GE's $24 billion buyback boondoggle

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 a $24 billion spending spree in 2016 and 2017 to buy back GE's (GE) stock — at what turned out to be extremely high prices.

"The root problem at GE — and why the stock is where it is — is poor capital allocation,"

March 23, 2018
Using a combination of debt and cash, GE spent $2.6 billion last year on stock buybacks — at an average price of $19.65. Today, the stock is worth just $13.35, close to a nine-year low.

GE's buybacks were much worse in 2016. It spent $21.4 billion at an average price of $30.30, more than double the current price.

2017 -
Last year, GE announced plans to lay off 12,000 workers in its beleaguered power division. GE also cut its dividend in half, just the second time since the Great Depression that the company touched that investor perk.

 "Poor capital allocation, bad acquisitions, poor share repurchases at higher prices and unsustainably high dividends."