TIL buybacks were illegal until Reagan SEC appointee John S. R. Shad gave companies so-called safe harbor against charges of manipulation if they bought their stock in the open market under certain circumstances. (The provision is known as Rule 10b-18.) nyti.ms/1Tie5Hl?smid=n
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Until Reagan, buybacks were illegal. But now they have become the norm, last year exceeding $1 trillion. It is time to rein in this buyback bonanza, and get corporations to invest in workers, not pad their own nests.
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