There is a sensible way to level the playing field between debt and equity, and it doesn't have to involve hair-splitting over the corporate treasurer's motives for floating a bond issue.

FORBES: Magazine Article

Using SWIFT and a global bank like Citi, a corporate treasury can centralize its accounts around the world, giving the treasurer a real-time view of balances, payments and receivables and also permitting consolidation of funds for overnight or other short-term investing.

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Either way, the corporate treasurer shrinks his share base and depletes cash that has a low return (maybe 3% aftertax).

FORBES: Buyback Boomlet