Message-ID: <31572865.1075861698974.JavaMail.evans@thyme> Date: Fri, 9 Nov 2001 10:38:21 -0800 (PST) From: mark.breese@enron.com To: john.hodge@enron.com Subject: FW: Economics Redefined by Enron Cc: e..dickson@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: e..dickson@enron.com X-From: Breese, Mark X-To: Hodge, John X-cc: Dickson, Stacy E. X-bcc: X-Folder: \JHODGE2 (Non-Privileged)\Hodge, John\Inbox X-Origin: Hodge-J X-FileName: JHODGE2 (Non-Privileged).pst -----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. > > > >