Earlier this month, Sen. Elizabeth Warren blasted corporate share repurchases as “nothing but paper manipulation.” According to the Massachusetts Democrat, when a company buys back its own shares, it merely cheats the system.

“They got a little fluff-and-buff in their stock,” Warren said. “And how did they do that? By taking their excess cash and saying, ‘Geez, we can’t figure out anything to do with this cash. We’re not going to give it back to our investors. We’re going to make the investment decision that the only investment in America that makes any sense is to buy back our own stock.’”