Message-ID: <32826662.1075860966844.JavaMail.evans@thyme>
Date: Thu, 21 Feb 2002 07:59:13 -0800 (PST)
From: michelle.lokay@enron.com
To: jimboman@bigfoot.com
Subject: Enron government
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Feudalism
You have two cows.
Your lord takes some of the milk.=20
Fascism
You have two cows.
The government takes both, hires you to take care of them and sells you the=
 milk.
Communism
You have two cows.
You must take care of them, but the government takes all the milk.=20
Capitalism
You have two cows.
You sell one and buy a bull.
Your herd multiplies, and the economy grows.
You sell them and retire on the income.=20
Enron
You have two cows.  You borrow 80% of the forward value of the two cows fro=
m your bank, then buy another cow with 5% down and the rest financed by the=
 seller on a note callable if your market cap goes below $20B at a rate 2 t=
imes prime. You now sell three cows to your publicly listed company, using =
letters of credit opened by your brother-in-law at a 2nd bank, then execute=
 a debt/equity swap with an associated general offer so that you get four c=
ows back, with a tax exemption for five cows. The milk rights of six cows a=
re transferred via an intermediary to a Cayman Island company secretly owne=
d by the majority shareholder who sells the rights to seven cows back to yo=
ur listed company. The annual report says the company owns eight cows, with=
 an option on one more and this transaction process is upheld by your indep=
endent auditor and no Balance Sheet provided with the press release that an=
nounces that Enron as a major owner of cows will begin trading cows via the=
 Internet site COW (cows on web). I am sure you now fully understand what h=
appened.
