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Gold/Mining/Energy : Enron - Natural Gas Industry
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To: Bryan Steffen who started this subject1/28/2002 10:30:37 PM
From: d:oug   of 1433
 
New Enron trading letters WCCH on the Purple Sheets.

WCCH - When the Cows Come Home

Feudalism:
You have two cows.
Your lord takes some of the milk.

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. The government takes all the milk.

Capitalism:
You have two cows.
You sell one and buy a bull...retire, living on the income.

Enron:
You have two cows.
You borrow 80% of the forward value of the two cows
from 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 times prime.
You now sell three cows to your publicly listed company,
using letters of credit opened by your brother-in-law
at a second bank, then execute a debt/equity swap
with an associated general offer
so that you get four cows back, with a tax exemption for five cows.
The milk rights of six cows are transferred via an intermediary
to a Cayman Island company secretly owned
by the majority shareholder, who sells the rights
to seven cows back to your 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 independent auditor and Balance Sheet
provided with the press release that announces that Enron
as a major owner of cows will begin trading cows
via the Internet site WhentheCowsComeHome.com.
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