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DealBook: The pushback on buybacks
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March 28, 2022
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Proposals by the Biden administration to limit stock buybacks come as companies like Apple spend billions to repurchase their shares.
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Raising the bar on buybacks
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When the Biden administration unveils its annual budget today, it will propose new ways to raise money from big companies and wealthy executives. One of these ideas could rewrite a fundamental practice in corporate America: stock buybacks.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Companies in the S&P 500 repurchased a record $882 billion of their own shares last year. This year is off to an
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
even stronger start
</a>
, with analysts at Goldman Sachs forecasting that buybacks will set another record, reaching $1 trillion.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The White House plans to propose new restrictions on buybacks, DealBook has learned.
</span>
This could have further-reaching implications than its plan for a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
minimum tax for billionaires
</a>
that’s also expected to be announced today. The buyback proposal goes beyond the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
1 percent tax
</a>
on share repurchases that was part of the administration’s ill-fated $2.2 trillion climate and social spending bill last year, which was meant to raise
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
around $124 billion
</a>
in tax revenue.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The proposal will call for a three-year freeze on corporate executives selling their shares after a buyback.
</span>
To support this move, the administration is likely to cite academic research that found company executives tend to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
sell far more stock
</a>
in days following a buyback announcement than at any other time. Other
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
research
</a>
shows that buybacks have accounted for an increasingly large share of corporate profits (often more than 50 percent of net income) over the years. Apple has spent
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
more than $420 billion
</a>
buying back its shares over the past decade.
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The move is sure to revive debate about the merits of buybacks.
</span>
Supporters say buybacks can be a shrewd use of cash when there are no better alternatives, and give money back to shareholders to reinvest where they see fit. Critics, including prominent Democratic lawmakers, say that they pad executives’ stock-based pay packages by artificially raising stock prices and divert funds from R.&D., hiring additional employees or raising workers’ pay.
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The restrictions could do more to deter buybacks than previous proposals.
</span>
Hitting executives in their wallets by limiting their trades may make buybacks less attractive than just imposing a 1 percent tax, which would be paid by the company. Reversing the trend of ever-rising buybacks could drastically reshape Wall Street: It would diminish a key tool to bolster stock prices.
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Some major players in corporate America have already distanced themselves from buybacks.
</span>
In 2017,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Larry Fink of BlackRock
</a>
admonished companies against buybacks that seem designed only to support stock prices. More recently, shortly after Pat Gelsinger became Intel’s C.E.O. last year, he said that the chip maker — which spent over $80 billion on buybacks in the previous decade — would
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
focus less on repurchases
</a>
and more on investments in its operations, like building new factories.
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Does the buyback proposal have a chance in Congress?
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In the narrowly divided Senate, it’s unclear whether the two Democratic moderates, Joe Manchin of West Virginia and Kyrsten Sinema of Arizona, would support the move, or whether the proposal would survive legal challenges.
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HERE’S WHAT’S HAPPENING
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Shanghai begins a strict pandemic lockdown.
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Local authorities today
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imposed restrictions
</a>
on the eastern half of China’s financial center until April 1 to conduct mass coronavirus testing; its western half will then be locked down until April 5. Financial firms
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
called employees into the office
</a>
ahead of the start of restrictions, urging them to sleep at their workplaces.
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Search crews recover both flight recorders from the China Eastern Airlines crash.
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The
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discovery of the second device
</a>
could help explain what caused the Boeing 737 to crash. Chinese authorities confirmed that none of the 132 people on board survived.
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Part of the U.S. yield curve inverts for the first time in 16 years.
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Yields on five-year Treasury bonds
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
rose to 2.63 percent
</a>
, above those for 30-year notes. It’s a sign that investors believe the Fed may raise interest rates so high that it
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
leads to a recession
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.
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States begin suspending gas taxes.
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Connecticut, Georgia and Maryland are among those that have
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stopped collecting taxes
</a>
on gasoline to help consumers weather rising prices. Economists say that such a move may have only a limited effect on blunting the effects of overall inflation.
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Apple TV+ is the first streaming service to win a Best Picture Oscar.
</span>
“CODA,” which Apple bought at the Sundance Film Festival for $25 million,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
won three Academy Awards
</a>
last night, including the top award. But the Oscars may be most remembered for
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Will Smith hitting Chris Rock
</a>
onstage.
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The latest on the Russia-Ukraine war
</h2>
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<span style="font-size:17px;line-height:25px">
President Biden’s ad-lib that Vladimir Putin “
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
cannot remain in power
</a>
” sent ripple effects throughout the world, with White House officials scrambling to emphasize that regime change is not part of their policy.
</span>
</li>
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<span style="font-size:17px;line-height:25px">
President Volodymyr Zelensky of Ukraine urged Qatar and other energy producers to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
increase gas exports to Europe
</a>
, reducing the continent’s reliance on Russia. Russian
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
oil exports are plunging
</a>
, and some tankers are reportedly
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
concealing their movements
</a>
by switching off their identification systems, Bloomberg reports.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The latest companies to pull out of Russia include
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Spotify
</a>
, which cited new laws restricting free expression, and
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Heineken
</a>
, which previously said it would pause investments but now will sell its business there. Some Western firms still operating in Russia aren’t sure whether they are
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
legally allowed to pay rent
</a>
on their offices.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The Making of Vladimir Putin
</a>
,” a highly recommended article by The Times’s Roger Cohen, traces the president’s 22-year slide from statesman to tyrant.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
For up-to-the-minute news, see The Times’s
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live blog
</a>
and
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
updated maps
</a>
.
