-----Original Message-----
From: Gregory, Paul 
Sent: Friday, November 09, 2001 12:34 PM
To: Breese, Mark
Subject: FW: Economics Redefined by Enron




-----Original Message-----
From: Gregory, Andrei [mailto:AGregory@reliant.com]
Sent: Friday, November 09, 2001 12:29 PM
To: Gregory, Paul
Subject: FW: Economics Redefined by Enron




>  -----Original Message-----
> From: 	Horning, Gilbert  
> Sent:	Friday, November 09, 2001 10:23 AM
> To:	Gregory, Andrei; Davenport, David; Richardson, Keven; Cox,
> Thomas; Freeman, Tina; Martinez, Michelle; Peduto, Chris; Speakman IV,
> William; Vo, Catherine; Wright, Allison
> Subject:	Economics Redefined by Enron
> 
> Social Studies: Some Useful Definitions
> > >
> > >  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.
> > >
> > > 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.
> > >
> > > Great Britain
> > > You have two cows.
> > > The government shoots one cow because it has Mad Cow.
> > > The government comes back and shoots the other one because it has
> > > foot and mouth.
> > >
> > > 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. -
> > > No Balance Sheet provided with the release.
> > >
>