What I learned about Enron this semester 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. Next, you 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 your CFO who sells the rights to all seven cows back to your company. The annual report states that the company owns eight cows with an option on nine more.
Posted on: Fri, 03 Oct 2014 15:22:52 +0000
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