We were asked, when we went to visit some ministers, whether there was actually a market for these bonds. They seemed to be wondering why anybody would invest at a below-market rate.
The answer is that the best businesses in our country already have elaborate and generous programs devoted to what's called “corporate social responsibility”. They're justly proud of directing part of their profits toward helping the needy in communities. Why wouldn't they embrace a concept that sees them doing as much or even more good while earning a return? Then they could know both that the return arises out of the basic business principles of the efficient use of resources and the achievement of planned and predictable outcomes and that it leaves more resources to be allocated to even more good works.
We don't see the availability of funding as a problem. We think that, in fact, once we get past the barriers that are in the law, both the taxation and the securities laws, there will be a market for these financial instruments.