Stock buybacks can be a harmful ‘sugar high’

By Mickey Kim

CEOs are routinely bashed for their outsized pay, but companies are under intense pressure from Wall Street to produce steady, predictable gains in earnings per share every calendar quarter (i.e. 13 weeks). Pity the poor CEO who becomes the target of an “activist” investor who might have owned the stock for all of 15 minutes, but agitates for changes to end the pain by “maximizing shareholder value.”…

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