Sarah Hlavinka McConnell
Associate General Counsel
Compaq Computer Corporation
MS 110701
20555 SH 249
Houston, TX  77070-2698
Phone (281) 514-4933


-----Original Message-----
From: Keene, Alexis 
Sent: Monday, November 26, 2001 9:44 AM
To: McConnell, Sarah
Subject: FW: FW: UNDERSTANDING WHAT HAPPENED AT ENRON


we must forward this to Greg. Do you have his email address at Enron?
Alexis (hope you had a good holiday).  

-----Original Message-----
From: Patrick Storck [mailto:pstorck@hotmail.com]
Sent: Wednesday, November 21, 2001 10:40 AM
To: Keene, Alexis
Subject: Fwd: FW: UNDERSTANDING WHAT HAPPENED AT ENRON


Alexis,

This is business 101, you must read to the bottom, for the axiom

Patrick B. Storck

Cell: 713-419-8601
email: pstorck@hotmail.com



>From: "Allen Sturdivant" <allenws@msn.com>
>To: "Amy Cornell" <cliff@flash.net>, "Roger Gillan"
<rogergillan@msn.com>, 
>"Barry Griffin" <BarryGriffin@bgasales.com>, "J. Clay Rivers" 
><jclayrivers@yahoo.com>, "Patrick Storck" <pstorck@hotmail.com>, "Wayne

>Sturdivant" <Plowboy55@aol.com>
>Subject: FW: UNDERSTANDING WHAT HAPPENED AT ENRON
>Date: Wed, 21 Nov 2001 09:43:43 -0600
>
>Subject: FW: UNDERSTANDING WHAT HAPPENED AT ENRON
>
>
>Be sure and read it all....
>
>*******************
>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.
>----------
>Pure Communism
>You have two cows.
>Your neighbors help take care of them and you all share the milk.
>----------
>Applied Communism
>You have two cows.
>You must take care of them, but the government takes all the milk.
>----------
>Totalitarianism
>You have two cows.
>The government takes them both and denies they ever existed.
>Milk is banned.
>----------
>Pure Democracy
>You have two cows.
>You and your neighbors decide who gets the milk.
>----------
>Representative Democracy
>You have two cows.
>Your neighbors pick someone to tell you who gets the milk.
>----------
>Mexican Democracy
>You have two cows.
>The government takes both and drafts you into the army.
>----------
>European Democracy
>You have two cows.
>The EU commission decides which regulations for feeding and milking
apply.
>If there aren't any, they invent some.
>They pay you not to milk the cows.
>They take both cows, shoot one, milk the other and pour the milk down
the
>drain.
>They then require you to fill out forms accounting for the missing
cows.
>----------
>American Democracy
>The government promises to give you two cows, if you vote for it.
>After the election, the president is impeached for speculating in cow
>futures.
>The press dubs the affair "cowgate," but supports the president.
>The cows sue you for breach of contract.
>Your legal bills exceed your annual income.
>You settle out of court and declare bankruptcy.
>----------
>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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