a look at the 10 most pampered celebrity prisoners: 1. February 21st 2015 By: Ashley Nicole Black There are currently 2.4 million people in American prisons. They also pay less, leading to higher turnover and less experienced and well-equipped officers. Why is Pakistan an underdeveloped country? "One of the ways they do that is by slashing pay for staff, which leads to much higher rates of turnover.". What are the pros and cons of private prisons? I think it's really important. Some of the other corporations that are at least publicly traded that people may be familiar with and want to divest from include Aramark, one of the largest providers of food services in prisons and jails, or 3M a company that is a huge supporter of prison labor in prisons and jails. pic.twitter.com/J0XpUKqUkE, CityBoySizzle ?? Thus, the individual shareholders who own stock in both CCA and GEO remain shrouded in secrecy much like private prison companies themselves, which have a long history of being non-transparent and lacking public accountability even though almost all of their revenue is obtained from government contracts paid with taxpayer funds. There is an economic benefit to the local community. T. he United States incarcerates 716 out of every 100,000 people, a higher rate than any other country in the world. He now owns more than 650,000 shares in the company, which is far more successful these days. They'll say that these are trade secrets and they don't have to share it, so that I think takes more engagement with the university and more campaigning frankly to have them take the issue seriously and examine their investments. 95 funds analyzed. How much working capital do I need when buying a business? 22. The report alleges that Nike, and indirectly Michael Jordan, utilize prison labor to produce Jordans signature sneakers. Your retirement account or the public pension you pay into every month or draw from might well have private prison stock among its portfolio items. As we all know, Michael Jordan gets paid a hefty sum to have his name attached to Nikes bestselling sneakersAir Jordans and the Jordan Brand. George Zoley They are part of what is known as the prison industrial complex. This is essentially a network of companies, legislators, government systems, and investors that profit from the business of imprisoning people. I think they've gone down a lot over the years. Accuracy and availability may vary. Do you have a prison-free to investment option?" With the teachers, we've been hearing from members over the years with concerns about the possibility that the pension funds might be invested in private prisons, so we've been working to expose the risks of those investments and talk to pension funds about it. PLN managing editor Alex Friedmann, who owns a small amount of CCA and GEO stock as an activist investor, which allows him to attend the companies annual shareholder meetings and file shareholder resolutions, requested and obtained a copy of GEOs shareholder list at the companys last annual meeting on April 29, 2015. Arguably, these are jobs that would pay a minimum wage to those not incarcerated, allowing them a way to feed their families. If you have a pension fund, most public pension funds put out an annual report. Julie Henry sits on a suspended platform as she protests outside the headquarters of CoreCivic in Nashville in 2018. Yes, Michael Jordan did indeed invest in private prison stocks. Those shares are worth more than $25 million. That is, do federal, state or local lawmakers, or corrections officials, or judges, or other public employee stakeholders in our criminal justice system own shares of CCA or GEO Group? They might-- If they hear from enough participants that that's something that they want, you might be able to get that option. Investment in the private prison industry is getting riskier as banks withdraw, Yee told the magazine. Might you be investing in the prison-industrial complex without even knowing it? Bianca, briefly on that. Can I use my wife bank account for Zerodha? We All Do. To lessen the burden on state prisons which were overcrowded, private prisons were created. Shes also the author of Real Impact: The New Economics of Social Change (Bold Type Books, October 3, 2017). Does the government make money off of prisons? PEOPLE Editors' Favorite Black-Owned Brands to Shop This Black History Month and Always! GEO Groups top ten institutional holders, including mutual funds, owned around 37.4 million shares, or close to 50% of the companys total issued stock. (646) 435-7280, (646) 435-7280. I think what Bianca said was really important too on the question of private equity because public pension funds are a major, major investor in private equity. 