</span>
</li>
</ul>
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Should Uncle Sam mint electronic cash?
</h2>
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A national debate over the idea of a digital dollar has
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
heated up
</a>
since President Biden recently issued an
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
executive order
</a>
mandating that the Treasury Department study the merits of a central bank digital currency, or C.B.D.C.
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It’s about to get more complex, because today Representative Stephen Lynch, the Massachusetts Democrat who is chairman of the House financial services committee’s fintech task force, is introducing legislation on “electronic cash,” which DealBook is first to report. The bill, called the ECASH Act, injects a new idea into the mix ahead of congressional hearings on C.B.D.C.s.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The ECASH Act is different,
</span>
said Rohan Grey of Willamette University law school, an expert in currency design and regulation who worked on the bill. Unlike C.B.D.C.s, these e-dollars wouldn’t be issued by the central bank or rely on blockchain technology. It would address privacy and financial inclusion issues that a Fed-issued digital dollar alone cannot, he added. The law would “inform, complement, and advance ongoing efforts” to design and deploy a digital dollar, Lynch said in a statement.
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Cash has its advantages:
</span>
It’s private by design and can be spent without the need for an intermediary, like a bank. The electronic cash proposed in the new bill would work in the same way, with the Treasury building security into the hardware instead of relying on a transaction-recording blockchain, the distributed ledger underlying cryptocurrencies (and C.B.D.C.s). Grey said there have been “productive talks” with both progressive and conservative lawmakers and advocacy groups. A spokesman for the Treasury declined to comment on the bill.
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“We should treat sophisticated surveillance technology in the same way we treat sophisticated missile or drone technology.”
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<span style="font-style:italic;font-size:inherit">
— Representative Tom Malinowski, Democrat of New Jersey, on Western companies selling advanced technologies in authoritarian countries. The conflict in Ukraine has upended the idea that these products and services are agnostic, as Russia uses these tools to crack down on dissent against the war.
</span>
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<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
A new investigation by The Times
</a>
</span>
<span style="font-style:italic;font-size:inherit">
, drawing on more than 75,000 documents, found that Nokia knew it was enabling a surveillance system in Russia, where it had become a top supplier of equipment and services. Nokia said this month that it would stop its sales in Russia.
</span>
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When health and antitrust conflict
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A biotech deal challenged by the F.T.C. is drawing the ire of an unusually varied group of lawmakers who say the agency’s antitrust zeal is endangering lives. Last year, the genomics company Illumina
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
announced the acquisition of Grail
</a>
, a cancer-testing company it spun off in 2016 that now screens for 50 types of the disease. The F.T.C. sued to block the deal because Illumina is the only gene sequencer for these kinds of tests,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
arguing
</a>
that the takeover would diminish the screening market, deterring companies that compete with Grail.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Republicans say that the F.T.C. is prioritizing “speculative economist theory over public health.”
</span>
This claim was made in a letter by nine Republican lawmakers, including several physicians, sent last week to the commission chairwoman Lina Khan. The letter, which DealBook is first to report, argued that the Illumina-Grail deal can’t be anticompetitive because no similar cancer-screening test exists in the market.
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Democrats are critical of the F.T.C.’s approach, too.
</span>
In recent
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
letters to the Biden administration
</a>
, Democratic lawmakers, including cancer survivors, expressed concerns about antitrust policy conflicting with President Biden’s “
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Cancer Moonshot
</a>
” initiative aiming to cure the disease. And in December, members of the Congressional Black, Hispanic and Asian Pacific American caucuses wrote to the administration about barriers to access, saying: “Our communities do not have the luxury of waiting for economic theories to be debated while we die preventable deaths.”
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Resolution probably won’t be swift, which could irk impatient lawmakers even more.
</span>
The administrative law judge just closed the case record and ordered post-trial briefs, but barring a settlement a decision isn’t expected until late summer (and may be appealed in federal court). Meanwhile, Illumina is in talks with antitrust regulators in Europe about a settlement there, which could be rendered moot by a jurisdictional challenge.
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THE SPEED READ
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Deals
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Only 22 companies have gone public via I.P.O. so far this year, though bankers expect the pace to pick up. (
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WSJ
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A federal investigation into block trades at Morgan Stanley has set off a wave of schadenfreude across Wall Street. (
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Bloomberg
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Two failed deals illustrate what critics say is disastrous indecision at the social network Pinterest. (
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The chemicals maker Huntsman successfully rebuffed a board challenge by the activist investor Starboard Value. (
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Reuters
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Policy
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<span style="font-size:17px;line-height:25px">
“How Joe Manchin Aided Coal, and Earned Millions” (
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NYT
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)
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A former Microsoft executive accused the tech giant of firing him for trying to expose what he said were violations of federal antibribery laws. (
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Protocol
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)
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Politically conservative activists have filed a record number of shareholder proposals at companies this year. (
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FT
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)
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The riskiest E.T.F.s are attracting the most traders. (
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WSJ
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Chris Wallace, who is starting a new show at CNN, said that life at Fox News, where he worked for 18 years, had become “unsustainable.” (
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Institutional investors are buying mobile home parks and pricing out residents. (
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NYT
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Exxon Mobil is mining Bitcoin in North Dakota as part of its plan to reduce emissions. (
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CNBC
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“Vanguard Stumbles In Pivot From Cult of Jack Bogle” (
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)
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3 years ago - nytdirect@nytimes.com
DealBook: The pushback on buybacks
The White House is taking aim at the practice, as stock repurchases hit a record last year. View ...