A bit dramatic, but a good story nonetheless.
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Less than a year ago, the Houston-based energy behemoth had everything: money, power, glitz, smarts, new ideas, and a CEO who wanted to make it the most important company in the world. Now its stock is down, wall street is bearish, and the CEO is gone. What went wrong?
by Mimi Swartz </mag/issues/authors/mimiswartz.php>
THE ENRON SKYSCRAPER NEAR THE SOUTH END OF HOUSTON'S DOWNTOWN feels like the international headquarters of the best and the brightest. The lobby in no way resembles the hushed, understated entryways of the old-fashioned oil companies, like Shell and Texaco nearby. Enron, in contrast, throbs with modernity. The people hustling in and out of the elevators are black, white, brown; Asian, Middle Eastern, European, African, as well as American-born. They are young, mostly under 35, and dressed in the aggressively casual uniform of the tech industry-the guys wear khakis, polo shirts, and Banana Republic button-downs. Almost preposterously fit, they move through the building intently, like winners. Enron is nothing if not energetic: A Big Brother-size TV screen frantically reports on the stock market near a bank of elevators, while another hefty black television relaying the same news greets people entering from the garage. A sculpture of the corporate symbol, an E tipped at a jaunty angle, radiates colors as it spins frenetically on its axis; a Starbucks concession on the ground floor keeps everyone properly caffeinated. Multicolored, inspirational flags hang from the ceiling, congratulating Enron on its diversity and its values; one more giant banner between elevator banks declares Enron's simple if grandiose goal: "From the World's Leading Energy Company to . . . The World's Leading Company!"
For a while, that future seemed guaranteed, as Enron transformed itself from a stodgy, troubled pipeline company in 1985 to a trading colossus in 2000. It was a Wall Street darling, with a stock price that increased 1,700 percent in that sixteen-year period, with revenues that increased from $40 billion to $100 billion. "The very mention of the company in energy circles throughout the world creates reactions ranging from paralyzing fear to envy," notes a 2001 report from Global Change Associates, a firm that provides market intelligence to the energy business.
This Enron was largely the creation of Jeff Skilling, a visionary determined to transform American business. Hired sixteen years ago as a consultant by then-CEO Ken Lay, Skilling helped build a company that disdained the old formula of finding energy in the ground, hauling it in pipelines, and then selling it to refineries and other customers. Instead, it evolved into a company that could trade and market energy in all its forms, from natural gas to electricity, from wind to water. If you had a risky drilling venture, Enron would fund it for a piece of the action. If you wanted your megacorporation's energy needs analyzed and streamlined, Enron could do the job. If you were a Third World country with a pitiful infrastructure and burgeoning power needs, Enron was there to build and build. Basically, if an idea was new and potentially-and fantastically-lucrative, Enron wanted the first crack. And with each success, Enron became ever more certain of its destiny. The company would be the bridge between the old economy and the high-tech world, and in February of this year, Skilling reaped his reward when he succeeded Lay as chief executive officer. Enron, says Skilling, "was a great marriage of the risk-taking mentality of the oil patch with the risk-taking mentality of the financial markets."
The Enron story reflects the culture that drove American business at the end of the twentieth century. Like the high-tech companies it emulated, Enron was going to reinvent the American business model and, in turn, the American economy. Maybe it was natural that this Brave New World also produced a culture that was based on absolutes: not just the old versus the new, but the best versus the mediocre, the risk takers versus the complacent-those who could see the future versus those who could not. The key was investing in the right kind of intellectual capital. With the best and the brightest, a company couldn't possibly go wrong.
Or could it? Today Enron's stock trades at around $35, down from a high of $80 in January. The press cast Enron as the archvillain of California's energy crisis last spring, and Skilling caught a blueberry pie in the face for his relentless defense of the free market. A long-troubled power plant project in India threatened the company's global ambitions. Telecommunications, in which Enron was heavily invested, imploded. Wall Street analysts who once touted the company questioned its accounting practices. Some of the change in Enron's fortunes can be attributed to the economic downturn in uncertain times that has afflicted all of American business. But the culture that the company created and lived by cannot escape blame.
ENRON, JEFF SKILLING SAYS, HAD "a totally different way of thinking about business-we got it." At Enron, in fact, you either "got it" or you were gone-it was as simple as black and white. It is not coincidental, then, that the color scheme of Skilling's River Oaks mansion mirrors the corporation he once headed. Here, the living room's white walls shimmer against the mahogany floors. Black leather trims the edge of snowy carpets. Billowy sofas set off the jet-black baby grand. In the entry, white orchids cascade from a black vase on a black pedestal table that in turn pools onto cold, white marble. There is only one off-color note: After almost twenty years, Jeff Skilling is no longer associated with Enron, having resigned abruptly after just six months as CEO. Once, Skilling was hailed as the next Jack Welch (General Electric's masterful CEO), as one of Worth magazine's best CEO's in America (anointed in 2001), and even as a daredevil who hosted the kind of unchained adventure junkets in which, a friend told BusinessWeek, "someone could actually get killed." Today, he sounds more like Ebenezer Scrooge on Christmas morning. "I had no idea what I'd let go of," Skilling says of all the personal sacrifices he made while retooling Enron.
From a black chair in the white library, across from a huge black and white photograph of his daughter and two sons, Skilling clarifies. The demands of working 24-7 for Enron caused him to ignore his personal finances. Divorced, he lived in a 2,200-square-foot house without a microwave or a dishwasher. He almost missed his brother's wedding. "Learning a foreign language-I never learned a foreign language!" he exclaims. He never once took his youngest son to school. "I'm interested in the kids. You don't do kids in fifteen-minute scheduling." Travel: "You can't go to Africa for a week and get anything out of it!" Skilling includes the study of architecture and design on his list of missed opportunities, then he stops and sighs. "I'm not sure that fulfillment in life is compatible with a CEO's job," he says, finally. Then his eyes lock on mine, and his voice, which had softened, regains its pragmatic edge. "It would have been easy to stay," he says. "But that would not have been good for me."
He's a smallish, ruddy-faced man who keeps himself at fighting weight, handsome in the way of corporate titans, with piercing cheekbones and that assiduously stolid gaze. But the impatience Skilling once reserved for cautious underlings and dull-witted utility company executives is now targeted at reporters who have labeled his resignation "bizarre" and associates who are bitterly skeptical of his need for family time. His shrug stretches the limits of his shimmering blue button-down, and his matching blue eyes look put upon. "I'm surprised," he says, "that people have so much trouble understanding this."
PEOPLE WHO PASSED THROUGH DOWNTOWN HOUSTON in the late eighties or early nineties couldn't help but notice a funny and, for its time, novel scene unfolding throughout the workday at the base of the Enron Building. From nine to five and before and after, you could see people slipping out of the pristine silver skyscraper to smoke. They perched on the chrome banisters or lurked near the glass doors at the entry, puffing like mad. They always looked hurried and furtive, even ashamed. Whatever people knew about Enron in those days (and most people didn't know much), it was often associated with that scene: Enron boasted one of the first nonsmoking corporate headquarters in Houston, and there couldn't have been clearer evidence of its break with the energy world of the past. What macho engineer would have put up with such humiliation?
But this company was a child of another time, that period in the mid-eighties when chaos enveloped the gas business. Federal deregulation of natural gas turned a steady, secure industry, in which gas pipeline companies frequently enjoyed a monopoly in portions of the areas that they served, into a volatile free-for-all. The situation was compounded five years later by federal deregulation of the pipeline business. So it happened that a gentlemanly gas pipeline company, Houston Natural Gas (HNG) found itself under attack from Coastal Corporation, Oscar Wyatt's less than gentlemanly firm. HNG was then run by Lay, a sturdy, taciturn former economics professor and Transco chief operating officer who had a passion for military strategy. (His doctoral thesis at the University of Houston was on supply and demand in the Vietnam War.) Lay, who was from Missouri and never succumbed-at least outwardly-to Texas brashness, had done well enough: Thanks to canny expansions, HNG's pipelines stretched from Florida to California and throughout the state of Texas.
HNG fended off Coastal, but to protect the company from other takeover attempts, Lay nimbly engineered the sale of HNG in 1985 to a friendly Nebraska pipeline concern called InterNorth, one of the largest pipeline companies in the country at the time. Then, a funny thing happened: HNG started acting in a way that would characterize the company for years to come-a lot like Coastal. What the Nebraskans blithely labeled "the purchase" was being called "the merger" back in Houston, and before long, following some particularly brutal politicking between Omaha and Houston, the company's center of gravity started shifting toward Texas, and shortly after that, Ken Lay was running a new company called Enron. "Over time it became clear that Lay had a better vision of the future," says one person associated with Enron at that time. "He never fought change. He embraced change."
Lay had won, but what exactly did that mean? Enron was saddled with massive debt from the takeover attempt, and thanks to deregulation, no longer had exclusive use of its pipelines. Without new ideas-for that matter, a whole new business plan-the company could be finished before it really even got started.
LIKE MANY PEOPLE WHO TEAMED UP WITH ENRON IN THE EIGHTIES, Jeff Skilling had spent a lot of time in the Midwest, and he was self-made-at fourteen he had been the chief production director at a start-up TV station in Aurora, Illinois. (His mother would drop him off there every day after school.) "I liked being successful when I was working, and I was smart," he told BusinessWeek earlier this year. But unlike many of his Enron colleagues, Skilling wasn't deliberate and soft-spoken and happy to go home at five o'clock; he was anxious and excitable, and nothing, but nothing excited him more than what he would come to call "intellectual capital." He loved being smart, and he loved being surrounded by smart people. He graduated from Southern Methodist University, went into banking-assets and liability management-and took on Harvard Business School, where he graduated in the top 5 percent of his class. Then Skilling took the next step on what was then the new, souped-up path to American success: He joined Manhattan's McKinsey and Company as a business consultant, and that is where Ken Lay found him in 1985.
It is often said of Lay that his instincts for hiring the best are flawless, and his choice of Skilling probably saved the company. Skilling was above all an expert at markets and how they worked. While everyone else was worrying about the gluts and the shortages that defined the gas industry, he alone saw the parallels between gas and other businesses. And so in a world where credit was nearly impossible to come by, Skilling came up with what he called the Gas Bank, which contractually guaranteed both the supply and the price of gas to a network of suppliers and consumers. Enron would not be a broker but a banker. It would buy and sell the gas itself and assume the risk involved. And Enron would make money on transactions, much like an investment bank would.
Skilling worked up some numbers and found them "absolutely compelling." Then the McKinsey consultant took the idea to a meeting of about 25 Enron executives. He had a one-page presentation. "Almost to a person," Skilling says, "they thought it was stupid." Almost. After Skilling left the meeting dejected, he walked Ken Lay to an elevator and apologized. Lay listened and then said, "Let's go."
