Economy
Stock buybacks were once treated as illegal manipulation
HERE’S THE INTERESTING PART
Nowadays, when a corporation gets a massive tax break, they immediately buy back their own stock to artificially inflate the share price and enrich their executives. It is standard operating procedure. But prior to 1982, the SEC viewed this exact behavior as blatant, illegal market manipulation. It turns out that once you legally redefine fraud as 'maximizing shareholder value', the entire economy changes overnight.
One discovery leads to another.
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