Do you know this person?

 -----Original Message-----
From: 	Sullivan, Kriste
Sent:	Tuesday, June 26, 2001 5:53 PM
To:	Cash, Michelle
Subject:	FW: Glocap Update-Selected Favorite Headhunter by Forb

	If you or someone in your EWS is hiring attorney's pass on this info.

	Thanks.
 -----Original Message-----
From: 	greenberg@glocap.net@ENRON [mailto:IMCEANOTES-greenberg+40glocap+2Enet+40ENRON@ENRON.com]
Sent:	Tuesday, June 26, 2001 5:14 PM
To:	ksulliv@enron.com
Subject:	Glocap Update-Selected Favorite Headhunter by Forb

Dear Kriste:

I hope that you are well.
I wrote to you several months ago to introduce you to Glocap Legal Search, one of the fastest growing in house legal recruiting firms in the nation.    Since that time, we have worked very hard to continue building a truly unique and powerful legal recruiting company and we were gratified recently when  Forbes.com selected us the best recruiting website in the country!
 Our growing reputation and our hard work has resulted in an ever-expanding network of pre-screened, truly extraordinary attorneys seeking new and challenging career opportunities.

I am writing to  ask for your help. Do you know anyone who might be interested in hearing more about how we can help their company address their legal staffing needs?
 I have briefly summarized a very small sample of some of the attorneys available through Glocap.  We have many more available, in all practice areas and experience levels.  Call me if you would like to discuss how we can be of service to your company, or feel free to forward this email to a colleague.

Attorneys available now include:
1. Dynamic trademark attorney with over five years of experience at one of the premier law firms in the US.  Experience includes trademark, trade dress, trade secret and patent litigations in numerous disciplines including software, chemical engineering, electrical engineering, biotech, medical devices and more. Extensive drafting experience in copyright license, franchise agreements and related documents. Would relocate within US.

2. Top JD and MBA (Columbia) has over 6 years experience representing foreign and domestic commercial banks, investment banks, funds, corporations and other financial institutions in wide variety of financial transactions including acquisitions, refinancings, project finance, public and private debt and equity offerings, LBO's, private equity investments and workouts. Seeks dynamic in house position at financial institution or technology company in US or abroad.

3. Columbia Law and Dartmouth undergraduate has over 5 years legal experience in corporate, securities and technology related work. Practice includes representation of both development stage and mature companies.  Will relocate throughout US for the right opportunity.

4. Associate at top Philadelphia firm has over three years expertise in structuring mergers, acquisitions, and debt and equity financing, as well as intellectual property licenses and general corporate matters. He is seeking a position with a suitable corporation in the Philadelphia or New York area.

5. Top law school graduate (law review) has over 7 years of sophisticated litigation experience at two highly prominent law firms. This candidate has represented broker-dealers, pharmaceutical companies, internet and high tech companies, among many other clients, on their most important and complex matters. They have ranged from accounting arbitrations  and bankruptcy cases to employment, general commercial and securities litigation. Has also worked at I-banks in non-legal roles.

6. This 1995 graduate of a top 5 law school and college has experience at both a premier law firm in M & A, corporate and finance as well as experience as an investment banker for a top bank. She/he seeks a legal position at a financial institution or similar entity that can utilize his/her combined legal and banking expertise.

7.  Harvard Law School (cum laude) and Stanford University (Phi Beta Kappa) graduate has done very sophisticated capital markets work in US and Asia. She/he has worked on private placements, mergers and acquisitions, private equity investments and joint ventures for American and Asian companies. Wants Northern California only.

8. Multilingual attorney with over 7 years experience representing issuers and financial institutions in registered and unregistered international securities offerings throughout Latin America. Also expert in representing creditors and borrowers in the implementation of credit facilities.

9. Michigan Law School and Yale undergraduate has over 5 years experience assisting private and public companies with venture financings, private placements, public offerings and mergers and acquisitions transactions. Has also counseled clients regarding general corporate matters, including formation and governance, employment agreements, and securities.

10. Harvard Law School and Yale undergraduate has 3 years experience at top law firm doing corporate acquisitons and divestitures, real estate, finance, joint ventures and project finance. This candidate has unusually strong communication skills and a terrific demeanor. Currently in house counsel to new media company

11. JD/MBA from top schools with extraordinary restructuring and global finance experience at top investment bank. Experience in acquisition finance, special loans/workout and financial advisory work.  She/he seeks position that will enhance and build upon their experience.

We are actively working with far more attorneys than we could possibly summarize here. Please contact me with any specific credentials and experience you seek, and I will let you know promptly if we can be of service to you. Thanks.
--
Steven J. Greenberg
Managing Partner
Glocap Legal Search LLC
Carnegie Hall Tower
152 West 57th Street, 27th Floor
New York, New York 10019-3310
212-333-6431

www.glocaplaw.com
greenberg@glocap.net

*** Glocap provides legal, financial and technical recruiting to public and private companies including Fortune 500 companies, financial institutions, investment banks and consulting firms, and law firms.  http://www.glocap.com ***

*** Forbes selected Glocap as its "Favorite Headhunter" in its Best
of the Web issue published in Spring 2001.
http://www.forbes.com/bow/b2c/review.jhtml?id=2812

v


3:30 - Fundamental Status Meeting in EB3268.

4:30 - Meeting w/Desk Heads and Andy Zipper, RE: Reuters in EB3241.


Hello again Everyone,

The email that I sent yesterday had the wrong new address.  The right one is darin.jen@shaw.ca not .com.

Sorry!

Jennifer Darin and Jonathan


Letting him stir is good in some ways but guys actually tend to like a lack
of clarity in relationships as it gives them more leeway.  However, I don't
really know the dynamic in your relationship at all.

So Angela and I made up from our huge saturday morning fight before I left on
Sunday and she cried like a baby when i left.  I feel so bad leaving her. She
is really broken hearted right now.


Please let me know at your earliest convenience, whether the comments,
declaration and matrix meet with your approval.  As noted below, PG&E will
be signing the comments on behalf of all consenting OFO Settlement parties.

Salle E. Yoo
Davis Wright Tremaine
One Embarcadero Center, Suite 600
San Francisco, CA 94111
Tel. 415 276-6564; Fax 415 276-6599
salleyoo@dwt.com

> -----Original Message-----
> From: Yoo, Salle
> Sent: Wednesday, November 17, 1999 2:32 PM
> To: 'Amirault, Paul'; 'Craig Chancellor'; 'Gerald Worster'; 'Grant
> Kolling'; 'James Weil'; 'Jeff Dasovich'; 'John Leslie'; 'Marcel Hawiger';
> 'Mark Baldwin'; 'Mark Pocta'; 'Michael Rochman'; 'Raveen Maan'; 'Rich
> Hall'; 'Ron Oechsler'; 'Tom Solberg'; 'Timothy J Hamilton';
> 'plg@cpuc.ca.gov'; 'mark.c.moench@wgp.twc.com'; 'mday@gmssr.com';
> 'jmct@gmssr.com'
> Cc: How-Downing, Lindsey
> Subject: FW: Comments on OFO Settlement
>
> Enclosed is a copy of the proposed Comments of the Settlement Parties in
> Support of the OFO Settlement.  ("Comments")  The Comments address the
> specific issues raised by ALJ Biren at the last prehearing conference as
> laid out below in our previous email.
>
> I am also attaching a copy of the Declaration of Dan Thomas (addressing
> how the Settlement is in the public interest) and the matrix developed by
> PG&E that compares the terms of the OFO Settlement to those in the Gas
> Accord.
>
> In order to expedite the process, PG&E has suggested that it, as a
> representative of all settlement parties, be the sole signatory to the
> Comments.  Therefore, please review the enclosed documents, provide any
> revisions and an indication of your assent/dissent to having PG&E sign the
> document on your behalf by end of business tomorrow (Thursday, November
> 18). The deadline for filing the Comments in Monday, November 22.
>
> If you have any questions, please do not hesitate to call.
>
> Salle E. Yoo
> Davis Wright Tremaine
> One Embarcadero Center, Suite 600
> San Francisco, CA 94111
> Tel. 415 276-6564; Fax 415 276-6599
> salleyoo@dwt.com
>
>  <<Comments_OFO.doc>>  <<dft-dec.doc>>  <<chart.doc>>
> -----Original Message-----
> From: Yoo, Salle
> Sent: Monday, November 15, 1999 11:16 AM
> To: 'Amirault, Paul'; 'Ben Ledene'; 'Craig Chancellor'; 'Grant Kolling';
> 'Jeff Dasovich'; 'John Leslie'; 'Marcel Hawiger'; 'Mark Pocta'; 'Michael
> Rochman'; 'Raveen Maan'; 'Ron Oechsler'; 'Tom Solberg'; 'Rich Hall'; 'Mark
> Baldwin'; 'Timothy J Hamilton'; 'pgg4@pge.com'
> Cc: 'Katie Elder'; How-Downing, Lindsey
> Subject: Comments on OFO Settlement
>
> CONFIDENTIAL AND PRIVILEGED COMMUNICATION SUBJECT TO CPUC RULE 51
>
>
>  As you recall, at the prehearing conference, Judge Biren directed
> the OFO settlement parties to provide her with additional information
> regarding the OFO settlement.  Friday, Nov.12, Patrick Golden and I had a
> follow-up conversation with Judge Biren to confirm the procedure by which
> she desires to receive the information.
>
>  As a result of the call, Patrick and I suggest that the OFO
> settlement parties file joint "Comments Supporting Settlement" on Nov 22,
> along with any other party which may file comments on the settlement.  Our
> comments would encompass the following:
>
> 1) The settlement is in the public interest as attested by an attached
> declaration.
>
> 2) The settlement does not constitute a change in the basic Gas Accord
> settlement; it merely refines implementation details on the Gas Accord.
> As a result, no hearings are necessary on the settlement.
>
> 3) Neither SB1602 nor 1421 impact immediate Commission approval of the
> settlement.
>
> 4) The settlement is intended to be a final, not an interim, settlement.
>
>  With respect to Judge Biren's request for declarations (which she
> reconfirmed despite agreeing that Rule 51 does not require declarations),
> Patrick and I discussed having the settling parties provide one
> declaration from PG&E outlining the reasons why the settlement is in the
> public interest, and having the PG&E declarant be authorized to state that
> the following parties authorize him to state that they support his
> declaration.
>
>  Judge Biren confirmed that any replies to our comments would be due
> along with all other reply comments on the settlement.
>
>  If you have any comments or suggestions on this approach, please let
> either Salle Yoo or me know ASAP.
>
>
> Lindsey How-Downing
> Davis Wright Tremaine LLP
> One Embarcadero, Suite 600
> San Francisco, California 94111
> Phone 415-276-6512
> Fax     415-276-6599
> Email  lindseyhowdowning@dwt.com

 - Comments_OFO.doc
 - dft-dec.doc
 - chart.doc


I took the volumes to 0 on the following deals

Deal 257285 CES Exchange Buy and deal 257287 CES sale - term 4/1/2000 -
10/31/2000

Deal 257288  CES buy and deal 257289 CES Exchange sale - term 11/1/2000 -
3/31/2001.