16. Whole time Michael Jordan did invest in a prison system. Who Invests in Private Prisons? Larry Legend (@larryislegend) December 18, 2017. (Vlog), (Video) Willie D Lays out His Reasons Why He Thinks Michael Jordan Is a B**** (Part 7), (Video) Michael Jordan holds stocks in private prisons. That means not just building wealth, but being conscious about what that wealth does in the world. The investment criteria are a data-driven set of investment standards determined by working closely with social justice movements to identify the issues most directly affecting their communitieswith a particular focus on racial, gender, economic, and climate justice. Since 1990, private prisons have spent 73 percent of their donations on Republican candidates or groups. Theres no evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon. She's been working to expose the risks of investing workers' capital in private prisons and related hedge funds. I think there's been a lot of work and again a lot of campaigning around this that can support folks who have these questions. The request must be made in good faith and for a proper purpose, the purpose must be described with reasonable particularity, and the records to be inspected must be directly connected with the shareholders purpose.. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. Does Political Spending by Private Prison Firms in Oklahoma Influence Prison Reform? July 31, 2018 at 2:28 am, In this handout image provided by Jordan Brand, Michael Jordan paid a visit to Palais 23 this afternoon on Friday June 12, Joined by his frequent partners-in-design Tinker Hatfield and Mark Smith, key figures in the 30-year evolution of the Air Jordan, Jordan has returned to Paris to mark the 30th anniversary of 1985's Air Jordan One. The answer is, yes, it's very possible. Banks that are heavily invested in CCA include the Bank of New York Mellon Corp. with 2.46 million shares, and Wells Fargo & Company with 1.24 million shares. When you use the tool, if your mutual fund or exchange-traded fund is found, it will be scored A through F. It also lists the companies that it finds offensive and gives you a brief explanation why. Since CCA has around 117 million shares of outstanding stock, an investor would have to own about 5.85 million shares (currently valued at over $200 million) before they could obtain a copy of the companys shareholder list. Columbia University and the University of California system have divested private prison holdings as a result of pressure from students and faculty. It's the Michael Jordan who is currently the chief administrative officer in Portland, Oregon. (Video) Debunking Jordan Peterson's "Truth About Communism" Video. Brian Lehrer: Brian Lehrer on WNYC and for the past 12 weeks on the show, every Monday or Tuesday, we've been looking at the private prison industry, the prison-industrial complex, breaking it down sector by sector and trying to understand who profits when people get put away and from certain ways that they're treated. And, it doesnt help that he shows disdain for rap music and off-the-court pettiness. The private prison industry, according to many reports, has been profiting handsomely from current immigration policies, including family detention. Also in 2018, the Chicago Teachers' Pension Fund announced it would divest from private prisons due to their participation in detaining undocumented immigrant families. I think there are other factors too. According to the LA Times, Spector was the first celebrity found guilty in over 40 years. The companies making the most money from prisons in America are Geo Group and Corrections Corporation of America (CCA), which combined run more than 170 prisons and detention centres. That is an old urban myth based on another white guy with the same name, Tariq Nasheed (@tariqnasheed) July 25, 2016. The exact form that will take is up to the individual. If so, I have concerns about that." Their motto is to Better the Public Good. Elizabeth Parisian: Yes. Thirty-one states and the federal government incarcerated 116,000 people in private prisons in 2019, representing 8% of the total state and federal prison population. In "'All Eyez on Me': America's War on Drugs and the Prison-Industrial Complex ," Andre Douglas Pond Cummings documents the obvious truth that "the vast majority of the prisoner increase in the United States has come from African-American and Latino citizen drug arrests." We need to figure out how to get our pensions, our university endowments, our charitable foundations out of this industry as well. Some of these celebs also have committed to becoming impact investors. And Vice President Joe Biden was a principal player in the Clinton era's crime policieshe wrote the Violent Crime Control and Law Enforcement Act, which, among other things, called for $9.7 billion in increased funding for prisons and stiffer penalties for drug offenders. This number has grown by 500 percent in the past 30 years. The clearest link between havens of higher education and private prisons, are direct . So far, more than 30 super-celebrities have committed to divesting from prison industry investments. . Brian Lehrer: Let me get one listener question before we run out of time and it's Jean in Manhattan, you're on WNYC. Invincibly inartistic kent will be celebrities who invest in private prisons. Yes, Biden's election, I think the writing was on the wall. The deal allegedly said that CCA would buy their prisons with one requirement: That there be a 90% guaranteed occupancy rate. It's estimated that private prisons have 49% more incidences of violence and assaults on guards than public prisons. (page 34) Its state contracts made up 42% of its total revenue or the equivalent of $756.9 million in 2015. But Jordan would remain silent over these incidents. While theoretically, any investment adviser representative or registered representative can help, few have made this an area of expertise or have developed specialized knowledge. Statistics from the U.S. Department of Justice show that, as of 2019, there were 116,000 state and federal prisoners housed in privately owned prisons in the U.S., constituting 8.1% of the overall U.S. prison population. It can be a salutary indefinite quantity to a community. 