Ralph Nader: How CEO Stock Buybacks Parasitize The Economy

Authored by Ralph Nader via Evonomics.com,
The monster of economic waste - over $7 trillion of dictated stock buybacks since 2003 by the self-enriching CEOs of large corporations - started with a little noticed change in 1982 by the Securities and Exchange Commission (SEC) under President Ronald Reagan. That was when SEC Chairman John Shad, a former Wall Street CEO, redefined unlawful ‘stock manipulation’ to exclude stock buybacks.