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Subject: BusinessWeek's International Alert: 2 April, 2001

===========================================
BusinessWeek,s International Alert
A Preview of Major Stories and News Exclusives
in Tomorrow,s International Editions of BusinessWeek
http://www.businessweek.com/
===========================================

THIS WEEK:

- Europe and U.S. Cover Story:? Alan Greenspan*Feeling the Heat
- Asia Cover Story:? Asia,s Big Chill
- Asia Is Catching The Japanese Disease

ALSO IN THE 2ND APRIL ISSUE OF BUSINESS WEEK

- Has Germany Jumped the Rails?
- Commentary:? The European Central Bank Needs to Cut Rates Too
- The White Knight, Domingo Cavallo, Rides Again in Argentina
?

Does someone forward BusinessWeek,s International Alert to you?
Get your own free copy every week: send your name, company name, title and
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?

U.S. and EUROPE COVER STORY(ALAN GREENSPAN: FEELING THE HEAT
Can he fight off a new economy recession?
By Peter Coy in New York, with Rich Miller in Washington, Linda Himelstein
and Jim Kerstetter in San Mateo, Jeff Green in Detroit, Marcia Vickers and
Pete Engardio in New York, and bureau reports

Federal Reserve Chairman Alan Greenspan has guided and presided over the
longest economic expansion in the history of the U.S.? But now, the
75-year-old Greenspan faces an agonizing challenge: an abrupt economic
slowdown that neither he nor anyone else fully understands. All of Greenspan,
s training and experience have taught him how to cope with conventional
downturns. And so far, he,s dealing with this one in the conventional manner*
by cutting short-term interest rates in quick but measured steps. That may
well prove to be the right course. But there,s a risk that this downturn is
different and that far steeper cuts in interest rates are needed to keep the
New Economy from tumbling into a long and painful recession.
In short, Alan Greenspan is feeling the heat of a market in tatters and an
economy that, by some measures, appears to be on the brink. And after riding
triumphantly astride the economic boom times, his very legacy is suddenly at
stake.
?

ASIA COVER STORY: ASIA,S BIG CHILL
Caught between Japan,s weak-yen policy and the steep U.S. downturn, the
region,s fragile economies may see their recent gains swept away
By Brian Bremner in Tokyo, with Frederick Balfour in Bangkok, Michael Shari
in Singapore, Moon Ihlwan in Seoul, and Pete Engardio in New York

The U.S. is clearly worried about Japan falling into a catastrophic slide.??
But, Washington may not have a clear view of another huge problem: How
decisions in Tokyo could undermine the precarious economic state of other
Asian nations.?? In South Korea and also in Southeast Asia, the export-led
recovery of the past two years is starting to slow because of the downturn in
the U.S. economy.?? Growth in Korea, Thailand, Malaysia, Singapore, and
Indonesia is expected to slow this year to between 3% and 4%.?? The last
thing these economies need is to compete for a dwindling export market with a
Japan now reliant on a weaker yen.?? Many of the economies of East and
Southeast Asia are trying to shake off a triple blow: The U.S. slowdown is
putting a dent in exports.? Second, Japan is yanking investment from the
region, and now there,s the yen threat.? Finally, China is soaking up a
growing slice of foreign investment, a trend that will accelerate once it
enters the World Trade Organization.

?
ASIA IS CATCHING THE JAPANESE DISEASE
Commentary by Pete Engardio

It,s a terrible malady for young economies.? The symptoms: banks that have
money but don,t lend.? Lots of exports but no profits.? A teaming workforce
with dim prospects.? Politicians who know urgent measures are needed but who
won,t act. Call it Japan disease ) and it,s starting to set in across the
once-booming emerging markets of East Asia.?? Unfortunately, East Asia has
not used the nearly four years since its financial meltdown wisely.? Lulled
by a U.S.-driven export boom and a short-lived bounce in equity markets, the
region has failed to finish the reforms that could have cleansed their
financial system of billions of dollars of nonperforming assets.??? Most of
Asia can arrest Japan disease before paralysis sets in. But politicians seem
to have lost their will to force sales of distressed assets, close failed
banks, and open their markets wider to foreign investors.
?

HAS GERMANY JUMPED THE RAILS?
Germany,s stalled reforms are slowing growth
By Jack Ewing in Frankfurt, with Christine Tierney in Frankfurt and Carol
Matlack in Paris

Since its last recession ended a decade ago, the Germany economy has
struggled to get out of first gear.? Growth averaged a mediocre 1.4% in the
l990s.?? Economists, business people and politicians thought the sorry
performance was a temporary product of West Germany,s costly and badly
managed reunification with the ex-Communist East.? But what if they are
wrong?? There have been worrying economic indicators, including nine months
of sinking business confidence, an uptick in unemployment and a collapse in
car sales.? Germany,s 82 million people account for a third of gross domestic
product among euro countries.? No regional boom is possible without them.?
Optimists think its slower growth is a temporary effect of economic malaise
in the U.S., Japan and other world markets.? Pessimists think the problems
relate to Germany,s persistent welfare state, its coddled workers, maybe even
its risk-averse culture.?? Some tough times lie ahead ) for Germany, and for
the entire Continent.
?

RATES: EUROPE NEEDS A LIFT-OFF, TOO
Commentary by David Fairlamb

The economy of the 12-nation euro zone is slowing, just like its counterparts
in the U.S. and Asia. But don,t look to the European Central Bank to follow
the U.S. Federal Reserve with interest rate cuts just yet. The monetary
conservatives who dominate its 18-member governing council see their role as
fighting inflation rather than stimulating growth. So with prices rising at
an annualized 2.6%*well above the 2% upper limit the ecb says is consistent
with price stability*the central bankers aren,t in a rush to push the price
of money down below the current 4.75 But there are plenty of reasons why it
should. A cut now would give the European economy a much needed boost. Euro
zone growth peaked at only 3.5% last summer and will likely fall to 2.8% for
all of 2001.? Tax cuts worth 0.8% of the euro zone,s gross domestic product
have bolstered domestic demand a bit, but not enough to make up for the
effects of the global slowdown. The ECB insists Europe won,t be badly hurt by
the economic downturn in the U.S. and East Asia. But businesspeople aren,t
convinced.
?

THE WHITE KNIGHT RIDES AGAIN IN ARGENTINA
But can Domingo Cavallo cure what ails the economy?
By Colin Barraclough in Buenos Aires, with bureau reports

On Mar. 20, Argentines awoke to the news that the 54-year-old Harvard
University-trained economist who rescued their country from hyperinflation
more than a decade ago was back in his old job. Cavallo is the third man to
hold the post of Economy Minister in as many weeks.? To win the support of
opposition politicians, Cavallo must take a different tack than L?pez Murphy.
Cavallo has already abandoned his predecessor,s plan to push through
draconian spending cuts. Instead, he aims to narrow Argentina,s fiscal
deficit by $3 billion this year by rekindling growth, thereby boosting tax
collection. Possible measures include cuts in some corporate tax rates to
promote the reinvestment of profits, and a reduction in banks, reserve
requirements, which would free up money for loans.
?

WHO,S KILLING ERICSSON?? ITS OWNERS
Shareholders have no say under its ownership system
By Stanley Reed in London, with Ariane Sains in Stockholm

Sweden,s Ericsson has just two main owners, the Wallenberg family and a group
of holding companies and a fund connected to Handelsbanken, a Stockholm bank,
maintaining an iron grip with a minimal amount of capital.? They do so by
holding Ericsson A shares, which have 1,000 votes more than the B shares of
which foreign shareholders have a majority.?? Now that Ericsson is struggling
in global markets, a quick turnaround is needed.? The current two-tier stock
system should be reviewed.
?

THE BANK OF JAPAN,S REAL MESSAGE: REFORM NOW
Commentary by Brian Bremner in Tokyo

On Mar. 19, Bank of Japan Governor Masaru Hayami appeared to abruptly reverse
course by announcing measures that will effectively drive the overnight call
rate back down to zero and pump up the money supply to push the consumer
price index up. Markets are now abuzz with speculation that Japan will
deliberately ramp up inflation past 3%, and that Hayami is a convert to the
cause of fast reflation. But Hayami has not given up on the other part of his
agenda: to press for real restructuring inside the banks and corporations. So
Hayami is signaling that he will ease up on his hard-money ways in exchange
for some real action by the banks: &While we are doing our part, we hope the
government and the financial system will do what,s necessary on their side,8
says Deputy BOJ Governor Yutaka Yamaguchi in an interview with BusinessWeek.
?

RUMBLE OVER TOKYO
As Airbus aggressively pitches its superjumbo, Boeing moves to protect its
turf
By Stanley Holmes in Seattle, with? Chester Dawson in Tokyo and Carol Matlack
in Paris

For nearly 50 years, Boeing and Japanese airlines JAL, All Nippon, and Japan
Air System have had a fruitful business relationship, thanks in part to the
aircraft maker,s deference to Japanese customs. Boeing,s planes now account
for 84% of Japan,s commercial fleets, the world,s third-largest national air
market after the U.S. and China. From 1970 to 1998, jal alone spent $14.4
billion on those planes. But that lead is now under fierce attack from Boeing,
s archrival, Airbus Industrie. Japan has become the key battleground as the
European aircraft consortium seeks to launch its superjumbo A380 jet, which
can hold 555 to 800 passengers. The Airbus offensive will force Boeing, which
recently announced it will move its headquarters out of Seattle as part of a
major corporate overhaul, to fight like never before.
?

IS A NEW WAR BREWING IN THE BALKANS?
International Outlook by Christopher Condon in Budapest, with Ren,e Cordes in
Brussels, Heidi Dawley in London, and Stan Crock in Washington

It,s another Balkans mess, and it could prove to be a dangerous test for
President George W. Bush and the 37,000 NATO troops stationed in Kosovo.
After six days of fighting between insurgents and Macedonian forces near the
city of Tetovo from Mar. 14-19, NATO officials announced plans to bolster
patrols on the Kosovo border with Macedonia.? Both European and U.S.
diplomats hope Macedonian forces will subdue the rebels. But if the fighting
keeps up, pressure will grow on NATO to play a more active role. That could
involve a controversial decision to send NATO troops to combat rebels in
Macedonia. Washington, however, wants to avoid an escalation.? Still,
strangely, NATO troops could find themselves increasingly under fire from the
very people they were sent to protect*ethnic Albanians. With no quick
solution to the latest Balkan conflict in sight, that,s not a pleasant place
to be.
?