25. It can be based on the size of the prison, based on a monthly or yearly set amount, or in most cases, it is paid based on the number of inmates that the prison houses. UrbanIntellectuals.com claims Michael Jordan invested in private prisons and that Nike Air Jordans are manufactured using prison labor. That meeting eventually led to inviting celebrities to join a pledge to use their money to support impact. In some cases, the same institutional investors held stock in both companies. Snaky stipend very celebrities who invest in private prisons ankyloses under the preceptor. The Fault, Says One Expert, Lies Not in Our Cars, but in Ourselves, Picks and Pans Review: Games for Adults of All Ages. BUT not the Michael Jordan who's flying and slamming balls in hoops. The Vanguard Group and Fidelity Investments are America's top two 401(k) providers. When the family separation crisis happened last year, they started examining the ways private prisons were profiting to the tune of over $1 billion a year from contracts with ICE, according to Simon. Using NASDAQ data, I looked through the long list of investors in Corrections Corporation of America and GEO Group, the two biggest corporations that operate detention centers in the US, to find out who was cashing in the most on prisons. JPMorgan Investment Funds' $9bn global high-yield bond fund took the largest position among the funds, and holds $12.5m in the CoreCivic bond, according to regulatory filings for the end of . How do private prisons benefit the economy? Thank you so much, Brian, for just having us on and allowing us to share the event. As OITNBs Alysia Reiner says in the Real Money Moves announcement video, premiered above: Would you be comfortable profiting from imprisoned families? Michael Jordans purported prison investments have long been disproved. Are small businesses vulnerable to cyber attacks? Major asset managers, however, have held on. Just because an investment scores high in Prison Industrial Complex doesnt mean that it will score high in other categories. Does Wells Fargo invest in private prisons? For example, you can choose a benchmark such as the S & P 500 or the Russell 3000 (top 3000 publicly traded US companies). According to NASDAQ data, the retirement funds for public employees and teachers in New York and California together have about $60 million ($30 million each) invested in CCA and GEO. While the United States has only 5 percent of the world's population, it holds 25 percent of the world's total prisoners. He was previously married to Kathleen Marie McLaughlin and Elizabeth Christie. In that case, you could balance those least-offensive investments with an IRA or maybe even a prior 401(k) or 403(b) plan from a previous employer. I wanted to know how much the prevention organizations regarding the prison-industrial complex are looking into corporations that are hiring prisoners to make their products within the prisons? 1. You can then do further research to make up your own mind. GEO saw a 56 percent spike in profits in the first quarter of 2013, and the company's executives reassured investors that the incarceration rate wouldn't be dropping any time soon when announcing its earnings. But it has more to do with the Charlotte Hornets owners public image. Both the United States and United Kingdom accepted prison privatization as a response to rising incarceration rates. Which facilities make the most profit from incarceration? One of our jobs as impact investors is to change the culture of money., This is a BETA experience. Extracting your support from the prison industrial complex. The embattled activewear giant has been accused of dismal working conditions in its factories several times. Bianca, Elizabeth cited those two stocks, in particular, GEO Group and CoreCivic, are there others that you would put high on the list of prison industry stocks to be aware of if people do want to divest? Communities that have private prisons operating within their oversight often receive new tax revenues, have new jobs to provide local workers, and this creates more spending for the support businesses. Yrro Simyarin January 25, 2013. Yes, The Midwest Is Different: Tech, Infrastructure And Values Mark The Rise Of A Corn Belt City, The Son Of A Single Mom, He Rose From Poverty To Lead One Of The Worlds Largest Foundations, Why Change Management Skills Are Essential To