https://www.washingtonpost.com/outlook/stock-buybacks-gouged-workers-the-measure-stopping-them-comes-too-late/2020/03/27/d6170752-6fcb-11ea-b148-e4ce3fbd85b5_story.html
What's wild is the headline itself: "The Stimulus halts a corporate trick that gouges workers. But it comes too late."
That says it all right there. Basically EVERYONE agrees that doing share buybacks in this climate (pandemic/Depression) is completely unthinkable.
But obviously not to the Allstate executives!
"Between 2003 and 2012, companies in the S&P 500 devoted 54 percent of their earnings to buying their own shares (and an additional 37 percent to paying out dividends), according to a study by William Lazonick, an economist at the University of Massachusetts at Lowell. That left less than 10 percent for research and development, plant modernization, raises for workers, and other more productive uses of profits. It used to be that workers did well at corporations that did well. That’s no longer true, and buybacks are a big part of the reason."
Allstate did the unthinkable in a pandemic. It’s public record.
Here come the “it’s fake news” boomers from home office trying to defend this garbage.
Can we get the boomer below a link to a Fox News article and some antacid for his heartburn?
Talk to me when it’s a reputable source. WaPo is downright awful.