-----Original Message-----
From: 	"Grant McArthur" <gmcarthur@HYDROGENICS.com>@ENRON  
Sent:	Wednesday, January 30, 2002 11:20 AM
To:	Cowan, Mike
Subject:	FW: How to explain Enron to your children (or grandchildren)


I love  it !
 
High  comedy...go UBS!
 
 
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Subject:How to explain Enron  to your children (or grandchildren)
 
Some  things have to be shared.
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,
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.