Freemen Capital, San Quentin’s financial literacy class, received a visit in March from Arthur Chiakai Young and Paul Winston Blavin, financial managers from Tensile Capital Management LLC.
Young and Blavin offered advice about how to create savings from small investments and about the tax consequences of diversification and stock shorts. The dozen or so inmates who attended the class introduced themselves and asked Young and Blavin to describe their holdings in companies such as Apple, American Apparel, Tesla and Alibaba.
“We did lots of quantitative investigation before deciding to invest,” Blavin said. “We met with company personnel, asked lots of questions. On the qualitative investigation, we investigated what the company physically looks like. You don’t have to be big to do these things,” he said. “You only need to be persistent and a hard worker. Think independently. Think correctly.”
Blavin described how he had established Graceful Light Entertainment to utilize multimedia to enhance the impact of his philanthropic efforts.
Curtis “Wall Street” Carroll, often referred to as “The Oracle of San Quentin,” said teaching prisoners how to properly manage their money is directly tied to public safety.
“We’re not going to be able to make it on the $200 gate money we’re given when we’re released from prison,” Carroll said last month to a hedge fund manager and philanthropist who visited San Quentin’s financial literacy class. “I am driven to see men take accountability in their lives.”
Carroll advised inmates who have long sentences to start saving money while in prison because by the time they get out, many will be near retirement age.
In addition, Carroll said teaching financial literacy to inmates and their families will reduce the percentage of children who grow up in poverty.
“I’m just the glue of this program,” Carroll said. “These guys are going out and teaching their families what they’ve learned in here, and they are applying it right now.”
Blavin said his business success is due to his instincts, honest and ethical behavior, hard work, patience and a long-term focus on always investing in high-quality people. As a way for giving back, Blavin said he and his wife, Amy, established the Blavin Scholars Program at the University of Michigan and Northern Arizona University to support young people aging out of foster care to achieve their dreams of a post-secondary education and a better life.
These endowments support 30 young men and women annually. The Blavins say their goal is to eventually support 100 scholars on an annual basis.
Blavin is a Founder of The Teen Project’s Freehab program. Freehab, as the name suggests, is a free, residential, 12-step drug and alcohol rehabilitation center. Blavin is also on the board of directors of HYPE LA-Helping Young People Excel, the South-Central Scholars and The Anti-Recidivism Coalition.
Young serves as the managing partner and co-portfolio manager of Tensile Capital Management LLC.
“Each generation should have it easier. So, teaching financial skills to children is very important. These days it is easy to get into credit problems and debt,” Young told the inmates.
Several of the inmates in the class expressed excitement about what they’ve learned in the class.
“I’m taking this class so that I can help my daughter and grandson be independent and improve their lives,” inmate Sam Johnson said.
Carroll said that earning money while incarcerated is not the only goal of the financial literacy class.
“We are a community of men that decided to give portions to charity,” Carroll said. He added that inmates make a significant sacrifice in relation to their circumstances. “There’s something to say for a person who is willing to put up $200 as opposed to someone who can put up $2 million.”
The financial literacy program recently gave the Day of Peace committee a $1,200 grant.
More information about Curtis “Wall Street” Carroll can be found at www.wallstreetfeel.com
