Mad Money

Goldman Sachs CEO Lloyd Blankfein shares why he started speaking out on Twitter

Key Points
  • Goldman Sachs CEO Lloyd Blankfein told "Mad Money" host Jim Cramer that he takes to Twitter to express his beliefs for two reasons.
  • Blankfein started using Twitter on June 1, when he commented on President Donald Trump's Paris Agreement decision.
  • The CEO has used Twitter to espouse veiled critiques of some of the president's other policies.
Why Blankfein took to Twitter
Why Blankfein took to Twitter

Goldman Sachs Chairman and CEO Lloyd Blankfein told CNBC on Monday he recently started tweeting as a more immediate way to comment on hot-button issues that impact banks.

"I commented on immigration, I commented on LGBT issues, I commented, obviously, on the environment more recently, spending on infrastructure," Blankfein told "Mad Money" host Jim Cramer on Monday. "It has to fall in, for my mind, in one of a couple of categories. Either it's something that's kind of in our wheelhouse of expertise. So I commented it would be very, very bad to let the U.S. government default – that's in our wheelhouse. Before Twitter, I did those things by press release. The other thing I'll comment on is when things really affect the ability of our people to be who they are and to do their job and to be effective as professionals."

In his first-ever tweet on June 1, Blankfein commented on President Donald Trump's decision to leave the Paris climate agreement:

"Today's decision is a setback for the environment and for the U.S.'s leadership position in the world. #ParisAgreement," the CEO wrote.

Since then, Blankfein tweeted about a recent trip to China, saying the United States needs to invest in infrastructure to "keep up" with China's progress,

congratulated General Electric's outgoing CEO Jeff Immelt on his record,

and promoted bipartisan political collaboration.

Watch the full segment here:

Goldman Sachs CEO Lloyd Blankfein details why he started speaking out on Twitter
Goldman Sachs CEO Lloyd Blankfein details why he started speaking out on Twitter

Blankfein acknowledged that as the head of a major institution like Goldman, it is relatively unusual for him to be tweeting his opinions.

But as more leaders, including the president of the country, take to Twitter to express their opinions and push policy, Blankfein said he found it to be an effective way to inform people of what Goldman does as an institution.

"In the [2008] financial crisis, nobody knew anything about what Goldman Sachs did," the CEO said. "And I said if this ever happens again, I'm not going to allow there to be a vacuum about what we're like. We're going to have to communicate to the world more of what we do, which we've done institutionally, but also, there's a personal element to it too."

Blankfein knows his audience, and as a voice of Goldman's mission, he said he takes some responsibility for espousing that to his following and giving his take on U.S. affairs.

"I kind of have to be the champion of our people and I kind of owe it to the body politic to comment where I have expertise," Blankfein said. "They could take my advice or not. I don't make decisions, but I do give them our expertise."

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