Goldman Sachs will invest nearly $10 million in a New York City jails program
Reuters - 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.
Bloomberg called juvenile offender recidivism in New York City an "entrenched" problem. Read more.
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.
Bloomberg called juvenile offender recidivism in New York City an "entrenched" problem. Read more.
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