Investors Devote $13.5-Million to Combat Recidivism in New York

Friday, January 3, 2014

A group of investors drawn from high-net-worth Bank of America clients have invested in a social-impact bond issued by Merrill Lynch and U.S. Trust for a program combating recidivism in New York, reports The Chronicle of Philanthropy.

A group of high-powered investors have put $13.5-million into a social-impact bond to finance a program aimed at lowering recidivism rates for newly released prisoners in New York, Reuters reports. Among the more than 40 private investors and their foundations investing in the bond issued by Merrill Lynch and U.S. Trust are the hedge-fund billionaire Bill Ackman, the Laura and John Arnold Foundation, and former Treasury Secretary Lawrence Summers. The returns will depend on the success of job-training programs for 2,000 ex-convicts...

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