The “Share Buyback” Rape of American Business
Want to get rich without doing much work? Insanely, fabulously rich? Private yacht, country estate, private jet rich? So do America’s CEOs.
They began hustling for an old-time scam to accomplish this when Ronald Reagan was elected president in 1980. Soon thereafter, they got their way. This is the story.
Corporations buying back their own shares was a crime for which corporate executives could go to prison until 1982. It was outlawed after wild manipulation of the stock market led to the Great Crash of 1929 and the subsequent…