Corporate America gives out a record $1 trillion in stock buybacks [CNN]
GE Aerospace (GE)
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Source: CNN
Workers are hurt when companies buy back stock New York (CNN Business) Corporate America celebrated the first full year under the new tax law by rolling out a record-setting $1 trillion of stock buybacks. The buyback boom has been fueled by strong economic growth and the corporate tax overhaul that was signed into law a year ago. It's no coincidence, said David Santschi, TrimTabs' director of liquidity research. A lot of the buybacks are because of the tax law. Companies have more cash to pump up the stock price. Not only did the tax law reduce the corporate rate, but it gave a big break to companies returning foreign profits. Read More Companies have used a sizable chunk of that windfall to reward shareholders. Buyback announcements have spiked 64% so far this year, TrimTabs said. Buy (back) high? Wall Street loves buybacks because they artificially inflate earnings and backstop prices by providing a price-insensitive buyer. But c
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