Joe calls for a one-year moratorium on stock buybacks.

[RandySF]

Link to tweet

?s=20

[dalton99a]

1. Kick

[Claustrum]

2. Good start.

But I feel like one year is not nearly enough. They could stash their profits and wait.

[paleotn]

9. Yep...

stash them in Ireland or any number of tax havens.

[Tom Rinaldo]

3. This is Good. But it is not good enough for firms accepting Bail Out funds

As general guidance for responsible "corporate citizens" (remember, Corporations Are People Too!) a one year only moratorium on stock buy backs for corporations that accept Billions of dollars in pending government bailouts would be woefully inadequate, verging on should be criminal. Given that this is now a hot topic of political debate inside of Congress, I hope Biden clarifies his remarks to state that conditions for accepting government bailouts must be much stronger than this proposed standard for ordinary good business practice in the time of a national emergency.

[duforsure]

4. How about making them all

Including all their family members fill out forms showing all stock transactions for the last two years, including trump and all of his family including the younger son. Trumps used numerous others in his family for his schemes including his brother and sister . Pence too, he's corrupt and a liar too.

[William769]

5. Kick & highly recommended.

[yaesu]

6. That's a good call. nt

[AtheistCrusader]

7. Combine this with Sanders idea of banning corporations that accept public bailouts from ever doing

another stock buyback, and you've got a winner.

[oldsoftie]

8. IF they receive any help. Right now they NEED to be buying. Especially insiders.

Buying now will help calm investors. If i see the top people of Cracker Barrel are loading up at these prices, that tells me they believe the company will come back

BUT if they take govt money NONE of that should be allowed to be used for company buybacks.

[Mad Lib]

10. Not enough

There should be no buy-backs, executive bonuses, or golden parachutes until the bail-out is paid back in full with interest. When the hell will we learn our lesson?

[lutherj]

11. It used to be illegal until Reagan legalized it. It is clearly a kind of stock manipulation and

should be made illegal again.

Come on Joe, step up to the plate.

https://investorplace.com/2019/06/7-reasons-stock-buybacks-should-be-illegal/

[marble falls]

20. Because what they would do before was issue new stock and dilute stockholders equity ...

and then buy the panic sell offs. if its not done in a time of emergency, there's no problem with it.

[lutherj]

21. Good to know. Thanks!

[AllaN01Bear]

12. bookmarked this for future reference

[AlexSFCA]

13. Good news is Nancy is the gatekeeper to the bailout

she needs to work with Warren on this

[marble falls]

19. Do you think she isn't?????

[TheFarseer]

14. It should not be allowed

Not for a year. Not for ever.

[marble falls]

17. In a good economy why shouldn't a company buyback???? Why should I buy your stock if I ...

can't sell it back to you if your price is better than the market price???

[TheFarseer]

22. Because they waste their money

and then come looking for a bailout. It artificially creates scarcity in stocks by reducing supply for investors. Stock buybacks were not allowed until Reagan changed the rules. Sears basically set Billions of dollars on fire with buybacks and then declared bankruptcy so stopping buybacks would be saving some of them from themselves. Buying back in a good economy at inflated prices was a huge mistake for Sears and apparently many others like Carnival Cruise, McDonald’s etc.

[peaverok]

15. A Whole Year!

So bold! What a tremendous stand! What integrity! /s

[marble falls]

18. I don't think you realize how right you are.

[marble falls]

16. Brilliant. The 5% will fucking hate it!!!

[BidenBacker]

23. Check this shit out...

Airlines and Boeing want a bailout — but look how much they’ve spent on stock buybacks

https://www.marketwatch.com/story/airlines-and-boeing-want-a-bailout-but-look-how-much-theyve-spent-on-stock-buybacks-2020-03-18

The airlines are screaming they need $50 billion in immediate bailouts to stay afloat. Guess how much of their free cash flow (at least partially fueled by the Trump/GOP corporate tax cuts) they spent in stock buybacks the last coupla years?

$47 billion.

Boeing is also begging for another $60 billion. How much did they plow into their stock instead of using their tax cuts on capital investments or giving their workers raises and increased benefits or just socking it away for a rainy day?

$43 billion.

Fuck 'em...when we take our next vacation after it's safe to go back outside circa 2025, we'll just drive. Greedy bastards. Fed up with this bullshit.