J.P. Morgan Plans Massive Buyback: "J.P. Morgan Chase said its board authorized the repurchase of up to $8 billion of the company's common stock."
A few quotes (which happily enough fit exactly with what we discussed in class :) )
"We believe the new stock repurchase program provides additional flexibility"
"J.P. Morgan said it will buy back stock at management's discretion. The timing of any repurchases and the exact number of shares bought back will depend on market conditions and alternative investment opportunities.
The repurchase program doesn't include specific price targets or timetables, and stock can be bought through open market purchases or in privately negotiated transactions."