Lehman Brothers Venture Capitalism
- Lehman Brothers Venture Capitalism
An update to the classic bovine-based parody of political systems describing the rococo methodology of Lehman Bros financing.
In his Spectator column, Charles Moore quoted a viral email circulating in the City of London:
Lehman Brothers 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 Bear Stearns, 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 to your listed company. The annual report says the company owns eight cows, with an option on one more. You sell one cow to buy a new President of the United States, leaving you with nine cows. No balance sheet provided with the release. The public then buys your bull.
Dictionary of unconsidered lexicographical trifles.
2014.
Look at other dictionaries:
Lehman Brothers — Industry Investment services Fate Chapter 11 bankruptcy Founded 1850, Montgomery, Alabama, US … Wikipedia
History of private equity and venture capital — The history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub… … Wikipedia
Economic Affairs — ▪ 2006 Introduction In 2005 rising U.S. deficits, tight monetary policies, and higher oil prices triggered by hurricane damage in the Gulf of Mexico were moderating influences on the world economy and on U.S. stock markets, but some other… … Universalium
Private equity — In finance, private equity is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange. There is a wide array of types and styles of private equity and the term private equity has… … Wikipedia
china — /chuy neuh/, n. 1. a translucent ceramic material, biscuit fired at a high temperature, its glaze fired at a low temperature. 2. any porcelain ware. 3. plates, cups, saucers, etc., collectively. 4. figurines made of porcelain or ceramic material … Universalium
China — /chuy neuh/, n. 1. People s Republic of, a country in E Asia. 1,221,591,778; 3,691,502 sq. mi. (9,560,990 sq. km). Cap.: Beijing. 2. Republic of. Also called Nationalist China. a republic consisting mainly of the island of Taiwan off the SE coast … Universalium
General Motors Chapter 11 reorganization — The General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through section 363 of Chapter 11, Title 11, United States Code in the United States Bankruptcy Court for the… … Wikipedia
Bear Stearns — Industry Investment services Fate Bought by JP Morgan Chase in September 2008 Founded 1923 Defunct … Wikipedia
Emergency Economic Stabilization Act of 2008 — This article is about one division of an enacted statute. For the entire statute, see Public Law 110 343. For the enacted rescue program, see Troubled Asset Relief Program. The Emergency Economic Stabilization Act of 2008 (Division A of Pub.L.… … Wikipedia
United States — a republic in the N Western Hemisphere comprising 48 conterminous states, the District of Columbia, and Alaska in North America, and Hawaii in the N Pacific. 267,954,767; conterminous United States, 3,022,387 sq. mi. (7,827,982 sq. km); with… … Universalium
