The actual benefits of share buybacks is a bit dubious and of the three options (reinvestment, dividends, and buybacks) it is normally the least beneficial for the shareholder.  As Buffett essentially points out the reasons for the buyback need to be compelling - i.e. an exceptional price point relative to book value and inferior reinvestment options.

But your suggestion that it is more or less nothing more than a ploy for managers to pump their stock options is a tad overdone to say the least.