(Bloomberg) –Former Goldman Sachs CEO Lloyd Blankfein took toTwitter for the first time in almost seven months to respond to aNew York Times opinion piece by Senators Chuck Schumer and BernieSanders that argued for limits on corporate stock buybacks.
“The money doesn't vanish,” Blankfein tweeted. “It gets reinvested inhigher growth businesses that boost the economy and jobs.”
|Sanders responded to Blankfein with his own tweet, saying heagreed the money used for buy backs didn't simply vanish.
|“It increases the wealth of billionaires like him,” Sanderssaid. “How about increasing wages for American workers. Is that abad idea?”
|Sanders and Schumer had argued that companies shouldn't be ableto repurchase shares unless they first increase workers' pay andbenefits.
|Copyright 2019 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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