Thanks


so far, it looks like I can make both meetings

regards
Henning Bruttel

> -----Original Message-----
> From: Robert Pickel [SMTP:RPICKEL@isda.org]
> Sent: Tuesday, May 29, 2001 22:31
> To: ISDA BOARD
> Cc: Cynthia Richards
> Subject: September Board meeting
>
> Please note that the September Board meeting will take place on Thursday,
> September 13, in London. Previous schedules listed the Board meeting as
> taking place on the 12th, the day of our London update. As usual, the
> meeting will begin at 12:00 noon with lunch followed by the meeting. I
> will
> provide details separately on the location.
>
> Please confirm your attendance for the September meeting.
>
> The November meeting will be on Tuesday, November 13, in New York, as
> previously notified.
>
> Bob

If you have received this e-mail in error or wish to read our e-mail
disclaimer statement and monitoring policy, please refer to
http://www.drkw.com/disc/email/ or contact the sender.


Hello Everyone,

Please see the attached EnronOnline Europe Marketing Reports for May 30, 2001.

Executive Summary:				w/e 5/30/01		           w/e 5/23/01

Regards,
Jennifer Oliver


Wayne:

I went to Tracy's office to help Cynthia look for the documents and Cynthia found them, so you should be getting copies shortly.

Marie

 -----Original Message-----
From: 	Gardner, Wayne
Sent:	Thursday, August 09, 2001 5:32 PM
To:	Cooper, Tracy J. (EBS)
Cc:	Heard, Marie
Subject:	RE: Question re:  Electronics Boutique/n2

This is kind of scary (and not just because I need the documents).

 -----Original Message-----
From: 	Cooper, Tracy J. (EBS)
Sent:	Thursday, August 09, 2001 5:12 PM
To:	Gardner, Wayne
Subject:	FW: Question re:  Electronics Boutique/n2

just fYI

still trying to find the docs

 -----Original Message-----
From: 	Heard, Marie
Sent:	Thursday, August 09, 2001 5:04 PM
To:	Cooper, Tracy J. (EBS)
Subject:	RE: Question re:  Electronics Boutique/n2

I don't know off the top of my head where they are?  Is there a blue file?  Do I have a memo in my memo directory where I sent them to Contract Admin?

 -----Original Message-----
From: 	Cooper, Tracy J. (EBS)
Sent:	Thursday, August 09, 2001 4:52 PM
To:	Heard, Marie
Subject:	Question re:  Electronics Boutique/n2

Hi Marie

Any idea where I can find the final docs for this deal?  Cynthia said she gave them to you -- I've looked in the regular places -- where else can I check?

thanks

Tracy
 -----Original Message-----
From: 	Gardner, Wayne
Sent:	Thursday, August 09, 2001 4:16 PM
To:	Cooper, Tracy J. (EBS)
Subject:	These are the drafts, I need the final docs

 << File: Annex A Financial GTC (Credit)EBC020401.doc >>  << File: Annex A Financial GTC (Credit)Into020401.doc >>  << File: Annex B Financial GTC (Credit)Into020401.doc >>  << File: MBDAssignmentAgt020401.doc >>  << File: SoftwareonDemandMarketingAgreement.doc >>  << File: Swap Transaction Into020401.doc >>  << File: Swap TransactionElbo020401.doc >>


Thanks for the update--Other than the Gallagher Boland $$$ I can't think of
anything that we might be squirreling away and capitalizing.  (Grynberg $$ go
to a work order also, but are expensed, right?).  Also, I absolutely trust
you, but in the Ronald Reagan sense:  "Trust, but verify."  Adios.  DF

07/18/2000 12:14 PM
Louis Soldano
Louis Soldano
Louis Soldano
07/18/2000 12:14 PM
07/18/2000 12:14 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Eric Benson/ET&S/Enron@ENRON, Elaine Concklin/ET&S/Enron@ENRON

Subject: Re: Reminder: Overhead Allocations

DREW - SINCE I DID NOT KNOW WHAT WAS GOING ON I SPOKE WITH ELAINE.

WE HAVE CAPITAL CHARGES ASSOCIATED WITH SPECIFIC PROJECTS - SUCH AS AN
EXPANSION PROJECT.  I DON'T BELIEVE YOU HAVE ANY OF THOSE AND I HAVE PROVIDED
MS. PATEL A LIST OF ET&S PROJECTS THAT FIT IN THIS CATEGORY (I ONLY HAD A
COUPLE AS WELL).

THERE COULD BE OTHER CHARGES WHICH ARE ALLOCATED TO A GENERAL OVERHEAD AND
CAPITALIZED.  THE ONLY MATTER THAT MIGHT FALL INTO THIS CATEGORY WOULD BE THE
GALLAGHER/BOLAND (OUTSIDE COUNSEL) COSTS.  WE HAVE THESE GOING TO A WORK
ORDER FOR THE YEAR 2000 (A TOTAL AMOUNT OF ABOUT $425,000 FOR NORTHERN).  I
BELIEVE WE WERE PLANNING TO ESTIMATE THE COSTS AS THE SAME FOR 2001 AND TREAT
THEM THE SAME (ASSUMING ELAINE AND OTHERS GIVE US THE GO AHEAD).

ELAINE - ANYTHING TO ADD?  ALSO, I UNDERSTAND YOU ARE COLLECTING THESE
CHARGES FROM ALL GROUPS AND WILL GET BACK TO US??  (AND YOU WILL PUT ME ON
YOUR DISTRIBUTION LIST SINCE I DON'T TRUST DREW AND HE'S TOO SMART TO TRUST
ME.) THX.

	From:  Drew Fossum                           07/18/2000 11:45 AM

To: Eric Benson/ET&S/Enron@ENRON
cc: Louis Soldano/ET&S/Enron@ENRON

Subject: Reminder: Overhead Allocations

Any need to do anything?  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 07/18/2000
11:41 AM ---------------------------

	Elaine Concklin
	07/18/2000 11:30 AM

To: Bill Cordes/ET&S/Enron@ENRON, John Dushinske/ET&S/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Rod
Hayslett/FGT/Enron@ENRON, Mike McGowan/ET&S/Enron@ENRON, Kent
Miller/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@Enron, Michel
Nelson/ET&S/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Rockey
Storie/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, Bob
Chandler/ET&S/Enron@ENRON, James Centilli/ET&S/Enron@ENRON, Gary
Zahn/ET&S/Enron@ENRON, David Clements/ET&S/Enron@ENRON, Mike
Zabawa/ET&S/Enron@ENRON, Sophie Patel/ET&S/Enron@ENRON, Virginia
O'Neill/ET&S/Enron@Enron, Dana Jones/ET&S/Enron@ENRON, Gary
Sova/ET&S/Enron@ENRON, Richard Hanagriff/ET&S/Enron@ENRON, Tim
Kissner/ET&S/Enron@ENRON, Ray Stelly/ET&S/Enron@ENRON, Nancy
Wood/ET&S/Enron@ENRON, Carmela Brooks/ET&S/Enron@ENRON, Vera
Apodaca/ET&S/Enron@ENRON
cc:

Subject: Reminder: Overhead Allocations

Just a reminder for those of you that have not sent me your Overhead
Analysis.  Please send it as soon as possible.  A big thanks to those of you
who have already sent me your information.

Please call me at x3-5521 if you have questions.
Thanks!  Elaine

Bill Cordes
06/27/2000 01:45 PM
Sent by: Virginia O'Neill
To: John Dushinske/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Steven
Harris/ET&S/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, Mike
McGowan/ET&S/Enron@ENRON, Kent Miller/ET&S/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@Enron, Michel Nelson/ET&S/Enron@ENRON, Dave
Neubauer/ET&S/Enron@ENRON, Rockey Storie/ET&S/Enron@ENRON, Julia
White/ET&S/Enron@ENRON, Elaine Concklin/ET&S/Enron@ENRON, Bob
Chandler/ET&S/Enron@ENRON, James Centilli/ET&S/Enron@ENRON, Gary
Zahn/ET&S/Enron@ENRON, David Clements/ET&S/Enron@ENRON, Mike
Zabawa/ET&S/Enron@ENRON
cc: Sophie Patel/ET&S/Enron@ENRON, Virginia O'Neill/ET&S/Enron@Enron, Dana
Jones/ET&S/Enron@ENRON, Gary Sova/ET&S/Enron@ENRON, Richard
Hanagriff/ET&S/Enron@ENRON, Tim Kissner/ET&S/Enron@ENRON, Ray
Stelly/ET&S/Enron@ENRON, Nancy Wood/ET&S/Enron@ENRON, Carmela
Brooks/ET&S/Enron@ENRON

Subject: Overhead Allocations


----- Forwarded by Tana Jones/HOU/ECT on 06/14/2000 08:57 AM -----

	Gene Diers@ENRON
	06/12/2000 02:56 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Mark Holsworth/Corp/Enron@ENRON
		 Subject: D'Aarcy, Masius, Benton & Bowles USA, Inc. - Project Services
Agreement

 You forwarded to me a letter from Enron Corp. to the above vendor
authorizing the use of a subcontractor by the name of Jason Yang.