SWISSAIR: PINNING ITS HOPES ON +SUPER MARIO,
The new CEO will have tough time fighting the flag carrier
By Christine Tierney in Frankfurt and Carol Matlack in Paris

It has been a shock to investors to witness Swissair,s mounting disarray.??
SAirGroup,s CEO Philippe Bruggisser, who had charted the expansion strategy
that plunged the company into the red last year, has been jettisoned.? Then
Moritz Suter, the airline division chief bailed out, and then 9 of the
company,s 10 supervisory board members quit, including Chairman and interim
CEO Eric Honegger.??? Enter Super Mario.? The new CEO, Mario Corti, is the
chief financial officer of Swiss food giant Nestle and the only board member
left at the airline.? It,s not that SAirGroup,s expansion strategy was
totally flawed.? SAirGroup went wrong when it invested heavily in second-tier
partners, many of which are in trouble.??? Corti is expected to unveil a new
strategy in a special shareholders, meting in September.
?

RUSSIA: A LITTLE-KNOWN PLAYER,S GRIP ON NATURAL GAS
Gas supplier Itera,s clout extends across the old Soviet empire
By Catherine Belton in Moscow, with Dan Carney in Washington

Western investors ) especially energy giants ) are likely to be hearing more
about a mysterious Russian company called Itera.? It is the fourth-largest
holder of gas reserves on the planet with a virtual monopoly on gas trading
in two key former Soviet republics, Georgia and Ukraine, that lie at the
gateway for transporting the region,s energy resources to the West.?? Itera
President Igor V. Makarov says he holds the key to the Caspian for any
foreign energy company wanting to get a foothold in the region ) considered
one of the hottest oil plays anywhere.? &Today, we are the only company that
can turn joint ventures with U.S. enterprises into real businesses,8 he says
) and that,s quite a claim.?? But even as Itera seeks recognition and funding
from the West, law enforcement officials in Europe and the U.S. are
scrutinizing Itera's activities for possible money-laundering.?? Itera,s rise
from barter trader to global-gas giant is raising questions inside Russia,
too.
?

A SOCIALIST WHO,S BETTING ON THE NEW ECONOMY
President Lagos talks about how to keep Chile on track
Q&A with Mexico Bureau Chief Geri Smith and Chile correspondent Louise Egan

Ricardo Lagos, the first Socialist to rule Chile since the 1973 military
overthrow of Salvador Allende, recently completed his first year in office,
amid growing concerns that the country,s much-vaunted economic &miracle8 is
losing its luster. Lagos, 63, who holds a doctorate in economics from Duke
University, says that Chile, which led Latin American nations in adopting
free-market reforms two decades ago, must now bet big on attracting high-tech
industries. He also is pushing hard to seal a free-trade agreement with the
U.S. On Mar. 19, Lagos sat down with Mexico Bureau Chief Geri Smith and Chile
correspondent Louise Egan in his office in La Moneda, the presidential
palace, to discuss his plans for what remains of his six-year term.
?

INDIA: DON,T LET SCANDAL DERAIL REFORM
Commentary by Manjeet Kripalani

The Indian government stands on the brink of collapse. The event that did the
damage: a sting operation by an online magazine, which caught leading
politicians and military officials on camera accepting bribes in connection
with what they thought were military contracts. Defense Minister George
Fernandes has since quit, along with the head of the Bharatiya Janata Party.
Raucous opposition legislators closed Parliament for six days, insisting that
the government step down.? The administration should be embarrassed. But it
would be a huge mistake for the opposition to initiate a new era of political
turmoil. The principal casualty would be much needed reform.? Yet India
desperately needs to get its house in order. Last year, it took in only $2.6
billion in foreign direct investment.? Most important are the proposed
reforms of the labor laws, which for the first time would permit companies
with fewer than 1,000 employees to hire and fire without government
permission. Freed from these restrictions, business owners could invest in
promising new ventures, instead of wallowing in sunset industries. So instead
of seeking to stall change, the opposition would do well to embrace it.

---------------------------------------------------------
BusinessWeek presents:
e.biz Live: Europe
7-8 June, 2001
The Hilton Hotel, Park Lane, London

For program details or to register, visit our website at
conferences.businessweek.com/2001/ebizeu or call +44 (0) 207 251 2030.

Future BusinessWeek Executive Programs:
- Telecom Summit 2001: Broadband Connections, April 25 - 27, 2001 ) The
Fairmont Hotel, Dallas, Texas
- The BusinessWeek CIO Summit: Bridging the Technology/Strategy Divide, May
10-11, 2001 --Boston, MA
- Breakthrough: A CEO Retreat, June 27-29, 2001 -- Rancho Bernardo Inn, San
Diego, CA

For more information see http://conferences.businessweek.com/

---------------------------------------------------------
?

INTELLECTUAL PROPERTY: NEW ANSWERS TO NEW PROBLEMS
Economic Viewpoint by Jeffrey E. Garten

For more than a century, our system for protecting intellectual property
rights has fostered the creativity of artists and inventors. But now it is
being challenged by two major global forces: the Internet, which can act as a
gigantic international copying machine, and a global health crisis in which
patented miracle drugs are too expensive for developing countries. It is time
to reexamine how the intellectual property rights regime works.?? There are
many issues to be addressed. Is there a way to better codify the space for
private use and experimentation on the Internet? Should governments use their
powers of eminent domain to buy up critical pharmaceutical patents and better
distribute the underlying products? There may be much better approaches than
these, but relying only on relentless enforcement of existing laws isn,t one
of them.
?

PATIENCE INVESTORS, THE FED IS NOT DONE
But economic data, not the stock market, will dictate policy
Business Outlook by James C. Cooper and Kathleen Madigan

At nine yards long, the Federal Reserve,s oval table is too big for poker.
But on Mar. 20, policymakers entered into a high-stakes game. The pot: an
economic rebound in the second half.? At its second policy meeting of 2001,
the Fed lowered its benchmark federal funds rate by a half-point, to 5%,
eschewing Wall Street,s clamor for a supersize cut of three-quarters of a
point.? In effect, the Fed made it clear that it will not follow the stock
market,s timetable for policy decisions. The Fed,s action implicitly says
that economic conditions did not justify a larger, more radical move.?
Investors were so focused on the idea that &size matters8 that they
completely ignored the meeting,s most obvious positive: The Fed left open the
door for more cuts*perhaps even before its next meeting on May 15.? The key
remark was: &In these circumstances, when economic conditions could be
evolving rapidly, the Federal Reserve will need to monitor developments
closely.8 That language should sound familiar. It is similar to what the Fed
said after its Dec. 19 meeting, prior to the surprise intermeeting cut on
Jan. 3. It,s Fedspeak for: &We may not wait until May 15.8
?

A DEFINITE +SELL,?? GIMME 100 SHARES
Brokerage calls keep missing the mark ) and then some
By Mara DerHovanesian in New York

Who says you can,t make money by following a Wall Street analyst,s
recommendations? Just do exactly the opposite of what they say, and you,ll
make out like a bandit.? And we,re not talking about the stocks these
analysts are plugging, either. Granted, the Street has a tough time telling
investors to sell stocks anyway, but when they do, you,d think it would be a
no-brainer to pick a loser in this bear market. Instead, these calls are
defying gravity.? BusinessWeek takes a look at how Credit Suisse First Boston
has fared with its sell recommendations so far this year. First, only 11 U.S.
stocks of 1,328 stocks Credit Suisse covers are on the sell list, according
to Zacks Investment Research. The irony is that many of those stocks have
outperformed the company,s buy recommendations. Credit Suisse isn,t the only
one with egg on its face. UBS Warburg has four current &reduce8 ratings on
the 1,015 U.S. stocks it covers. Three of those*KMart, DaimlerChrysler, and
New Plan Excel Realty Trust*are up 64.2%, 9.3% and 17.9% this year through
Mar. 20.
?

DON,T BET THE BANK ON EARLY-HOURS TRADING
Conventional wisdom aside, futures aren,t crystal balls
By Pallavi Gogoi in Chicago, with Susan Zegel in New York

By jumping in early, are fund managers helping to shape market trading that
day? Not really. The small group of big investors around the world who trade
in stock index futures prior to the U.S. markets opening aren,t even setting
the stage for whether the equity markets will rise or fall in the first 15
minutes of trading. Contrary to the conventional wisdom, repeated daily on
CNBC, Bloomberg Radio, and local TV and radio stations*that the futures
predict the day,s market performances*an examination of the data by
BusinessWeek shows hardly any correlation. That may come as a big surprise to
market players who,ve been taking it as an article of faith that the futures
offer a solid guide to the day,s trading. To some longtime traders, the lack
of predictive power in the futures is not so surprising. They say the number
of investors playing the markets in the big index contracts is small.
Nonetheless, some investors swear by them.
?

NO CARTWHEELS FOR HANDSPRING
Rich rivals race to erase the company,s handheld edge
By Cliff Edwards in Mountain View, Calif.

The handheld market has become one of the fastest-growing corners of techdom.
Researcher IDC expects sales of the gizmos to soar 52% annually until 2004,
to $10.7 billion from $2 billion in 2000, far outstripping PC growth. And
Handspring is becoming a player to beat. In the past 18 months, the company
has sold more than 1 million of its Visor computers, giving it 28% of the
handheld market in February, up from zilch a year earlier. Now, Handspring
has to deliver a convincing second act*something it,s attempting with its new
Visor Edge, introduced Mar. 12. Problem is, the company may be losing its
innovation lead. Handhelds are outgrowing their roots as electronic
organizers and mutating into Net appliances and wireless communication tools.
That could tip the advantage to players using Microsoft,s PocketPC operating
system, a slim variant of Windows that makes the Palm operating system
Handspring uses look long in the tooth.
?

A GRAB FOR CONTROL OF FORMULA ONE
Upfront by Christine Tierney

Mercedes and Ferrari, the carmakers with the leading auto racing teams, are
threatening to quit Formula One and form an alternative racing group if they
can,t buy in. The brouhaha comes as control of the Formula One holding
company is about to change hands, from F1 supremo Bernie Ecclestone to German
media magnate Leo Kirch.? But the Euro racers want a stake, too. The group,
also including BMW, Jaguar, and Renault, had been talking to Ecclestone about
getting into the biz themselves before Kirch came on the scene. They worry
Kirch will try to boost his KirchPayTV network by restricting Formula One
races, which are now on commercial channels, to the pay channel. The
carmakers have invested billions in Formula One, and they insist the event be
professionally run and freely broadcast to give them maximum public exposure.
Mercedes chief J_rgen Hubbert expects negotiations with Kirch to begin soon:
&We,ve sent a clear message.8? If Kirch balks...well, there,s always the 1978
precedent in the U.S., when team owners broke from the U.S. Auto Club to form
Championship Auto Racing Teams.
?