The Gas Bank was not an overnight success. For months Skilling woke up in a cold sweat, sure he had ruined not only his career but the careers of dozens of colleagues who had assisted him. In fact, he had come upon one of those divides that seem to define his life: "I believed this whole world would be different, a huge breakthrough" is the way Skilling puts it today, and even if he is typically immodest, he was right. Fairly soon after launching, the company sold $800 million worth of gas in a week. True to Skilling's character, success turned out to be a matter of old versus new: He says the joke around Enron was that if a company's CEO was under fifty, "We were in." And he was in too: In 1990 Skilling finally left McKinsey and joined Enron as the head of Enron Finance Corporation, a new division created just for him. In 1991 that company closed a deal that earned $11 million in profit. After that, says Skilling, "we never looked back."
Skilling and Lay also realized that the Gas Bank couldn't work unless it had a trading component. Myriad trades were needed to build the market that would make the project go. But by buying and selling enormous quantities of gas, Enron not only constructed a market but almost instantly came to dominate it. The company had the best contacts, the best intelligence, and the best access to supplies. That, in turn, attracted more customers who wanted to be part of the play. With so many customers in its pocket, Enron could better predict the direction of the market and could use that knowledge to make trades for its own benefit-Enron could in effect bet on which way the price of gas would go, as one might do with pork bellies or soybeans, but with startling accuracy, thereby generating profits higher than anyone could have ever imagined.
THIS CHANGE COULD NEVER HAVE OCCURRED without another change Skilling had made: He created, within Enron, a new culture to match its new trading business. The idea was to build a "knowledge-based business," which demanded a skill set not exactly prized by Enron's employees from the old HNG days. Most were deliberate, cautious, responsible, somewhat defensive people, most of them men, of course-the kind of people you'd expect to find working in an industry regulated by the federal government. But now the company needed bolder people for its bold new era: that included anyone who wanted to make money-lots of money-for themselves and for the company. "Enron was going to create a niche for itself or die," one former executive explains. "The people who had narrow views eventually were forced out, because if they had narrow views about other things, they had narrow views about the market."
Skilling wanted smart people but not just any smart people. He wanted the smartest people from schools like Harvard, Stanford, and maybe, Rice. And because his firm was now acting more like a bank than a pipeline company, he wanted to draw from the pool of recruits that would be attracted to the biggest and best investment banks, like Merrill Lynch or Credit Suisse First Boston. In addition to being smart, Enron people were also supposed to be "aggressive." You were right for Enron if you didn't want to wait until you were thirty to close your own deals or move up in an organization.
You could see what he was looking for on "Super Saturdays" at the Houston headquarters: eight fifty-minute interviews with ten minute breaks in between-the company might herd as many as four hundred people through in just one day. They were scored from 1 to 5 on their smarts, their problem-solving ability, their passion for hard work, and what at Enron was called "a sense of urgency." People who scored less than 2.5 were scratched. The shrewdest candidates knew how to work Enron before they were even hired: These were the types that automatically turned down the company's first offer, knowing Enron would come back with more. The starting salary was around $80,000. Maybe it wasn't a fortune-yet-but the signing bonus, about $20,000, was more than enough for a lease on the obligatory Porsche Boxster or one of the lofts being renovated close to downtown. (Enron people didn't live in far-flung suburbs. Suburbs were uncool and too far from the office.)
For the lucky winners, Enron offered the corporate equivalent of a gifted-and-talented program. New associates learned the latest techniques for structuring energy deals, and there were rotations at Enron offices around the globe. The hours were long, but every possible need was taken care of. A company concierge handled all the things important people couldn't be bothered with: picking up dry cleaning or prescriptions, shining shoes, cleaning the house, planning a vacation. Of course, a lot of people who worked for Enron never got to take vacations-they were too busy making money-but they could use the company gym and the company's personal trainers. If they were overweight or wanted to quit smoking, they could join Enron's Wellness Program. Massages were offered six days a week, from seven in the morning until ten at night. "They were so cutting edge," rhapsodizes someone involved with the company health care program at the time. "They really thought about the psychology and what it took to keep these people going."
Skilling handed out titles analogous to those at Wall Street firms-analysts, associates, directors, and managing directors-but everyone knew that those titles didn't really matter. Money did. Instead of competitive salaries and decent bonuses, Enron offered competitive salaries and merit-based bonuses-with no cap. "If you really worked hard and delivered results, you could make a lot of money," says Ken Rice, who stayed with Enron for 21 years until resigning recently as the head of the company's faltering broadband division. Or, as the saying goes, you got to eat what you killed. Gas traders with two or three years of experience could wind up with a $1 million bonus. And the more you produced, the closer you got to Jeff: Real hot dogs joined him glacier hiking in Patagonia, Land Cruiser racing in Australia, or off-road motorcycling in a re-creation of the Baja 1,000 race, ending at a spectacular Mexican villa. "Every time he'd speak, I'd believe everything he'd say," one loyalist says.
And why not? By 1995 Enron had become North America's largest natural-gas merchant, controlling 20 percent of the market. But at a company where the buzzword was "aggressive," that was no place to stop: Skilling and Lay believed the Gas Bank model could easily be applied to the electricity business. Firmly committed to the notion that a deregulated market meant better service at lower prices for consumers (and untold profits for Enron), they began barnstorming the country, pressing their case with entrenched power company presidents (who, with their multimillion-dollar salaries and monopoly service areas, had little incentive to change) and energy regulators (who were somewhat more receptive, thanks in part to Enron's generous lobbying efforts).
But the biggest winner of all was probably Jeff Skilling. In 1997 Ken Lay made him the president and chief operating officer of the company. By then, the division known as Enron Capital and Trade Resources was the nations largest wholesale buyer and seller of natural gas and electricity. The division had grown from two hundred to two thousand employees, and revenues from $2 billion to $7 billion. "Mr. Skilling's experience so far with the turmoil in the industry has convinced him that he is on the right track," the New York Times noted. Everyone would certainly have thought so: Enron and Skilling had totally transformed one industry and were well on their way to transforming another.
"FIRING UP AN IDEA MACHINE; Enron Is Encouraging the Entrepreneurs Within," sang the New York Times in 1999. "In the staid world of regulated utilities and energy companies, Enron Corp is that gate-crashing Elvis," crowed Fortune in 2000. Wall Street was demanding tech-size growth on a tech timetable, and Enron, in 2000, obliged with second quarter earnings of $289 million, up 30 percent from the previous year. That year the company seemed to discover a market a minute: Under Skilling, Enron was trading coal, paper, steel, and even weather. No one blinked when a London wine bar became an Enron client. People drank more in warm weather than cold, so why not buy a hedge against the usual winter downturn?
But most exciting to the financial world was Enron's entry into high-tech communications. Because of the company's marketing dominance, EnronOnline became another overnight success, handling $335 billion in commodity trades online in 2000. Enron, as usual, made its money on the spread between the bid price and the asking price. Then there was the broadband business: To Enron, trading excess capacity in large, high-speed fiber-optic networks (empty lanes on the fabled information highway) wasn't that different from trading the capacity of natural gas pipelines. So Enron created a market for what the industry calls bandwidth. Soon after, it also announced a twenty-year deal with Blockbuster to deliver movies on demand electronically to people in their homes. Enron looked like a company that couldn't lose. "Its strategy of building businesses, shedding hard assets, and trading various commodities can help it do well even in an uncertain market," BusinessWeek insisted.
There was, however, another reason Enron did so well in such a short time: the company's hard-nosed approach toward its customers. The old notion of customer service was based on the long haul-you had to nurse and coddle customers to keep them. But Enron had new markets and new ideas-customers had to come to it. Over time, the company stopping referring to its business clients as customers and began calling them "counterparties."
Skilling wanted the biggest profits on the shortest timetable: Gains were maximized by creating, owning, and then abandoning a market before it became overtaxed and overregulated. So if you wanted to launch a high-risk venture quickly-such as Zilkha Energy's new high-tech approach to drilling for oil-you got your financing from Enron because a bank would take forever to underwrite the project, if it ever would. But because Enron invented its markets and subsequently dominated them, Enron could set the terms of its deals, from the timeline to the method of accounting to whether the deal happened at all.
While many businesses used what was known in the industry as "mark-to-market accounting," for instance, Enron used it on an unprecedented scale. The company priced their deals at current market value-but it was always Enron's idea of the market value; companies that balked at their pricing didn't get deals. And while old-fashioned companies spread their profits out like annuities over a period of years, Enron took most of its profit up-front. However many millions would be made on a deal that covered several years, they went on the books in the current year. If a few analysts thought there might be something fishy about what they called "subjective accounting," investors didn't particularly care as long as the profits rolled in. As the market fluctuated and the landscape changed, the company might abandon a project that had been in the works for months because its profit margins weren't going to be high enough. "Enron is known for leaving people at the altar," says one former employee. Winning the highest possible profits for the company could even extend to Enron's attitude toward charity. When a fundraiser for the Houston READ Commission, a literacy group, called on Enron for a contribution, it was suggested that he start raising money for Enron's competing literacy charity: "Even the person who was supposed to give money away for Enron was supposed to make money for Enron," he says.
As Enron became more and more successful, the culture Skilling had created took on a dark side: The competition turned inward. As one member of the Enron family put it, "It became a company full of mercenaries." The change started at the bottom. As Enron's domination of the energy market grew, most of the recruiting frills fell away. New associates were treated much like the commodities the company traded. Global Change's Enron spies reported overhearing orders like "I need a smart person-go buy me one" or "Buy me an intelligent slave, quick." Enron had never been the kind of place where people sang to you on your birthday, but now the workaholism bordered on self-parody: A Random Acts of Kindness program lasted only a few months. It was too disruptive. People couldn't get their work done.
And, of course, Enron had a program for institutionalizing creative tension. The Performance Review Committee, which had initially been installed by Skilling in the Capital group, became known as the harshest forced ranking system in the country. Employees were rated on a scale of one to five, and those with fives were usually gone within six months. (The PRC's nickname quickly became "rank and yank.") It was a point of pride that Skilling's division replaced 15 percent of its workforce every year. As one Skilling associate put it, "Jeff viewed this like turning over the inventory in a grocery store." Skilling's approach to business-get in and get out-had become Enron's attitude toward its workers. In time, it would become many workers' attitude toward the company. Teamwork, never that valuable in a trading culture, went the way of the eyeshade and the abacus. If protocol required an Enron higher-up to come from Europe to help with a project in the Third World, he might help-or he might not, depending on whether another, potentially more lucrative project was pending elsewhere.