The letter is non-specific as to name and title but since the work is for the
Online Project, I would imagine that Philippe Bibi would be the appropriate
person.

I have not submitted the letter to Philippe for signature for two reasons:

(1) We do not have the original Agreement for Project Services.  I don't know
who executed it but it is not in our files.
(2) There are actually a couple of standard subcontractor agreements that we
ask the Contractor and Sub-Contractor to execute.  I am attaching electronic
copies to this e-mail and printed copies to the hard copy which I am
returning to you along with the original letter.

If we find the person (Corporate Officer) who signed the original Agreement
for Project Services, we should have that person sign all of these documents
and then formally transmit them to the vendor.  We need the original
agreement before we can proceed.

Please call me if I can be of help.

The subcontractor agreements are attached below.  gene


Stage One Weather Alert for ERCOT is cancelled at
12:00 on 12/13/00.
ERCOT has no Weather Alerts Or Advisories in place
at this time.


----- Forwarded by Jeff Dasovich/NA/Enron on 03/15/2001 05:45 PM -----

	Margo Reyna
	03/15/2001 04:56 PM

		 To: Sue Nord/NA/Enron@Enron, Scott Bolton/Enron Communications@Enron
Communications, Lara Leibman/Enron Communications@Enron Communications,
Donald Lassere/Enron Communications@Enron Communications, Mona L
Petrochko/NA/Enron@Enron, Barbara A Hueter/NA/Enron@Enron, Jeff
Dasovich/NA/Enron@Enron, Susan M Landwehr/NA/Enron@Enron, Marchris
Robinson/NA/Enron@Enron, Ricardo Charvel/NA/Enron@Enron, Stephen D
Burns/Corp/Enron@ENRON, Xi Xi/Enron Communications@Enron Communications,
Allison Navin/Corp/Enron@ENRON, John
Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Eric Benson/NA/Enron@ENRON,
Karen Huang/Enron Communications@Enron Communications, Matthew
Jachimiak/HOU/ECT@ECT, John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: Telecom Services: Broadband Services: USA:    Analysts still
bullish on Enron broadband unit ...

Margo Reyna
Regulatory Analyst
Enron Corp., Government Affairs
Phone:  713-853-9191

----- Forwarded by Margo Reyna/NA/Enron on 03/15/2001 04:56 PM -----

	djcustomclips@djinteractive.com
	03/15/2001 04:54 PM
	Please respond to nobody

		 To: 123363@WCTOPICS.djnr.com
		 cc:
		 Subject: Telecom Services: Broadband Services: USA:    Analysts still
bullish on Enron broadband unit ...

USA: Analysts still bullish on Enron broadband unit prospects.
By C. Bryson Hull

03/15/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, March 15 (Reuters) - Wall Street took a hard look at Enron Corp.'s
content delivery plans this week after it ended its video-on-demand deal with
Blockbuster Inc. , but remained largely unfazed by the failure of the
flagship deal, analysts said on Thursday.
On balance, most analysts viewed the busted 20-year exclusive agreement as
disappointing, but by no means a fatal blow to Enron Broadband Services'
(EBS) budding content delivery segment.
Most reiterated buy or strong buy ratings for the Houston company and
maintained bullish earnings targets for the Enron Broadband Services division.
But all are awaiting an indication of how Enron will reconfigure the content
delivery initiative.
"I think Blockbuster represented kind of an anchor tenant for the broadband
business, so they have lost a contract that was important," said Jeff
Dietert, an analyst with Houston investment house Simmons and Co.
Now EBS will have to pursue smaller contracts to make up the loss, which
could mean a longer road to create as big a book of business, Dietert said.
EBS executives have said they expect to have $1 billion in total contracted
business by the end of 2001.
CHASING MORE CONTRACTS TO FILL VOID
EBS Chairman and Chief Executive Officer Kenneth Rice on Friday said his
division is already pursuing deals with content providers to send on-demand
games, movies, music and television over the Enron network.
UBS Warburg analyst Ronald Barone, in a research note released Monday, said
he still believes Enron will hit the $1 billion mark in 2001.
"Though this announcement is clearly a disappointment we have a great deal of
confidence in the judgment of Enron's senior management and of the upside
associated with this business," Barone wrote.
His report reiterated a strong buy recommendation and 12-month stock price
target of $102 a share, with EBS accounting for $25 of that.
One analyst remained skeptical of the content delivery plans.
"Where they go from here is one of things they have to tell the market in a
convincing fashion," said Commerzbank Securities analyst Andre Meade, who
raised Enron to accumulate from hold on Thursday.
But he also cut earnings targets for the EBS segment to $8.40/share because
of the failed Blockbuster deal.
Heady cash-flow projections figured heavily in Enron's guidance for 2001,
which called for a stock price of $126, of which EBS would account for $40,
Meade said.
Meade, whose company initiated coverage on Enron in late May 2000, had been
alone among Enron analysts in keeping a hold rating on the stock.
Merrill Lynch analyst Donato Eassey on Monday released a note reiterating his
buy recommendation with a $99/share price target.
"While the separation from such a high-profile name is disappointing, we do
not view this as negative," Eassey wrote. "This could in fact actually
accelerate Enron's content delivery strategy."
Eassey pointed out that Enron and Blockbuster's trial in Seattle, Salt Lake
City, New York and Portland, Ore., proved Enron can deliver movies on demand.
That gives them a track record to show to potential customers like movie
studios and other entertainment concerns that want to provide content
directly through their Web sites, he said.
Enron's stock closed on Thursday at $66.53, up $3.78, compared with its
52-week range of $59.99 to $90.5626.

Folder Name: Telecom Services: Broadband Services
Relevance Score on Scale of 100: 80

______________________________________________________________________
To review or revise your folder, visit Dow Jones CustomClips or contact Dow
Jones Customer Service by e-mail at custom.news@bis.dowjones.com or by phone
at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511 or contact
your local sales representative.)
______________________________________________________________________
Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved


Sounds good to me.  I'm in EB 3850.

	From:  Ken Loch                           08/14/2000 02:16 PM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: Astros tickets

Kay,

I would like the two Astros tickets you have available for Saturday night,
August 19th.  I will bring a check for $50 tomorrow.  I will call you
tomorrow before I drop by your office.

Thank you,

Kenn Loch
713-345-8962


Dan,

Sorry I forgot. Things have been intense lately on Cuiaba.  Below you will
find a summary which addresses your request. Please let me know if you want
more details.
---------------------- Forwarded by Rob G Gay/NA/Enron on 01/17/2001 04:02 PM
---------------------------

Rob G Gay
12/19/2000 10:59 AM
To: Britaldo Soares/SA/Enron@Enron, Guillermo Atenor/SA/Enron@Enron, Brian
Swinford/NA/Enron@Enron, Eduardo Camara/SA/Enron@Enron, Peter N
Anderson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Joe Kishkill/SA/Enron@Enron, Ben F Glisan/HOU/ECT@ECT

Subject: Note to Britaldo

Britaldo Soarez would like to have a brief note indicating all of the things
you are currently working on.  Thanks

Britaldo,

In summary, this is what is left on our plates:

Cuiaba I - Rob Gay

RioGen - unassigned (sale with Elektro planned)

WestLB CAA - Peter Anderson, Cheryl Lipschutz

Elektrobolt - Peter Anderson, Runabir Dutt

Cuiaba II - Peter Anderson

GTB Expansion - Brian Swinford

Transredes Expansions - Brian Swinford

Bom Retiro - Eduardo Camara

Arcor - Guille Atenor

Donna Francesca - Billy Mullville, G. Atenor

G. Atenor keeps a weekly list which provides the level of detail you will
need for our merchant activities.

Tracee Bersani (associate) is helping out on Cuiaba I and the CAA.  G. Atenor
can give you the details of Diego Holovik's activities.


ISDA PRESS REPORT - MAY 24, 2001

Accounting
* IASB Begins Work on Combinations Project - BNA
* Banks Attack Investment Risk Accounting Plan - Financial Times
Asia
* Prospects for Quick Resolution of Japan's Bad Loan Problem Dim - BNA
* Japanese Online Trading Service Eyes Expansion - Financial Times
Regulatory
* Nominations to Fed Governor Seats to be Ready Soon - BNA
* Bankers Eye Impact on Agenda if Senate Control Changes Hands - BNA
Risk Management
* Basle Rules Could Hit Stability - Financial Times
Other Issues
* French Peg Hopes on Five-Year Bonds - Financial Times
* LSE Float is Another Piece in Market Jigsaw - Financial Times

IASB Begins Work on Combinations Project
Seen as Step Toward Standards Convergence
BNA - May 24, 2001
By Steve Burkholder

LONDON--The International Accounting Standards Board took steps May 23 to
begin a high-priority rulemaking project on business combinations in hopes
of using the effort as one avenue leading to global convergence in financial
reporting standards.

IASB Chairman David Tweedie suggested that the newly restructured board
could place the combinations effort "fairly high on our priority list" of
standard-setting and associated projects. Formal decisions on the panel's
agenda await consultation with the board advisory council, which is yet to
be named (100 DTR G-2, 5/23/01).

If the board seeks convergence in accounting standards, "this is one that
we'd certainly look at," Tweedie said of the proposed project on
combinations. The topic also is expected to be discussed in a special
meeting May 24 with the chiefs of national accounting standard-setters from
the G-8 countries. Edmund Jenkins, chairman of the Financial Accounting
Standards Board, plans to attend.

Tentative Approach Would End Poolings
A tentative approach in IASB's proposed standard-setting effort would be to
end the pooling-of-interests method of accounting, a method of reporting for
"true mergers" or what are called in the United Kingdom "uniting of
interests." A firm majority of the IASB appeared to favor poolings' demise.
In such "unitings," the assets of combining enterprises are simply added
together, leaving no impact on the income statement. Such accounting
connotes that the commercial marriage is not an acquisition.

