Corporations are owned by people. People own stock. People direct the corporation to buyback stock to raise the price of the stock so that they can sell their p

Corporations are owned by people. People own stock. People direct the corporation to buyback stock to raise the price of the stock so that they can sell their personal holdings of said stock to enrich themselves. All the board members of said companies own said stock, thus none of them would disagree with the move, because it enriches all of them. It's like Congress agreeing to raise their own pay. Is it rational? Not really, but who among them, the people making the decision on government spending, would disagree with this move? Maybe one or two with principals, but not many. EDIT: Is it rational for the sake of the overall system I mean. It's obviously rational from the perspective of those increasing their own wealth.