Aug 5, 2012
Goldman Sachs will invest nearly $10 million in a New York City jails program, using an innovative financial instrument in which private investments fund public social services, Mayor Michael Bloomberg said on Thursday.
Goldman will create one of the nation’s first “social service bonds” to help fund a New York City program that aims to lower the 50 percent recidivism rate among youthful offenders jailed at the Rikers Island correctional facility.
Unlike similar proposals being developed elsewhere, most of Goldman’s ‘Rikers bond’ will be guaranteed by Bloomberg Philanthropies, the mayor’s philanthropic group, which will back $7.2 million of the $9.6 million investment the bank plans.
This article was posted: Sunday, August 5, 2012 at 2:59 am