Yeah the loopholes were written by people who went into business, learned the tricks of the trade, got advised on how to skirt the system, ‘retired’ to an advisement position lobbying or joining the government entities responsible for making policy so they can put new loopholes into the system and advise companies on how to use them.
Yeah, if the share price goes down due to change in public sentiment and buying habits, the stock buyback essentialh wasted money.
But if the price remains steady or goes up in any nominal way, the stock buy back nets them tons of cash. If steady, not tons of cash but plenty of ‘control’ of corporate direction.