By reducing its share count, Goldman may be smoothing a new path towards earnings records, this time focusing on earnings per share over other metrics like return on equity, which remain stubbornly low.

FORBES: Buffett Buyback Math Key to Post Stress Test Bank Earnings

Most of the policyholders whose earnings were skimmed (before new, tighter regulations on smoothing came in) have perished or got lost in the place where old files go to die.

ECONOMIST: With-profits funds