A new twist on the old "You have two cows" joke:ENRON: 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 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. ~josie
A few more twist then Enron will have enuf cows to provide meat, milk for all its employees.
And old Arthur Andersen - your trusty ranch hand - looked the other way as you took your last 2 (borrowed) cows out the back and auctioned them off to the highest bidder in a last ditch attempt to pay off the feed bill at the local store...
And then you fired your ranch hand for letting the cows out of the barn.
And then you fire AA for not pointing out clearly what you were doing!Peter :-)
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