Slowing Innovation

Unfortunately, buybacks are rampant in industries where investment in innovation is crucial—energy, technology, and pharmaceuticals….And five high-tech leaders—Microsoft (MSFT), IBM (IBM), Cisco Systems (CSCO), Intel, (INTC) and Hewlett-Packard (HPQ)—are in the Top 10 of repurchasers, each having spent more on buybacks than on research and development from 2000 through 2008. (While spending $73 billion to buy its own stock, IBM increased its offshore employment by 133,000, reducing U.S. jobs by 36,000.)

Via BW’s The Buyback Boondoggle.