Good news! It turns out that American coprorations aren’t spending their tax windfall solely on pointless stock buybacks that do little except enrich CEOs and investors. They’re also spending their money on pointless mergers and acquisitions that do little except enrich CEOs and investors:
“With some deals being done at big earnings multiples,” warns the Wall Street Journal, “companies and their investors may find they haven’t spent wisely when the dust eventually settles.” True enough. But one thing we know is that big mergers are good for CEO compensation. So even if all this tax money goes completely to waste, there’s a silver lining, amirite?