Are stock buybacks evil? These writers at the NYT certainly think so.

This article presents a perspective on the problems with stock buybacks, a short history of the SEC granting an exemption to the stock manipulation prohibitions and a summary of the level of buybacks taking place in the open market.  Pay particular attention to the level of total buybacks and dividends in relation to the earnings of the S&P 500.  If companies, in aggregate, are distributing 100% of their earnings, where are the funds for investment coming from? Debt?

Here is the FT’s perspective on the impact of repatriation on buybacks and capital investment.