Enron Capitalism

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You have two cows. Your lord takes some of the milk.

You have two cows. The government takes both, hires you to take
care of them and sells you the milk.

You have two cows. You must take care of them, but the government
takes all the milk.

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

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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