By William Lazonick
“U.S. corporate profits abound, but for most Americans, prosperity can’t be found. Open-market repurchases — stock buybacks — are central to the problem.
From 2004 to 2013, 454 companies in the S&P 500 Index expended 51 percent of their profits, or $3.4 trillion, on repurchases, on top of 35 percent of profits on dividends.”…
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