Everyone felt the pressure to perform on a massive scale at massive speed: "They were so goal oriented toward immediate gratification that they lost sight of the future," says one former employee. Anyone who couldn't close deals within a quarter was punished with bad PRC scores, as were the higher-ups who had backed them. Past errors and old grudges were dredged up so often as new ammunition in PRC meetings that the phrase "No old tapes" became an Enron clich?. "People went from being geniuses to idiots overnight," says one former Enron executive.
In such a hothouse, paranoia flowered. New contracts contained highly restrictive confidentiality agreements about anything pertaining to the company. E-mail was monitored. A former executive routinely carried two laptops, one for the company and one for himself. People may have been rich at Enron, but they weren't necessarily happy. One recruiter described the culture this way: "They roll you over and slit your throat and watch your eyes while you bleed to death."
BEFORE JEFF SKILLING COULD TRANSFORM ENRON from the world's leading energy company into the world's leading company, he had to make one more change: Just as he had done ten years before, Skilling had to purge the company of its remaining old order. Where Enron once prized cautious executives who dealt with tangible assets like pipelines, it now valued bold executives who dealt with intangible assets. Pipelines, power plants-they may have been Enron's pride, but Skilling wanted them gone. Expensive, long-term building projects had no place when Wall Street was devoted to quick profits and enormous returns on investment capital, and Skilling knew it. "It wasn't the time for long-term approaches," an Enron executive says of Wall Street's mood. "It was the technology era."
To rid Enron of the last vestiges of its past, Skilling had to take on Rebecca Mark, long considered his rival for the CEO's job. Mark was for many years the poster child for the Enron way: Young, attractive, aggressive-her nickname was Mark the Shark-she came from sturdy Midwestern stock but had the requisite Harvard MBA. Mark was largely responsible for the success of Enron International, the asset-heavy side of the company where she developed $20 billion worth of gas and power plants, which accounted for 40 percent of Enron's profits in 1998. For this she reaped breathtaking compensation-one Enron executive estimated $10 million-and adoring press clips, including two appearances on Fortune's list of the fifty most powerful women in corporate America.
But then Mark ran into trouble with a gas-fired power plant in Dabhol, India, one of the largest ever constructed. She had played the game the Enron way: Taking Enron into a new market, she had finagled low import taxes (20 percent instead of the usual 53) and hung in through 24 lawsuits and three changes in government. But the time and expense needed to make India and other Enron plants around the globe successful did not mesh with Enron's goals, and Skilling's impatience with Mark grew.
Forcing Mark out, however, was no easy matter. Key executives left, divisions were dismantled, but she remained. The truth was Enron didn't mind firing lower-level employees, but it hated to fire the kind of aggressive, relentless people it tended to promote. The company preferred humiliation-keeping a director in his cubicle, say, but failing to include him in the glamour deals, or kicking someone upstairs with a fancy title. (One particularly difficult executive won a few years at graduate school, gratis.) A company as smart as Enron could probably deduce too that dispatching one of the most visible businesswomen in the country would provoke a public-relations disaster. So Lay and Skilling did something classically Enronian: They gave Mark her own company. Despite Skilling's contempt for asset-heavy businesses, Enron spent more than $2 billion to buy a run-of-the-mill British water utility that could serve as Enron's entry into the emerging world of water privatization. Mark was put in charge of making Enron, yes, the world's greatest water company. Azurix, as the new business was called, looked like another sure thing: Its IPO in 1999 raised $695 million.
But Mark had to succeed on Enron's increasingly abbreviated timetable in a business fraught with political and emotional complexities. Water is not like gas or electricity-owners and governments are a lot less willing to give it up, even for lots of money. The company stumbled, layoffs commenced, and confidence evaporated. By August 2000 the stock price, which had started out at $19, had fallen to $5. Mark's resignation followed, and Azurix, much diminished, was folded into Enron. "I think it's best for Rebecca to start afresh," Lay, who had been a mentor to Mark, told the Wall Street Journal. Or as one critic put it, "They were more interested in destroying the old culture than running a business."
As 2000 drew to a close, Skilling was in total command. In December Ken Lay announced the inevitable: "The best time for the succession to occur is when the company is doing well," he told the press. "Enron is doing extremely well now." In February 2001 Jeff Skilling took over the CEO's job.
ALMOST IMMEDIATELY THE TROUBLE STARTED. Enron's domination of the electric-power market made it an instant target in the California deregulation debacle. Both PBS's Frontline and the New York Times took on Enron, portraying the company as a heartless colossus that used its influence in Washington (Lay and Enron's political action committee are the top contributors to George W. Bush) to force old people on fixed incomes to choose between buying food or electricity. Skilling and Lay appeared on camera singing belligerent anthems to the free market, while another memorable scene juxtaposed one of the company's jackallike traders against a hapless state employee in California, as both tried to buy power online. The Times reported that Lay had tried to persuade a new federal commissioner to change his views on energy deregulation. The bad press was, to say the least, ironic: Just as the media was pounding Enron for its omnipotence, Wall Street was discovering its weaknesses. By late March the stock price had slid to $50 a share from $80 in January.
Within Enron, the asset-based divisions took the rap for the decline. (The India plant continued to be enormously costly, at least in part because of constant turnover within Enron's management team.) But the California situation was more visible and therefore more damaging, despite Enron's claim that the state had never built enough power plants to service its population and never properly managed those it had. "For three months Gray Davis did a very good job of blaming us," says Mark Palmer, a vice president for corporate communications. "We were a Texas company. There was a Texan in the White House. California was a state that didn't put him in office, and his biggest contributor was a Texas energy company. Performance is going to take care of our stock price. The truth will take care of Gray Davis." (California utilities still owe Enron $500 million, another reason stockholders might be panicky.) But more problematic than the crisis itself was Skilling's all too apparent lack of contrition. Facing down his critics, he cracked a joke comparing California with the Titanic. ("At least the Titanic went down with its lights on.")
But the biggest problem was Enron's telecommunications division, which had been responsible for at least one third of its heady stock price. Investors believed that Enron could revolutionize high-speed communications, just as it had revolutionized gas and power. Enron estimated the global market for buying and selling space over fiber-optic cable would grow from $155 billion in 2001 to $383 billion by 2004-but then the tech bubble burst. So too did the much-hyped movies-on-demand deal with Blockbuster. For the first time in its confoundingly successful life, Enron had nothing new to take to market. Like the popular high school girl who suddenly packs on a few pounds, Enron suddenly looked less alluring to Wall Street.
Skilling launched a campaign to keep Enron's most important cheerleaders, the stock analysts, in the tent, but he wasn't cut out to be a supplicant. During the reporting of first quarter profits, he called an analyst who challenged Enron's financial reporting an "asshole." When the company reported hefty second quarter profits, many analysts questioned whether those profits had come from the generation of new business or from the sale of old assets. Ignoring the growing chorus critical of Enron's accounting, Skilling promised, as he always had, that innovations were just around the corner. "There wasn't any positive news," Carol Coale, of Prudential Financial, says now. "Basically, he talked me out of a downgrade."
The business press, so generous in the past, turned surly. Fortune had asked in March whether Enron was overpriced. ("Start with a pretty straightforward question: How exactly does Enron make its money?") The routine cashing in of stock options that were about to expire by key executives was portrayed in the media as a fire sale. (Skilling had sold $33 million worth, Ken Lay and Ken Rice close to four times that amount.) Then the Wall Street Journal reported on a fund run by the CFO that had been a source of strife within the company. (It was essentially risk management against Enron's possible failures.) Every negative story seemed to produce a concurrent drop in the stock price: By late August it had fallen below $40. Enron, so institutionally unforgiving, finally got a taste of its own medicine. "When Wall Street is in love with a stock, they're forgiving of something like accounting," says Carol Coale. "When a company falls out of favor, all these issues carry more weight."
This fact was not lost on people inside the company, who suddenly started experiencing an attack of conscience. Those who had looked the other way as the most powerful Enron executives dumped their wives and married their secretaries or carried on flagrant interoffice affairs now saw the error of their ways. "It just created an attitude," one executive still at Enron says. "If senior people are doing that, why are we held to a higher standard? There was a real culture of 'We're above everyone else.'"
Loyalty had never been prized at Enron, so there was no reason to expect it now. An old-fashioned, slow-moving company like Exxon could demand hardship duty in Baku with the promise of greater rewards down the road. "But," as one Houston oilman explains, "if you have to negotiate a hardship duty with someone who doesn't have loyalty and has money, then you have a corporation that's better suited for good times than bad."
As it turned out, that description applied to Jeff Skilling too. As the stock price stubbornly refused to ascend, he made no secret of his unhappiness and frustration. Then, after a trip to visit the families of three employees killed at a plant in England, he had an epiphany: Life was short; for him, Enron was over. Ever stoic, Ken Lay returned to the CEO's office, named a new president, arranged a trip to New York to calm analysts and investors, and promised a kinder, gentler Enron in the future. Trading anything and everything was out. The company, Lay says, will still innovate but "innovate much closer to our core." As for the culture: "Things like the Performance Review Committee, I think we could have applied better. By trying to categorize people into so many different categories, you ended up creating a morale problem."
That Skilling's supposedly brilliant colleagues were as shocked at the news of his departure as the rest of the business community may be testament to their lack of emotional intelligence. Despite Skilling's lengthy tenure with Enron, he'd always been contemptuous of the long haul; he'd always believed in cutting losses and moving on. But now that he was abandoning them when the company was in trouble, it was different. "Even Jeff's biggest detractors wouldn't have wanted him to walk out the door," one loyalist admits.
But on the day we meet, Skilling is looking forward, not back. "Look," he says with finality, "ninety percent of my net worth is in Enron. Were my interests aligned with the shareholders? Absolutely."
Free of falling stock prices and shareholder pressures, he is nestling himself back into the world of ideas. His eyes flash as he talks about new technologies. "The first wave never gets it right," he says. "The stand-alone dot-coms didn't work, but the technological applications will create a second wave that will change the world." Houston, he promises, will become the world's center of commodity trading, and he intends to be a part of it. In fact, he is already shopping for office space.
"This is the second wave, and Enron's got it," he says, almost breathless. "There are thousands of people running around the streets of Houston that get it."


