enron capitalism a primer on how to succeed in business :
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 via an
intermediary to a cayman island company secretly owned by your cfo
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
six more .