FW: FW: UNDERSTANDING WHAT HAPPENED AT ENRON

Sarah Hlavinka McConnell
Associate General Counsel
Compaq Computer Corporation
MS 110701
20555 SH 249
Houston, TX 77070-2698
Phone (281) 514-4933

-----Original Message-----
From: Keene, Alexis
Sent: Monday, November 26, 2001 9:44 AM
To: McConnell, Sarah
Subject: FW: FW: UNDERSTANDING WHAT HAPPENED AT ENRON

we must forward this to Greg. Do you have his email address at Enron?
Alexis (hope you had a good holiday).

-----Original Message-----
From: Patrick Storck [mailto:pstorck@hotmail.com]
Sent: Wednesday, November 21, 2001 10:40 AM
To: Keene, Alexis
Subject: Fwd: FW: UNDERSTANDING WHAT HAPPENED AT ENRON

Alexis,

This is business 101, you must read to the bottom, for the axiom

Patrick B. Storck

Cell: 713-419-8601
email: pstorck@hotmail.com

<From: "Allen Sturdivant" <allenws@msn.com<
<To: "Amy Cornell" <cliff@flash.net<, "Roger Gillan"
<rogergillan@msn.com<,
<"Barry Griffin" <BarryGriffin@bgasales.com<, "J. Clay Rivers"
<<jclayrivers@yahoo.com<, "Patrick Storck" <pstorck@hotmail.com<, "Wayne

<Sturdivant" <Plowboy55@aol.com<
<Subject: FW: UNDERSTANDING WHAT HAPPENED AT ENRON
<Date: Wed, 21 Nov 2001 09:43:43 -0600
<
<Subject: FW: UNDERSTANDING WHAT HAPPENED AT ENRON
<
<
<Be sure and read it all....
<
<*******************
<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.
<----------
<Pure Communism
<You have two cows.
<Your neighbors help take care of them and you all share the milk.
<----------
<Applied Communism
<You have two cows.
<You must take care of them, but the government takes all the milk.
<----------
<Totalitarianism
<You have two cows.
<The government takes them both and denies they ever existed.
<Milk is banned.
<----------
<Pure Democracy
<You have two cows.
<You and your neighbors decide who gets the milk.
<----------
<Representative Democracy
<You have two cows.
<Your neighbors pick someone to tell you who gets the milk.
<----------
<Mexican Democracy
<You have two cows.
<The government takes both and drafts you into the army.
<----------
<European Democracy
<You have two cows.
<The EU commission decides which regulations for feeding and milking
apply.
<If there aren't any, they invent some.
<They pay you not to milk the cows.
<They take both cows, shoot one, milk the other and pour the milk down
the
<drain.
<They then require you to fill out forms accounting for the missing
cows.
<----------
<American Democracy
<The government promises to give you two cows, if you vote for it.
<After the election, the president is impeached for speculating in cow
<futures.
<The press dubs the affair "cowgate," but supports the president.
<The cows sue you for breach of contract.
<Your legal bills exceed your annual income.
<You settle out of court and declare bankruptcy.
<----------
<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 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.

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