Streams

Goldman Sachs Funds Anti-Recidivism Program

Friday, August 03, 2012

New York City Deputy Mayor for Health and Human Services Linda Gibbs discusses the deal between the city and Goldman Sachs and the potential of social impact bond financing for social service programs.

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Linda Gibbs
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Comments [15]

Daniel Luke from Portland, Oregon

I wonder how many of the folks who have already left comments have spent any time behind bars? I have, both as a jail and prison inmate, and I applaud the innovation that this bond represents. It is a very clever, and much needed way to drive down one of the city's largest expenditures. Do YOU know what the rate of recidivism is? Do you know whether this number ever goes down significantly? Well, I'm hear to tell you that it doesn't, and it's about time someone does something about it. Way to go Goldman!

Dec. 25 2012 10:23 AM
geTaylor from Bklyn, NY

Who wants to bet that Goldman Sachs will not be headhunting Ms. Gibbs for their municipal "con" bond department?

Aug. 06 2012 04:46 PM
John from Brooklyn

One more example of Goldman's receiving tax payer dollars and considering
the 10 Billion Goldman got in TARP money this is small potatoes. It certainly reveals the complicity of WNYC with Goldman and the Bloomberg Administration in Anna Sale's soft ball questions. Combine this with the Take Away's John Hockenberry comment that we should all work an extra ten years to pay back TARP and I want to throw up.

Aug. 03 2012 12:27 PM
Sheldon from Brooklyn

How long before we have to pay the likes of Goldman Sachs and Citibank, for the very air we breathe?

Aug. 03 2012 12:00 PM

wow.... bonds typically borrow against projected new revenue, these are bonds that borrow against the hope that the city will spend LESS on incarceration?

sounds like a last minute gift from Bloomberg to Goldman, and a way for Bloomberg to make the city's balance sheet look good at the end of his last term...

Aug. 03 2012 11:54 AM
RBC from NYC

"The idea of NYC giving investment banks for social services is SICK."

This has been the hallmark of the Bloomberg administration: giving away public resources to private entities.

Aug. 03 2012 11:52 AM

Oh gee too bad for the actual human beings you're betting money on!! This segment is really irritating.

Aug. 03 2012 11:39 AM
Dan from Sunset Park

Typo in my prior comment... make that "paying investment banks for social services"

Aug. 03 2012 11:38 AM
Dan from Sunset Park

Performance based contracts can be done directly with the service provider. There's no need for Goldman Sachs to be involved here. The idea of NYC giving investment banks for social services is SICK.

Aug. 03 2012 11:36 AM

Ohhh it's all for the taxpayers! Thank you so much Goldman- what would we do without you.

Aug. 03 2012 11:34 AM
Jennifer from Harlem

What are the chances that Goldman will try to influence the policies (like stop-and-frisk) that contribute to mass incarceration? Now, that would be worth $10 million.

Aug. 03 2012 11:33 AM
Jeff from Manhattan

How is this any different from a bank lending the city money at exorbitantly high interest rates? From what I understand, Goldman Sachs could make $2mil on a $2mil investment. That's 100% interest!

Aug. 03 2012 11:32 AM
Cathy from Flushing

It looks like GS is running out of ways to make money.

Aug. 03 2012 11:26 AM
john from office

I meant to say 10 million dollars and smells to high heaven.

Aug. 03 2012 11:24 AM
john from office

This is a 10 million program. This a a drop in the bucket in our prison system and small change for Goldman Sachs. This smeels to high heaven like just "public Relations". This will seve no one, lets followup in five years and see.

Aug. 03 2012 11:14 AM

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