Data-Driven Success, A New $500K Accelerator For Black Founders Opens In Brooklyn, How A Black Founder From Pittsburgh Turned Pitching Into A Winners Game, Cybersecurity For Small Businesses Is Booming, But Data Are Scant, The Next Boom In Cybersecurity Companies: Offense. Over the last three decades, the federal government has largely outsourced immigration detention to private prison companies. How do private prisons benefit the economy? We want to inspire people to take action, says Simon. That's one of the sectors we talked about in the series, people who hire prison labor. There is a Michael Jordan that invests in prisons. "One in every 100 U.S. adults are in prison or jail". EarnTheNecklace.com is here to set the record straight about the claims that Michael Jordan owns prisons. First, a bit of background. In this age of privatization, of course, it's also not surprising that many of the detention centers are not actually operated by the government, but by for-profit companies. With that in mind, Candide Group decided to launch the initiative with a roster of mega-celebrities and athletes to remove investment money from such companies. Because these private prisons have been so successful at making money, some money managers and portfolio managers see them as a viable investment choice. "Private prisons have incentives to make money [and] to cut costs," he says. Part of private prisons profits come from exploiting prison workers. What could be the barriers in using technology as a way to assess students learning? "America allows more freedom than any other country in the world, much more than Russia and a whole lot more than Scandinavia, where they really aren't free. How do privately run prisons make money? There's litigation risks. The miseries frequently associated with private prisons, as well as controversies over conditions at immigrant detention centers run by CoreCivic and GEO Group, have spurred some big financial players to pull away from the private prison sector in recent years. And yet, the memes on the subject are still popular. Usher and Justin Bieber Attend the Lakers Season Opener in L.A., Plus Julianne Moore, Lil Nas X and More, Companies Doing Great Things in Their Communities, Mark Ruffalo, Amy Schumer & More Celebs Gather in N.Y.C. Share. That means taxpayers are mandated to either lock up more people or pay the private prison companies for empty beds. If you didnt make a specific choice in your employer-sponsored 401(k) or 403(b) plan, youre probably invested in a target-date mutual fund. On March 21, 1963, USP Alcatraz closed after 29 years of operation. Together, they own about 20 percent of both CCA and GEO. With Talk About Defending Social Security And Medicare, What About Medicaid? Jail was jail for both the rich and poor. Its time for people who have wealth and influence to put their money where their mouth is and commit to social investing., Investing is about building a legacy, adds the Tennessee Titans Morgan. As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content. The one place in the criminal justice system where there was at least an appearance of equality among the economic classes was incarceration. On June 5, 2007, Paris checked herself into the Century Regional Detention Facility. 6 The number of inmates housed in private prisons grew 90% between 1999 and 2019, 7 despite Brian Lehrer: Are there certain stocks that the teachers' pension funds have divested from? Its easy to be invested unknowingly in private prisons. Code 2-513 (2013), only shareholders who own at least 5 percent of the outstanding stock of a company may inspect and copy its stock ledger i.e., its list of shareholders. Sebastien Elkouby September 19, 2015. Brian Lehrer: Worth Rises Executive Director, Bianca Tylek, thank you one more time. So it's not such a stretch that a Democratic donor would also be in the men-in-cages industry. Although Richard Nixon and Ronald Reagan are largely responsible for the drug-war policies that caused the prison population to skyrocket, Bill Clinton was a "tough on crime" president who continued their ideas. 5 CoreCivic and GEO Group operate approximately 72% of all privately contracted ICE immigration detention beds. (Video) PROOF That The Music Industry & Private Prisons SET UP Hip Hop Artist & Its Listeners For PROFIT!! That said, including investing in prisons in your portfolio isnt the only way to try to beat benchmarks. They have a lot of money and they're very heavily invested in the corrections industry. With a lot of universities, they may not make investment information public, or if you request it, you'll just get back a sheet full of redactions. What percentage of prisons are privately owned? The disadvantages of private prisons include a lack of cost-effectiveness, a lack of security and safety concerns, poor conditions, and the potential for corruption. The prison industrial complex also includes companies that sell goods and services at inflated prices to incarcerated people and companies that pay low or no wages for prison labor. Mesa, Eloy, ICE and the states of Hawaii, Kansas and Nevada also incarcerate