In the article, The quarter-century buyback era draws to an end, I announced the demise of the dominant role of stock buybacks in the economy, although there has been no official death certificate and the body has not yet been found. The buyback era began in 1982 when the US Securities and Exchange Commission promulgated Rule […]

In March 2009, HSBC PLC strengthened its finances by making a preemptive rights offering of new equity. The bank quickly raised $18.5 billion dollars. Unlike Citibank, Bank of America, and other giant US banks, HSBC did not have to sell its soul to the government to stay in business. HSBC had the good fortune […]

The fourth quarter of 2008 is known for the international banking crisis which will lead to dramatic changes in financial regulation and to massive de-leveraging of institutions. Generally overlooked in the current analyses, however, are indications that the stock buyback era that began in the early 1980s, has finally come to a sudden and […]