I just came across this 2007 blog comment on a Harvard Business Review article: Harvard’s Breakthrough Idea: Don’t Pay Dividends! ::: Capital Flow Watch.
Unfortunately, I can't access the original HBR article (not without paying a $6.50 fee, anyway). But reportedly it advocated the stupid "breakthrough idea" that, when faced with excess cash, management should waste the money on an acquiition strategy, notwithstanding inflated prices.
I am not so naïve as to think that this sort of warped corporate thinking doesn't secretly happen all the time. But it's rather shocking to see it publicly lauded by the Harvard Business School. 
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"There is no more dreadful punishment than futile and hopeless labour" - Albert Camus
"Why should I let the toad work squat on my life? Can't I use my wit as a pitchfork and drive the brute off?" - Philip Larkin
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