Following her company’s stock buyback of $12 billion, part of a flood of buybacks triggered by Trump’s tax cut for corporations and the rich, Oracle CEO Safra Catz sold $250 million worth of shares. Averaged out over a year, that comes to about $2,000 per minute. Thomas Kurian, the computer technology corporation’s product development head, followed suit by cashing in on $85 million worth of stock. Several months after Mastercard announced a $4 billion stock buyback program, CEO Ajay Banga sold $44.4 million in stock.
A recent analysis of Securities and Exchange Commission (SEC) filings by Politico reveals that America’s financial oligarchs have rewarded themselves with hundreds of millions of dollars in the first half of this year, largely through stock buybacks.
— source wsws.org