So Macy's (M) is down 14% to $40 today on disappointing earnings and guidance. They've spent billions on stock buybacks in recent years, including $900M to buy shares last quarter at an average price of $53.89. They've taken on additional debt to pay for these buybacks, and the company's default risk is spiking higher. But it's not all bad, many of the execs managed to dump millions of dollars worth of shares, as recently as selling at $69 in June, while the company was using its money to buy shares that are now far underwater. This is what the Fed's failed policies have brought us. Great for the 0.1%, who'll coincidentally soon be paying the "Thank You" $250,000 dinner speaking fees of ex-Fed members, not so great for everyone else.

zerohedge.com/ne...dreams

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