``"Companies have said, `We don't have an ability to grow organically, so we can distract shareholders instead,'" according to Jody Lurie, a credit analyst at Janney Montgomery Scott LLC, which manages $63 billion. "When they buy back shares, all it does is optically make earnings per share look better."... Companies reacted to the Federal Reserve's rumblings about raising interest rates by going on a borrowing spree.'''

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