----- Forwarded by Sheila Tweed/HOU/ECT on 04/02/2001 12:10 PM -----

	danetta.beaushaw@ps.ge.com
	03/28/2001 10:30 PM

		 To: stweed@enron.com
		 cc:
		 Subject: FW: Black Hills - GE Consent

Here's  the document sent to Milbank a few minutes ago.
?
I  looked you up in Martindale to get your email address -- all my friends at
Enron  have so many different email addresses these days that I don't hazard
a  guess!? Saw that you are also an ex-Sonat attorney -- I thought your name
was familiar!
?
Hope  this helps.? We had to push back a bit on pre-approval of future
assignments, but hopefully it's a workable compromise.? Thanks for your
efforts -- they registered big/helped.
?
?
Let us  know if we can do anything further to get this closed for you.? I'll
be in  the office in Houston the rest of the week.

g??? ????? GE Power Systems

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
_____________________

Danetta L.  Beaushaw
Counsel

GE Aero Energy Products
GE Aeroderivative and Package  Services
2707 North Loop  West
Houston, Texas  77008

Phone:?  (713)  803-0946?  Dial*Comm:?  8*354--0946
Fax:????? (713) 803-0368
Email:? Danetta.Beaushaw@ps.ge.com
Webpage: www.gepower.com/aeroenergy

***********IMPORTANT  NOTICE***************
The information contained in this document and any documents attached  hereto
may be a confidential attorney-client communication or may otherwise be
privileged or confidential.? It is the property of General Electric  Company
and shall not be used, disclosed to others, or reproduced without the
express written consent of General Electric Company.? If you are not the
intended recipient, you are hereby notified that you have received this
transmittal in error; any review, dissemination, distribution or copying of
this transmittal is strictly prohibited.? If you have received this
transmittal and/or attachments in error, please notify us immediately by
reply  and immediately delete this message and all its attachments.? Thank
you.

-----Original Message-----
From: Beaushaw, Danetta (PS, GE AEP)
Sent: Wednesday, March 28, 2001 10:19 PM
To:  'LOliveira@milbank.com'
Cc: Johnson, Lee L (PS, GE  AEP)
Subject: RE: Black Hills - GE Consent

Thanks, Laura -- this document was much easier to fast track. Here are  our
edits -- the one area where we have to retain some control is future
assignments.? It's GE's policy to look at assignments on a case by case
basis, but the language provided should allow you some leniency in getting
quick  approval for permitted assignments.
?
?
Lee  and Laura, I don't have the email addresses for Sheila and her team at
Enron --  could one of you please forward this document to them?? Laura, let
Lee and  I know if we can do anything else to help you close your  deal.
?
?

g??? ????? GE Power Systems

______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
_____________________

Danetta L.  Beaushaw
Counsel

GE Aero Energy Products
GE Aeroderivative and Package  Services
2707 North Loop  West
Houston, Texas  77008

Phone:?  (713)  803-0946?  Dial*Comm:?  8*354--0946
Fax:????? (713) 803-0368
Email:? Danetta.Beaushaw@ps.ge.com
Webpage: www.gepower.com/aeroenergy

***********IMPORTANT  NOTICE***************
The information contained in this document and any documents attached  hereto
may be a confidential attorney-client communication or may otherwise be
privileged or confidential.? It is the property of General Electric  Company
and shall not be used, disclosed to others, or reproduced without the
express written consent of General Electric Company.? If you are not the
intended recipient, you are hereby notified that you have received this
transmittal in error; any review, dissemination, distribution or copying of
this transmittal is strictly prohibited.? If you have received this
transmittal and/or attachments in error, please notify us immediately by
reply  and immediately delete this message and all its attachments.? Thank
you.

-----Original Message-----
From: LOliveira@milbank.com  [mailto:LOliveira@milbank.com]
Sent: Wednesday, March 28, 2001 5:27  PM
To: Beaushaw, Danetta (PS, GE AEP)
Cc: tmoore@llgm.com;  KWong@milbank.com
Subject: Black Hills - GE  Consent
Importance: High

Dear Danetta,

Please find attached hereto a revised version of  the GE Consent that has
been streamlined in accordance with your  comments.

Regards,

_________________________________
Laura Oliveira
Milbank, Tweed, Hadley & McCloy LLP
Los Angeles
Tel. 213-892.4464
Fax 213-892.4764

<<Black Hills - GE  Consent.DOC>>

This e-mail message may contain legally  privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of  this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this  e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail  message from your computer.

 - Black Hills - GE Consent2.DOC


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    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012515.txt


We support you 100%, Chris!!

 -----Original Message-----
From: 	Germany, Chris
Sent:	Tuesday, November 06, 2001 10:39 AM
To:	Ramirez, Robert; Loocke, Kelly; Lamadrid, Victor
Cc:	Garcia, Clarissa; Hodge, John; Gillespie, Steve; Pereira, Susan W.
Subject:	CGLF for tomorrow

I borrowed 19903 from Egan for today's gas day and I need to pay it back by Friday.  For tomorrow, I am going to over nominate Leach.  After the cuts, if any, I want to back off of Leach and take the gas to Egan to payback back part of my balance.

Here are the deal numbers and volumes.

Deal		Current Vol	After Cuts	Comment
1149149	21,000		10,000		Moves gas from CGLF Leach to TCO Leach.
1143923	31,000		20,000		Mainline to Leach Transport
1143924	49,798		38,469		Onshore to Mainline - volume may be off a little, just need to balance mainline
1161116	7,707		????		Onshore to Egan Hub transport and desk to desk.  Move the onshore balance to Egan Hub.

I may be out this afternoon.  I think we should wait until tomorrow morning to adjust these tickets, UNLESS KELLY, you feel comfortable about CGAS not allocating Leach.

Thanks for your support.


I have Steve and Lisa on the internet at this web address

http://www.cartogra.com/home/home.asp

Enter the account name "trogg522" in the box on the bottom right.


I'm trying to locate a copy of the contract to purchase the 501D5A turbine to
see if we need to be aware of any issues in the contract. Do you have a
copy?  If not, I can probably get a copy from EECC.

Thanks,

Kay


Stephanie,  I forwarded a hard copy of the operational control letter
yesterday.  Let me know if you don't have it.  Attached is the price letter.

There is no formal contract in place between TW and EE&CC for the
construction.  Both TW and ECS as I understand, have signed AFE's with EE&CC
for the projects.  We will most likely have to address this risk in the
Contribution Agreement.  I will talk with Mark and Mark about this.

PPA- we are expecting comments back from CDEC late today.  Schedule is now to
review their comments and meet with them Tuesday (via phone or in person) to
finalize.  We can likely get Patti a copy after Tuesday.

Contribution Agreement - Pending resolution of the construction risk issues,
we can have a draft for Patti early next week.