HANDBAGS, COGNAC ) AND WATER
By Gerry Khermouch

What,s the latest trend item for your Louis Vuitton bag? Glac,au Vitamin
Water or Fruit Water. The chic-set drinks, which sell for about $1.50, are
made by tiny Energy Brands in Whitestone, N.Y. And they were the? last of the
up-and-coming &healthy8 beverages available to be snapped up after others
(Gatorade, SoBe, and Snapple) were bought by beverage giants such as
PepsiCo.? But now France,s lvmh Mo%t Hennessy Louis Vuitton is buying into
Glac,au*its first drinks foray beyond champagne and cognac. Both sides are
keen for cross-promotions linking the low-cal Waters to Givenchy fashions,
tag Heuer watches, and the group,s other luxury brands.? Neither side would
give details, but sources say LVMH put up $5 million for a minority stake and
a board seat. The cash will fund Glac,au,s expansion to the rest of the U.S.
?

U.S. NEWS IN BUSINESSWEEK,S INTERNATIONAL EDITIONS

WILL REFIS HELP REFLOAT THE ECONOMY?
Equity into Cash(So far, homeowners are spending, not paying down debt
By Stephanie Anderson-Forest in Dallas with Ann Therese Palmer in Chicago,
Douglas Robson in Silicon Valley, Laura Cohn in Washington, D.C. and bureau
reports

Thanks to competition among mortgage lenders, falling transactions costs, and
a push from the Federal Reserve to trim interest rates, mortgage rates are
way down. Rates on 30-year fixed mortgages have dropped from a five-year high
of 8.64% in May to 6.82%*near the lowest level in two years. And that,s
spurring a refinancing boom. Though there are risks in the boom*overindebted
homeowners could be taking on too much debt*for now, many economists argue
that it is offering a much needed boost to consumer spending. And that could
give a hand to the ailing economy as well. &This is the best way to get money
into people,s purses and pocketbooks immediately,8 says Mark M. Zandi, chief
economist at market forecaster Economy.com Inc.
?

SURPRISE*THE TECH INDUSTRY IS A CYCLICAL
Meltdown Redux: 1985 was bad, but this time more industries are affected
By Peter Burrows, with Jim Kerstetter and Linda Himelstein in Silicon Valley

It,s a frightening picture, all right. Hordes of brash high-tech startups,
all intent on grabbing a 20% share of vast emerging markets, getting
massacred, their dreams crashing back to earth. Even the most respected tech
companies are being forced to lay off staffers and slash spending as earnings
fall miles short of analysts, projections. The press is stuffed with scary
&end of history8 articles about the death of the tech revolution. Venture
capitalists, who just months before were throwing around money like so much
birdseed, are nowhere to be found. Sound familiar? All this happened back in
1985, in what was then the biggest tech meltdown ever. Yes, as the world has
again learned painfully, tech can be a very cyclical business.? 1985 offers a
reminder that stretches of tech prosperity have always been sandwiched
between deep, painful valleys. Thanks to the cash pumped into everything from
fiber-optic parts to huge computers in recent years, this could be the
deepest valley yet.
?

WHILE WASHINGTON FIDDLES(
Why the Beltway hasn,t gone into panic mode
Commentary by Lee Walczak, with Rich Miller, Howard Gleckman, Richard S.
Dunham, and Lorraine Woellert in Washington D.C., and Ann Therese Palmer in
Chicago

What,s Washington doing while the world,s financial fabric frays and risks of
a painful U.S. downturn grow? Debating. Mulling. Maneuvering. Even as an
increasingly urgent chorus of voices outside the Beltway insists that the
Bush Administration and Congress need to come up with a fiscal stimulus
package pronto, few in Washington are acting with anything remotely
suggestive of impending danger. Instead, Bush continues to push for a tax cut
that most agree won,t benefit the economy for at least a year, and Congress
is content to play political &gotcha.8? Bizarre as it may seem to many with
business ties, the gulf between the real economy and Washington,s insular
political culture has seldom been greater. Up to now, many of the city,s pols
seemed confident that a benign spirit*Saint Alan of C Street*would ward off
the evil of a recession. But over at the Federal Reserve, Greenspan,s halo
has slipped.?? Bush,s advisers are having intense discussions over what one
aide describes as a &rifle-shot8 rate cut that would provide quicker
stimulus. Also being explored: a one-time tax rebate that could put money
into consumers, hands fast.
?

A &FIRST FRIEND8 WITH CLOUT
Commerce Secretary Don Evans, longtime ties to Bush give him unusual access
By Paul Magnusson in Washington
?
Commerce Secretary Donald L. Evans has two jobs in Washington. The official
one comes with a government limo, a spacious paneled office, a tropical fish
tank, and a $3 billion budget. The second is a round-the-clock role as First
Friend.? That easy intimacy makes Evans, 54, potentially one of the most
powerful Commerce chiefs in many years. As Bush,s campaign chairman, he
raised a record-breaking $100 million for his pal, a job that put the Texan
on a first-name basis with many corporate chieftains. But in his first major
interview, the Commerce Secretary insists that he,s leaving the world of
political fund-raising behind. His new concerns: helping to sell the big Bush
tax cut, battling unfair trade practices abroad aimed at industries such as
steel and aerospace, and boosting the government,s long-range research
efforts.
?

END OF THE CEO GRAVY TRAIN?
Surprise! Exec pay seems to be slipping*though some underperformers are doing
remarkably well
By Louis Lavelle in New York

For many of the nation,s chief executive officers, 2000 will likely be a year
to forget. After nearly five years of double-digit growth in CEO
compensation, early indications are that their pay actually fell last year.
Of the 130 corporate proxies so far available for the biggest U.S. companies,
the compensation of the 15 best-paid CEOs shows the slowing economy has taken
a toll on earnings. When salary, bonus, and options exercised last year were
taken into account, compensation for those CEOs fell nearly 5% from 1999. The
reason: The market,s nosedive made it a bad time for many corporate kingpins
to exercise their options, often the largest part of remuneration.? According
to a proxy analysis by Standard & Poor,s Institutional Market Services, a
division of The McGraw-Hill Companies, total compensation for the 15 highest
earners averaged $88.7 million, a $4.4 million drop.
?

THE BEST SHAREHOLDERS CAN GET?
The AG-Prudential deal isn,t sweet, but there,s no white knight in sight
By Emily Thornton, with Pamela L. Moore in New York and Heidi Dawley in
London

Ever since American General Corp. Chairman and CEO Robert M. Devlin first
announced a stock-swap with British insurer Prudential PLC on Mar. 12, then
valued at $26.5 billion, Wall Street has thought that the Houston insurer,s
shareholders were getting the short end of the stick. Prudential,s stock
price has tumbled 16% since, and American General,s about 4%, thus crushing
the premium American General shareholders will receive to 5% from 22%. And
that could put the kibosh on the merger.? Clearly, this is not what
shareholders hoped for. Still, this deal may be the best shareholders can
get. When the Prudential deal was first announced, Wall Street was abuzz with
rumors that heavyweights such as Sanford I. Weill at Citigroup or Maurice R.
&Hank8 Greenberg at American International Group? Inc. might swoop in with a
counterbid. Unlikely, say investment bankers, because American General has
had informal talks with both in the past two years. Devlin insists
discussions were never serious enough to reach his board.
?

SOUTHWEST: AFTER KELLEHER, MORE BLUE SKIES
Southwest,s model shone in an embattled industry*and it looks brighter than
ever
Commentary by Wendy Zellner

In three decades of building low-fare legend Southwest Airlines Co., CEO
Herbert D. Kelleher has made nary a misstep. Until Mar. 19, the one chink in
his armor appeared to be the question of how Southwest would replace him.
Finally, the answer: Two Southwest veterans steeped in the company,s
traditions will man the controls.? On June 19, James F. Parker, 54, general
counsel, and Colleen C. Barrett, 56, executive vice-president for customers,
will become CEO and President, respectively. And as Parker and Barrett might
tell you, they are inheriting a devilishly simple playbook: Keep costs down.
Focus on customers. Keep employees happy. And keep it simple. While Southwest
has tweaked its formula over the years*adding more long-distance flights, for
instance*it,s still mainly a point-to-point, short-hop airline that uses one
aircraft type to simplify training and maintenance.
?

BUYING A NEW PC?? NOT SO FAST
Upgrading to Microsoft,s coming XP system will be such a challenge that it
makes more sense to wait until new computers come with it
Technology & You by Stephen H. Wildstrom

Microsoft Corp.,s Windows XP, which is just entering its final stage of
large-scale field testing, is the most important consumer software product to
appear since the Windows 95 operating system. The prospect of waiting for XP
poses a difficult choice for anyone in the market for a new computer. Nearly
all consumer PCs sold today are outfitted with Windows ME, the last gasp of
the Windows 95 line. It seems reasonable to buy a new computer with Windows
ME and move to XP when it,s available. But I don,t recommend it. Why? The
upgrade will be challenging. Even moving from Windows 95 to 98 was often
difficult, and going from ME to XP will be a much bigger transition.
Microsoft and battered computer makers will hate me for saying this, but I
suggest that you make your old computer last nine more months or so until XP
is ready.
?

CAN GM,S JOHN DEVINE KEEP HIS PROMISE?
The new CFO pledges bigger earnings, but much depends on building sales in a
slowing economy
By David Welch in Detroit

Only someone as confident as John Devine, the new vice-chairman and chief
financial officer of General Motors Corp., would promise that America,s
largest auto maker will earn $2.3 billion this year, about a third more than
some analysts predict. And only someone as respected as Devine would be taken
seriously.
Chief Executive G. Richard Wagoner Jr., a 23-year GM veteran, broke with
tradition by hiring Devine*rarely has GM gone outside to fill a senior job.
Devine could even become chief operating officer in the next few years,
according to GM insiders. As one board member puts it: &You don,t bring in a
guy like John Devine and expect it to be business as usual.8 Good thing for
GM. The company that once was regarded as the country,s most innovative
carmaker has been in decline for three decades. Its U.S. market share has
fallen from 33% in 1995 to 28% last year.? A lot has to go right at GM*and in
the economy*for Devine,s predictions to come true.
?

THE SEC IS TOO HUSH-HUSH
Commentary by Christopher H. Schmitt

When the Securities & Exchange Commission issued rules in January to shore up
the independence of outside directors who oversee mutual funds, some SEC
watchers were caught by surprise. Why? One reason: The commissioners didn,t
meet in public. Under former Chairman Arthur Levitt Jr., the SEC went out of
its way to shake up the status quo and avoid donning the mantle of apologist
for the industry it oversees.? And yet the SEC hasn,t changed its own
practices much. There,s more that needs fixing than the SEC,s nonmeeting
meetings. In a confusing process closed to public view, the SEC handles
thousands of exemption and guidance requests each year. It,s supposed to make
them*and its replies*public, though it doesn,t always do so promptly. Of
course, there is a need for some confidentiality*and exemptions and guidance,
too. But that doesn,t mean the SEC can,t be more forthcoming about its
business.
?

