When Upper Management Should Be Fired

Here we have a story where Macy’s, Gannett and the New York Times are facing problems servicing their debt.

Why do they have the debt? Because they borrowed money for stock buybacks so as to bump the price of their shares. (The New York times also blew the money on a shiny new headquarters)

They borrowed money for a stock buyback?

I can understand diverting profits to do so, it is an activity similar to paying dividends, but borrowing money to buy back stock?

Seriously, everyone in senior management who touched this decision needs to be fired.