Abbott Faces Senate Probe Tying Formula Shortage to Tax Cut, Buybacks [Business News Network (BNN) (Canada)]
Bristol-Myers Squibb Company (BMY)
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Source: Business News Network
rates and alleging the company's investments in stock buybacks may have driven the nationwide baby formula shortage. Wyden, in a letter to Abbott Chief Executive Officer Robert Ford, highlighted the company's tax rate -- which has averaged 12% over the past three years -- and $8 billion in stock buybacks in recent years. “I have long been concerned that windfalls from sweeping tax cuts for mega-corporations enacted by the 2017 Republican tax law would be used for padding the pockets of corporate executives and wealthy shareholders,” Wyden said in the letter, which was obtained by Bloomberg News. “It appears my concerns have been validated in this case, as Abbott chose spending billions on buying back its own stock instead of investing in critical upgrades to a plant essential to feeding our nation's infants.” An Abbott spokesperson did not immediately respond to a request to comment. Abbott's plant was shut in February after four children who had been fed formula made there we
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