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To: pater tenebrarum who wrote (27828)9/29/1999 9:06:00 AM
From: Benkea  Read Replies (1) | Respond to of 99985
 
"the reason: U.S. listed companies have incurred massive debts in recent years to finance these buybacks."

This was covered in the article this AM in the WSJ on banking. It's easy to take on debt to buyback expensive shares and spend your shareholder's income on debt service if it elevates your share price (er: options).