CEOs are using corporate share buybacks to enrich themselves

[applegrove]

https://thinkprogress.org/ceos-using-share-buybacks-enrich-themselves-worker-wages-stagnant-faa627afa0f7/

REBEKAH ENTRALGO at Think Progress

"SNIP...........


Congressional Republicans and President Trump continue to push their sole legislative accomplishment, the Tax Cuts and Jobs Act of 2017, as a game-changer for average working Americans — but the benefits of that bill appear to be going mostly to the people at the top.

Rather than delivering an “economic turnaround of historic proportions,” as Trump boasted last week, the bill will likely end up costing well over $1.4 trillion dollars and will instead provide corporations and the wealthiest Americans a giant hand-out.

A recent Politico review of Securities and Exchange Commission (SEC) filings also revealed corporate executives, who often receive most of their compensation in stock, have been profiting enormously off the bill, which slashes the corporate tax rate to 21 percent.

Following the bill’s passage in December last year, Oracle Corp. CEO Safra Catz sold $250 million worth of shares in her company, the “largest executive payday this year,” according to Politico. The company’s president of Product Development, Thomas Kurian, also sold $85 million worth of shares, directly after the company announced a $12 billion share repurchase.

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[Turbineguy]

1. That's why we did the tax cut.