MEMORANDUM

TO: Regulatory Affairs Committee
       Power Marketers Working Group

FROM: Joe Hartsoe, Regulatory Affairs Committee Chair
            Bob Reilley, Power Marketers Working Group Chair
            Julie Simon, Vice President of Policy
            Mark Bennett, Senior Manager of Policy
            Erin Perrigo, Manager of Policy

DATE: March 30, 2001

RE: National Energy Policy Issues

We received the attached document from Scott Miller on the OMTR staff at
FERC.  Scott is concerned that the current discussion of a national energy
strategy does not include a meaningful focus on critical electric issues.
Both at FERC and with lawmakers, Scott is encouraging people to stress the
issues identified in this paper in an effort to focus decision-makers on the
needs of the electric industry in the current debate.  If you have any
questions, please contact Julie Simon at EPSA, 202-628-8200 or
jsimon@epsa.org.

 - Immediate Policy Need.doc


Hi Ramaswamy:

Thank you for responding so promptly.  I have scheduled the telephone
interview for Monday, March 19th from 10:30 - 11:30 AM (Central time).
Please let me know if this is not convenient.

They will call you at (773) 324-5077.

Sincerely,

Shirley Crenshaw

"Ramaswamy Garimella" <ramaswamy_garimella@hotmail.com> on 03/05/2001
09:27:26 PM
To: Shirley.Crenshaw@enron.com
cc: ramaswamy_garimella@hotmail.com
Subject: Re: Telephone Interview with the Enron Research Group

Hi Shirley,

Thanks for providing me an opportunity to interview with Enron research
group. I have final exams in the next week till March 15. So, any date from
March 19 onwards will be convenient to me. My phone number is
(773) 324-5077. Any time after 10 a.m will be fine with me.

Please let me know the date and time that will be convenient to Vince
Kaminski's group. Thank you very much.

Best Regards,
Ramaswamy Garimella.

----Original Message Follows----
From: Shirley.Crenshaw@enron.com
To: ramaswamy_garimella@hotmail.com
CC: Vince.J.Kaminski@enron.com, Stinson.Gibner@enron.com,
Vasant.Shanbhogue@enron.com, Tanya.Tamarchenko@enron.com
Subject: Telephone Interview with the Enron Research Group
Date: Mon, 5 Mar 2001 14:38:18 -0600
MIME-Version: 1.0
Received: from [192.152.140.9] by hotmail.com (3.2) with ESMTP id
MHotMailBC6D45780030D82197DAC0988C099A960; Mon Mar 05 12:43:36 2001
Received: from mailman.enron.com (mailman.enron.com [192.168.189.66])by
postmaster.enron.com (8.8.8/8.8.8/postmaster-1.00) with ESMTP id UAA10526for
; Mon, 5 Mar 2001 20:43:35 GMT
Received: from nahou-msmsw02px.corp.enron.com ([172.28.10.38])by
mailman.enron.com (8.10.1/8.10.1/corp-1.05) with ESMTP id f25KhZa14665for ;
Mon, 5 Mar 2001 14:43:35 -0600 (CST)
Received: from ene-mta01.enron.com (unverified) by
nahou-msmsw02px.corp.enron.com (Content Technologies SMTPRS 4.1.5) with
ESMTP id for ; Mon, 5 Mar 2001 14:43:41 -0600
From Shirley.Crenshaw@enron.com Mon Mar 05 12:43:57 2001
Message-ID:
X-MIMETrack: Serialize by Router on ENE-MTA01/Enron(Release 5.0.6 |December
14, 2000) at 03/05/2001 02:40:47 PM
Hello Ramaswamy:
Your resume has been forwarded to the Enron Research Group and they
would like to conduct a telephone interview with you at your convenience.
Please give me some times and dates that you will be available, the
telephone number you can be reached at and they will call you.
The interviewers would be:
Vince Kaminski Managing Director
Stinson Gibner Vice President
Vasant Shanbhogue Vice President
Tanya Tamarchenko Director
Look forward to hearing from you.
Sincerely,
Shirley Crenshaw
Administrative Coordinator
Enron Research Group
713/853-5290
email: Shirley.Crenshaw@enron.com
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


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Your Stakeout Companies
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Here are the new items Company Sleuth found on your stakeout companies last night.

Enron Corp. (ENE)
	Raging Bull Msg.................3
	Yahoo Msg.......................39
	Motley Fool Msg.................19
	Individualinvestor.com Msg......1
	TVAlerts........................1
	Rabbitt Ratings.................2
	CNBC Msg........................80
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October 19, 2001

Due to the unplanned outage at the ATHENS (ATH) Ohio Compressor station,
TEXAS EASTERN TRANSMISSION, LP (TE) will not be accepting due pipe
makeup for Gas Days October 20-21, 2001. TABS parties are expected to
remain in balance and meter operators are reminded to flow at scheduled
volumes. These restrictions are in affect through the weekend.

Should you have any questions, please contact your Operations Account
Manager.

*******************************************************************

NOTE:

Duke Energy Gas Transmission respects your online time and privacy.
You have received this email because you elected to subscribe. To
unsubscribe, login to the E-mail Notification Subscription page at
http://www.link.duke-energy.com/script2/Notification.asp
uncheck the appropriate checkbox, and click the Submit button.


Attached is a draft of the mowing letter for Assumption Parish.  Please review.  The address needs to be added in Exhibit A.  Let me know if you have any questions.


Start Date: 1/21/02; HourAhead hour: 15;  HourAhead schedule download failed. Manual intervention required.

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Error: dbCaps97Data: Cannot perform this operation on a closed database


Good email Guz, thanks for the information.
Bill


This request has been pending your approval for  2 days.  Please click
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000014511&Page=
Approval to review and act upon this request.

Request ID          : 000000000014511
Request Create Date : 1/19/01 10:21:25 AM
Requested For       : amelia.cavazos@enron.com
Resource Name       : EOL US Backoffice  Bridge Monitor
Resource Type       : Applications


Signed version is on its way to you by fax. Mike

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Tuesday, April 24, 2001 2:25 PM
To: MDay@GMSSR.com
Subject: Stipulation

FYI.
----- Forwarded by Jeff Dasovich/NA/Enron on 04/24/2001 04:24 PM -----

Robert C

Williams/ENRON@        To:
jbennett@gmssr.com@SMTP@enronXgate
enronXgate             cc:     Jeff
Dasovich/NA/Enron@Enron
Subject:     Stipulation

04/24/2001

04:14 PM

Jeanne, please send a signed copy to me by fax (713-646-8266) and an email
of the final version to Jeff.  Thanks.

-----Original Message-----
From:     Dasovich, Jeff
Sent:     Tuesday, April 24, 2001 4:12 PM
To:       Williams, Robert C.
Subject:

Greetings:
Could you email me the final version of the stipulation.  Thanks a lot.

Best,
Jeff


--------- Inline attachment follows ---------

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JSTEPENO>
To: Joe.Stepenovitch@enron.com
Date: Tuesday, October 23, 2001 12:39:03 GMT
Subject:

Your message has been relayed
to the following recipient(s):

christopher.m.bedford.gt2r@statefarm.com
Message relayed

The message was successfully delivered to 1 recipient(s)
at domain statefarm.com.

 - C.DTF
 - C.DTF


Would you please look into this and advise me as to whether we can do this.
Also, Rod Hayslett is checking with Michael Anderson on whether Wessex would
like to perform certain billing and payable functions for Enron Europe.
---------------------- Forwarded by Stanley Horton/Corp/Enron on 04/11/2001
10:53 AM ---------------------------

Danny McCarty
04/10/2001 08:47 AM
To: Stanley Horton/Corp/Enron@Enron
cc:

Subject: Wessex

Stan,
          Now that Enron owns 100% of Wessex, we need to look into whether
Enron Direct could utilize Wessex's customer data base as a new sales
channel, and whether we Wessex could farm-in Enron Direct's invoicing
services (there is certainly money to be saved and /or made here).  Matthew
Scrimshaw (President of EES-Europe) would like to explore these and other
possible synergies in the near future.  Maybe you could schedule an hour with
him when you are in the UK.

Dan


---------------------- Forwarded by Kay Mann/Corp/Enron on 09/06/2000 05:03
PM ---------------------------

Humberto Cubillos-Uejbe@ECT
09/06/2000 04:32 PM
To: Matthew F Gockerman/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron, Sarah Wesner/Corp/Enron@Enron, Catherine
Clark/HOU/ECT@ECT

Subject: Re: Tubine Manifest

Matt:

Thanks for the message.  I forwarded your message to Sarah Wesner (Manager in
Finance) and Catherine Clark (Associate  in Finance).
I will be rotation out of the group shortly and they will be your contact
information. Thanks a lot for all your help.  It was a pleasure to work with
you.

Thanks, Humberto

	From:  Matthew F Gockerman                           09/06/2000 03:51 PM

To: Humberto Cubillos-Uejbe/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron
Subject: Tubine Manifest

Humberto:

Attached please find a Turbine Manifest that details delivery dates for all
24 turbines.

-Matt
(x33979)


R 203857

I  234938


Attached is the proposed form of Confidentiality Agreement with Platt's.


I know - it's amazing that in this age of technological wizardry we are
forced to resort to some of the cheesiest hijinks known to man. Of course, if
I was one of those technological wizards, I'd just come up with my own e-mail
birthday greeting, and it would KICK ASS! Anyway, just to take even more of
the fun out of your birthday, I thought I'd just go ahead and let you know
what I'm getting you: money. Of course. I'm actually paying you back the $200
I still owe you, and kicking in an extra $50. How's that sound? It should
reach you by next Thursday (when I get paid), so you can plan you're life
around it's arrival accordingly. Would it be easier for you to cash a check
or a money order? I think cash in the mail is a little too risky. I can also
use that money to buy you something, get you a Safeway gift certificate,
c.d.'s, etc., if you'd rather. Let me know what you're preference is - this
bank is willing to work with any customer requests. Hope your birthday rocks.
I'm sorry I couldn't be there to celebrate (read: get insanely inebriated)
with you, and that I couldn't contribute to the birthday fund sooner.

