-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 On Friday 01 February 2002 10:31, Erika L. Walker-Arnold wrote: : ENRON EXPLAINED: In case you were wondering how Enron : came into so much trouble, here is an explanation : reputedly given by a Texas A&M professor to explain it : in terms his students could understand. : : 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. : : Enron Capitalism : You have two cows. You sell three of them to your : publicly listed company, using letters of credit : opened by your brother-in-law at the bank, then : execute a debt/equity swap with an associated general : offer so that you get all four cows back, with a tax : exemption for five cows. The milk rights of the six : cows are transferred via an intermediary to a Cayman : Island company secretly owned by your CFO who sells : the rights to all seven cows back to your listed : company. The annual report says the company owns eight : cows, with an option on six more. : : Now do you see why a company with $62 billion in :
heh, you were Lined. Geo -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.0.6 (GNU/Linux) Comment: For info see http://www.gnupg.org iD8DBQE8WrVT6lWSWPFnGFARAiZCAJ9hRCcSiHV3v0AZi3iG25l6Ox+jHQCfaFx1 pl5NfP5KWJF+IBiRg2g7L0c= =mPIb ______________________________________________________________________ Structure your ColdFusion code with Fusebox. Get the official book at http://www.fusionauthority.com/bkinfo.cfm Archives: http://www.mail-archive.com/[email protected]/ Unsubscribe: http://www.houseoffusion.com/index.cfm?sidebar=lists
