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Non-Tech : The Enron Scandal - Unmoderated
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To: The Duke of URL© who wrote (2226)6/25/2002 5:31:47 PM
From: Raymond Duray  Read Replies (2) of 3602
 
Praying Mantis,

Re: But you must answer my riddle. How, grasshopper, can a bank lend money at 6% and make a 15% profit every year???? Hint: the answer is not "the money multiplyer" effect.

Well, duh, shucks, I dunno. How can dey? Maybe it's da money multi-player effect?

How about $29 late fees on credit cards, 18% interest on credit card balances, initiation fees and points on loan origination. Fees, fees and more (morphine please!) fees on fees, feces. Don't forget the feces. Doesn't that about cover it?

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I enjoyed reading about Sears P&L from last year. They made $900 MM selling merchandise, and $1,400 MM financing it. :)

-R.
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