John S. R. Shad

A company that did that on the open market risked a charge of manipulating its own stock price, which was a crime.

It was illegal all the way up until Ronald Reagan's SEC chairman, John Shad, a former vice chairman of the Wall Street firm EF Hutton.

Because those of us of my age go remember when EF Hutton talks, people listen.

or at least get to be SEC chair who can then push through new rules like Rule 10b-18, which they did in 1982.