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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject1/28/2002 6:50:03 AM
From: Sharck  Read Replies (1) of 37746
 
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 neighbours 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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