Rule 10b-18: A Safe Harbor For C-Suites To Borrow And Speculate In Their Own Shares & Goose Options

Buybacks were illegal throughout most of the 20th century because they were considered a form of stock market manipulation. But in 1982, the Securities and Exchange Commission passed rule 10b-18, which created a legal process for buybacks and opened the floodgates for companies to start repurchasing their stock en masse.”