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In 2003 the Securities and Exchange Commission amended the stock repurchase safe harbor rule under Rule 10b-18 of the Securities Exchange Act of 1934 \'The recent tax reform was sold to the public under the proviso that companies will use savings to reinvest in the business and spend cap, creating jobs and stimulating the economy,\' said Richard Truesdell, capital markets partner at Davis Polk & Wardwell \'Even a free market libertarian like me would agree that if a company is going to the government to get a bailout, for either being too big to fail, like the banks, or being an essential part of infrastructure like an airline, then it does make sense to have limitations,\' said Truesdell \'Because companies have siphoned off all their cash to the point that when the bad times come, they then turn to the government and the taxpayer to bail them out \'
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