Good Job, C-Suites! Corporate America Blows Debt-Financed Tax Cut On Over-Priced Stock Buybacks

Companies contend that buybacks are a good way to return excess capital to shareholders and that the paper losses can reverse themselves if their stocks rebound. But the sharp declines call into question their decision to devote so much of their tax savings to buybacks, rather than using it to invest in their businesses, raise employee pay or pay higher dividends.