By Karen Brettell, David Gaffen, and David Rohde
“When Carly Fiorina started at Hewlett-Packard Co in July 1999, one of her first acts as chief executive officer was to start buying back the company’s shares. By the time she was ousted in 2005, HP had snapped up $14 billion of its stock, more than its $12 billion in profits during that time.”…
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This article was published as “Special Report: Surging U.S. stock buybacks dwarf innovation spending” in Reuters and The Fiscal Times publication of November 16, 2015; “Why stock buybacks are cannibalizing innovation” in Fortune publication of November 17, 2015; “How to the cult of shareholder value is cannibalizing corporate North America” in Financial Post publication of November 20, 2015.