IBM Ponies Up Another $15 Billion for Share Buybacks
March 3, 2008 Timothy Prickett Morgan
Go ahead, call me stupid. Or old-fashioned. Or just plain Puritan. But I will never in a zillion years understand the logic of share buybacks–and especially those on a massive scale like IBM has undertaken since the mid-1990s. And last week, IBM’s board of directors authorized the company to shell out another $15 billion to buy back shares on the open market. As IBM itself pointed out in its announcement of the share repurchase authorization, the company has bought back a staggering $94 billion in its own stock from 1995 through 2007 inclusive. IBM still has $400 million in buybacks |