McLATTE AND CROISSANT?
Upfront by Michael Arndt

Just when it? seemed McDonald,s couldn,t possibly cram another restaurant
into the U.S., the burger giant has come up with a new way to expand: coffee
bars. BusinessWeek has learned McDonald,s will open its first,? McCaf,, in
Chicago,s Loop in April. It will sell pastries, perhaps prewrapped
sandwiches, and premium coffee.? Sound familiar, Starbucks fans? But whether
aficionados will give up their grande skim latte for a McCappuccino is a good
question. McDonald,s won,t say how many McCaf,s it plans, but based on their
success overseas, the rollout could be swift and wide. There are 300 McCaf,s
in 17 countries, from Australia and Japan to Brazil and Greece. Each sits in
or near a McDonald,s, with its own staff and equipment. In the U.S., look for
comfy couches, too.
?

The following stories have been posted on BusinessWeek Online
http://www.businessweek.com/
?
EURO-TECH: Will Americans Answer This Call?
By Stephen Baker
http://www.businessweek.com/bwdaily/dnflash/mar2001/nf20010321_069.htm
Phone service in the U.S. is good. So good that many Americans have little
incentive to embrace wireless
with Europe's fervor

REPORTER'S NOTEBOOK: What's French for Dimpled Chad?
By Carol Matlack
http://www.businessweek.com/bwdaily/dnflash/mar2001/nf20010321_277.htm
Parisians may be right to think Palm Beach can't happen here. Still, you have
to wonder why they ended up counting votes on cell phones

ONLINE ASIA: The Curse of Dr. M
By Bruce Einhorn
http://www.businessweek.com/bwdaily/dnflash/mar2001/nf20010319_935.htm
Malaysia's Mahathir has been so bad for his nation that his name has become a
verb, meaning "to wreck a country's fortunes"

NEWS ANALYSIS: Here Come Talk 'n' Toss Cell Phones
By Olga Kharif
http://www.businessweek.com/bwdaily/dnflash/mar2001/nf20010322_621.htm
Sensing a big potential market, two companies are hoping to add a new kind of
disposable to your shopping list

STREET WISE: Eight Options for Amazon
By Amey Stone
http://www.businessweek.com/technology/content/mar2001/tc20010322_039.htm
From partnering with Barnes & Noble to bringing in Jack Welch, here are some
ideas that could help the e-tailer become profitable

NEWSMAKER Q&A: Why the Fed Didn't Go Further
http://www.businessweek.com/bwdaily/dnflash/mar2001/nf20010320_645.htm
S&P's Michael Englund explains the probable reasoning behind the half-point
rate cut and says April could see more easing

NEWS ANALYSIS: A Downturn in CEO Pay, Too?
By Louis Lavelle
http://www.businessweek.com/bwdaily/dnflash/mar2001/nf20010320_205.htm
Early results for 2000 show the slumping market is slowing the growth of top
bosses' take-home, which might even decline

NEWS ANALYSIS: AOL Time Warner: Who's Laughing Now?
By Amy Borrus in Washington
http://www.businessweek.com/bwdaily/dnflash/mar2001/nf20010319_866.htm
The newly merged company is -- all the way to the bank -- while its critics
and rivals eat its dust, and a lot of crow
?

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Sandeep,

This looks great. I would talk to all the heads of structuring desks, including
the right persons (Zimin, Krishna, Vasant) in the conversations.
Also, please talk to Andrea Reed and ask who are good targets in the EIM
organization.

We can talk about other targets when I get back.

Vince

 -----Original Message-----
From: 	Kohli, Sandeep
Sent:	Tuesday, June 26, 2001 2:43 PM
To:	Kaminski, Vince J
Subject:	Marketing Plan & Meetings

Vince,

Just a short note to update you since you are not here for the Tuesday meeting.

I had sent a mail to Chris Calger on Friday copying you too.  I will be following up with a phone call.
I have fixed a meeting with Bill Rust (Mgr. East Desk), and Tom Dutta (Mgr. Generation Investments) for Friday.  I will be presenting our skill set to him; would like to include Martin and Lance.
Am working with Krishna on the EES contract, and he will talk to you about a meeting date
Am working on a request from LNG group on their Nigeria LNG contract (meeting at 10.30).  Will like to include Paulo; have already talked with Zemin.
Would like to talk to you about which people to target as regards the Marketing Plan.

Regards,
Sandeep.


TODAY'S HEADLINES
The New York Times on the Web
Friday, January 25, 2002
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com

QUOTE OF THE DAY
=========================
"Too many elements of the system are not trustworthy today.
They have failed us because of self-dealing and
self-interest."
-ARTHUR LEVITT JR., former chairman of the Securities   and Exchange Commission,
at a   Senate hearing on Enron.

http://www.nytimes.com/2002/01/25/business/25ENRO.html?todaysheadlines

NATIONAL
=========================
American Charged as a Terrorist Makes First Court Appearance

John Walker Lindh on Thursday began his defense against
charges that he aided terrorist organizations and conspired
to kill Americans.
http://www.nytimes.com/2002/01/25/national/25WALK.html?todaysheadlines

-----

School Bus Driver Arrested After a 150-Mile Detour

A school bus driver took 13 children on an unexplained
six-hour, 150-mile ride from Oley, Pa., to Maryland, where
he was found armed.
http://www.nytimes.com/2002/01/25/national/25SCHO.html?todaysheadlines

-----

Appeals Court Denies Convict DNA Test in a '90 Rape Case

A federal appeals court in Virginia has refused   to allow a
man who was convicted of sex crimes to have DNA tests he
contends would exonerate him.
http://www.nytimes.com/2002/01/25/national/25DNA.html?todaysheadlines

-----

MORE NATIONAL NEWS:
http://www.nytimes.com/pages/national/index.html?todaysheadline

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\---------------------------------------------------------/

INTERNATIONAL
=========================
Police in Chechnya Accuse Russia's Troops of Murder

Russian troops are killing Chechen civilians in a campaign
of executions and looting that takes place alongside
military operations, according to police officials.
http://www.nytimes.com/2002/01/25/international/europe/25CHEC.html?todaysheadlines

-----

India Test-Fires Intermediate-Range Missile

India successfully test-fired an intermediate-range missile
capable of carrying a nuclear warhead on Friday morning.
http://www.nytimes.com/2002/01/25/international/asia/25INDI.html?todaysheadlines

-----

U.S. Forces Strike Taliban at Camps Near Kandahar

In the most intense fighting of recent weeks   in
Afghanistan, American troops killed as many as 15 Taliban
fighters in a predawn raid on Thursday.
http://www.nytimes.com/2002/01/25/international/asia/25MILI.html?todaysheadlines

-----

MORE INTERNATIONAL NEWS:
http://www.nytimes.com/pages/world/index.html?todaysheadline

BUSINESS
=========================
Enron Hearings Open, Focusing on Destroyed Papers

Lawmakers on Thursday said evidence showed that Enron's
auditors destroyed documents knowing they might be relevant
to criminal and civil investigations.
http://www.nytimes.com/2002/01/25/business/25ENRO.html?todaysheadlines

-----

Investors Lured to Enron Deals by Inside Data

Enron executives enticed investors into partnerships by
dangling the prospect that inside knowledge could help them
double their money.
http://www.nytimes.com/2002/01/25/business/25PART.html?todaysheadlines

-----

Many May Be Surprised to Be Enron Investors

Many individual investors unwittingly owned a piece of an
entity that was used to finance some of the partnerships
that contributed to Enron's failure.
http://www.nytimes.com/2002/01/25/business/25OSPR.html?todaysheadlines

-----

MORE BUSINESS NEWS:
http://www.nytimes.com/pages/business/index.html?todaysheadline

TECHNOLOGY
=========================
Nokia's Earnings Surpass Expectations

Nokia, the world's biggest maker of mobile   phones,
reported earnings that exceeded its own projections and
those of analysts.
http://www.nytimes.com/2002/01/25/technology/ebusiness/25NOKI.html?todaysheadlines

-----

Datek Pays $6.3 Million to Settle Securities Charges

Datek Online Holdings has agreed to pay $6.3 million to
settle federal charges that its former day trading unit
engaged in securities fraud.
http://www.nytimes.com/2002/01/25/technology/25BROK.html?todaysheadlines

-----

EMC's Loss in 4th Quarter Was Not as Deep as Feared

EMC, the data storage company that became a widely held
technology bellwether during the 1990's, projected a return
to profitability as early as this spring.
http://www.nytimes.com/2002/01/25/technology/25DATA.html?todaysheadlines

-----

MORE TECHNOLOGY NEWS:
http://www.nytimes.com/pages/technology/index.html?todaysheadline

POLITICS
=========================
Enron Hearings Open, Focusing on Destroyed Papers

Lawmakers on Thursday said evidence showed that Enron's
auditors destroyed documents knowing they might be relevant
to criminal and civil investigations.
http://www.nytimes.com/2002/01/25/business/25ENRO.html?todaysheadlines

-----

House Vote Is Set on Campaign Bill

The advocates of overhauling the nation's   campaign finance
law gained enough support to force a House vote on
legislation.
http://www.nytimes.com/2002/01/25/politics/25CAMP.html?todaysheadlines

-----

Domestic Security Spending to Double Under Bush Plan

President Bush said he would propose doubling the amount the
government spends on domestic security next year to nearly
$38 billion.
http://www.nytimes.com/2002/01/25/politics/25BUSH.html?todaysheadlines

-----

MORE POLITICS NEWS:
http://www.nytimes.com/pages/politics/index.html?todaysheadline

SPORTS
=========================
Chaney's Fury Sparks Knicks' Rally

With Allan Houston leading the way and the rest of the team
hustling on defense, the Knicks rallied for a win over
Phoenix.
http://www.nytimes.com/2002/01/25/sports/basketball/25KNIC.html?todaysheadlines

-----

11th Grader's Swing in Recess as Member of Tour

Ty Tryon looked like a nervous teenager, which is exactly
what he was as he shot a six-over-par 77, 13 strokes behind
clubhouse leader Steve Flesch.
http://www.nytimes.com/2002/01/25/sports/golf/25GOLF.html?todaysheadlines

-----

Hingis and Capriati Ready for Rematch

Jennifer Capriati will defend her title as she meets Martina
Hingis in the Australian Open women's final.
http://www.nytimes.com/2002/01/25/sports/tennis/25TENN.html?todaysheadlines

