Madinat al-Muslimeen Islamic Message Board
|How 2 explain Enron 2 kids|
|02/08/02 at 15:55:13|
|From: Wallstreet Universe <email@example.com>|
>+>+>+> HOW TO EXPLAIN ENRON TO YOUR CHILDREN:
> > 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. Your neighbors help take care
>of them and you share the milk.
> >>>> Totalitarianism - You have two cows. The government takes
>them both and denies they ever existed and drafts you into the
>army. Milk is banned.
> >>>>> 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 Venture 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 the majority shareholder
>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 one more.
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