Prisons

Goldman Sachs Invests in NYC Prison Program

Will profit if recidivism rates drop

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New York City says Goldman Sachs will invest almost $10 million in a new jail initiative that will allow the investment firm to profit if the program succeeds in reducing recidivism rates.

The New York Times reports that the city will be the first in the nation to test "social impact bonds" that could save governments money over the long term.