Why big tech won't dump Trump's immigration policies — but big banks will
President Trump's immigration policies have forced businesses to test their political limits.
Last week, big banks started breaking their ties to the private prison system, deciding it wasn't worth the growing public relations fiasco. But big tech has held onto its controversial government contracts even as workers protest, making decisions that seemingly come down to the dollar, The Washington Post reports.
While working with the private prison system has long been controversial, its role in housing an ever-growing number of immigrant detainees has made it downright taboo for some customers. A wave of banks announcing their divestment from private prisons started with JPMorgan Chase last week. The bank said the decision was made via a cost-benefit analysis and not for PR reasons, per NBC News. Wells Fargo also said it would distance itself from private prisons, citing "environmental and social risk management."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Big tech companies have also gotten tangled in immigration policy. Amazon has sold its facial recognition technology to law enforcement, where it could be used to track undocumented immigrants, an ACLU lawsuit has alleged. Microsoft employees similarly protested a $19.4 million contract with Immigration and Customs Enforcement.
While "prison finance is a small business for JPMorgan," Reuters says, government contracts are a bigger deal for tech companies. Even without prison companies, banks have "plenty of business opportunities to pursue," an investment expert tells the Post. But it's harder for tech companies to "draw distinct lines around" what kinds of immigration-related government projects they'll take on, the expert added. Read more at The Washington Post.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
A Man on the Inside: Netflix comedy leaves you with a 'warm fuzzy feeling'
The Week Recommends Charming series has a 'tenderness' that will 'sneak up' on you
By The Week UK Published
-
Bread & Roses: an 'extraordinarily courageous' documentary
The Week Recommends Sahra Mani's 'powerful' film examines the lives of three Afghan women under the Taliban
By The Week UK Published
-
V13: a 'marvelous and terrifying' account of the Bataclan terror trials
The Week Recommends Emmanuel Carrère's work is 'absolutely gripping'
By The Week UK Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published