Love,
Kate


he is in now


Per our conversation yesterday, please find attached our list of pending
agreements and priorities.

Please let me know if you have any comments or updates.

Thanks,
Aneela


FYI

 -----Original Message-----
From: 	Shapiro, Richard
Sent:	Thursday, May 17, 2001 7:54 AM
To:	Delainey, David
Cc:	Delainey, David; Philippe A Bibi/HOU/ECT@EES; Tim Belden/HOU/ECT@EES; Raymond Bowen/HOU/ECT@EES; Brown, Michael; Buy, Rick; Colwell, Wes; Cox, David; Dietrich, Janet; Duran, W. David; Fallon, Jim; Glisan, Ben; Gold, Joe; Haedicke, Mark; James A Hughes/ENRON_DEVELOPMENT@EES; Kitchen, Louise; Kopper, Michael; John J Lavorato/Corp/Enron@EES; Leff, Dan; McMahon, Jeffrey; Milnthorp, Rob; Scrimshaw, Matthew; Jeffrey A Shankman/HOU/ECT@EES; Sunde, Marty; Lay, Kenneth; Cliff Baxter/HOU/ECT@EES; James Derrick/Corp/Enron@EES; Rice, Ken; Kean, Steven; Whalley, Greg; Horton, Stanley; Skilling, Jeff; Causey, Richard; Hannon, Kevin; Andrew S Fastow/HOU/ECT@EES; Mark Frevert/NA/Enron@EES; Pai, Lou; David Oxley/HOU/ECT@EES; Lynch, Drew; Jones, Robert W.; Joyce, Mary; Barnard, Marla; Pieper, Kalen; Smith, Gary P.; Cindy Skinner/HOU/ECT@EES; Yowman, Andrea; Olson, Cindy; Gina Corteselli/Corp/Enron@EES; Elspeth Inglis/Corp/Enron@EES; Kean, Steven
Subject:	Re: PEER GROUP MAPPING

Steve Kean and I believe quite strongly, within a four peer group structure,  that we need to allocate somewhere between 30 and 50 percent of Gov't./ public  Affairs out of commercial support into specialized technical- there is a clear divide between individuals in the Gov't/public  Affairs groups  who are managing significant risk for the company and having a significant and  direct impact on commercial activities/ net income( these individuals should be moved to specialized technical)....and others who are performing a less strategic function( who should remain in the commercial support category). With that said, it is probably not necessary to undertake this effort for  mid-year PRC purposes since we are probably moving to a three peer stucture where that split could be achieved (for year-end purposes where the compensation impact would be felt). If we stay with the four group stucture, I intend to push hard for the remapping of Gov't Affairs by year-end.
    On a completely seperate issue, I continue to be  very concerned about the impact of the "preferred" distribution  relative to the bottom category for " commercial support" groups(I'm not implying this is'nt an issue for commercial groups- I just don't have the same ability to assess the impact there)....the concern, simply stated,  is that  it may be entirely  counterproductive to force individuals who are not performance problems  into a category that has significant implications for their careers here at Enron, particularly after going thru the past year where many of the non-performers in my group and others  were moved out of the company- the replacement costs for moving good performers out of the company for the sake of a "preferred" distribution are quite high...and that is even before you begin  to assess the incalcuable damage to morale that will invariably occour.
       Thanks.

 	Enron Energy Services  From:  David W Delainey @ EES                           05/10/2001 10:26 AM

Sent by:	Kay Chapman@EES
To:	David W Delainey/HOU/EES, Philippe A Bibi/HOU/ECT, Tim Belden/HOU/ECT, Raymond Bowen/HOU/ECT, Michael R Brown/LON/ECT@ECT, Rick Buy/Enron@EnronXGate, Wes Colwell/Enron@EnronXGate, David Cox/Enron Communications@Enron Communications, Janet R Dietrich/HOU/EES@EES, W David Duran/HOU/ECT@ECT, Jim Fallon/Enron Communications@Enron Communications, Ben Glisan/HOU/ECT@ECT, Joe Gold/LON/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, James A Hughes/ENRON_DEVELOPMENT, Louise Kitchen/HOU/ECT@ECT, Michael Kopper/HOU/ECT@ECT, John J Lavorato/Corp/Enron, Dan Leff/HOU/EES@EES, Jeffrey McMahon/Enron@EnronXGate, Rob Milnthorp/CAL/ECT@ECT, Matthew Scrimshaw/LON/ECT@ECT, Jeffrey A Shankman/HOU/ECT, Richard Shapiro/NA/Enron@Enron, Marty Sunde/HOU/EES@EES
cc:	Kenneth Lay/Corp/Enron@ENRON, Cliff Baxter/HOU/ECT, James Derrick/Corp/Enron, Ken Rice/Enron Communications@Enron Communications, Steven J Kean/NA/Enron@Enron, Greg Whalley/HOU/ECT@ECT, Stanley Horton/Corp/Enron@Enron, Jeff Skilling/Corp/Enron@ENRON, Richard Causey/Corp/Enron@ENRON, Kevin Hannon/Enron Communications@Enron Communications, Andrew S Fastow/HOU/ECT, Mark Frevert/NA/Enron, Lou L Pai/HOU/EES@EES, David Oxley/HOU/ECT, Drew C Lynch/LON/ECT@ECT, Robert W Jones/Enron@EnronXGate, Mary Joyce/Enron@EnronXGate, Marla Barnard/Enron Communications@Enron Communications, Kalen Pieper/HOU/EES@EES, Gary P Smith/OTS/Enron@ENRON, Cindy Skinner/HOU/ECT, Andrea Yowman/Corp/Enron@ENRON, Cindy Olson/Corp/Enron@ENRON, Gina Corteselli/Corp/Enron, Elspeth Inglis/Corp/Enron

Subject:	PEER GROUP MAPPING

Following my note last week please find attached the consolidated peer group mapping for all business units. This mapping is intended to illustrate from a functional view point where each activity was placed at Year End 2000 VP PRC.

We were considering moving to a 3 Peer Group Structure however it as agreed at the last PRC Committee Meeting  to stay with the current structure since the data had been cleaned and everyone felt generally comfortable where most activities had been placed with the exception of just  2 or 3. It was agreed that we should concentrate on resolving these rather than undertaking an organization wide remapping excercise to consolidate to 3 Peer Groups. All functions/activities within the business units should now be reflected on the acttached.

The actions points from this excercise are:

1	to review and agree the attached mapping

2    consider and comment on highlighted groups that we have discussed in previous PRC meetings and ask for your comments or objections to moving them 	as indicated on the attachment.

3	invite your comments or questions on any other function that you consider questionable or requiring further explanation.

      Please return your comments to David Oxley by Friday May 25.

      To have this discussion now will save lengthy discussions in the final VP/MD PRC Meetings.  Definitions of the peer groups are also attached for your ease of
      reference.

<Embedded Picture (Device Independent Bitmap)>


Steve Harris said that he has not agreed to this amount.  I thought Steve Hotte had buy in from everyone???

Caroline Barnes
02/21/2001 04:29 PM
To:	Tracy Geaccone/GPGFIN/Enron@ENRON
cc:

Subject:	Revised Transwestern Invoice

for your records.    cvb
---------------------- Forwarded by Caroline Barnes/FGT/Enron on 02/21/2001 04:31 PM ---------------------------
From:	Kristin Armstrong/ENRON@enronXgate on 02/21/2001 12:46 PM
To:	Caroline Barnes/FGT/Enron@ENRON
cc:

Subject:	Revised Transwestern Invoice

Caroline - see attached and call with any questions.

Thanks,
Kris
x3-1927


From Enron Corp Business Controls

Operations in Enron's Crisis Management Center will cease at the close of business in Houston on September 12.  All inquiries or information pertaining to the events of the last two days should now be directed to Enron Corp Business Controls at 713.345.2804.  In the event immediate assistance is required after hours, the Business Controls telephone number will be answered by the 24x7 security desk which can have a representative from Business Controls return your call immediately.

With respect to employees stranded around the United States, we regret that these employees should make their way back to Houston or their home office as best they can via commercial airlines, train, or rental car.  Unfortunately, corporate and other private aircraft will not be flying until sometime after restrictions are lifted on commercial carriers.  Therefore, Enron corporate aircraft should not be counted on to provide assistance in this situation.


Hey,

How goes it?  I need your brother's phone numbers.  I am staying with him
tomorrow night, but don't have directions.  We have only been communicating
via email.  I hope you get this today.  Thanks.

DG


let's do our bet tomorrow night.  i will give you 2 strokes.


Seemed to want to trade equities.

 -----Original Message-----
From: 	Melodick, Kim
Sent:	Wednesday, May 02, 2001 4:39 PM
To:	Lavorato, John
Subject:	David McKeon

John, I spoke with Doug Gilbert-Smith the other day to get a status update on your interview with David McKeon. He stated that it was abit uncertain on what the final status was.  Can you please advise?


Do you want to go to the Nuggets tomorrow.  They are playing Chicago.


How does this look?

Kay


Attached please find the regulatory filing summary and a summary of
interventions ENA has filed on the various Order 637 compliance filings.  If
you have any questions, please call me at x35514.


This is the data I mention to you this morning concerning Valero.
   I will focus on January' 2000 and you will address Nov.'99 and Dec.'99 as
you stated.

  If there are any scheduling issues you need my assistance on for Nov. or
Dec.  1999, please let me know.
  I will be on vacation Thursday and Friday of this week.

