Bank stocks fell today in response to the Federal Reserve's requirement that they suspend buybacks and cap dividend payments. Banks must preserve their capital in order to improve resilience to a second wave of recession. This is a good first step.https://www.nytimes.com/2020/06/25/business/economy/fed-dividend-buyback-limits.html …
Unfortunately, bank stock buybacks are only suspended, not forbidden permanently. Buybacks by banks and other companies should be forbidden in most cases. In all but a small number of cases, the purpose of a buyback is to manipulate the market. They should not be allowed.