-----

MORE SPORTS NEWS:
http://www.nytimes.com/pages/sports/index.html?todaysheadline

ARTS
=========================
In Remembrance of Sorrow From Other Times

In the debate over the remembrance of Sept. 11, it's worth
pondering how other memorials in New  York have conveyed
their message across the  generations.
http://www.nytimes.com/2002/01/25/arts/design/25MEMO.html?todaysheadlines

-----

For Musicals, Big and Brassy Gives Way to Small and
Affordable

An important question facing producers of emerging musicals:
How  big a show should this be?
http://www.nytimes.com/2002/01/25/arts/25WEBE.html?todaysheadlines

-----

And Swashes Buckled All Around

This thoroughly competent adaptation of Alexandre Dumas's
tale of treachery and vengeance will remind jaded viewers
of the sumptuous delight the movies can offer.
http://www.nytimes.com/2002/01/25/movies/25COUN.html?todaysheadlines

-----

MORE ARTS NEWS:
http://www.nytimes.com/pages/arts/index.html?todaysheadline

NY REGION
=========================
Hoping for Calm, Preparing for Strife at Economic Talks

As demonstrators and police both prepare for the World
Economic Forum, neither knows what to expect when it
arrives in New York.
http://www.nytimes.com/2002/01/25/nyregion/25SECU.html?todaysheadlines

-----

Layoffs Start in New Jersey as Towns Brace for Cuts

About 600 New Jersey state employees ended their day
Wednesday with brusque notices saying they were laid off.
http://www.nytimes.com/2002/01/25/nyregion/25JERS.html?todaysheadlines

-----

Minority Students in Bronx Face the Prospect of Busing

A plan to prevent white flight from public schools in
Riverdale is leading toward the unexpected busing of black
and Hispanic students.
http://www.nytimes.com/2002/01/25/education/25DIST.html?todaysheadlines

-----

MORE NY REGION NEWS:
http://www.nytimes.com/pages/nyregion/index.html?todaysheadline

OP-ED
=========================
Spreading It Around
By PAUL KRUGMAN
Conservatives are slinging Enron muck at liberals, hoping
that some of it will stick.
http://www.nytimes.com/2002/01/25/opinion/25KRUG.html?todaysheadlines

-----

Our Man in Beijing
By NICHOLAS D. KRISTOF
The attacks of 9/11 created an opportunity for improved
Chinese-American relations, but so far the United States
has squandered this opportunity.
http://www.nytimes.com/2002/01/25/opinion/25KRIS.html?todaysheadlines

-----

Playing Into Sharon's Hands
By ROBERT MALLEY
United States passivity in the Middle East is an almost
certain recipe for catastrophe.
http://www.nytimes.com/2002/01/25/opinion/25MALL.html?todaysheadlines

-----

MORE OP-ED  NEWS:
http://www.nytimes.com/pages/opinion/index.html?todaysheadline

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hey there:
new deals are: -14,784
curveshift was: 51,652

positions and curves are attached.  take care of yourself.  call anytime.


Thanks.

 -----Original Message-----
From: 	Montovano, Steve
Sent:	Thursday, November 08, 2001 8:04 AM
To:	Steffes, James D.; Shapiro, Richard; Migden, Janine; Landwehr, Susan M.
Subject:	RE: Kirk House

I spoke with Fritz  regarding Kirk House, he confirmed negative push back from "several" parties.  I explained our support for Kirk as it fits the administrations goals on competition etc. He told me to concentrate on the senate which is where the opposition was building its case against Kirk.  He also told me that he would not be sending any names to the seante for awhile until they confirmed next PSC commisioner, probably in Nov.  Clearfield tells me that AT&T is strongly supporting Kirk both at the Gov office as well as the Senate.  I asked Dan to get our support known for Kirk in the Senate, however if AT&T can't get it done I doubt we will have that much of an impact.  We will pursue however to the extent resources allow. SM

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Tuesday, November 06, 2001 12:57 PM
To:	Shapiro, Richard; Migden, Janine; Montovano, Steve; Landwehr, Susan M.
Subject:	RE: Kirk House

I would recommend that either Steve or myself call Bittenbender to recommend Kirk House - we met with him on the RTO discussions.

Jim

 -----Original Message-----
From: 	Shapiro, Richard
Sent:	Tuesday, November 06, 2001 9:52 AM
To:	Migden, Janine; Steffes, James D.; Montovano, Steve; Landwehr, Susan M.
Subject:	RE: Kirk House

We should do it..you all figure out who is best person is. Thanks.

 -----Original Message-----
From: 	Migden, Janine
Sent:	Tuesday, November 06, 2001 9:48 AM
To:	Shapiro, Richard; Steffes, James D.; Montovano, Steve; Landwehr, Susan M.
Subject:	FW: Kirk House

I received a call from Dan Clearfield this morn.  Nora Mead-Brownell has asked for his assistance in getting marketers to call the governor's office in support of Kirk House who is a former aide and is seeking the position of Small Business Advocate.  Mr. House is a supporter of competition and would be helpful in that position.  Apparently, the electric companies are opposing him. I would recommend that we make the call and I would be happy to do so, however, there are others who may have better contacts than I do (such as Sue in her work with the Governors),  Please advise.

Janine

 -----Original Message-----
From: 	"Daniel Clearfield" <dclearfield@wolfblock.com>@ENRON
Sent:	Tuesday, November 06, 2001 8:58 AM
To:	JMigden@enron.com
Subject:	Kirk House

Here is the name and number of the person in the Gov's office that deals with utility issues:  Fritz Bittenbender,783-2896.  The appointment is made by the Gov. (Schweiker).  He has two top aides:  Mark Campbell and Dave Sanko.  I can get you current phone #s for the latter people if you wish them.   Thanks for whatever help Enron can be.

Daniel Clearfield, Esq.
Wolf, Block, Schorr and Solis-Cohen LLP
212 Locust St., Suite 200
Harrisburg, PA  17101
(717) 237-7173
(717) 237-7161 fax


Jeff,
Thanks, in advance, for your help with this.  The project is a "Corporate Responsibility Stakeholder Perception Survey" designed to gather baseline information on how our stakeholders view the issue of corporate social responsibility in general, and Enron in that regard in our major markets US, UK and Japan. Stakeholders are defined as those who are affected by our business, can affect our business or have an interest in Enron - customers, suppliers, governments, regulators, NGOs, employees, shareholders, etc.

What I would like from you is which stakeholders you think are important to include from Enron Corp's perspective here in California, and the job title or name therein. Please just take 5 minutes or so to list them, don't spend any longer than that.

CPUC - who?
CEC - who?
any others...

I already have the major environmental organizations, but if you think TURN or others should be included, let me know.

Thanks so much!
Catherine

Catherine McKalip-Thompson
Manager, Corporate Responsibility
Enron Corp.
Tel: 415-782-7842
Fax: 415-782-7854


great! we just finished. beef was better than the chicken but everyone enjoyed it as evidenced by the fact there's nothing left but some broken chips. light dinner for me tonight.
how are you? Bob ate with us. he said to tell you hi.
love, nm

have you heard from your mom? I don't remember asking when she was leaving ftw.

-----Original Message-----
From: Mann, Kay [mailto:Kay.Mann@ENRON.com]
Sent: Tuesday, November 20, 2001 1:22 PM
To: nmann@erac.com
Subject:

How was lunch?
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


Gentlemen:

 Attached is the DASH for the approval of the DPR Accelerated Put
transaction.  This partial divestiture allows us to put $11 million of our
equity interest back to DPR Holding Company, LLC and its subsidiary, Dakota,
LLC.  Both entities are controlled by Chris Cline.

 In addition to redeeming part of our equity interest, the deal provides us
900,000 tons of coal priced below market, an option which could lead to a
very profitable synfuel project, and the potential for more marketing fees
from other Cline entities.

 The DASH has been approved and signed by RAC and JEDI II, and is now
awaiting Mark Haedicke's review and approval.  I wanted to give you the
opportunity to review the DASH and become familiar with the provisions of the
deal.

 If you have any questions on the transaction, feel free to contact me at
(412) 490-9048.  Others familiar with the deal are Mike Beyer, George
McClellan, and Wayne Gresham.

 Thank you.

  Bill Giuliani


This is an automatic confirmation of the request you have placed using IT
Central.

Request Number:   ECTH-4V9MY9
Order For:               Kenneth Parkhill

User has a EN600 with 64mb of memory and needs
upgrade to 256mb. Enron IT Purchasing

*Please send all status inquiries regarding this request to:
mailto:receiving&hardware@enron.com


Dear Rick:

As a follow-up to my voicemail message today just before 5PM, I am sending this email with additional details, including a track of earlier descriptive communications.

Please advise regarding the specific request for legal assistance addressing the Florida Sunshine laws.  Please let me know if you would address the request, or if we should proceed with local Florida counsel.

As additional background, Mike Nelson, VP under Phil Lowry,  is heading an initiative for security of the ETS related pipelines.  Enron Corp. security personnel are also participating as a service to ETS.

Selected communications on this matter will be held as confidential.

Thank you.

Richard Melton
Senior Counsel
ETS Legal
x52555
 -----Original Message-----
From: 	Melton, Richard
Sent:	Wednesday, October 17, 2001 12:35 PM
To:	Nelson, Mike
Cc:	Soldano, Louis; Raker, Colleen
Subject:	RE: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

Dear Mike:

The email you forwarded from Rob Wilson included the following request:

	"A side item- beyond the committees interest in hearing from our security personnel, Sue has asked if  an attorney in our 	group could assist her in drafting language, if needed, to provide exemptions/protections to FL sunshine laws regarding 	security related documents."

In discussions with Lou and Colleen, we concluded that I would check with Rick Shapiro, Counsel for Legislative Affairs, to address the request.  Alternatively, we can seek assistance from local Florida counsel (e.g. Ann Longman in Tallahassee FL).

I will let you know what develops soon.

Also, I understand that Rob Wilson is Manager of Regional Governmental Affairs in Tallahassee.  He mentioned that he had a prepared presentation that he had already used. Perhaps we should consider asking him to begin routing written matters on security through you and me for the time being.  Please ask him for a copy of the presentation before the conference call.  I assume we will meet in advance of the 10/24 call too.

Thank you.

Richard

 -----Original Message-----
From: 	Nelson, Mike
Sent:	Wednesday, October 17, 2001 10:20 AM
To:	Wilson, Rob
Cc:	Johnson, David L.; Norosky, Kyle; Craig, Rick; Melton, Richard ; Kilmer III, Robert
Subject:	RE: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

I would like Kyle, David Johnson, Rick Craig, Richard Melton, and I to attend the conf call on the 24th. We'll figure out who can / should attend.

