of Dartmouth College claims that private prisons in the U.S. have become "a lucrative business". Between 1990 and 2000, the number of private facilities grew from five to 100, operated by nearly 20 private firms. Over the same time period the stock price of the industry leader, Corrections Corporation of America (CCA), which rebranded as CoreCivic in 2016 amid increased scrutiny of the private prison industry, climbed from $8 a share to $30. According to journalist Matt Taibbi, major investors in the prison industry include Wells Fargo, Bank of America, Fidelity Investments, General Electric and The Vanguard Group. The aforementioned Bloomberg report also notes that in the past decade the number of inmates in for-profit prisons throughout the U.S. rose 44 percent. Controversy has surrounded the privatization of prisons with the exposure of the genesis of the landmark Arizona SB 1070 law. This law was written by Arizona State Congressman Russell Pearce and the CCA at a meeting of the American Legislative Exchange Council (ALEC) in the Grand Hyatt in Washington, D.C. Both CCA and GEO Group, the two largest operators of private facilities, have been contributors to ALEC, which lobbies for policies that would increase incarceration, such as three-strike laws and "truth-in-sentencing" legislation. In fact, in the early 1990s, when CCA was co-chair of ALEC, it co-sponsored (with the National Rifle Association) the so-called "truth-in-sentencing" and "three-strikes-you're-out" laws. Truth-in-sentencing called for all violent offenders to serve 85 percent of their sentences before being eligible for release; three strikes called for mandatory life imprisonment for a third felony conviction. Some prison officers unions in publicly run facilities such as California Correctional Peace Officers Association have, in the past, also supported measures such as three-strike laws. Such laws increased the prison population. In addition to CCA and GEO Group, companies operating in the private prison business include Management and Training Corporation, and Community Education Centers. The GEO Group was formerly known as the Wackenhut Corrections division. It includes the former Correctional Services Corporation and Cornell Companies, which were purchased by GEO in 2005 and 2010. Such companies often sign contracts with states obliging them to fill prison beds or reimburse them for those that go unused. Private companies which provide services to prisons combine in the American Correctional Association, a 501(c)3 which advocates legislation favorable to the industry. Such private companies comprise what has been termed the prison–industrial complex. An example