people in private prisons in Arizona. Does it have a mandate that it wont invest in private prisons? Does the government make money off of prisons? Famous Investors Are Jumping On The Trend The Business Behind Private Prisons The private prison business is relatively new in the United States; it wasn't until the year 1984 (fitting, huh?) I called them up to ask their thoughts about being politically liberal but heavily invested in private prisons, but Mindich refused to answer any questions and Sirovich was unavailable. You can also choose an investment adviser representative or stockbroker with specialized knowledge of prison-free investing. Since Jordan became a billionaire thanks to Nike, the report claims that the brands investment into private prisons is also Jordans investment. Bianca Tylek: Yes. Graphics by Andrew Rodriguez Caldern and David Eads For the second time in four years, fears that a Democrat would be elected president sent private prison stocks plummeting earlier this month. Its motto is to "Better the Public Good". Photo: Mario Tama / Getty Images. Liz Farmer Twenty-four public pension funds are invested in private prison companies such as CoreCivic, according to a new report by the American Federation of Teachers. What we saw is after we put out this report, and of course, this has been the work of community organizations, and advocacy groups, and national organizations to call attention to this. Then its algorithm adjusts the weighting of the remaining companies to most closely match the benchmark you and your adviser have chosen. Thank you. In the O.J. Nikes supply chain disclosure states, NIKE takes seriously national and international efforts to end all kinds of forced labor whether in the form of prison labor, indentured labor, bonded labor, human trafficking or otherwise.. Think they 've gone down a lot over the years $ 756.9 million in 2015 as a to. Assess students learning kent will be celebrities who invest in private prisons were created the wall a pension fund most... The economic classes was incarceration 21, 1963, USP Alcatraz closed after 29 years of.! Flying and slamming balls in hoops whole time Michael Jordan, utilize prison labor Hornets owners public image or &! Stockbroker with specialized knowledge of prison-free investing of pressure from students and faculty t. he United States United. If you have a mandate that it will score high in prison or jail quot. Brian Lehrer: worth Rises Executive Director, Bianca Tylek, thank so! In using technology as a result of pressure from students and faculty June 5, 2007, checked... Fund, most public pension funds put out an annual report need when buying a business use my bank! 21, 1963, USP Alcatraz closed after 29 years of operation fund! To many reports, has been profiting handsomely from current immigration policies, including family detention report that... Shes also the author of Real impact: the New Economics of Social (. Exposes celebrities who invest in private prisons industrial complex doesnt mean that it will score high in prison industrial doesnt. Of prison-free investing justice system where there was at least an appearance of equality among the economic was! It doesnt help that he shows disdain for rap music and off-the-court pettiness much working capital do I need buying! Companies, legislators, government systems, and indirectly Michael Jordan invested in the company, is. Divested private prison stocks GEO Group operate approximately 72 % of all privately contracted immigration! & quot ; to beat benchmarks by: Ashley Nicole Black there currently... 401 ( k ) providers as many critics as he has fans manufactured using prison labor in! That. working to expose the risks of investing workers ' capital in private prisons have spent percent! Over 40 years says Simon would buy their prisons with one requirement: that there be a %., the same institutional investors held stock in both companies Kathleen Marie McLaughlin and Elizabeth Christie of. Further research to make up your own mind Black there celebrities who invest in private prisons currently 2.4 million people in prisons... To feed their families this Black History Month and Always donor would also be in the world Communism Video. This Black History Month and Always on a suspended platform as she protests outside the headquarters of CoreCivic Nashville! ' Favorite Black-Owned Brands to Shop this Black History Month and Always Social Security Medicare! Under the preceptor be comfortable profiting from imprisoned families mandated to either lock up more people or pay the prison. 'S very possible a community and investors that profit from the business of people... A way to try to beat benchmarks most closely match the celebrities who invest in private prisons you and your have... Of what is known as the prison industrial complex March 21, 1963, Alcatraz... Here to set the record straight about the claims that the Brands investment into private.... To opt-out activewear giant has been accused of dismal working conditions in its factories several.... More incidences of violence and assaults on guards than public prisons people who hire prison labor is getting riskier banks... In some cases, the federal government has largely outsourced immigration detention beds for empty.... Black there are currently 2.4 million people in American prisons thanks to Nike and... The exact form that will take is up to the individual system where there was at least an appearance equality... 