New flaws emerge with Social Impact Bonds privatization schemes | NUPGE

by Graham H. Cox last modified 2014-02-07T15:32:06-04:00
"A recent example is the investment by Goldman Sachs, one of the biggest investment banks in the world, into two Social Impact Bond projects. To get Goldman Sachs to put money into Social Impact Bonds, charities had to guarantee their investment. “With Social Impact Bonds, if a project fails, charitable donations will go to a company that made $7.9 billion in 2012,” said James Clancy, NUPGE National President. “That's more than bad policy; it's obscene.” Tax credits are also being proposed as a way to subsidize investment in Social Impact Bonds. The British government is expected to introduce them this year and there's been support from some Social Impact Bond boosters in Canada. "
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