Unitings are allowed under International Accounting Standard 22 on business
combinations, although their occurrence is understood to be rare. A chief
element in the rationale for use of such accounting is the inability to find
an acquirer--a situation on which some in accounting, including IASB member
James Leisenring and former SEC Chief Accountant Michael Sutton, have cast
serious doubt.

If poolings are not used, the purchase method of accounting is the general
rule around the world. Purchase accounting typically includes writedown of
goodwill, an amount that represents the premium paid over the book value of
net purchased assets.

In Connecticut, FASB has completed work on a set of rules for business
combinations accounting built on required use of the purchase method (100
DTR G-6, 5/23/01). Poolings--prominent accounting practice in the United
States--would be banned after June 30, according to FASB's latest set of
decisions in the key rulemaking effort.

However, FASB would not allow goodwill amortization under its proposed
standard, which is expected to be issued in mid-July. Instead, the U.S.
board plans to call for accounting that hinges on tests to gauge whether
goodwill has been impaired--meaning its fair value dips below its book
value, leading to a writedown of the intangible asset only when that occurs.

Impairment Also Eyed by IASB
IASB signaled that goodwill impairment "might be the way to go," as Tweedie
stated in providing a summary of preliminary board opinions expressed on the
second day of its four-day meeting in London.

However, a number of board members are not ready to rule out goodwill
amortization, as shown by comments that were noted by their chairman.
Accounting standards on combinations could be better aligned around the
world, but that does not mean IASB would achieve such convergence by "just
slavishly following world opinion," Tweedie said.

The international board plans to study the issue and accounting options
thoroughly before it settles on a proposed route for merger and acquisition
accounting. The research is expected to include a close reading of FASB
documents chronicling that board's odyssey toward what it calls the
"impairment-only approach" for goodwill.

As noted by FASB members now on IASB, the U.S. board went down that path
because it tries wherever possible to avoid affording choices in accounting.
The impairment-only method is favored by many in commerce because it
prevents the drag on earnings presented by the automatic writedown of
goodwill.

Tweedie Offers Project Proposals
Other topics that Tweedie suggested should be in the scope of IASB's
preliminary study leading to a rulemaking project on combinations are: joint
ventures, which Tweedie called a "big escape route" around the negative
effects of the purchase method for combinations and goodwill amortization;
dual listings of stock of otherwise joined enterprises, said to be another
method of accounting avoidance; and acquisition provisioning, a practice in
the United Kingdom.

In Britain, where Tweedie headed the Accounting Standards Board in the 1990s
and into 2000, the impairment test for goodwill in combinations is stronger
than the mechanism planned by FASB, the IASB chairman said. However, as
Tweedie and an IASB colleague, Warren McGregor, noted, the economy largely
has been strong over the last several years. Thus, the impairment approach
hasn't undergone a "stress test" to see how well it works, as McGregor said.

Experience With Project's Concerns
At FASB, Leisenring, now on IASB, helped decide the direction of the
combinations project until he left the board in June 2000. However, he did
not take part in the redeliberations on treatment of goodwill, he
emphasized.

In comments May 23, Leisenring appeared somewhat optimistic about the
utility of the goodwill impairment test--and was more upbeat about the
better quality of financial reporting resulting from a ban on poolings. He
also predicted the new FASB standard would lead to better recognition of
intangible assets.

"I think you won't just see these impairments exist when they want to have
them," he said, adding that the reporting would be market-driven. He noted
FASB's reasoning that getting rid of poolings would require that the
purchase price be put on the books, making financial statements more useful
to investors.

Across the table from Leisenring, Geoffrey Whittington, a professor of
accounting at Cambridge University until summer 2001, suggested that a
"loose impairment test" could lead to nonamortization where such a writedown
due to a slide in value was in order. He also appeared to question whether
an acquirer could be found in every combination, as Leisenring had asserted.
IASB plans to continue to discuss business combinations at upcoming board
meetings this summer.

Banks attack investment risk accounting plan
Financial Times - May 24, 2001
By Michael Peel

Leading banks will on Thursday attack a radical international plan to make
companies reveal more about the risks associated with their investment
portfolios. A conference at the British Bankers' Association, the main
industry body, will highlight concerns that the plan could cause volatility
in profits and threaten investor confidence.

"The vast majority [of banks] think these proposals are potentially very
damaging," said Paul Chisnall, a BBA director. "There is no split in the
industry on this."  The comments highlight the controversy over "fair value"
accounting, a new approach that forces companies to adjust their profits to
take account of the economic effects of non-trading activities.

The BBA has joined other banks across Europe in condemning a plan unveiled
late last year by the Joint Working Group, a body made up mainly of
accounting standard-setters from the world's biggest economies.  The
proposals, which are being considered by national standard-setting bodies
and the European Commission, will make companies adjust earnings to take
account of rises and falls in the values of financial instruments such as
derivatives and loans to customers.
The BBA conference includes contributions from the chief accountants of
HSBC, BNP Paribas and Barclays Bank, none of whom is expected to speak
favourably about the proposals.
The banks say it is unfair to make them account for changes in the values of
instruments such as long-term customer loans, which are rarely traded and
generally held to maturity. They are worried that sharp changes in interest
rates would lead to dramatic changes in banks' accounts and confuse
consumers.

Banks argue the swings could put them at risk of breaching solvency
requirements set by regulators, forcing them to withdraw from lending that
caused volatility even though it was safe.
The standard-setters who produced the plan say it should help investors by
revealing large liabilities that remain concealed under traditional
accounting rules.

Prospects for Quick Resolution of Japan's
Bad Loan Problem Dim; Study Panel Urged
BNA - May 24, 2001
By Toshio Aritake

TOKYO--With barely a month left before the Diet (parliament) adjourns in
late June, Japanese Prime Minister Junichiro Koizumi's international pledge
to settle the bad loan problem of banks in two years appears to have
stalled.

Minister in Charge of Financial Services Hakuo Yanagisawa May 17 met Takashi
Imai, chairman of the powerful Keidanren (the Federation of Economic
Organizations of Japan) that represents all top Japanese companies.
Yanagisawa asked for Keidanren cooperation and proposed the establishment of
a joint study panel of Keidanren and Zenginkyo (the Federation of Bankers
Associations of Japan) to examine early bad loan disposal, a Financial
Services Agency official said May 21. But Imai demurred, only agreeing to
the need for prompt action, Keidanren officials said May 21.

However, Keidanren and Zenginkyo May 22 began exploring ways to form the
proposed study panel. The two organizations are preparing to hold a
top-level meeting during the week of May 27 and will try to work out a joint
guideline on debt forgiveness by banks to borrowers by the end of June, a
Keidanren official said May 23.

Yanagisawa's policy, which he explained during parliamentary testimony
earlier this month, is to encourage the private sector to voluntarily clean
up bad loans--which the FSA earlier this year said totaled as much as 150
trillion yen (about $1.3 trillion)--with market principles and encourage
banks to forgive bad loans that may not be recovered so that borrowers,
including construction companies, can continue borrowing. In this way the
banks would not fail and result in job losses for workers.

Countering Moral Hazard
The so-called moral hazard that may occur as a result of banks giving debt
forgiveness to borrowers can be prevented with restrictions under the Civil
Rehabilitation Law, Yanagisawa said. He also said in Diet testimony that the
Koizumi Cabinet needs to heed the policies of the Ministry of Land,
Infrastructure and Transport and that totally denying debt forgiveness would
arbitrarily halt industry restructuring.

Over the past several years, banks had implemented debt forgiveness to
beleaguered borrowers, such as large construction companies, supermarket
chains, and banks themselves, in what FSA officials have termed as the first
debt forgiveness program, and maintained credit lines or continued extending
new loans to the borrowers. Yanagisawa said that on the condition that
troubled borrowers seek debt forgiveness as the pre-condition to mergers and
acquisitions, that the second debt forgiveness program should be accepted.

While Keidanren's Imai is in agreement with Yanagisawa--who seems to
represent banks' stance more than that of Japanese industry as a whole--that
bad loan cleanup should be left to private sector efforts, his reluctance to
accept Yanagisawa's request stems from his long-held view that Japan needs
to quickly address the problem of excess production capacity, the Keidanren
official said. The United States and the European Union supports Imai's
position.

Imai, as well as Japan Employers Association Chairman Hiroshi Okuda, also
are concerned that debt forgiveness might resuscitate the borrowers and make
them stronger than companies that have diligently managed their businesses
and as a result the good companies might in turn be put in jeopardy.

Banking Industry Skeptical
Even the banking industry is skeptical of Yanagisawa's scheme. One senior
official of a top Japanese bank expressed concern that Yanagisawa's emphasis
on private-sector efforts might lead to a succession of something comparable
to the multi-billion-dollar failures of the Sogo retail group and Tokyo Life
Insurance last year. Both companies failed last year after suffering the
implosion of huge liabilities relative to capital and assets--despite banks'
loan restructuring and debt forgiveness. The FSA put Sogo under government
supervised corporate rehabilitation.

Debt forgiveness may not necessarily contribute to restoring health to
troubled borrowers if their stock prices remain low and earnings remain
poor, as happened to many borrowers in the past. That could mean that if the
second debt forgiveness did not work, then another debt forgiveness would
become necessary, starting a vicious cycle.

Analysts Not Impressed
David Asher, the American Enterprise Institute's associate director of Asian
studies, described such an approach at an April 25 seminar in Tokyo as
"brain dead capital injection" to borrowers.
Keio University professor Masaru Kaneko said May 21 that the whole
government approach toward bad loans reflected the ineptness of the Koizumi
Cabinet and that he and his key Cabinet members have proved that they are
failing to break the Liberal Democratic Party's faction system and the old
guard hierarchy.

If Koizumi truly is determined to resolve the bad loan problem in two years,
as he pledged in his first parliamentary speech May 7, he should inject
taxpayer money and force banks to write down bad loans and punish bankers
and borrowers severely, Kaneko said.

Analyzing Yanagisawa's Diet testimony, Kaneko said the minister is
emphasizing private sector efforts and market principles to avoid getting
accused publicly. In fact, at least two regional banks that Yanagisawa
nationalized with taxpayer money injections a few years ago had to receive
taxpayer money again last year, despite his promise to resell the banks back
to the market.

