[GregD]

Just a bit of Enron humor, couldn't resist posting this one
-

Enron Political Theory
>
>
>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, but the government takes all the
>milk.
>
>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
>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 2nd 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 no 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 COW (cows on web). I am
>sure you now fully understand what happen.

[Firefish]

so...what happend to the bull?

[Rin]

The bear ate the bull.

[GregD]

nice one Rin!