Ahh, but the buy backs and borrowing is what put over leveraged businesses into a precarious position where they were extremely vulnerable to economic shock. It didn't have to be a pandemic, it could've been any number of other events that caused a credit and demand shock.

Strip the equity, give the assets to someone who can properly manage the business.

Why should that matter? It's not like the businesses will evaporate. Equity will lose their shirts and we should let them.

Why don't they sell that stock back to the public to raise money for operating expenses? Because they'd have to sell it for much less than they paid a year ago?

I hate this idea that the taxpayer needs to subsidize risk for corporations. It creates a huge moral hazard where companies are incentivized to act as irresponsibly as possible. There are no consequences.