Khi chúng tôi sau đó phân tích một số của phương tiện công bố công khai của Enron, những cấu trúc như thế nào không đáp ứng các tiêu chuẩn nói trên trở nên rõ ràng. Người khởi rõ ràng không thể xây dựng cấu trúc các giao dịch trong sự cô lập. Phối hợp với các công ty xác nhận việc báo cáo tài chính, tư vấn pháp lý chuyên ngành, và, nếu SPE dự định | 192 STRUCTURED FINANCE AFTER ENRON additional regulatory scrutiny have not been justified and even if it turns out that Enron did abuse prepaids that fact alone should not stop other firms from making appropriate use of these products of which there are many. We urge regulators to move forward with caution lest a wide range of beneficial activities be penalized for the sins of only one abuser. We also strongly encourage firms not to shy away from these valuable tools for fear of guilt by Enron association. With proper attention to structuring disclosure and accounting firms using prepaids have nothing for which to apologize. NOTES 1. In cash-settled forwards the cash payment obligations of the long and short are generally netted into a single payment. 2. To see this simply imagine that the long in a physically settled forward immediately sells the 1 000 bbls of oil on the spot market at the prevailing spot price. The net proceeds from this are identical to a cash-settled contract in which the payment to the long is based directly on the spot price. 3. All of our discussions of economic equivalence are meant to apply to the marginal firm in equilibrium. As in many other situations in applied price theory inframarginal firms may face a different opportunity set in the short run. See the discussion by Culp and Hanke in Chapter 1. 4. This does assume of course the usual asset pricing assumptions including perfect capital markets and symmetric information. 5. As Culp and Miller 1995a explain the long cannot escape the cost of physical storage either by synthetically storing with a forward contract. 6. The reason for the significant public information on Mahonia pertains to a lawsuit filed by JP Morgan Chase against the insurance companies that provided Enron with surety bonds to be posted with Mahonia as guarantees of performance on their prepaid contracts. Culp discusses this lawsuit in more detail in Chapter 13. 10 ACCOUNTING AND DISCLOSURE ISSUES IN STRUCTURED .
