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How are stock buybacks not considered insider trading?
In fact, buybacks WERE often considered a vehicle for insider trading, especially prior to 1982.  For instance, Prior to the Reagan era, executives avoided buybacks due to fears that   they would be prosecuted for market manipulation. But under SEC Rule   10b-18, adopted in 1982, companies receive a “safe harbor” from market   manipulation liability on stock buybacks if they adhere to four   limitations: not engaging in buybacks at the beginning or end of the   trading day, using a single broker for the trades, purchasing shares   at the prevailing market price, and limiting the volume of buybacks to   25 percent of the average daily trading volume over the previous four   weeks.