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Enron Capitalism
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. You must take
care of them, but the government takes all the
milk.
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 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 through
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 Enron annual report says the company owns eight cows, with an option on one
more.
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