 -----Original Message-----
From: 	Wilson, Rob
Sent:	Wednesday, October 17, 2001 9:39 AM
To:	Nelson, Mike
Cc:	Johnson, David L.; Norosky, Kyle; Craig, Rick; Melton, Richard ; Kilmer III, Robert
Subject:	RE: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

Mike,

Richard Hixson, House staff and Sue  Skelton, Senate staff have requested a meeting w/ our security rep. on the 24th. I suggested a conference call, since the same individual will be the presenter on the 26th. A time has not been established for the call. The conference call would include Sue, Richard , and the House and Senate chairs of each committee, Dudley Goodlette and Ginny Brown -Waite respectively. The intent would be to brief this audience on current security practices on the pipe and initiatives we are participating in w/ other stakeholders i.e. INGAA, DOE, OPS etc... In addition, the chairs want to be aware of information we do not want to share and how to manage the committee Q and A.

 I have indicated the 26th presentation will be succinct, generic, but reassuring . We can manage the Q and A  w/ some general responses regarding our efforts w/ the Florida Law Enforcement Department and heightened state of awareness responses.

 A side item- beyond the committees interest in hearing from our security personnel, Sue has asked if  an attorney in our group could assist her in drafting language, if needed, to provide exemptions/protections to FL sunshine laws regarding security related documents.

FYI- I have a presentation, I'll be using Monday w/ our PSC which includes bullet points on reliability and security, which should satisfy our needs for the 26th.

 -----Original Message-----
From: 	Nelson, Mike
Sent:	Tuesday, October 16, 2001 1:58 PM
To:	Wilson, Rob
Cc:	Johnson, David L.; Norosky, Kyle; Craig, Rick; Melton, Richard
Subject:	RE: Florida Joint House and Senate Committee Hearing/ Infrastructure Security

This is something we can do, but it will be at a very high level in terms of specific information shared.

I suggest we have a confernce call on this next week (or before) to 1.) determine what the Florida House and Senate is expecting, 2) who should attend, and 3.) who else is invited.

I will be out of pocket until next Monday, but could possibly call in if the timing was right.

Mike

 -----Original Message-----
From: 	Wilson, Rob
Sent:	Tuesday, October 16, 2001 12:53 PM
To:	Nelson, Mike
Cc:	Johnson, David L.; Kilmer III, Robert
Subject:	Florida Joint House and Senate Committee Hearing/ Infrastructure Security

Mike,

This morning legislative staff asked that I arrange for the appearance of an ETS security personality to address the House and Senate committees examining FL security issues. The committees tentatively plan to meet jointly on October 26th to discuss infrastructure security. There also will be a prehearing meeting on the 25th w/ committee leadership, to discuss the presentations.

The hearing schedule and agenda continues to be a work in progress as legislative members and staff prepare for a special session to begin on Monday. However, I wanted to alert you to the possibility of needing someone from your shop on at least the 26th. I have seen most everything we've produced to date regarding this issue and drafting a statement will be relatively straight forward. As is always the case, it is the committee Q and A where the practitioner is most helpful.

I will keep you informed of any developments, my contact numbers are 850-350-5018 office;  850-544-6938 cell; 850-668-2782 home

Rob


Can you help me out on this Darren?   MJJ
---------------------- Forwarded by Mary Jo Johnson/HOU/ECT on 11/09/2000
10:04 AM ---------------------------

"John Daugherty" <John.Daugherty@crosstx.com> on 11/08/2000 04:38:37 PM
To: <Mary.Jo.Johnson@enron.com>
cc:
Subject: Re: Driscoll Ranch #3 Gas pricing and interconnect estimate

Mary Jo,

Thanks for the update.  Regarding the notice provision of 6 business days
prior to the close of business on the last business day of the month prior
to selected month,  does that mean we need to give you notice for December
by Tuesday, November 21st at 5:00 PM or Monday, November 20th at 5:00 PM
assuming the 23rd and 24th are holidays?

John Daugherty
----- Original Message -----
From: <Mary.Jo.Johnson@enron.com>
To: <John.Daugherty@crosstx.com>
Cc: <Mary.Jo.Johnson@enron.com>; <mrhoades@camdenresources.com>;
<rskinner@camdenresources.com>; <barry.davis@crosstx.com>;
<Jim.Wales@crosstx.com>; <Jill.T.Zivley@enron.com>;
<JoAnne.Harris@enron.com>; <Brian.M.Riley@enron.com>
Sent: Wednesday, November 08, 2000 5:12 PM
Subject: Re: Driscoll Ranch #3 Gas pricing and interconnect estimate


Dear ClickAtHome Participant,

ClickAtHome is interested in making sure you have the latest security tools available to you.  As part of the ClickAtHome program, you may download and update Norton Anti-Virus and BlackICE Defender software from the ClickAtHome Portal.

Norton AntiVirus software repairs computer virus infections automatically.  It scans and cleans your hard drive, diskettes and both incoming and outgoing email.
BlackICE Defender is an industrial-strength anti-hacker system that protects your PC by scanning your DSL, cable modem, or dial-up Internet connection looking for hacker activity. When it detects an attempted intrusion, it automatically blocks traffic from that source, keeping intruders from accessing your system.
By installing and updating both Norton AntiVirus and BlackICE Defender, your ClickAtHome PC will have the latest security offered by these two products.
Instructions for accessing the Portal and downloading the software are provided below.
If you have any questions or wish to provide feedback, please email clickathome@enron.com.  Thank you for your participation in ClickAtHome.
The ClickAtHome Team!
__________________________________
To download the software:
1)  Visit the ClickAtHome Portal at www.clickathome.net from your ClickAtHome PC.
2)  Logon to the Portal with your personally created Portal User ID and Password, or create a new account if you have not created a user ID and password by selecting "Create a NEW Account" at the top left corner.  The Portal User IDs and Passwords are created by you.  The Enron Help Desk is not able to assist with Portal support, but if you need any assistance, please send an email to "clickathome@enron.com".
3) Once you have logged on, select "Tools" from the top menu bar.
4) Under the "Secure Download" heading, click on "BlackICE" or "Norton" and log on to the download page using your SAP ID and Date of Birth.
5) Follow the directions provided on screen.


Ken

Thanks for baby-sitting this.

Vince

Kenneth Parkhill@ENRON
05/03/2001 07:00 AM
To: Christie Patrick/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: invitations to presentation only

Hi Christie,

when do you sleep? 2 am, ugh!

ok,  you were correct, my invitation was to those people within Enron that
the students talked with before interviewing competitors, and it was an
invitation to the presentation only.  I didn't think any of them would be
invited to the dinner, and probably none will even come to the presentation.
The invitation did elicit one request for the final report though, so maybe
it wasn't a complete waste.

I didn't realize that the dinner had turned into a box visit.  that sounds
great.  I wish the group could have made it to dinner before the first game,
that would have made the whole slumming experience better.  Now they'll get
the royal treatment at Enron Field.  It'll be great.

Vince invited 4 people from Rice:

Dennis W. Loughridge, Director of Energy Consortium; lounghrid@rice.edu
Carrie Miller, Director of MBA Program; cmiller@rice.edu
Deborah Barrett, Inst. Communications, barrett@rice.edu
Dr. Wil Uecker, Associate Dean for Executive Education,uecker@rice.edu

Loughridge wrote back saying he'll come, I don't know about the others

Here are the 6 students emails:

"Ritwik \(Ronnie\) Ghosh" <ghoshr@rice.edu>, "Ivy Ghose" <ghosei@rice.edu>,
"Luigi Calabrese" <luigical@rice.edu>, "Pravas Sud" <pravas@rice.edu>, "Syed
\(Farhan\) Iqbal" <iqbal@rice.edu>
<cwomack@rice.edu>

your 2 from Rice makes a total of 12 from Rice, I guess

let me know if you would like me to do anything else related to Monday
look forward to seeing you then

ken


-----Original Message-----
From: Minter, Kimberly R (PS, SSEP)
Sent: Thursday, September 21, 2000 3:16 PM
To: Johnson, Lee L (PS, SSEP)
Subject: Ben Jacoby Letter

g            S&S Energy Products
_____________________________________

                                                           A GE Power
Systems Business
Kimberly Minter
Marketing Coordinator

2707 North Loop West, Houston, TX 77008
Phone: 713-803-0316
Fax: 713-869-8365

 - Ben Jacoby.pdf


This request has been pending your approval for  4 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000080512&Page=Approval to review and act upon this request.

Request ID          : 000000000080512
Request Create Date : 1/7/02 5:01:54 PM
Requested For       : stephen.benchluch@enron.com
Resource Name       : Market Data Kobra Power
Resource Type       : Applications


In a message dated 11/25/01 2:35:26 PM Pacific Standard Time, Michelle.Cash@ENRON.com writes:
My recommendation would be to let
everyone know it has been restated and attach an electronic copy of the
new plan, thus letting the plan speak for itself.
Michelle, this was the combined recommendation of Kriste, Kerry N. and myself.
Pat


Mike,
David Dronet is the best person who could delegate this project to someone else.  I'll ask him to help with the resource for this project.

Thanks,
Franky

-----Original Message-----
From: Grigsby, Mike
Sent: Monday, October 22, 2001 2:18 PM
To: Berutti, Aaron; Gaskill, Chris
Cc: Sulistio, Franky
Subject: RE: WestRateSheet

Franky,

Please delegate this project and any others to someone else.  Let me know who will be working on these projects while you are away.

Thanks,
Mike Grigsby
x37031
-----Original Message-----
From: Berutti, Aaron
Sent: Monday, October 22, 2001 2:02 PM
To: Grigsby, Mike
Subject: WestRateSheet

Mike,
Just wanted to keep you updated on the Rate Sheet project.  Franky sent me this email this morning.  Let me know if there is anything I can do for you in the meantime.

Aaron

-----Original Message-----
From: Sulistio, Franky
Sent: Monday, October 22, 2001 11:10 AM
To: Berutti, Aaron
Cc: Dronet, David
Subject: RE: WestRateSheet

Hi Aaron,
I may not be able to get to this WestRateSheet until Mid November because I may be taking 2 week family leave starting this wednesday to care for my son.

I apologize for the delay.

Regards,
Franky

-----Original Message-----
From: Berutti, Aaron
Sent: Wednesday, October 17, 2001 11:00 AM
To: Sulistio, Franky
Subject: WestRateSheet

 This is the excel sheet that is linked to EOL Listen or we would like to be linked to EOL Listen that hopefully we can make a web page out of so that it can be posted on the plasma screen.

