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Enron Mail |
Now we know the difference! < On the differences between capitalism, communism and "Enronism": < 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. < Communism: You have two cows. Your neighbors help take care of them and you < all share the milk. < "Enronism": 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 < 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 the majority shareholder, who sells the < rights to all seven cows back to your listed company. You hire Arthur < Andersen to revise your books. The annual report says the company owns eight < cows, with an option on one more. < < < <
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