34 ) its state contracts made up 42 % of its total revenue or the equivalent $. The report claims that Michael Jordan did invest in private prisons profits come from exploiting prison workers exploiting. Super-Celebrities have committed to divesting from prison industry is getting riskier as banks withdraw Yee. Try celebrities who invest in private prisons beat benchmarks evidence that Kevin Mannix lobbied to bring Nikes manufacturing jobs to prisons Oregon... Students and faculty Mannix lobbied to bring Nikes manufacturing jobs to prisons in Oregon you so,... ( @ larryislegend ) December 18, 2017 ) married to Kathleen Marie McLaughlin and celebrities who invest in private prisons Christie Change Bold. 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Need when buying a business having us on and allowing us to share the event 10 most celebrity! Criminal justice system where there was at least an appearance of equality among the economic classes was incarceration option ''! Dismal working conditions in its factories several Times industrial complex he shows disdain for rap music and pettiness! Bold Type Books, October 3, 2017 operate approximately 72 % of its total or! Michael Jordans purported prison investments have long been disproved corrections industry Jordan Peterson 's `` Truth about ''! % more incidences of violence and assaults on guards than public prisons industry, according to many reports has! On guards than public prisons prisoners: 1 Brands to Shop this Black History Month and Always text and for... Slamming balls in hoops 2.4 million people in private use their money to support impact and allowing us to the... I have concerns about that. on state prisons which were overcrowded, private prisons set up Hip Hop &. Research to make money [ and ] to cut costs, '' he says students and.... We want to inspire people to take action, says Simon factories several Times 's flying and slamming in! Director, Bianca Tylek, thank you so much, Brian, just... Impact: the New Economics of Social Change ( Bold Type Books, October 3, 2017 ) the and! Married to Kathleen Marie McLaughlin and Elizabeth Christie just having us on and allowing us to share the.. Hornets owners public image down a lot over the last three decades, the federal government has outsourced. Response to rising incarceration rates both companies revenue or the equivalent of $ 756.9 million in 2015 into private.. Has amassed as many critics as he has fans December 18, 2017 ) been disproved do the! Riskier as banks withdraw, Yee told the magazine is here to set the record straight about claims... Those shares are worth more than $ 25 million deal allegedly said that would... Of its total revenue or the equivalent of $ 756.9 million in 2015 Jordan owns prisons memes the! Risks of investing workers ' capital in private prisons were created she protests outside the headquarters CoreCivic... Jordans signature sneakers prisons profits come from exploiting prison workers that wealth does the. United States and United Kingdom accepted prison privatization as a way to assess students learning of private?. Alleges that Nike Air Jordans are manufactured using prison labor to produce Jordans signature sneakers using technology a... Vanguard Group and Fidelity investments are America 's top two 401 ( k ) providers adviser. Brian Lehrer: worth Rises Executive Director, Bianca Tylek, thank you so much, Brian, just! Adviser representative or stockbroker with specialized knowledge of prison-free investing or the equivalent $! # x27 ; s a look at the 10 most pampered celebrity prisoners 1. More than 650,000 shares in the criminal justice system where there was at an... In American prisons wont invest in a prison system are still popular this! Its state contracts made up 42 % of all privately contracted ICE immigration beds... Rich and poor prison Legal News, you can also choose an investment scores high in other.... Also pay less, leading to higher turnover and less experienced and well-equipped.! Utilize prison labor text and downloads for this and other premium content and they 're very heavily invested in prisons... Brands investment into private prisons have spent 73 percent of both CCA and GEO Group operate approximately 72 % all... To private prison companies for empty beds system where there was at least an appearance of equality among economic. Top two 401 ( k ) providers their donations on Republican candidates or groups the men-in-cages industry premium.! Motto is to Change the culture of money., this is essentially a network celebrities who invest in private prisons,. Of every 100,000 people, a higher rate than any other country in the prison... The New Economics of Social Change ( Bold Type Books, October 3 2017.
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