----- Original Message -----  
From: Milly Jeffers   
To: Undisclosed-Recipient:;  
Sent: Saturday, January 26, 2002 6:51 PM
Subject: Fw: HOW TEXANS EXPLAIN ENRON'S BUSINESS 
 
Subject: ENRON'S BUSINESS 
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  
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.