Sara’s article begins, “It seems as though all that’s in the news these days are stories of how the big, bad banks are ruining our lives. To be fair, that impression would be largely accurate.” Sara goes on to describe the unethical activities of several large banks, from being “complicit in laundering vast quantities of Mexican drug money” to holding a significant stake in a website that was the “biggest forum for sex trafficking of underage girls in the United States.” We can all agree that that is NOT behavior we want to see banks (or any business for that matter) supporting. And Sara aptly notes, “The fact that giant financial institutions sit on piles of investments, to some degree indifferent to what their money is being used for, indicates a bigger problem in the system.”
“But wait!” you’re thinking, “You said this was an post about GOOD news!” Yes, friends, it is… you definitely want to keep reading…
For even more good news, we turn to a post by Lawrence MacDonald with the Global Prosperity Wonkcast regarding the Social Finance Development Impact Bonds Working Group, which “is designing a new type of investment vehicle to attract private investors who want to do good and do well while delivering development outcomes.” You had us at “do good and do well!” His post (and show) discuss two investment vehicles – Development Impact Bonds (DIBs) and the Social Impact Bond (SIB) - with the two of the Working Group’s co-chairs: Elizabeth Littlefield, President and CEO of the US Overseas Private Investment Corporation; and Toby Eccles, founder and Development Director at Social Finance, a UK-based non-profit that pioneered the SIB. (The third co-chair of the Working Group, is Owen Barder, who runs a fantastic podcast we at p.h. balanced films enjoy called Development Drums.)
We encourage you to check out both of these posts and listen to MacDonald’s podcast for more details! We’ll give you a hint… Development Impact Bonds (DIBs) aren’t actually bonds, but as Sara notes, “The possibilities are endless. [ ] Here’s hoping it’s just the beginning.”
Thoughts or questions? Talk to us on our Facebook page or tweet @phbalancedfilms!