stock buybacks – a form of financial engineering that drives up stock prices without improving the company’s underlying financials or business.
Here we go again. It’s just like paying a dividend, another way of giving the company’s money to the shareholders. Which is fair, since the shareholders own the company.
Some of Wells Fargo’s largest individual shareholders are its executives, who’ve effectively just voted to give themselves massive, multi-million-dollar raises.
Not a raise, but a payment. All the shareholders get this payment. It’s the company giving the company’s money to the company’s owners.
Wells Fargo is a shit company but all companies at one time or another give their profits to the owners of that company. If they don’t then they are a charity or non-profit.
Yes, firing workers while distributing huge profits makes them look shitty; they’ve proven they’re a shitty company lately time and time again. But all companies, good or bad, at some point either buy back their stock, or pay dividends, in order to give their owners (the shareholders) a distribution of profit.
