Corporate Buybacks Only Enrich the Rich

James Flanigan’s column (“While Inflation Casts Shadow, Check for Substance: Deflation,” Feb. 5) mistakenly credited lack of alternate opportunities for large corporations’ purchases of their own shares. Increasing share price through these buybacks lends companies a risk-free method of increasing corporate value.

It’s risky to start up endeavors which may not profit. It’s expensive to conduct effective research and development. Why take these risks when share buybacks give something for nothing? I’m all for a healthy economy, but these acts enrich the rich at the expense of middle-class workers, who lose the opportunity to work offered by corporate investment in plant, equipment, R&D;, etc.

DIANE FORVE

Los Angeles