Michigan Candidate El-Sayed Says Stock Buybacks Should Be Illegal

Michigan Senate candidate Abdul El-Sayed said stock buybacks should be illegal in a post Wednesday, Oct. 21, a day after the General Motors (GM) board approved a $20 billion repurchase authorization. The multiyear authorization has no fixed end date, and GM may pause or discontinue it. It permits future purchases; it does not mean the company has already spent $20 billion. GM also completed a separate repurchase program worth $6 billion. GM Chair and CEO Mary Barra described the new authorization as evidence of the board's commitment to shareholder value.