Aaron
 WestRateSheet


The following expense report is ready for approval:

Employee Name: Gwyn E. Koepke
Status last changed by:  Automated Administrator
Expense Report Name: The Economist
Report Total: $49.90
Amount Due Employee: $49.90

To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


A more detailed/updated version.  In Ben's staff meeting, he mentioned that given market conditions, there is probably a greater need to do this deal than there was a week ago.

Kevin

 -----Original Message-----
From: 	Alvino, Nicole
Sent:	Thursday, September 13, 2001 10:59 AM
To:	Lord, Phillip D.; Siurek, Ryan; Ginty, James; Dewar, Donette; Mordaunt, Kristina; Puchot, Paul; Koogler, David; Miller, Mike J.; Thames, Davis; Steinbrueck, Brian
Cc:	Howard, Kevin A.; Schardin, Stuart
Subject:	Updated Cosmo Structure...Really

You will notice that the attached structure looks a lot like the 'Option 4' structure we had about a week ago.  This will be the talking point document with the banks.  Please use it for your respective internal review.

Let me know if there are any comments.

Thanks!


Mike,

Here it is

Vince

	From:  Mike A Roberts                           04/19/2000 04:28 PM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: PPT presentation

Vince,

could you please send me a copy of the final version used for Greg?

thanks

- - - Mike


Attached is the document I mentioned.  You will get a separate e-mail from
Karen Denne which will include the invitation and the invited for the
Thursday meeting.

My contact information:

Steven J Kean
EVP and Chief of Staff
Enron Corp
713.853.1586
skean@enron.com
pager: 888.906.9761
Asst Maureen McVicker 713.853.1808

I will be in Japan most of next week, but my office can reach me.
Thanks


-----Original Message-----
From: Bond, Ragan
Sent: Friday, May 24, 2002 10:46 AM
To: Bill Murphy (E-mail); Bob Lee (E-mail); Bobb@Amerexenergy.Com
(E-mail); Brad 'Axehandle' Olander (E-mail); Brett "Bitch" Browning
(E-mail); Chad Landry (E-mail); Charlie Proske (E-mail); Chris "still
Mastro to me" Cantor (E-mail); Chris Bray (E-mail); Danno (E-mail);
deano (E-mail); Duroc Boswell (E-mail); fpl Toby (E-mail); Lee Byassee
(E-mail); Nielsen, Jeff; Tommy Jacomini (E-mail); Shelby "john murray"
puckett (E-mail); Parks, Joe; McIlvoy, Karen D.; Hagy Jr., Dee;
Knoblauh, Jay; Smith, Tiffany; Rivera, Elizabeth; Hillman, Liz; Baker,
Briant
Subject: FW:

-----Original Message-----
From: sandy_m_bramanti@reliantenergy.com
[mailto:sandy_m_bramanti@reliantenergy.com]
Sent: Friday, May 24, 2002 8:17 AM
To: BBonassin@reliant.com; Bond, Ragan; fbramanti@hcch.com;
patrick.howard@gulfsouthpl.com; daryl.landry@bp.com;
bgodkin@coral-energy.com
Subject: FW:

----- Forwarded by Sandy M Bramanti/ETX/HouInd on 05/24/2002 08:07 AM -----

                    "Thompson, Greg"
                    <greg.thompson@m        To:     "Treibs, Kristen" <kristen.treibs@mirant.com>, "'Sandy Bramanti'"
                    irant.com>              <sandy.m.bramanti@centerpointenergy.com>, "McBride, Shawnie"
                                            <shawnie.mcbride@mirant.com>, "Draheim, James" <james.draheim@mirant.com>
                    05/23/2002 04:53        cc:
                    PM                      Subject:     FW:

1 star hangover (*)

No pain. No real feeling of illness. Your sleep last night was a mere disco
nap which is giving you a whole lot of misplaced energy.  Be glad that you
are able to function relatively well.   However,you are still parched. You
can drink 10 sodas and still feel this way.  You are craving a steak bomb
and a side of gravy fries.

2 star hangover (**)

No pain, but something is definitely amiss. You may look okay but you have
mental capacity of a staple gun. The coffee you chug is only acerbating
your
rumbling gut, which is craving a rootie tootie fresh and fruity pancake
breakfast from IHOP. Last night has wreaked havoc on your bowels.

3 star hangover (***)

Slight headache. Stomach feels crappy. You are definitely not productive.
Anytime a girl walks by you gag because her perfume reminds you of the
random gin shots you did with your alcoholic friends after the bouncer 86'd
your ass at 1:45 a.m. Life would be better right now if you were in your
bed
with a dozen donuts and a meatball sub You've had 4 cups of coffee, a
gallon
of water, 3 Snapples and a liter of diet coke yet you haven't peed once.

4 star hangover (****)

Life sucks. Your head is throbbing and you can't speak too quickly or else
you might puke. Your boss has already lambasted you for being late and
given
you a lecture for reeking of booze. You wore nice clothes,but that can't
hide the fact that you missed an oh-so crucial spot shaving, (girls,it
looks
like you put your make-up on while riding the bumper cars). Your eyes look
like one big vein and your hair style makes you look like a reject from the
class picture of Revere High, '76.

5 star hangover(*****)

a.k.a. "Dante's 4th Circle of Hell." You have a second heartbeat inyour
head
which is actually annoying the employee who sits in the nextcube.  Vodka
vapor is seeping out of every pore and making you dizzy. You still have
toothpaste crust in the corners of your mouth from brushing your teeth.
Your
body has lost the ability to generate saliva, so your tongue is suffocating
you. Death seems pretty good right now. You definitely don't remember who
you were with, where you were, what you drank, and why there is a stranger
still sleeping in your bed at your house.

6 star hangover (******)

Otherwise known as the "Infinite Nutsmacker"You wake up on your bathroom
floor. For about 2 seconds you look at the ceiling, wondering if the cool
refreshing feeling on your cheek is the bathroom tile or your vomit from 5
hours ago. It is amazing how your roommate who was as drunk as you, but
somehow manages to get up before you the next morning...You try to lift
your
head. Not an option. It is when you turn your head too quickly only to
smell
the funk of 13 packs of cigarettes in your hair, and suddenly you realize
you were smoking, but not ultra lights... some jackass handed you Marlboro
reds, and you smoked them like it was your second full time job. You look
in
the mirror only to see remnants of the stamp "Ready to Rock" faintly atop
your forehead... that explains the stamp on the back of your hand that has
magically appeared on your forehead by alcoholic osmosis. You have to be to
work in t-minus 14 minutes and 32 seconds and the only thing you can think
of wearing is your "hello kitty" pajamas.....


Thanks for the offer!  Lets see when we get this event scheduled and I may be
able to take you up on it.  Looks like you Utilicorp guys need to get
coordinated or I may have to play golf twice.  That would be brutal.  DF

"Hooker, David" <DHooker@UtiliCorp.com> on 05/16/2000 02:53:49 PM
To: "'Drew.Fossum@enron.com'" <Drew.Fossum@enron.com>, "Peldner, Patrick"
<PPeldner@utilicorp.com>
cc: dhill@wrf.com

Subject: RE: Golf

afternoon of June 1 works great with me.  I've "inked" you in.  Drewski,
plan to stay at the house that evening as well.  same for you David Hill if
you can make it.

no, but would love to here the story.

> -----Original Message-----
> From: Drew.Fossum@enron.com [SMTP:Drew.Fossum@enron.com]
> Sent: Tuesday, May 16, 2000 2:21 PM
> To: DHooker@UtiliCorp.com; PPeldner@UtiliCorp.com
> Cc: dhill@wrf.com
> Subject: Golf
>
> How about Thursday or Friday, June 1 or 2 for a round of golf?  I'm in HOU
> all wk and the end of the wk looks pretty light.  I'd be happy to venture
> out west to your Katy/San Antonio nick of the woods if you guys are
> available.  Hill, are you gonna be in Houston around then?  If so, can you
> sneak the clubs past your wife?  Please advise.  DF
>
> PS:  I met with Paul Bieniawski and his new storage group today.  Do you
> guys know how he parted terms with the Frogs?


Hello Vince and John,

I wanted to forward to you both the current presentations for campus.  We can
tweak these however we feel appropriate to match Cal Berkeley on Monday.  I
believe that we can probably expect about 30 - 50 students (based on interest
shown at the Career Fair).  These tend to be fairly informal.  I was thinking
that we could present in this order:

Vince  Gives the Enron overview presentation  (30 minutes)
John  Gives the Global Technology specific presentation (20 minutes)
 Ashley  Goes over recruiting information at the end (10 minutes)

Please take a look at each presentation and speaker notes to ensure that you
feel comfortable with the layout and content.  I am meeting with John today
at 1:30 - Vince if you would like to get together and discuss as well that
would be great.

If you have any questions, please don't hesitate to contact me. 3-3589
Thanks,
Ashley
Vince, here is a copy of the current Enron overview presentation.  There are
also speaker notes that go into great detail.

John, here is a copy of the current technology presentation for Carnegie
Mellon.  The only changes will be to the recruiting dates at the end.  There
are also speaker notes that go into greater detail.  --->


Can you please add the PG&E topack curve to the swap model. thanks.

BT


Jeff,

This sort narrowed the search considerably.  I'm having hard copies that I've
organized by city (makes it quicker to look at) hand carried to you.  The
1959 info should be coming in a couple of days.  If this approach doesn't
find the person, I have another idea.

Thanks,
Billy

 -----Original Message-----
From:  "Krumm, Bill" <b-krumm@tamu.edu>@ENRON
Sent: Monday, May 14, 2001 11:55 AM
To: Lemmons Jr., Billy
Subject: Seach

Billy,

I have asked 1959 to be added to the search.  Should have it in a day or
two.

 <<Krumm2.xls>>  <<Krumm3.xls>>

 Bill

 - Krumm2.xls
 - Krumm3.xls


Eric,  Plan on attending this with me.

----- Forwarded by Gerald Nemec/HOU/ECT on 01/17/2001 10:01 AM -----

	Steve Van Hooser
	01/16/2001 08:42 AM

		 To: Gerald Nemec
		 cc:
		 Subject: Black Marlin UA4

Gerald,

Would you please, or would you please task Eric to deal with this.  I'll
forward you a voicemail that I received on this Friday afternoon or over the
weekend.