Kenneth Seaman   01/10/2000 09:43 AM

To: Howard B Camp/HOU/ECT@ECT, Robert E Lloyd/HOU/ECT@ECT, Joanie H
Ngo/HOU/ECT@ECT
cc: Gary W Lamphier/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ECT
Subject: Valero

Each meter is now to be treated seperately: Tickets have been created
accordingly.

Meter 1233

Base  148376
Swing  148382
Buyback 148381

Meter 1394

Base  148390
Swing  148391
Buyback 148396

Meter 8018

Base   148376
Swing  148382
Buyback 148381

Volume Management will need to set up accounting arrangements to cover
November and December 1999. Scheduling will repath and renom Unify, and
reallocate POPS for January.

If anyone has anything to add to this please let me know.

Ken


If I had to be more descriptive, I would say the following:

The NOx allowances reflect allocated emissions from the Mass Emissions Cap and Trade Program allocated to Enron's Methanol Plant located in Pasadena, Texas.

 -----Original Message-----
From: 	Bruce, Robert
Sent:	Thursday, November 15, 2001 5:46 PM
To:	Taylor, Michael E
Subject:	RE: HGA rule

This is an example of a description from a contract in which we purchased DERC's from Dow Chemical:

The NOX DERC's reflect reductions of NOX emissions resulting from the 1995 shutdown of Boilers 1&2 at Seller's LHC-7 facility located in Freeport, Texas (the "LHC-7 Facility").

Could you provide something more descriptive, along those lines -- thanks, Bob
 -----Original Message-----
From: 	Taylor, Michael E
Sent:	Thursday, November 15, 2001 5:00 PM
To:	Bruce, Robert
Subject:	RE: HGA rule

Enron Methanol Plant

 -----Original Message-----
From: 	Bruce, Robert
Sent:	Thursday, November 15, 2001 4:58 PM
To:	Taylor, Michael E
Subject:	RE: HGA rule

thanks

what is the particular EOTT facility that the reductions will relate to?

 -----Original Message-----
From: 	Taylor, Michael E
Sent:	Thursday, November 15, 2001 4:19 PM
To:	Woods, Trevor; Bruce, Robert; Massey II, John
Subject:	HGA rule

c) The owner or operator of a site receiving allowances on an annual basis may permanently sell those rights to any person. This request for transfer of ownership shall be completed by the executive director following the submission of a completed ECT-4 Form, Application for Permanent Transfer of Allowance Ownership. The executive director will issue a letter to the purchaser and seller reflecting this transaction. The transaction will be considered finalized upon issuance of this letter.

The above is from Title 30, Part 1, CH 101, Subchapter H, Division 3, Rule 101.356 (Texas Administrative Code)

Michael Taylor


Dan:

Did you get the new contracts back yet?  Did you send me a copy?

C


Paula,

I am forwarding you the resume of Marilyn Mielke. She is a very highly
educated and accomplished person. She has a background in science but
no skills required in my group. I was impressed with her excellent
communication and social skills - maybe she can help in your area.

She was knocking on the Enron's door for a long time.

Vince

 -----Original Message-----
From: 	Marilyn Mielke <mmielke@bcm.tmc.edu>@ENRON
Sent:	Monday, October 29, 2001 11:08 AM
To:	VKamins@enron.com
Subject:	Thank you.

Dear Dr. Kaminski,

Thank you so very much for your time on Wednesday. It has been
challenging to find out, from the outside, exactly what your group does
on a daily basis and what type of people make up your team. I do not
feel that there is any substitute for the information, and feel, that
one can get directly from the source itself, thank you for making your
team available to meet with me as well.

You mentioned that the Associate Program at Enron could be a great
starting point for me to acquire the business skills and experience that
I seek. I would be a most enthusiastic candidate as I have looked into
the program, and I too, feel that it would be an exciting and logical
starting point for me.

It is my understanding that in order for me to enter the program I would
require sponsorship. Would you be able to sponsor me for this program?
If so, I have attached my cv (as a Word '97 document) and understand
that the person to be contacted with a nomination would be Mr Jeff Davis
in Human Resources. Please let me know if there is anything further that
I can do to realize my goal of working within Enron while gaining
business skills and experience.
It was a pleasure speaking with you.

Thank you again for your help and encouragement.

Sincerely,
Dr. Marilyn Mielke

 - mmielke_cv_Sept01.doc


Superior	Excellent	Strong	Satisfactory	Needs Improv.	Issues
Directors	Todd Hall		Susan Harrison
			Scott Mills
			Eugenio Perez
			Bob Superty
			Sheri Thomas
			Steve Ventoratos

Sr. Directors	Kristin Albrecht	Mary Solmonson	Brenda Herod
	Leslie Reeves	Sheila Glover	James Scribner

VP		Brent Price	Peggy Hedstrom


absolutely

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Wednesday, November 21, 2001 10:28 AM
To:	Maggi, Mike
Subject:	FW: Healthy Habits

want to go to the stress management class with me?

 -----Original Message-----
From: 	Bodyshop
Sent:	Wednesday, November 21, 2001 10:22 AM
To:	Bodyshop
Subject:	Healthy Habits

Dear Body Shop Members,
"Healthy Habits for the Holidays" << OLE Object: Microsoft Clip Gallery >> October 22nd - December 14th

Week Five - Healthy Habit Tip
Stress Management:   "Take Five"  It takes only 5-minutes to recharge your batteries with renewed energy.
Relax and sit in a comfortable chair.
If possible close your door and your eyes.
Slowly take deep breaths, inhale through the nose and exhale through the mouth.
Focus on a beautiful scene, special moment, happy occasion, or warm feeling.
Taking a few of these mini-breaks throughout your day will help you remain focused, calm, cool and collected.
Weight Management:  Fat Free Cookies
Don't be fooled by the term "fat free" on a food label.  While there are a myriad of fat free products on the market today, many of them are loaded with calories and concentrated sugars.  May fat free versions of foods contain only a few less calories per serving then their fatty counterparts.  Five fat free cookies 50 calories each still adds up to a significant caloric intake.  Be a smart shopper.  Compare calorie and fat contents when choosing products and practice moderation when eating high sugar or high fat foods.

Members who workout a minimum of (3) times each week between October 22nd and December 14th will be entered in the weekly drawing for massages, apparel, and more.  (Weekly participation based on members Enron ID badge check-ins at the Body Shop Front Desk).
Congrats to:  Pete Prelli -Winner of Week Four Massage & Kenneth Mathis - Winner of Week Four Enron Travel Bag


Attached are the latest versions.  Call me if you have any questions (713)
853-3512.


I am having it looked at and will send it down this afternoon.

 -----Original Message-----
From: 	Sonnonstine, Max
Sent:	Thursday, October 18, 2001 1:27 PM
To:	Panus, Stephanie; Bailey, Susan; Heard, Marie; Boyd, Samantha
Subject:	FW: Moriah Properties, Ltd. Omnibus

Has this been completed and forwarded to confirms?
 -----Original Message-----
From: 	Sonnonstine, Max
Sent:	Thursday, October 11, 2001 1:48 PM
To:	Heard, Marie; Panus, Stephanie; Bailey, Susan; Boyd, Samantha
Subject:	Moriah Properties, Ltd. Omnibus

Enclosed is an omnibus worksheet for Moriah Properties, Ltd.  You will see that additional performance assurance has been issued by Moriah to cover all current and future trading up to 10/01/2002.  Please prepare the confirm and forward to the financial confirms group, with a copy to me.

Thanks,
Max

 << File: Moriah Properties Y43075.xls >>


Agustin,

Per our discussion on Friday, I have changed this deal so that Enron is
selling leg 1.  I can't remember.  Did you say that we have already received
a check back from the counterparty?  Let me know, b/c this deal has price and
basis and I'm sure the desk that had the basis risk wants the money owed them.

Thanks,

Errol McLaughlin, X5-8274


OK.

 -----Original Message-----
From: 	Harris, Stephanie J
Sent:	Monday, April 02, 2001 3:28 PM
To:	Derrick Jr., James
Subject:	RE: Milbank, Tweed Lunch

How about:  May, 22, 23, 24, 29 or 30th?  S

 -----Original Message-----
From: 	Derrick Jr., James
Sent:	Monday, April 02, 2001 2:46 PM
To:	Harris, Stephanie J
Subject:	RE: Milbank, Tweed Lunch

Yes. The attendees are Mark Haedicke, Jordan Mintz, Kristina Mordaunt, Rex Rogers, Richard Sanders, Rob Walls, Bob Williams, and me.  Let's discuss the proposed dates in May before you take any action. Thank you.

 -----Original Message-----
From: 	Harris, Stephanie J
Sent:	Monday, April 02, 2001 1:59 PM
To:	Derrick Jr., James
Subject:	FW: Milbank, Tweed Lunch

Do you want to do this again?  If so, who do I invite.  I have forgotten who all were attending the last time.  S

 -----Original Message-----
From: 	MGuinan@milbank.com@ENRON <mailto:MGuinan@milbank.com@ENRON> [mailto:IMCEANOTES-MGuinan+40milbank+2Ecom+40ENRON@ENRON.com] <mailto:[mailto:IMCEANOTES-MGuinan+40milbank+2Ecom+40ENRON@ENRON.com]>
Sent:	Monday, April 02, 2001 11:41 AM
To:	Harris, Stephanie J
Subject:	RE: Milbank, Tweed Lunch

Hello Stephanie,  how are you doing?  Can you check with Jim to see if we can come up with a date some time in May for a visit from Ed Feo, Eric Silverman and Mel?  I remembered that Jim had asked to wait until April to resume our efforts in tryng to schedule this.  Thanks.  Best regards.

