So, according to the Feb. 16 editorial “Legislation in search of a problem,” stock buybacks aren’t a problem. Before 1982, stock buybacks were illegal or greatly limited. They were considered stock manipulation. And I’ve read many times that, before 1982, a significant share of profits went to research, investment and worker raises or benefits. No, it’s not just about “spare cash.” Corporations spend their profits, and many borrow money to buy back even more.