BulletProofBlog the blog on crisis communications

In sharing his insights on how the recent financial meltdown changed his leadership style with The New York Times' DealBook blog on Monday, I couldn' t help but be struck by how much emphasis Goldman Sachs Chairman and CEO Lloyd Blankfein puts on communicating effectively in crisis.

At times when it would have been easier to remain in the cozy confines of the C-Suite and limit access to only a handful of trusted advisors, Mr. Blankfein took the opposite approach - talking to as many people as possible to assuage their fears and ensure that they were kept as informed as possible (so that they, in turn, could inform others). "Making sure that everybody, at every point, understood what was going on meant that the organization would very often get to the right place, and sometimes we' d get to the right place first," said Mr. Blankfein.

Indeed, Goldman Sachs has been in the right place more often than not during the turmoil of the last 18 months - and much of the credit for that is likely due to the fact that Mr. Blankfein communicates just as aggressively externally as he does internally. Every step of the way, he' s been willing to articulate what most Wall Street leaders must really think but don' t say.

From recognizing that the public' s anger with skyrocketing executive compensation is "understandable and appropriate" to his support for enhanced regulatory measures aimed at keeping the financial services industry in check, Mr. Blankfein has time and again been ahead of the curve. While Goldman Sachs has by no means been immune to the criticism that stems from global financial crisis, the company is seen as part of the solution, rather than part of the problem. Quite simply, they helped lead the conversation about how to ensure that old problems don' t create new economic liabilities.

As the old saying goes, "fortune favors the bold." By running to the light during this crisis, rather than from it, Mr. Blankfein has implemented a solid communications strategy that may very well see fortune smiling on Goldman Sachs for some time to come. It is an exceptional example of turning crisis into opportunity.

Michael W. Robinson is Senior Vice President of Corporate and Finance at Levick Strategic Communications, the nation's top crisis communications firm, and a contributing author to Bulletproof Blog.