Japanese Online Trading Service Eyes Expansion
Financial Times - Newsbytes - May 23, 2001
By Adam Creed

EDerivative.com, a Japanese online brokerage for trade in interest rates
derivatives, is looking to expand its customer base in Japan and overseas.
The online brokerage said on Tuesday it has contracted Radianz, a Reuters
and Equant-owned networking company, to provide local and international
Internet protocol (IP) connectivity.

EDerivative.com's 24-hour real-time market trading platform will be
available to yen market dealers via their own local area networks, rather
than through an existing standalone system. The networked service also
allows the company to more effectively reach international traders.

A Radianz spokesperson said the connectivity will be provided via Equant's
global IP network.
EDerivative.com says it aims to attract one-third of the market participants
in Tokyo's yen swaps arena, a market it values at $3.3 billion.

Spokesperson Kimihiko Matsuno told Newsbytes the service currently has just
under 20 clients. "There are about 40 active players at the moment in the
Yen market and we intend to target the core 25 banks by the end of this
year," Matsuno said.

Nominations to Fed Governor Seats
To Be Ready Soon, White House Official Says
BNA - May 24, 2001
By Brett Ferguson

President Bush is expected to nominate two economists to fill the open seats
on the Federal Reserve's Board of Governors "within the next few weeks,"
Glenn Hubbard, chairman of the White House Council of Economic Advisors,
told BNA May 23.

Hubbard said the security clearance and background checks required for such
high-level positions have slowed the nomination process, but filling the
last two seats on the seven-member Board of Governors is a priority for
President Bush.  There has been no specific effort to pick candidates
working in the private sector rather than academia, but the ideal candidate
"should be someone with excellent knowledge of banking and financial issues
since banking regulation is the majority of what the Fed does," Hubbard
said.

Hubbard would not name any specific individuals under consideration for the
Board of Governors posts, but said there is a list of several names being
widely circulated.  Some of the names being circulated include Terry Jorde,
president of CountryBank USA in North Dakota, Diane Swonk, chief economist
at Bank One in Chicago, and Cynthia Glassman, a senior economist at the
accounting firm Ernst & Young.

Bankers Eye Impact on Agenda If Senate Control Changes Hands
BNA - May 24, 2001
By Adam Wasch and R. Christian Bruce

The financial services industry will move to a more defensive position on
consumer privacy, subprime lending, and other issues if Sen. James Jeffords
(R-Vt.) bolts from the Republican Party and gives Democrats control of the
Senate and its banking committee, sources told BNA May 23.

But overall, key legislative priorities for bankers will remain intact if,
as expected, Sen. Paul Sarbanes (D-Md.) replaces Sen. Phil Gramm (R-Texas)
as committee chairman, they added.
A spokesman for Sarbanes declined to comment, but Gramm told reporters May
23 that he expects good relations regardless of the committee's makeup.

"I expect the same cooperation that the banking committee has operated under
for the last two and a half years," Gramm said. A spokeswoman for Gramm
noted that funding for the committee's staffs would continue to remain
evenly split through the current session of Congress based on a resolution
passed earlier this year.

Dodd as Chairman?
Presumably, if Jeffords switches parties, Sarbanes would assume the
committee's leadership position, although one BNA source familiar with the
issue said Sen. Christopher Dodd (D-Conn.) also could be in play for the
job.

Either way, observers cautioned that it will likely take weeks before a
Senate resolution could be crafted to deal with the massive change in
committee appointments. Nevertheless, experts said that if Dodd were
appointed, it would help to assuage Republicans' concerns about the Banking
Committee adopting what they said could be a more activist agenda under
Sarbanes.

A Democratic staffer for the House Financial Services Committee predicted
that if Sarbanes takes the chair, more progress can be expected on consumer
protection issues that the staffer said are now being ignored, such as
predatory lending, abuses by credit card issuers, and so-called payday
lenders. "I would see an aggressive consumer agenda coming out," the staffer
said.

"There are a lot of banking issues that tend to be bipartisan," an industry
representative told BNA. "There will be no effect on business checking
legislation and [Federal Deposit Insurance Corporation] reform, which are
major priorities for us. Both are bipartisan."

Bankruptcy Reform Could Move
Another issue that could benefit from a shift in power is bankruptcy reform
(H.R. 333, S. 420), which passed both houses by a large margin in March.
However, since its passage, the bill has remained stalled due to the
Republican leadership's inability to agree upon party representation in
conference. A Democratic Senate clearly would break that logjam, and some
industry observers see the legislation moving more easily if the Democrats
take over in the Senate although abortion and homestead exemption issues
could still provide barriers during conference.

No one interviewed by BNA expected a flood of legislation to move out of a
Democratically controlled Senate. Democrats would have too narrow a majority
and each senator's individual power in the legislative process is too great
for that. For example, issues related to regulation of secondary mortgage
firms Fannie Mae and Freddie Mac will remain as politically complex as ever,
sources said.

"There is still going to be a very tenuous division of power," one source
said. "I don't think people should now expect some big Democratic banking
agenda."

Oxley's Role Could Change
Perhaps the most immediate effect of a Democratic takeover in the Senate is
the increased pressure it could bring to bear upon House Financial Service
Committee Chairman Michael Oxley (R-Ohio). Although banking industry
representatives stressed to BNA how eager they are to work with members of
either party, congressional sources told BNA the Republican party is their
traditional ally.

"This elevates Oxley's prestige considerably," one Republican staffer told
BNA. "He's who they'll look to with their issues."  Sources also said the
industry will depend on Oxley to stop any unfavorable bills that clear the
Senate. "We have to figure out if he's a good [bill] stopper and how far
he'll go before he has to put pressure on the president to veto
legislation," one lobbyist said.

However, a committee chairman can have an impact even without passing
legislation, said Joe Belew, president of the Consumer Bankers Association.
If Sarbanes takes control of the Senate Banking Committee, he said, the
senator from Maryland--or any other Democrat who ascends to the post--will
be able to use the committee to set the agenda by using hearings and other
actions to call attention to key issues. "Every chairman uses the gavel to
highlight his own issues," Belew said.

Democratic 'Ripple' Effect
A Democratic staffer on the House side said ripple effects could be felt
there if Sarbanes becomes chairman. Even though Republicans still control
the House, the staffer said, they would have to take Democratic issues and
positions more seriously, knowing that Senate Democrats might lend support.
"All of a sudden the Democratic minority here becomes more relevant," the
staffer told BNA. "For example, until a few days ago, predatory lending was
a non-issue. If Sarbanes starts holding hearings on predatory lending, it's
harder to push aside those concerns in the House." Jim McLaughlin, director
of trust affairs for the American Bankers Association, said much the same.
"It will change the direction of the chair about 178 degrees," he said.

Agency Nominations Affected
Another area that stands to be affected is the nomination process,
McLaughlin added. Currently, the Federal Reserve Board has two vacant seats,
and industry experts have assumed that the White House will move to replace
the current leadership at the Office of the Comptroller of the Currency and
the Office of Thrift Supervision.

Now, the administration will have to plan those nominations with an eye
toward candidates acceptable to a Democratic chairman, McLaughlin said. "It
will probably be a pretty significant issue," he said.  However, McLaughlin
predicted that Don Powell, who has been named to chair the FDIC, is likely
to be confirmed. "I wouldn't think he'd be in danger. He's a friend of Phil
Gramm, but he's a banker, and he's knowledgeable," McLaughlin said.

Evenly Split Lobbying
Lastly, there is potentially some sense of the status quo for the banking
industry, sources said. Although the financial services industry is known to
give larger campaign dollars to Republicans, this does not mean Democrats
have been left out in the cold and are estranged from the banking industry's
interests.

"We know both of these men," an industry lobbyist told BNA. "It's not like
Sen. Sarbanes's agenda is a mystery to us. We can work with anyone we have
to."
The Financial Services Roundtable, a prominent trade group that represents
some the largest financial services corporations in the country, told BNA it
is prepared for what political changes may come.

"We've been pretty balanced in the distribution of our lobbying efforts," a
Roundtable spokeswoman told BNA. "Furthermore, It's been 50-50 [in the
Senate] for some time now. We feel comfortable on either side."

Basle rules could hit stability
Financial Times - May 24, 2001
By John Willman

The Bank of England on Wednesday warned that the stability of the world's
financial institutions could be undermined by new rules designed to reduce
the risk of bank failures.

David Clementi, deputy governor, said the new Basle accord linking the
amount of capital banks have to hold more closely to the riskiness of their
loans could amplify the economic cycle. Downturns would be accentuated if
bank credit dried up because the increased risk of loan default required
banks to hold more regulatory capital.

Mr Clementi said there was evidence of such consequences during the 1997
Asian crisis, when leading banks with sensitive risk-measurement procedures
had suddenly enforced loss limits. Risk-adjusted capital requirements should
be based on long-term measures that include the possibility of future
economic downturns in assessing credits.

"No one is suggesting that risk-insensitive capital measures are the
answer," he said. "Rather we need to ensure that, in so far as we can, we
avoid sudden perceptions of changed risk."
Speaking at a conference organised by the UK central bank on systemic risk,
Mr Clementi said that banking crises had become more common. Four of the G10
leading economies had suffered a banking crisis during the last 10 years.

He warned that attempts to impose stronger banking regulation could be
undermined if risk shifted to more lightly regulated financial institutions
such as insurers. "We may find that our new rules are simply arbitraged
away, for example using credit risk transfers to insurance subsidiaries, or
asset securitisation sales to third-party insurers, or credit insurance and
derivatives sold by insurers," he said.

Mr Clementi said he would welcome international discussion of whether the
trend towards risk-based measures in banking should be mirrored in non-life
insurance regulation.

French peg their hopes on five-year bonds- An alternative to futures traded
on the Eurex could prove the deciding factor in a long-running debate
Financial Times - May 23, 2001
By Aline van Duyn

The long-standing competition between Germany and France to be the benchmark
for the euro-zone bond markets is heating up again.  The latest instalment
of the debate is being played out in the futures market, where Euronext, the
European exchange that runs the French derivatives market, last week
relaunched its five-year European bond futures contracts.

