Prior to 1982, the SEC considered stock buybacks to be illegal stock manipulation. But under President Reagan, stock buybacks were made legal. Now, instead of investing profits into people, big corporations use them to line the pockets of wealthy shareholders. They're a scam.
@rbreich Why haven't democrats passed bill making them illegal again? Oh wait, democrats are owned by corporations too. What a handy political tool for corporations. Why just buy republicans, buy Congress. Cheaper and guarantees protection no matter which party is in power. What about us who elected democrats? We're lied to for our vote. Makes you think about real change.
@rbreich Why don't they make the companies then pay capital gains tax when they issue new shares? They're profiting on speculating on their own shares.
@rbreich Consider all the politicians who are investors’ themselves. It’s not going to change until we banish things outright (first for the policy makers & then the execs).
@rbreich
🥥 The stock buybacks initiated by Reagan in 1982 were a scam at the time and are now a toxic stream of filthy lucre coursing through the body politic and corrupting everything they touch. 🥥
Shareholders are also ANYONE with a 401k plan to help them with their retirement. Current Social Security benefits sure aren't going to support seniors.
@rbreich
I would be OK with it, with one proviso. Bonusus on ANY exec's pay for stock prices up to a max of inflation rate + 5%... and of commensurate value.
i.e. inflation at 4%, max bonus is 9% of base pay.
@rbreich gives some more control - more power as they like to think of it also as more ways to favor the rich and they are selfish greedy idiots out of control, unless they use it to lower company profits reduce rich wages by paying back people they paid poverty wage and stop paying poverty wage and put more vegetation on all their properties and half the roofs then it is not good for the masses