An expert explains our growing obsession with stock buybacks — and how they’re driving U.S. income inequality
purpose: to manipulate a company’s stock price. And, with ample stock-based pay through which they can realize gains from a volatile stock market, prime beneficiaries of this mode of corporate resource allocation are the top executives who make the decisions to buybacks, often on the scale of hundreds of millions of dollars per day when it suits their purpose to give their company’s stock price a manipulative boost..
Cross-posted on August 25, 2014 from Salon.com. Click here to read the full text.