Corporate Leaders Loot America's Economic Future With Stock Buybacks. Boring But Crucial

Corporate leaders are looting the future of the economy with share buybacks. "When companies put their chips on financial engineering they are betting against the future. This year US buybacks and dividends are on course for the first time to exceed $1tn. ... In a letter to 500 S&P chief executives this month, [BlackRock chief executive Larry] Fink accused America’s business leaders of eating their own seed corn. Their obsession with short-termism would come at the expense of the future, he said. 'More and more corporate leaders have responded with actions that can deliver immediate returns to shareholders ... while underinvesting in innovation, skilled workforces or essential capital expenditures necessary to sustain long-term growth,' he wrote." The Financial Times.

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