The contracts are being presented as an alternative to the five-year futures
traded on the Swiss-German Eurex exchange, which have come under scrutiny
from banks active in the market following a successful "squeeze" operation
in March.

Although the products traded on the exchanges are not directly related to
the debt borrowing programmes of their respective governments, the outcome
of their jostle for position could affect the price each country has to pay
for its bonds.

Herve Cros, bond strategist at BNP Paribas, which is one of 11 banks which
will act as a market maker for the new Euronext contracts, said the squeeze
experienced on the Eurex exchange - which led to losses for many banks -
offered an opportunity to try to create an alternative.
"For this reason, Euronext decided to relaunch its future on behalf of, and
in collaboration with, numerous international players," Mr Cros said.

When a bond future matures, the owner has the right to receive a certain
number of underlying government bonds. This creates more demand for the
underlying debt and can therefore push up its price.

At the moment, French five-year bonds yield more than German five-year
bonds. Reducing this gap would benefit the French treasury, because it could
reduce its cost of borrowing.
Because the amount of futures traded can be much larger than the size of the
underlying cash market, shortage of deliverable bonds can occur. If an
investor secretly buys up the deliverable bonds, the conditions for a market
"squeeze" are created, because others will need to pay a premium to obtain
the debt when the futures expire.

There is a particular risk of a squeeze when there is a shortage of bonds in
the cash market. For the June five-year bond, or Bobl, contract traded on
Eurex there are more deliverable bonds than for the September contract.

"There are concerns about a possible squeeze in the September Bobl future,"
said Kim Rosenkilde, global head of government bonds at ABN Amro, which is
also a market maker for the Euronext future.

In the coming weeks, traders will start to roll over their positions from
June to September. The next three weeks will therefore be be a key period
for determining the success or otherwise of Euronext's efforts to capture a
share of the five-year futures market, which has been growing in importance
in recent years.

Banks have asked Eurex to consider changing its trading rules to make
squeezes less likely, but so far the exchange's board has not responded to
these demands. Euronext's contracts have two elements which could reduce the
chance of a squeeze. First, positions are limited to 50,000 contracts.
Second, the French treasury is able to temporarily increase the number of
bonds available via the repurchase, or repo, market.

Mr Rosenkilde said the contract would need to prove itself over the next six
to 12 months if it was to become a viable alternative to the Eurex future.
It can be difficult for liquidity to shift from one exchange to another, but
it has been done before. There are other alternatives to using either the
Eurex or Euronext futures, although none is likely to take over fully. The
London International Financial Futures and Options Exchange has futures
based on five-year swaps. Traders can also use the swaps market directly or
cash government bonds to hedge their debt positions.

Even though futures markets are a derivative of the underlying market, they
are particularly important in Europe. Despite the existance of the single
currency, the cash bond markets remain fragmented as each euro-zone country
issues its own bonds.  "Futures play a more critical role in the European
market than they do in the US," said Bernd Hoefel, head of financial
strategies at Lehman Brothers, also a market maker for the Euronext future.

"The future is the big unifier for debt market participants, and this is why
it is so important to have the future functioning smoothly."

LSE float is another piece in market jigsaw
Financial Times - May 24, 2001
By David Holmes and Braden Reddall

LONDON (Reuters) - It may be a giant leap for the London Stock Exchange
(LSE), but its public flotation detailed is no more than a small step on the
path towards the unified European equity market that investors desire.

Having set a July date for its long-awaited market debut, the London
institution was poised on Thursday for one of the most fundamental changes
in its 200-year history.
Yet the flotation is only one part of the stock market jigsaw coming
together across Europe, as bourses from Amsterdam to Frankfurt list their
own shares and change the whole structure of European markets.

As listed companies, exchanges should in theory be more able to make
takeovers and alliances to rationalise the complex structure of the markets.
The LSE pitched its flotation around such a claim -- that it would shake
itself free of the constraints of mutuality and act in a commercial way,
putting its shareholders' interests first.

It should, after all, be well placed as the leading European bourse.
The 2.7 trillion euro (1.64 trillion pounds) market capitalisation of its
listed stocks is nearly double that of either Frankfurt or Paris. London is
the largest global centre for the management of institutional equities, with
1.7 trillion pounds of equities under management. And around 500 foreign
companies are listed on the London exchange, more than on any other.

Yet the LSE has still given scant detail of its future strategy, beyond some
generalisations about being Europe's leading exchange and forming
unspecified technology links and partnerships.

CHANGE IN FORTUNES
The more important aspect of the LSE's flotation, at least in the short
term, may simply be a pointer to a potential change in its fortunes.  At the
beginning of last year, the LSE was a mutually owned organisation struggling
against a legacy of internal conflict and strategic uncertainty.

Subsequently, an abortive plan to merge with the Deutsche Boerse led to the
departure of Chief Executive Gavin Casey and left an impression of division
between the exchange and some of its members. Just a few months later, the
LSE stands poised to secure a near one billion pound flotation that it hopes
will return it to the forefront of Europe's capital markets.

It even seems to have gained the support of smaller brokerages with its more
conciliatory approach. Brian Winterflood, chief executive of Winterflood
Securities, told Reuters Television: "Isn't it nice to hear everyone on the
same side.... They are listening to people, which is marvellous."  The
multi-billion pound valuations hung on traditional exchanges show that they
have a future, despite potential threats to their way of doing business.

Brokerages have deployed their own systems to trade shares between different
clients, allowing those clients to trade directly with each other -- a
process known as disintermediation.  The Internet offers a medium for share
trading that could yet emerge as a serious contender, yet investors still
seem to believe that exchanges have a future.

Behind the lofty valuations of the LSE and the Deutsche Boerse, which runs
Frankfurt, are hopes that they will ultimately unite to offer investors a
seamless route to trading shares across Europe, cementing their central
market position and their value. Hopes that the LSE could itself be a bid
target have already helped inflate its shares, which are traded on an
unofficial "matched bargain" basis by investment bank Cazenove. They rose
330 pence or 9.8 percent to 3,575p by 3pm, having hit a record peak of
3,690p -- almost double their level at last July's debut. But the route to
consolidation is little clearer after the LSE's flotation announcement, as
Chief Executive Clara Furse conceded. Flotation gives the LSE an acquisition
currency, but how it intends to spend it is unclear.

"Trading is going global and geographic boundaries are becoming irrelevant,"
Furse said. "But how it will all pan out is difficult to predict".

**End of ISDA Press Report for May 24, 2001.**

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF ISDA STAFF, ISDA'S
BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA.  THIS PRESS REPORT IS
NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN ORGANIZATION), AND ISDA IS
NOT RESPONSIBLE FOR ANY USE TO WHICH THESE MATERIALS MAY BE PUT.


No Flow


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Please do not respond to this message. Mail sent to this address cannot be
answered.


comfort suites is like $800 total for 4 nights.  cheap as it gets down there.  i was just thinking we would all pile in and save some money.  only condition is that ryan doesn't go on a booze cruise and piss on himself.


Suzanne:

	This is already on my calendar so I am not responding to this invitation.  I seem to get a lot of duplicate meetings as a result of responding to these notices.

Thanks,

Jeff

 -----Original Appointment-----
From: 	Adams, Suzanne
Sent:	Friday, October 19, 2001 2:50 PM
To:	Adams, Suzanne; Hodge, Jeffrey T.
Subject:	ERIC MERTEN FROM PORTLAND OFC, SHEILA'S GROUP, TO MEET W/JEFF HODGE RE GAS IN JEFF'S OFC
When:	Friday, October 26, 2001 10:00 AM-10:30 AM (GMT-06:00) Central Time (US & Canada).
Where:


Ellen,
 I received your voice mail and your email this morning.  I made each of the
changes from your email to the two contract documents.  Please review and if
acceptable, please start the execution process by printing two originals of
each document.  Once signed by Reliant, please forward to me and I will have
ENA sign their contract and I will attempt to get Enovate to sign and return
their contract and the two transaction agreements to me for forwarding one
fully set to you.  Please call if you have any questions.  My phone number is
(713)853-6895.


Gerald,

Most of what Kurt has responded with seems somewhat benign.  Please review
and let me know what you think and let's see if we can turn this this week.

Chris

	Kurt Bell 6343 <kbell@powereng.com>
	03/11/2001 04:49 PM

		 To: "'Chris.Hilgert@enron.com'" <Chris.Hilgert@enron.com>
		 cc:
		 Subject: RE: Power Engineers CA

Chris:

Thanks for preparing the Confidentiality Agreement.  In preparation of our
discussion on Monday, 3/12, I have already received comments back from our
Contracts Department.  Please find the areas in question highlighted in the
attached document.

The items of concern and suggestions for these areas are as follows:

3.  Request deletion of this highlighted portion as it confuses the issue.
Is it that we caused the event that gave rise to the legal action?  Or just
that we disclosed confidential information?  That is unclear, and it is
clear, in other parts of the agreement that the parties agree not to
disclose, so this is repetitive.

6.  The use of the information shall be covered in a project agreement, and
should not be the subject of this agreement.  Please request this provision
is deleted in its entirety.

9.  One arbitrator is enough, unless the parties agree otherwise.  Please
request language is inserted to mean, "If the parties agree they need more
than a single arbitrator, then three shall be chosen."

We are working towards setting up meetings for April.  We can discuss this
on Monday.

Kurt Bell

-----Original Message-----
From: Chris.Hilgert@enron.com [mailto:Chris.Hilgert@enron.com]
Sent: Friday, March 09, 2001 9:51 AM
To: kbell@powereng.com
Subject: Power Engineers CA

Kurt,

Per our discussion, you will find attached a CA to cover our forward
relationship.  Please review and let me know your thoughts at your earliest
convenience.  Let's talk on Monday at a minimum.

Thanks,
Chris
713-853-7350
----- Forwarded by Chris Hilgert/HOU/ECT on 03/09/2001 10:47 AM -----

                    Gerald Nemec

                                         To:     Chris Hilgert/HOU/ECT@ect

                    03/08/2001           cc:

                    03:43 PM             Subject:     Power Engineers CA

Chris,  Attached is the form of CA for Power Engineers, Inc.  Let  me know
if you have any qeustions.

