comment: >
  
  They weren't illegal before hand.
  The law wasn't clear if they were a form of stock price manipulation.  So most companies stayed away from it, but they still happened.
  The sec simply clarified when it is perfectly legal.
  It's should be no more or less illegal, than issuing more stock to raise capital...
  If they no longer have the need for the capital, they should buy the shares back to gain more control of their company.
context: I’ve always considered stock buybacks to be a mechanism for extinguishing excess capital. Every company should have a capital allocation prioritization for what to do with excess cash. Reinvesting in the business via capital expenditures that return value, dividends, and stock buybacks are all options, each with risks and consequences.