Bond Investors Get the Jailhouse Blues

After a debt-fueled boom in private prisons, a string of busts
Fixer-upper: An abandoned youth detention center in Greensboro, Ala., has attracted no buyers Photograph by Rob Culpepper for Bloomberg Businessweek

Abutting a cotton gin and surrounded by fields, the sprawling Irwin County Detention Center in Ocilla, Ga., resembles a complex of industrial warehouses. It has 1,200 beds and enough inmates to fill just half of them. It’s the latest on a growing list of private jail failures in the country.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.