Private prison industry backs Trump, prepares if Biden wins

Executives at the nation’s two largest private prison companies have been donating large sums to President Donald Trump and Republican candidates with an eye toward the November elections that one of the corporations believes will lead to a rebound in its stock price.

The fortunes of private prison companies have become increasingly intertwined with the nation’s politics in an era when the Trump administration has been detaining tens of thousands of immigrants and asylum seekers at their facilities. Together, CoreCivic and GEO Group made about $1.3 billion last year in contracts with U.S. Immigration and Customs Enforcement. Each company relies on ICE for around 30% of its revenue...