Fri, 25 Jan 2002 18:27:52 EST

January 26 - The Wallstreet Universe Report

Hello All Investors,

One of you wanted to know about the Enron Impact....I saw this
and thought it might clear things up.

Have A Great Weekend!

Steven Schwartz


>  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.  

>>>  Communism - You have two cows. Your neighbors help take care
of them and you share the milk.  

>>>>  Totalitarianism - You have two cows. The government takes
them both and denies they ever existed and drafts you into the
army. Milk is banned.  

>>>>>  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.