Thanks,

Steve
----- Forwarded by Steve Van Hooser/HOU/ECT on 01/16/2001 08:40 AM -----

	Mary Comello@ENRON
	01/16/2001 08:23 AM

		 To: Vance L Taylor/HOU/ECT@ECT, Rita Wynne/HOU/ECT@ECT, Steve HPL
Schneider/HOU/ECT@ECT, Sherlyn Schumack/HOU/ECT@ECT, Cynthia
Hakemack/HOU/ECT@ECT, Nick Moshou/Corp/Enron@ENRON, Steve Van
Hooser/HOU/ECT@ECT
		 cc: Monica Jackson/Corp/Enron@ENRON
		 Subject: Black Marlin UA4

Per the request of Sherlyn Schumack, Please plan to attend the following
meeting:

Topic: Black Marlin UA4
Date: Thursday, Jan. 18
Time: 4-5 PM
Place: EB37c1

Thanks,
Mary Comello   x35999


-----Original Message-----
From: 	Kitchen, Louise
Sent:	Thursday, October 25, 2001 10:38 AM
To:	Oxley, David
Cc:	Lavorato, John; Cash, Michelle
Subject:

New numbers for some people, could you please get these done asap including the new wording taking out any contingencies.

We are expecting them to start flowing in one hour.

Louise

Mike Swerzbin	1.50
Tim Belden	1.40
Matt Motley	1.30
Jeff Richter	0.90
Badeer	0.60
Foster	0.20
Total


I bet his attire at the inauguration will be fly.  He will probably wear a fila sweatsuit with a large cross or medallion around his neck.
PL

 -----Original Message-----
From: 	Wolfe, Jason
Sent:	Tuesday, May 22, 2001 8:14 AM
To:	Love, Phillip M.
Subject:	RE: support our man for president

When I saw this, I new that the dark Republican years would be over by 2004. Is their anyone more qualified
in the areas of foreign policy, energy policy, political economics, or complex social issues than the Rev?
We'll finally have the pimpin' leader that we need.
 -----Original Message-----
From: 	Love, Phillip M.
Sent:	Monday, May 21, 2001 9:03 AM
To:	Wolfe, Jason
Subject:	support our man for president

He will get at least two votes at enron.
PL
http://www.cnn.com/2001/ALLPOLITICS/05/21/sharpton.president.ap/index.html


Sorry, I filled out the form and sent it to HR.  It was difficult to rank the
candidate using the printed form but I thought she looked very good and after
speaking with Elizabeth to get her impressions (which I have not done), I
would probably make her an offer.  Sara

Carol St Clair
04/11/2000 01:57 PM
To: Susan Flynn/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT
cc:
Subject: Jacqualine McKoy

Please send me an e-mail today with your impressions of this candidate so
that I can report back to HR.  Thanks.
Carol


-----Original Message-----
From: CAISO Market Operations - Hour Ahead
[mailto:IMCEAEX-_O=CAISO_OU=CORPORATE_CN=SYSTEM_CN=MARKETOPSHOURAHEAD@ca
iso.com]
Sent: Thursday, July 26, 2001 11:02 AM
To: Market Status: Hour-Ahead/Real-Time
Subject: Correction to COI rerate message:

Correction to COI rerate message;see direction of power flow: After the Day
ahead market ran, the  branch group COI TTC in the (S-N) direction was
changed from 3675 MW to 2450 MW for HE's 1700 through 2400 for operating day
7/26/01.  The reason for the change is for the Northwest Generation Urgent
pump repairs.  The first applicable Hour Ahead market to run with these
values is HE 1700.  The ISO will update you of any changes in line rating
status.  Sent by Market Operations, inquiries please call the Hour Ahead
Desk.

The system conditions described in this communication are dynamic and
subject to change.  While the ISO has attempted to reflect the most current,
accurate information available in preparing this notice, system conditions
may change suddenly with little or no notice.


Cantekin,

The summer associate program has closed but I shall check to see
if I can get one extra place.

Vince

"Cantekin Dincerler" <cantekin@mail.utexas.edu> on 03/28/2000 11:48:53 AM
Please respond to cantekin@mail.utexas.edu
To: vkamins@ect.enron.com
cc:  (bcc: Vince J Kaminski/HOU/ECT)
Subject: summer internship

Hi Vince,

I am writing you at this time to inquire as to the potential of renewing my
internship at Enron for the Summer of 2000.

While the date of my request is later than I would have wished, the reason
is that I had originally planned to go back to Turkey this summer and get
my mandatory military duty done. However, I now realize I can put it off to
a further date. That left me wondering if you believe there is a project
that I can get involved in this summer and be useful. If that were the
case, I would be more than happy to postpone my military duty and spend the
summer with the research group. I discussed this with Dr. Ronn, and he is
very supportive of this idea.

I apologize again for bringing up this issue late, and look forward to
hearing from you.

Best regards,

 ---------oOOo-----oOOo----------
Cantekin Dincerler

Doctoral Candidate
The University of Texas at Austin
Graduate School of Business
Department of Finance
office: (512) 471-1676
fax   : (512) 471-5073
home  : (512) 472-5356
http://uts.cc.utexas.edu/~cantekin
 -------------oooO-----Oooo----------


The Research Weather Group has posted the 2001 Summer Outlook on Research
Intranet Page, under the Afternoon Video Report.

The links are:
http://gasfundy.corp.enron.com/Gas/sections/weather/InHouse/MorningComents/dis
cussionContent.asp?item=Afternoon

and  http://enaresearch.corp.enron.com/research/framework/default.asp


Daren,

This has not yet shown up in Unify.  Did you use the same deal ticket?

Daren J Farmer@ECT
03/20/2001 10:53 AM
To: Michael Olsen/NA/Enron@ENRON
cc:

Subject: Re: Deal 338634 Meter 985077

done.

Michael Olsen@ENRON
03/20/2001 10:48 AM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Deal 338634 Meter 985077

The above deal was in the system for 7/1/00 to 12/31/00.  We have had
continued flow on the following dates...

1/4/01 to 1/8/01
1/29/01
2/7/01 to 2/28/01

The total flow has been 2804.

Can this deal be extended to cover the January and February flow?


For your information, attached is the Enron Global Markets LLC Monthly Legal
Report for May 2001.

Please call me if you have any questions.

Regards, Alan


The L/C draw was wired in for the full amount of $540,170.00 and will be
applied to the A/R account of Cage.

At the same time I will have a termination dollar amount from structuring
tomorrow by 10:30 and will forward it to you at that time.
We can then send Cage a letter for damages owed.

Thanks

Russell


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude50.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas50.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil50.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded50.pdf

July Crude     http://www.carrfut.com/research/Energy1/CLN50.pdf
Brent Continuation     http://www.carrfut.com/research/Energy1/QO50.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG50.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG50.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL50.pdf

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com


-----Original Message-----
From: 	Hanagriff, Richard
Sent:	Wednesday, February 20, 2002 8:20 PM
To:	Schoolcraft, Darrell
Subject:	Tw imbalance summary


ED FRANKE
lexington park, MD 20653
frankeed@hotmail.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  Please donate this money to the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

ED FRANKE


At the request of Mike Bridges, I am attaching our proposed form of
Non-Disclosure Agreement.  If the enclosed meets with your approval, please
sign the NDA and return it to me via fax (713) 646-3490.  If you have any
comments or questions, please do not hesitate to call me at (713) 853-3399.


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From: Matthew Cooper <MCOOPER@Alorica.com>
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Subject: RE: Please, help
Date: Mon, 9 Apr 2001 21:05:41 -0600
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-----Original Message-----
From: VKaminski@aol.com [mailto:VKaminski@aol.com]
Sent: Monday, April 09, 2001 8:59 PM
To: Tech-Support@nec-computers.com
Subject: Fwd: Please, help

Original message:
-----Original Message-----
From: VKaminski@aol.com [mailto:VKaminski@aol.com]
Sent: Saturday, April 07, 2001 5:27 PM
To: tech-support@nec-computers.com
Subject: Please, help
I am helping my neighbor whose NEC PC was infected with a virus. We had to
format the hard drive. He does not have the original Windows 98 CD-ROM to
restore the operating system. How can we get a CD-ROM with Windows version
for this specific type of a computer?
Information about the computer:
Ready 9847
S/O 171662  FRMT # 172102-02
Vincent Kaminski
281 367 5377


Allan,

I shall be glad to meet you. I am planning to attend the Energy Symposium
and we can meet on the location. If business keeps me at the office,
feel free to contact me at 713 853 3848 and we can schedule a meeting during
the day
or in the evening.

Vince

allan.roberts@uk.arthurandersen.com on 11/22/2000 06:45:42 AM
To: Vince.J.Kaminski@enron.com
cc: george.e.danner@us.arthurandersen.com,
david.b.duncan@us.arthurandersen.com
Subject: Visit to Houston

Vince,

I hope things are well with you and your family.

The reason for contacting you today is to let you know I will be in Houston
next
week between Monday and Wednesday inclusive.  If there is an opportunity to
meet
up, probably informally, it would be useful to discuss our continuing
activities
in the areas of Strategy, Value and, increasingly, Real Options.

If you are attending our Energy Symposium, or can meet up, please contact me
at
your convenience.  If we do meet, I would also like to introduce you to one of
our senior managers from Houston:  George E. Danner.  George is a member of
our
US National Strategy team and part of our global network of specialists
working
on real option pricing.

If I do not speak to you before tomorrow - happy Thanksgiving.

ALLAN

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This is the beginning of the busy season for my industry, so things have been hoppin at work.  Celebrated my 31st birthday last weekend.  Very fun!  Been wanting to get some golfing in before it gets too cold.  What about you?

----- Original Message -----
From: Lucci, Paul T. <mailto:Paul.T.Lucci@ENRON.com>
To: lisab <mailto:lisab@int.iwhm.com>
Sent: Thursday, October 18, 2001 1:28 PM
Subject: RE:

That's too bad, I would have come down and met you.  What has been going on with you?

-----Original Message-----
From: lisab [mailto:lisab@int.iwhm.com]
Sent: Thursday, October 18, 2001 1:40 PM
To: Lucci, Paul T.
Subject:

Hey, welcome back.  Sorry I missed you last night.  I was down in Cherry Creek having some drinks with friends, and didn't hear my phone.  Hope you had fun.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


- Cindy_Skinner_110801.doc


Look good at this stage.
---------------------- Forwarded by Richard Ingersoll/HOU/ECT on 05/19/2000
03:49 PM ---------------------------

Barbara Bogenrief <barbara@nerc.com> on 05/19/2000 03:36:16 PM
To: roger_c_harszy@ameren.com
cc: hlt@maininc.org, ringers@enron.com, directors@nerc.com, pitf@nerc.com
Subject: MAIN Policy Interpretation Request

TO: Roger C. Harszy
 Harry L. Terhune
 Richard Ingersoll
 NERC Directors
 Policy Interpretation Task Force

Letter attached regarding NERC's response to MAIN's request for a Policy
interpretation.

If you have any questions, please contact Gordon Scott, Don Benjamin, or
David Cook.

Thank you.

Barbara S. Bogenrief
Secretary-Operations
 - Letter - MAIN-Enron - NERC Response - May 19, 2000.pdf