Blankfein Defends Share Buybacks, Countering Bernie Sanders


Former Goldman Sachs CEO Lloyd Blankfein took to Twitter for the first time in almost seven months to respond to a New York Times opinion piece by Senators Chuck Schumer and Bernie Sanders that argued for limits on corporate stock buybacks.

“The money doesn’t vanish,” Blankfein tweeted. “It gets reinvested in higher growth businesses that boost the economy and jobs.”

Sanders responded to Blankfein with his own tweet, saying he agreed the money used for buy backs didn’t simply vanish.

“It increases the wealth of billionaires like him,” Sanders said. “How about increasing wages for American workers. Is that a bad idea?”

Sanders and Schumer had argued that companies shouldn’t be able to repurchase shares unless they first increase workers’ pay and benefits.

No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Barclays Traders Shouted Rigging Requests for All to Hear

There was nothing secret or subtle about how traders at Barclays Plc tried to move the bank’s submission to an important benchmark interest rate in a way that helped their own positions, a former trader told a court Tuesday.

Asian Stocks Edge Up; Aussie Sinks on RBA Shift: Markets Wrap

Asian stocks saw another muted session Wednesday, with trading becalmed by Lunar New Year holidays. Australia’s dollar tumbled, along with its bond yields, after the central bank chief signaled a shift to a neutral stance on policy after long flagging prospective tightening at some point.