The more I read about this Ford Foundation social bond, the more it seems like something that made sense when markets were down 30%, and that took so long to get approved that it’s only being announced now, when it makes much less sense. fordfoundation.org/ideas/equals-c… 
Also, what on earth are they talking about with this “fiduciary responsibility of long-term stability and capital growth”? Maybe @robreich or @BenSoskis can explain but no one can be a fiduciary towards their own money. Fiduciaries look after the wealth of *others*.
Still, well done to the Ford Foundation for tapping Black-owned investment banks to lead-manage this social bond. It’s a great vote of confidence in <checks notes> Wells Fargo and Morgan Stanley