(See attached file: Power Engineers-CA.DOC)

 - Power Engineers-CA _Power Eng Comments.DOC


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 06/23/2000 04:13 PM -----

	jowens@eqt.com
	06/23/2000 02:53 PM

		 To: cstclai@enron.com
		 cc:
		 Subject: Revised ISDA Schedule

> Carol
>
> I received your message about the ISDA.  Due to the specific nature of the
> section 29 deal, we will not be able to use the ISDA you are in the
> process of negotiating with Equitable Energy.  The financial partners that
> will be involved in this deal have agreed upon this ISDA schedule so I
> think it may be best if you try to edit our version of the ISDA.  Please
> see the changes on the schedule A to the ISDA.  Please replace this
> schedule with the earlier draft of the schedule A to the ISDA that I sent
> to Jeff.
>
>  <<ISDA_SchA_Sect29r1.doc>>
>
> Thanks
> Jan

 - ISDA_SchA_Sect29r1.doc


Pete van de gohm suggested we might want to get something out on the mideast
situation as well -- a sort of travel advisory.  Please follow up with him.
I know that for our mideast project people we have been taking care of this
in David Haug's old organization.  See if there is anything else we need to
be doing.  Dennis Vegas may be able to provide you with a way to get the info
you need.

	Michael Hicks@ECT
	10/12/2000 02:11 PM

		 To: Joseph W Sutton/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Steven J Kean/NA/Enron@Enron, Bill Donovan/EPSC/HOU/ECT@ECT, Lewis
May/NA/Enron@Enron
		 Subject: Colombia

Joe:

Here is more on Colombia.  It emphasizes the 'take precautions'
recommendation.

Regards,

Mike Hicks
----- Forwarded by Michael Hicks/EPSC/HOU/ECT on 10/12/2000 02:07 PM -----

	Philip Giraldi <ebquillen@yahoo.com>
	10/12/2000 02:01 PM

		 To: Mike Hicks <Michael.Hicks@enron.com>
		 cc:
		 Subject: Colombia

Mike - I've spoken to my contacts at State and
Defense.  They both are saying that their people in
Colombia are on high alert - no unnecessary travel,
fully armored vehicles when available, changing time
and routes, etc. - as they fully expect FARC and ELN
to react violently to the initiation of US aid later
this month.  They believe that the terrorists will go
after easily recognizable but soft targets that are
clearly American.  That pretty much means American
corporations whose presence can be identified and who
don't have visible security.  The Embassy understands
that companies like Coca Cola have removed all expats.
 I asked if the Embassy officers have been able to
move about the cities and they replied "Of course, but
they don't do it as much as they did and are more
careful now."  Cali and Medellin are regarded as more
dangerous that Bogota and U.S. official travel to them
is at a minimum. Travel in the countryside is
absolutely forbidden except by helicopter.

Hope this helps.  Let's face it, you can operate
anywhere as long as you are careful... - Phil

__________________________________________________
Do You Yahoo!?
Get Yahoo! Mail - Free email you can access from anywhere!
http://mail.yahoo.com/


Hal McKinney
location:  2510a
work:   (713)345-3707
pager:   (713)288-3577

I will be out of the office Friday 5/11/2001 and will be accessible by pager.

Thanks

Hal
x53707


Our department will be migrated to Outlook in two groups.  The first group
will be migrated on Monday, June 11,  and the second group will be migrated
on Tuesday, June 12.   You will receive four e-mails from the Outlook
migration team.  Please do not delete them.  You will need to open the four
e-mails and follow the instructions to migrate to Outlook.

Assistants, you will be responsible for scheduling training for yourself and
your assignments.  It is recommended everyone attend a one hour training
class.  Training can be scheduled by contacting Maggie Cruz at extension
3-1816.  (Assistants, please coordinate training with your backup so both of
you are not in training at the same time.)  Outlook migration specialists
will be on the 38th floor to answer questions Tuesday and Wednesday, June 12
and 13.

Listed below is useful information provided to us by the Outlook Migration
team.

E-mail Policies

Users will be restricted to a Mailbox size of 100 MB.

Further mailbox size restrictions are detailed as follows:

Issue Warning at 75 MB - users are automatically sent a warning from the
System Administrator explaining they are near their Mailbox limit.

Prohibit Send at 100 MB - users are prevented from sending e-mail, yet they
can still receive internal and external messages.  Users must reduce the size
of their mailbox by deleting old mail, saving attachments to a local drive,
etc. before they can send e-mail again.

Inbound/Outbound Mail Size Limits - inbound and outbound e-mail messages will
be limited to a size of 10MB.

Deleted Item Retention - users will be able to recover deleted items from
their mailbox as old as 8 days.  Deleted items include e-mail messages,
folders, contacts, calendar entries, tasks, notes, journal entries and
meeting notices.

Archiving - archiving will not be a supported feature of Outlook 2000.

Migration Preparation

Clean Your Mailbox - due to new space limitations on your mailbox, you are
advised to clean your Notes mailbox of old, unneeded messages BEFORE
migration.  If you are at the 100MB limit on the day of migration, you will
not be able to send messages once you are in Outlook.

Limits on Items Migrated  - from the day of your migration, only 30 days of
old mail will be migrated from your mailbox.  This includes mail in your
inbox and other folders.  Calendar items dating back one year from the day of
migration will be migrated (with the exception of repeating appointments).

The following people will be migrated Monday evening, June 11.

Adams, Suzanne
Bushman, Teresa
Cash, Michelle
Clark, Bart
Corbet, Nancy
Daniels, Eddy
Davis, Angela
Dickson, Stacy
Edison, Andy
Elbertson, Janette
FitzGerald, Genia
Flores, Nony
George, Robert H.
Goode, Diane
Guinn, Linda
Haedicke, Mark
Hansen, Leslie
Hearn, Ed
Heinitz, Mary
Hodge, Jeff
Legal Temp 1
Legal Temp 2
Legal Temp 3
Legal Temp 4
Mann, Kay
Maxwell, Matt
McCullough, Travis
Meraz, Claudia
Mellencamp, Lisa
Milligan, Taffy
Moore, Janet H.
Nemec, Gerald
Nettelton, Marcus
Ogden, Mary
Perlingiere, Debra
Portz, David
Sager, Elizabeth
Sanders, Richard
Simmons, Linda
Sol,, Carlos
St. Clair, Carol
Sweet, Twanda
Tweed, Sheila
Van Hooser, Steve
White, Ann Elizabeth
Zucha, Theresa

The following people will be migrated Tuesday evening, June 12.

Aronowitz, Alan
Bailey, Susan
Boyd, Samantha
Braddy, Martha
Bruce, Robert
Bruck, Sarah
Carolan, Dominic
Castillo, Connie
Collins, Harry
Cook, Mary
Crady, Ned
del Vecchio, Peter
Doucette, Margaret
Farrell, Keegan
Ferguson, Samantha
Garcia, Nita
George, Carolyn
Gray, Barbara
Greenberg, Mark
Gresham, Wayne
Haas, Merrill
Heard, Marie
Hendry, Brent
Jones, Tana
Keiser, Holly
Koehler, Anne
Korkmas, Deb
Lauterbach, Elizabeth
Legal Temp 5
Legal Temp 6
Legal Temp 7
Lindeman, Cheryl
Lovelady, Steven
Lyons, Dan
Martinez, Mary Helen
Mayer, Laurie
Murray, Julia Heintz
Nachawati, Majed
Nelson,  Cheryl
Panus, Stephanie
Pinto Leite, Francisco
Rivera, Coralina
Robison, Michael
Rogers, Daniel
Sayre, Frank
Shackleton, Sara
Shanks, Reginald
Spencer, Becky
Stoler, Lou
Taylor, Mark
Viverito, John
Young, Randy

Many thanks for your help in making this a smooth migration to Outlook.

Nony Flores and Janette Elbertson


i will go if you want me to - does that sound familiar?

Shanna Husser@ENRON
03/20/2000 02:33 PM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re:

OK- Would I have asked you if I didn't want you to go??  Just like a woman.

 In all honesty- if you don't want to go- I probably won't go either.  I am
not a huge professional baseball fan- it is so slow!-  so to go to something
like that I really need to enjoy the people that I am with.  Don't think that
the tax department necessarily falls into that category- but would be
bareable if you were there. Just a side thought- but my dad would be so mad
if he knew I had the opportunity to go- but didn't.  Don't know why that just
popped in my head.  I guess I write e-mails using "stream of consciousness"
also.

Also- you know- you and Jennifer are a lot alike.  You know how you send me
ugly e-mails when you are the last person on any group e-mail that I send
out.  Well- she is even worse- she just called and yelled at me- b/c she was
not the FIRST person on a group e-mail that I sent.

SH

	From:  Eric Bass @ ECT                           03/20/2000 02:20 PM

To: Shanna Husser/Corp/Enron@ENRON
cc:

Subject: Re:

do you want me to go?

Shanna Husser@ENRON
03/20/2000 01:15 PM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Hey-

April 10th Astros game vs. St. Louis- do you want to go??  I need to let them
know if I want another to get on the list for an extra ticket.

SH


Philip,

Thanks. You are the best.

Vince

From:	Phillip Randle/ENRON@enronXgate on 05/02/2001 07:28 AM
To:	Vince J Kaminski/HOU/ECT@ECT
cc:
Subject:	RE: Installation of new programs

I gave you local admin rights on your laptop yesterday. What you have to do is to log into the laptop using the local
Machine account. The id and the password is the same as your Corp login now. The password on the local account will
Never change. If you have a minute today I will show you how. Let me know a time.

Phillip Randle
Desktop Support Specialist x39665

 -----Original Message-----
From: 	Kaminski, Vince
Sent:	Tuesday, May 01, 2001 5:17 PM
To:	Randle, Phillip C.
Cc:	Kaminski, Vince
Subject:	Installation of new programs

Phillip,

How can I install new programs on my laptop, without
the administrator's privileges?

