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 - Isn't it the case that Citizens United is a two-way street? Billionaires buy influence, but corrupt presidents also extort cash. Billionaires have a rational fear that if they don't pay the mob boss, he will retaliate and hurt them badly.