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MECA Electronics

Enron Bankruptcy Explained

Engineering Humor - RF CafeThese tech-centric jokes, song parodies, anecdotes and assorted humor have been collected from friends and websites across the Internet. This humor is light-hearted and sometimes slightly offensive to the easily-offended, so you are forewarned. It is all workplace-safe.

Humor #1, #2, #3


In case you were wondering how Enron came into so much trouble, here is an explanation reputedly given by a Colorado Aggie professor to explain it in terms his students could understand.

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.

Now do you see why a company with $62 billion in assets is declaring bankruptcy?

Someone e-mailed the picture to me, so I don't know it's origin. If the progenitor of it objects, I'll remove it.

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RF Cafe began life in 1996 as "RF Tools" in an AOL screen name web space totaling 2 MB. Its primary purpose was to provide me with ready access to commonly needed formulas and reference material while performing my work as an RF system and circuit design engineer. The World Wide Web (Internet) was largely an unknown entity at the time and bandwidth was a scarce commodity. Dial-up modems blazed along at 14.4 kbps while typing up your telephone line, and a nice lady's voice announced "You've Got Mail" when a new message arrived...

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