Since the financial crisis of 2008, there has been an understandable concern about the potential for catastrophic risks and the use of debt within American financial markets. In a new report, Oren Cass at American Compass has taken aim at what he refers to as “Coin-Flip Capitalism”. Many of his concerns relate to the niche market of leveraged private equity. However, some of his proposed solutions relate to publicly traded firms. His three solutions for reducing financial engineering, which he associates with poor capital allocation, are (1) more disclosures for firms seeking to be listed on public exchanges, (2) a ban on share buybacks, and (3) a transaction tax on publicly traded shares.