On the basis of a semi-phenomenological model, it is argued that the high energy anomaly observed in recent photoemission experiments on cuprates is caused by interaction with an overdamped bosonic mode in the mid-infrared region of the spectrum. Analysis of optical conductivity allows to connect this excitation to the incoherent charge response reported for the majority of high Tc materials and some other perovskites. We show that its large damping is an essential feature responsible for the waterfall dispersion and linewidth of the spectral weight.