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Stock Buybacks Aren’t Bad. They’re a Symptom of a Larger Problem
When executives can’t find productive investments, everyone suffers.
09 Feb 2019, 08:45 PM IST
(Bloomberg Businessweek) -- Last year, U.S. companies announced they were buying more than $1 trillion of their own stock. This record-setting exercise in financial engineering was spurred by overseas profits they repatriated following tax reform. It brought the total that U.S. corporations spent on their own shares in the decade since the financial crisis to more than $4 trillion. The buybacks have now prompted a political response.
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