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The share buyback red herring

In the rush to stop many of America’s largest businesses in the travel, aerospace and entertainment sectors from going bust during the coronavirus crisis, many commentators have pointed out that a few short months ago, these same companies were buying back their stock hand over fist.The latest example is a CNN article Tuesday:Corporate America, armed with the Trump tax cuts, lavished Wall Street with a multi-trillion dollar share buyback spree over the past two years.Now, some of the same companies that binged on buybacks are in line to receive taxpayer-funded bailouts to keep them alive. Boeing, for example, spent .7 billion over the past two years on repurchasing stock before suspending buybacks in April 2019 because of the 737 Max crisis. The aerospace behemoth is now requesting

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In the rush to stop many of America’s largest businesses in the travel, aerospace and...

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