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In February 2012, the City of New York issued a $9.6 million social bond for prisoner rehabilitation to be run by The Osborne Association with support from Friends of Island Academy. [35] Goldman Sachs bought the bond and will profit if recidivism decreases. [35]
The social impact bond is a non-tradeable version of social policy bonds, first conceived by Ronnie Horesh, a New Zealand economist, in 1988. [13] Since then, the idea of the social impact bond has been promoted and developed by a number of agencies and individuals in an attempt to address the paradox that investing in prevention of social and health problems saves the public sector money, but ...
A limited partner of Goldman, Sachs & Co., Smeal spent his 38-year career on Wall Street as an expert in the municipal bond market. As executive vice president and treasurer at Morgan Guaranty Trust co., he was instrumental in counseling New York City through its 1975–76 fiscal crisis. He became a partner and member of the senior management ...
So far in 2021, foreign markets have captured 12% of bond issuance from U.S.-based companies, up from 7% last year. In 2019, 17% of U.S. corporate debt was issued overseas.
For example, in 2011 Deutsche Bank became the first commercial bank to raise a social investment fund, in 2012 Goldman Sachs floated Social Impact Bonds in the US, and in 2012 the European Investment Fund made a direct investment into the UK social finance marketplace. [9]
Although some social enterprises are nonprofits, impact investing typically involves for-profit, social- or environmental-mission-driven businesses. Organizations receiving impact investment capital may be set up legally as a for-profit, not-for profit, Benefit corporation , Low-profit limited liability company (L3C), Community interest company ...
Goldman estimated the S&P 500 will have a total return of only 3% over the next decade. This return would rank in the seventh percentile of 10-year returns since 1930, Goldman's data shows.
It presents new details about the activities of Goldman Sachs, Deutsche Bank, Moody's, and other companies preceding the financial crisis. Former NY Governor Eliot Spitzer says that if the Attorney General cannot bring a case against Goldman Sachs, after the revelations of the Levin-Coburn report, then he should resign. [245]