One example: when I travel I use AOL to get access to my mail
and to communicate with the office. Windows 2000 does not allow
me to install it.

 Also, I have my private statistical software
I often use when I work at night during business trips.
I would like to load it as well.

Vince


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Greg do you agree with the notes below.

John

 -----Original Message-----
From:  Steffes, James
Sent: Thursday, June 07, 2001 7:36 AM
To: Lavorato, John; Kitchen, Louise
Subject: Agenda for FERC Meeting RE: EOL

FYI.  Here is our agenda for the FERC staff that is coming to Houston to
visit next Monday.  Please call if you have any questions.

Jim

---------------------- Forwarded by James D Steffes/NA/Enron on 06/07/2001
07:35 AM ---------------------------
From: Christi L Nicolay@ECT on 06/06/2001 05:27 PM
To: marvin.rosenberg@ferc.fed.us
cc:  (bcc: James D Steffes/NA/Enron)

Subject: Agenda for EnronOnline Meeting

Marvin -- We look forward to your visit.

Agenda for Meeting at Enron

Monday, June 11

12:15:  FERC Team arrives at Enron
  1400 Smith Street
  Come to the Front Desk -- Sarah Novosel (Senior Director, Federal
Regulatory Affairs)
  and Christi Nicolay (Senior Director, Power Trading, Federal Regulatory
Affairs)
  will be waiting to meet you and sign you in with security

12:30-1:30 Lunch with Christi Nicolay, Sarah Novosel, Jim Steffes (Vice
President, Government Affairs)

1:30 - 2:30 Presentation by Dave Forster, Vice President, EnronOnline

2:30 - 3:00 Tour of Power Trading Floor with meeting and demonstration of
trading activities with
  Kevin Presto, Vice President

3:00 - 3:30 Tour of Gas Trading Floor with meeting and demonstration of
trading activities
  with Phillip Allen, Managing Director,  West Gas Trading

3:30 - 4:00 Wrap Up


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Constellation Energy Group, Inc. has added a News Release to its Investor
Relations web site.

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Title:  Constellation Energy Group Declares Dividend
Date:  10/19/2001
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---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/27/2000
05:40 PM ---------------------------

Zimin Lu
07/27/2000 03:08 PM
To: Anjam Ahmad/LON/ECT@ECT
cc: Stinson Gibner/HOU/ECT@ECT (bcc: Vince J Kaminski/HOU/ECT)
Subject: Re: Aluminium Asian Digital Options

Anjam,

We can use moment matching to find the "effective" volatility and dividend
yield for the average.
Then we can apply the European digital option formula.   Attached please find
the c-code I did
for  Asian spread option, when I find the effective vol and drift for both
averages then find the option
value by calling the European spread option.  You can do just the same for
the Asian digital option.

It would be nice to do a Monte-Carlo, just checking the accuracy of the
approximation.

It was nice to have you here, we are impressed by the work you have done.
Keep up the good work.

Zimin

	Enron Capital & Trade Resources Corp. - Europe

	From:  Anjam Ahmad                           07/27/2000 10:14 AM

To: Zimin Lu/HOU/ECT@ECT
cc:
Subject: Aluminium Asian Digital Options

Hi Zimin,

Russell Placket of MG Metals just talked to me about the issue of pricing a
strip of twelve monthly Asian digital options on LME aluminium.  As I
understand, the payoff to the customer is a fixed cash amount that wil be
paid if the average of the closing prices of aluminium for a month are
greater than the strike agreed in advance, where holiday days do not
contribute to the average.

Russell mentioned that this would be a set of 12 monthly options starting in
Jan-01, and that the LME price for Jan-01 of $1572.5 (which is the future
converging to the spot price on the 3rd Wednesday in Jan 01) can be used as a
proxy/estimate for the average for the month.

Do you have a model for asian digitals or should I proceed with Monte Carlo
to price this, maybe using European digital option model as control variate?

Thanks,

Anjam
x35383


Dear Valued Customer,

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now choose from over 200 new gift ideas, including our popular "Relax
and Pamper", "Home for the Holidays", "Classic Fruit & Gourmet" gift
baskets, plus much, much more!

And remember, your satisfaction is always 100% guaranteed!!!!
Wish all of your friends, family, and associates your warmest holiday
greetings this year. And when you're doing your last minute shopping
this  holiday, visit us online at http://www.giftbaskets.com or call us at
1-800-461-6836.

Seasons Greetings!
GiftBaskets.com


All,

I have reviewed documents from the ISO's website regarding forced outages as they relate to the June 19 FERC order and concluded the following:

(1) During a System Emergency, a penalty based on twice the highest price paid for energy in the hour could be assessed if the Participating Generator does not notify the ISO of the outage within the operating hour of the outage, and

(2) During a Non-System Emergency, a generator could be assessed a penalty if it fails to report the forced outage within the operating hour.

If you have any questions at all, I can be reached at extension 7733.

Thanks,
Donna

 -----Original Message-----
From: 	"Almeida, Keoni" <KAlmeida@caiso.com>@ENRON [mailto:IMCEANOTES-+22Almeida+2C+20Keoni+22+20+3CKAlmeida+40caiso+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, July 11, 2001 1:33 PM
To:	Sheidun, Donna
Subject:	FW: CAISO Notice - ISO Compliance Filing on June 19 FERC Order
Importance:	High

Keoni Almeida
California Independent System Operator
phone: 916/608-7053
pager:  916/814-7352
alpha page:  9169812000.1151268@pagenet.net
e-mail:  < mailto:kalmeida@caiso.com <mailto:kalmeida@caiso.com> >

-----Original Message-----
From: Grant, Colleen On Behalf Of Woertz, Byron
Sent: Wednesday, July 11, 2001 9:45 AM
To: ISO Market Participants
Subject: CAISO Notice - ISO Compliance Filing on June 19 FERC Order
Importance: High

	ISO Market Participants:

	As you know, on June 19, the FERC released its "Order On Rehearing
Of Monitoring And Mitigation Plan For The California Wholesale Electric
Markets, Establishing West-Wide Mitigation, And Establishing Settlement
Conference." Since the Order was released, market participants have raised
several questions regarding the Order. The ISO has received several
questions and plans to share those questions and answers with you within the
next few days.

	In addition, in compliance with the June 19 FERC Order, the ISO has
made its compliance filing with FERC. The filing is posted on the ISO web
site at http://www1.caiso.com/pubinfo/FERC/filings/ for your review.

	The ISO will host a conference call from 12:00 p.m. to 2:00 p.m. PDT
on Monday, July 16 to discuss questions you may have regarding the FERC's
June 19 Order. The details of the call are as follows:

	Dial-In Number: (877)381-6005

	Conference ID: 1361763

	Leader: Byron Woertz

	Our goal will be to clarify the ways in which the ISO is
interpreting and implementing the FERC Order and to address other
implementation issues you may have. We do not plan to discuss issues that
are pending or are more appropriately addressed at FERC. If you have
specific questions you would like for us to address, please send them to me
by COB on Thursday, July 12 so that we can be better prepared to address
them during the call on Monday. If you have any questions, please call or
e-mail me.

	Byron B. Woertz, Jr.

	Director, Client Relations

	(916) 608-7066

	(800) 481-7037 - Pager


book it


Hi John

Give me a call on this - I was thinking either Marcus Nettelton or Carol St Clair in Houston could help you. Which one will depend in part on how you think the timing will go.

Thanks


Thank you. You are so good to me.  I am feeling a little shakey this morning.  Its really nice knowing you are there for me.  I miss being with you.

I love you.

 -----Original Message-----
From: 	Harris, Steven
Sent:	Monday, October 01, 2001 10:10 AM
To:	Geaccone, Tracy
Subject:

Hi sweetie. How are you this morning? I have been worried about you all night. I hope you are OK. I love you and don't want you to ever get hurt or be afraid. I will do whatever I need to to protect you and take care of you. Please let me know if there is anything I can do.

	I Love You Babe


I am fine with mine.

Thanks.

To: Cathy Pittenger/HOU/EES@EES, Jesus Guerra/HOU/EES@EES, Matt
Culver/HOU/EES@EES, Paul Shoemaker/HOU/EES@EES, David Draper/HOU/EES@EES,
John McCarthy/HOU/EES@EES, Matthew B Fleming/HOU/EES@EES, Eric
Bass/HOU/ECT@ECT
cc:
Subject: JDF T-shirts

Ok, I'm supposed to be getting more XLs today.  If you don't want to trade
your T-shirt for an XL, please let me know, otherwise leave your T-shirt in
your chair in case you're not there when I come by.  I'll switch them when I
get the XLs from our team lead.

Thanks,
Allison


Steve,

Yo, what's up?  I'm just sitting at work getting the weather updates from the
meteorologists...................

Anyway, I was just wondering what the latest is on the the Pirnie/AFI saga.
Are you out of a job yet?  I'm feeling the need to get the hell out of here
and take a vacation.  Still thinking of your neck of the woods.  Got to run.

Mat


Attached please find the latest LV Cogen Turbine Agreement (second
document below), as well as a blackline (first document below) showing
changes made to the version circulated on April 5. The only changes are
to the performance guarantees in Sections 10.7 and 10.8.  To complete
the agreement, we will need to insert the date of execution and Exhibit
H-2.
 <<Comparison of LV Cogen Agreement - Versions 2 to 3.DOC>>  <<LV Cogen
Gas Turbine Agreement - Version 3.DOC>>
 - Comparison of LV Cogen Agreement - Versions 2 to 3.DOC
 - LV Cogen Gas Turbine Agreement - Version 3.DOC


Mike,

Here is that presentation I mentioned.  Enjoy!

Kim

Interesting slide presentation on the state of powerplants, siting and natural gas in CA

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 05/17/2001 01:44 PM -----

The attached presentation is for today's CESG meeting.

Julia B. Wright
Executive Assistant
Smith, Kempton & Watts
980 Ninth Street, Suite 1560
Sacramento, CA 95814
(916)446-5508
(916)446-1499 Fax
jwright@s-k-w.com

 - CEC Presentation without NOTES.ppt