Robert ReichFeb 8, 2023

Prior to 1982, stock buybacks were considered stock manipulation. It was Reagan's SEC that opened the floodgates to their abuse.

Stock buybacks don’t create more jobs. They don't increase wages. They don’t grow the economy.

They do one thing: Make corporate execs richer.

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@rbreich
I work for a top bank. They took their tax savings and did a huge stock buyback. Within a couple months they laid off 10% of the workforce. Large corporations give a flip about their employees. It's all about profits and return to stockholders. That's the current reality. How do we change that?
Feb 9, 2023 at 11:47amWeb