Message-ID: <11830622.1075840347262.JavaMail.evans@thyme> Date: Mon, 28 Jan 2002 14:44:39 -0800 (PST) From: don.baughman@enron.com To: shannontyer@email.msn.com Subject: RE: HOW TEXANS EXPLAIN ENRON'S BUSINESS Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Baughman Jr., Don X-To: '"shannontyer" @ENRON' X-cc: X-bcc: X-Folder: \ExMerge - Baughman Jr., Don\Sent Items X-Origin: BAUGHMAN-D X-FileName: don baughman 6-25-02.PST This is very good, just like the real thing! Did you try to call my cell yesterday, it rang and your cell number popped up on the caller ID but when I answered there was no reponse. I hope that you know that it is OK for you to call me when you want to. Drop me a line or call and tell me what night is good for you this week. Take care, Don -----Original Message----- From: "shannontyer" @ENRON Sent: Sunday, January 27, 2002 10:51 PM To: Kari Tracey; Baughman Jr., Don Subject: Fw: HOW TEXANS EXPLAIN ENRON'S BUSINESS ----- Original Message ----- From: Milly Jeffers << File: mailto:mjeffers@texed.net >> To: Undisclosed-Recipient:; << File: mailto: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.