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."
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.
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.
-
The allegations of Christian genocide in Nigeria
The Explainer West African nation has denied claims from US senator and broadcaster
-
The best sherries to try this autumn
The Week Recommends The warming tipple from sunny Spain is an underrated cold-weather staple
-
London’s best breakfasts and brunches
The Week Recommends However you like your eggs in the morning, these memorable restaurants have you covered
-
Gold tops $4K per ounce, signaling financial unease
Speed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B deal
speed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance