Enron Mail |
Funny, but it won't get picked up by Jay Leno .... -----Original Message----- From: Robert Weisenmiller [mailto:rbw@mrwassoc.com] Sent: Thursday, January 03, 2002 4:16 PM To: Comnes, Alan Subject: Fwd: Enron Accounting Texas Style <x-flowed< <Delivered-To: mrwassoc@barney.sfrn.dnai.com <From: "Bill Marcus" <bill@jbsenergy.com< <To: "Alan Gering \(E-mail\)" <bradley@jps.net<, < "Barry Bergman \(E-mail\)" <blbergman@rhphillips.com<, < "Bob Finkelstein \(E-mail\)" <bfinkelstein@turn.org<, < "Bob Kinosian \(E-mail\)" <gig@cpuc.ca.gov<, < "Bob Weisenmiller \(E-mail\)" <rbw@mrwassoc.com<, < "Cynthia Mitchell \(E-mail\)" <ckmitchell@powernet.net<, < "David Argue \(E-mail\)" <david.argue@sympatico.ca<, < "Don Fields \(E-mail 2\)" <flak2@aol.com<, < "Eric Witkoski \(E-mail\)" <epwitkos@ag.state.nv.us<, < "Eric Woychik \(E-mail\)" <estrategy@mindspring.com<, < "Fred Schmidt \(E-mail\)" <fschmidt@halelane.com<, < "JA Savage \(E-mail\)" <honest@compuserve.com<, < "Jack Pous \(E-mail\)" <lduci@earthlink.net<, < "Jan McFarland \(E-mail\)" <jmcfarland@worldnet.att.net<, < "Jim Lazar \(E-mail\)" <jimlaz@callatg.com<, < "Jim Scarff \(E-mail\)" <jes@cpuc.ca.gov<, < "John Williams \(E-mail\)" <JWilliams@Genesis.Law.Pace.Edu<, < "Lenny Goldberg \(E-mail\)" <lga@mother.com<, < "Matt Brady \(E-mail\)" <bradylaw@pacbell.net<, < "Mick Davies \(E-mail\)" <mick-d@telusplanet.com<, < "Mike Florio \(E-mail\)" <mflorio@turn.org<, < "Kirk Sisson \(E-mail\)" <kirk@swslawyers.com<, < "Rachel and Barry \(E-mail\)" <orlins_bergman@msn.com<, < "Sara Myers \(E-mail\)" <ssmyers@worldnet.att.net<, < "Shawn McMurray \(E-mail\)" <ShawnM@ag.state.ar.us<, < "Tom and Margie Bowman \(E-mail\)" <bowmani@mymailstation.com<, < "Theresa Mueller \(E-mail\)" <theresa_mueller@ci.sf.ca.us<, < "V. John White \(E-mail\)" <vjw@cleanpower.org<, < "Tom Greene \(E-mail\)" <greenet@hdcdojnet.state.ca.us<, < "Steve Ostrover \(E-mail\)" <sostrover@econone.com<, < "Robert McCullough \(E-mail\)" <robert@mresearch.com< <Cc: "Energy Advocate List \(E-mail\)" <eadvocate-l@igc.topica.com< <Subject: Enron Accounting Texas Style <Date: Thu, 3 Jan 2002 15:28:43 -0800 <X-Mailer: Microsoft Outlook CWS, Build 9.0.2416 (9.0.2911.0) <Importance: Normal <X-Envelope-To: <rbw@mrwassoc.com< <X-MDRemoteIP: 208.59.199.22 <X-MDRcpt-To: rbw@mrwassoc.com <X-MDaemon-Deliver-To: rbw@mrwassoc.com < <(Courtesy of Public Utilities Fortnightly, quoting an anonymous e-mail) < <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 you execute a debt-equity swap with an associated general offer, so you <get all four cows back, with a tax-exemption on the fifth cow, of course. < <The estimated future value of the milk cash flow stream rights of the six <cows are monetized and transferred via an intermediary to the Cayman <Islands, secretly owned by a majority shareholder who sells the rights to <all seven cows back to your listed company, off-balance-sheet, of course. < <The annual report says the company owns eight cows and recognizes milk <revenue for its 20-year life of the cow. < <This is hedged with a derivative cow life insurance policy through a Cayman <Island bank and these hedges are done through EnronOnline's commodity <storefront with a option to buy one more cow, no balance sheet provided ... < <The company says it will file all footnotes to its financial statement at a <later date ... </x-flowed<
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