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Why a former Goldman partner teamed up with a former bank robber on this new venture
(Privcap.com) J. Christopher Flowers discusses the Harlem Parolee Initiative with Privcap
A former partner at Goldman Sachs has joined forces with an ex-bank robber for a new partnership.
It's not one that should worry anyone on Wall Street. In fact, they're all welcome to join. Ex-banker J. Christopher Flowers' foundation is working with Thomas Edwards, a bank robber who was released last year to give other ex-cons a leg up in Harlem.
Flowers was one of Goldman's top rainmakers leading up to its 1998 IPO, but he left to run his own private equity firm.
The J.C. Flowers Foundation has supported the Harlem Parolee Initiative since 2010, and has since attracted the support of Edwards after he was paroled in 2014. Edwards spent more than 20 years behind bars in the wake of a botched bank robbery.
Now, Edwards works at another re-entry program aimed at helping ex-cons transition back into society. The partnership points to stats showing 30% of Harlem parolees are locked up with a year of their release and that 42% of parolees are behind bars again after three years.
Like any other PE pro, Flowers seems to know what helps facilitate a deal's success.
"Money always helps," he says in a video hosted by Privcap that was published earlier this week. However, the Harlem Parolee Initiative is also accepting volunteers.
The video is posted at Privcap, a website dedicated to private equity coverage. There's also a version available here:
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