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Kinder Morgan Reverse-Financial-Engineering Itself: Matt Levine

Aug. 11 (Bloomberg View) -- The self-acquisition presentation that Kinder Morgan filed today is a great thing to read if you're interested in the question of whether and how financial engineering adds value. One way of describing Kinder Morgan is that it is a big company that owns oil and gas pipelines, with some shareholders who own its stock and some bondholders who own its bonds. But that is not a strictly accurate way of describing Kinder Morgan. In fact Kinder Morgan is not a big company that owns gas pipelines. It's actually four big companies, each of which does some things relating to those pipelines, and each of which has its own investor base.

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