AN AMERICAN CORPORATION
You have two cows. You sell one, and force the other to produce the milk of four cows. Later, you hire a consultant to analyse why the cow has dropped dead.
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.
You sell one cow to buy a new president of the United States, leaving you with nine cows.
No balance sheet provided with the release.
The public then buys your bull.
THE ANDERSEN MODEL
You have two cows. You shred them.
3 comments:
that ENRON one was livy's input!! that's cheating. isn't it?
And what do you mean by penultimate instalment? I hope it doesn't mean you are closing shop
And tulsa, are you keeping score??
You're kicking Tulsa's ass this week.... but I think she's having a rough time at work.
Livy was merely quoting one of the standard versions going around on e-mail - as am I.
Only the 'penultimate' post in the 'cow' series - not altogether, silly!
Yes I am, aren't I? but now she is making it up by being the first and only commentor on my blog. I like her giving me feedback.
And glad to hear that you are not going to stop posting. I'm getting quite hooked on this blog thing.
I guess it's the voyeurism in me that is enjoying the window watching inside the lives of others.
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