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.


market_relations@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

Dear Market Participants,

Due to the outage of the NYISO website today (October 16, 2001), the
following
changes originally scheduled for implementation today have been rescheduled
for
October 30, 2001.

1) Deployment of BEA's WebLogic application server.

2) Data postings for real-time internal transmission flows and limits.

3) Transmission line scheduled and actual outages.

In addition, the MIS outage scheduled for October 17, 2001 at 11:35 AM
has also been cancelled.  This outage will be rescheduled.

The NYISO apologizes for any inconvenience that this unscheduled outage
has caused and we are working to bring the website back on-line as soon
as possible.

If you have any questions, please call Customer Relations at 518-356-6060.

Regards,

Customer Relations


tease colts +4 under 48 250

   tease colts +4 over 36 250

   tease miami +8 under 48 250

   tease miami +8 over 36 250

st louis minus 6 1/2 250


When: Wednesday, December 05, 2001 1:00 PM-1:30 PM (GMT-06:00) Central Time (US & Canada).
Where: ECS04-104

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10/25 -- COMMENTARY
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The Postal Service can handle rain, sleet, and snow. But if anthrax stops deliveries rather than merely slowing them, we face economic disaster

10/24 -- BYTE OF THE APPLE
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The wildly popular ghostly white iBook laptop is one big reason it's that rare bird today: A profitable computer company

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Airlines could increase safety by using software that flags danger signs in a passenger's itinerary or background

10/22 -- WASHINGTON WATCH
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Some say "nuts" to our enemies. Some just go nuts. The Administration needs
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10/25 -- SPECIAL REPORT: WINDOWS XP
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XP should help pump up the stock. For investors, however, the main attraction
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10/24 -- INSIDE WALL STREET ONLINE
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The veteran market sage's key indicators tell him the market hit bottom on
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10/24 -- SPECIAL REPORT -- WOMEN & MONEY
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GLOBAL BUSINESS

10/23 -- REPORTER'S NOTEBOOK
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Complicated ties, age-old enmities, and competing agendas will make it extremely tricky for America to achieve its goals there

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Laura Cha Shih May-lung is an experienced, U.S.-educated regulator. Now she's about to tackle a very ticklish job

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The Muslim island of Mindanao was turbulent even before September 11, and now, foreigners are steering clear. But peace may be possible

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10/23 -- NEWS ANALYSIS
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Web surfers swear by the world's most popular search engine, but established rivals put the upstart at a disadvantage in the corporate market

10/23 -- WASHINGTON WATCH
E-Taxes: Inertia May Get Us Somewhere <http://www.businessweek.com/bwdaily/dnflash/oct2001/nf20011023_1436.htm?c=bwinsideroct26&n=link25&t=email>
Now that the federal moratorium has expired, Washington's dithering may see
the states set their own policies. All in all, not a bad idea

10/22 -- PERSPECTIVE
Microsoft's New Money Machine <http://www.businessweek.com/technology/content/oct2001/tc20011022_6682.htm?c=bwinsideroct26&n=link26&t=email>
Its new financial-planning software and revamped Web site offer users unprecedented convenience -- if they're ready to reveal personal info

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December 6-7, 2001
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and Former U.S. Secretary of the Treasury (1985-1988)

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conference will feature a special session on Digital Security:
Job #1 in Threatening Times.
Raymond Kelly, Former NYPD Commissioner; Senior Managing Director,
Global Security, Bear Stearns will head up the panel

Additional Speakers include:

Michael Aguilar	  	 President and COO	  	 Panasonic Company National
Marc Andreessen	  	 Chairman and Cofounder	  	 Loudcloud
Bill Bass	  	 SVP, E-Commerce and International	  	 Lands' End, Inc.
Joseph Baylock	  	 Group Vice President	  	 Gartner, Inc.
Daeje Chin	  	 President and CEO, Digital Media System Business	  	 Samsung Electronics Co., Ltd.
Bruce Chizen	  	 President and CEO	  	 Adobe
Eric K. Clemons	  	 Professor of Information, Strategy, and Economics	  	 The Wharton School, University of Pennsylvania
Lisa J. Colnett	  	 SVP, Worldwide Process Management and CIO	  	 Celestica Inc.
Craig Conway	  	 President and CEO	  	 PeopleSoft, Inc.
Richard A. DeMillo	  	 Vice President and CTO	  	 Hewlett-Packard Company
James Hamilton	  	 President	  	 Efficient Networks Inc. (a subsidiary of Siemens ICN)
James E. Heppleman	  	 CTO and EVP	  	 Software Products, PTC
Konrad Hilbers	  	 CEO	  	 Napster, Inc.
David House	  	 President, CEO, and Chairman	  	 Allegro Networks.
John Jordan	  	 Principal	  	 Cap Gemini Ernst & Young
Raymond C. Kurzweil	  	 Author	  	 The Age of Spiritual Machines
David O. Leemon	  	 EVP and CSO	  	 Charles Schwab Corporation
Elias Levy	  	 Co-Founder and CTO	  	 Security Focus
Webb McKinney	  	 Business Customer Organization President	  	 and HP-Compaq Merger Integration Manager	  	 Hewlett-Packard Co.
Mike Micucci	  	 Vice President, Solutions Strategy	  	 Commerce One
Lars Nyberg	  	 Chairman and CEO	  	 NCR Corporation
Robert W. Shaner	  	 President, Wireless Operations	  	 Cingular Wireless
Pradeep Sindhu	  	 Vice Chairman and CTO	  	 Juniper Networks, Inc.
Carl Yankowski	  	 CEO	  	 Palm, Inc.

Special Dinner Entertainment by Martin Short and ?The Second City? Comedy Improv Group

For a complete listing of speakers, full program details or to register go to
<http://www.conferences.businessweek.com/2001/digital2001/?c=bwinsideroct26&n=link28&t=email>

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SMALL BUSINESS ONLINE

10/24 -- GOVERNMENT
Inviting Women to Uncle Sam's Party <http://www.businessweek.com/smallbiz/content/oct2001/sb20011024_479.htm?c=bwinsideroct26&n=link30&t=email>
When it comes to U.S. government contracts, female entrepreneurs have been
at the back of the line. That may be about to change

10/23 -- SMART ANSWERS
E-tailers' Christmas Wish List <http://www.businessweek.com/smallbiz/content/oct2001/sb20011023_757.htm?c=bwinsideroct26&n=link31&t=email>
Small-business Web site owners share their strategies for making it a merry and profitable holiday season

10/23 -- IN BOX
Emergency Loans Go Nationwide <http://www.businessweek.com/smallbiz/content/oct2001/sb20011023_645.htm?c=bwinsideroct26&n=link32&t=email>
In the aftermath of September 11, the Small Business Administration is making disaster assistance available to businesses across the country

10/22 -- MANAGEMENT
Entrepreneurs on the Front Lines <http://www.businessweek.com/smallbiz/content/oct2001/sb20011022_003.htm?c=bwinsideroct26&n=link33&t=email>
It's a union of patriotism and technology as outfits across America put their expertise to work in the war against terror

FORUMS
Small Business Forum <http://www.businessweek.com/common/forums.htm#smallbiz?c=bwinsideroct26&n=link34&t=email>
Is your business having problems because of mailroom lockdowns? Share your thoughts on how to avoid them with other small business owners and managers

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B-SCHOOLS

B-SCHOOL NEWS
B-Schools See Promise in Nonprofits <http://www.businessweek.com/bschools/content/oct2001/bs20011016_7037.htm?c=bwinsideroct26&n=link36&t=email>
More schools are offering customized courses to teach public-sector groups
and small industry associations leadership and strategy

CAREER MOVES
EMBA Profiles & Rankings <http://www.businessweek.com/bschools/01/emba_rank.htm?c=bwinsideroct26&n=link37&t=email>
BusinessWeek's first Executive MBA rankings in a decade grade 35 programs worldwide. The 2001 rankings are based on surveys of over 3,000 graduates of 82 B-schools, as well as a poll of EMBA directors at those 82 schools. Scan 161 profiles of EMBA programs to determine which is right for you

B-SCHOOL CALENDAR
BusinessWeek Online's New Tool <http://bwnt.businessweek.com/calendar/?c=bwinsideroct26&n=link38&t=email> will give you an idea of upcoming events at B-schools in the U.S. and around the world

MBA JOURNALS
Preparing for B-School <http://www.businessweek.com/bschools/mbajournal/index.htm?c=bwinsideroct26&n=link39&t=email>
In this new series, 11 first-year students discuss the B-school orientation process

B-SCHOOL FORUMS
Join Today! <http://forums.businessweek.com/bw-bschools/start?c=bwinsideroct26&n=link40&t=email>
Visit BW Online's interactive forums for wide-ranging discussions about management education. Search through OVER 226,000 POSTS for topics
that interest you

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CAREERS

10/24 -- EMPLOYMENT TRENDS
New York's Jobless Fill the Garden <http://www.businessweek.com/careers/content/oct2001/ca20011024_0085.htm?c=bwinsideroct26&n=link42&t=email>
An Oct. 17 job fair stuffed Madison Square Garden, as folks unemployed by September 11 and recession scrambled for openings

10/22 -- HEALTH & SAFETY WATCH
The Anxious Face of the Workplace <http://www.businessweek.com/careers/content/oct2001/ca20011022_0939.htm?c=bwinsideroct26&n=link43&t=email>
With employees' nerves on edge, productivity is down across the country since the terrorist attacks and anthrax mailings

ASK CAREERS
Have a question about your career or workplace issues? E-mail us at: askcareers@businessweek.com <mailto:askcareers@businessweek.com?c=bwinsideroct26&n=link53&t=email>
Please include your real name and phone number in case we need more information. If we answer your question, only your initials and city will be printed.

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BW Online

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