If CEOs are Gaming Share Buybacks, They are Ripping Off Shareholders

That seems pretty much definitional, but many readers of this Washington Post piece, on what is in effect insider trading by top management, may miss this point. As CEO pay has exploded over the last four decades, from 20 to 30 times the pay of a typical worker, to 200 ro 300 times, many have discussed this rise as though it is somehow in collusion with shareholders.

That makes zero sense. The money that CEOs and top management pocket is money that otherwise could have gone to shareholders. S...