(Bloomberg) –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.
Copyright 2019 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
