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2000 Year-End  Transcript

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Produced  Friday, December 29, 2000.
Our panelists are Elizabeth Dater, Louis  Holland, Barbara Marcin and Brian
Rogers.

LOUIS  RUKEYSER: Good evening. I'm Louis Rukeyser. This is Wall Street Week.
Welcome back.

Well, folks,  now you know why they call it black tie.

Much of the  world of investors regards 2000 as a year of mourning -- for
profits past, for  bubbles burst, for bulls de-horned and for certainties
crumbled.

And let's face  it: It wasn't always fun.

As Winston  Churchill put it, "I'm always ready to learn, although I do not
always like to  be taught."

Virtually  nobody except the non-stop pessimists -- who are still stone
losers over the  past decade -- foresaw the viciousness of this year's
declines -- although the  year was contradictory, even there.

For example, is  this a bear market?

Well, yes and  no.

Even from their  highest heights in early 2000, the Dow Jones Industrial
Average and the  S&P 500 have declined far less than the twenty percent that
traditionally  has defined a bear market.

But for the  formerly high-flying technology stocks personified by the
Nasdaq, this has not  only been a bear -- but the growly of all time.

Nasdaq, which  never does things moderately, fell nearly 40 percent this year
-- and is off  more than 51 percent from its March 10th high.

That makes this  not only the worst year ever for the 29-year-old Nasdaq, but
the biggest  decline for any of the three major indexes since the S&P 500
lost 47  percent in 1931, during the Great Depression.

So devastating  was this latest, and most severe, tech wreck that any attempt
to put it in  perspective -- by pointing out, say, that Nasdaq has been the
bullish  phenomenon of the past decade -- and that it gained more than 85
percent in  1999 alone -- is likely to seem like irrelevant ancient history
to today's  bleeding tech investors.

Are they right?  Is this just a temporary reversal of a fantastically
promising up-trend, or is  it truly the end of a booming era?

Were the  downward catalysts of 2000 -- a fierce Federal Reserve, a steeply
weakening  economy and a nation driven to embarrassing self-doubt by the
Election That  Would Not Die -- passing phenomena or auguries of enduring
change?

We'll try to  get you some meaningful answers tonight -- in the company of
four  sharp-shooting panelists whose recommendations actually made our
viewers  significant money in 2000 while the markets -- and most of their
competitors  -- faltered.

We'll review  what really did happen in 2000 -- to the economy and to
investors -- and we'll  see if those four can be at least as helpful to us in
the year ahead -- in  which, not to put too fine a point on it, Wall Street
owes us all a lot!

But, first,  let's see how the best-performing got better -- and the
worst-hit got  hysterical -- in a characteristically mixed ending to a
thoroughly mixed-up  year.

The Dow Jones  Industrial Average ended on a stronger note, despite a
final-day sell-off,  gaining more than 150 points to close the year at
10,787.99 -- making this the  Dow's first losing year since 1990.

Most indexes  followed the Dow's upward lead -- with the conspicuous
exception of, you  guessed it, Nasdaq, which ended the year at less than half
its March  peak.

But the elves,  filled with the holiday spirit -- or something -- continue to
insist that  better times lie ahead both for the Dow -- where our haloes go,
as usual, to  those who voted neutral three months ago, since when the Dow is
up by just a  bit more than one percent -- and for Nasdaq, which we now
insist they also  predict -- to see if that can improve their worst overall
yearly record since  they were created.

There were  minimal changes in the bond and oil markets, and the dollar had a
mixed week  -- as the long-suffering euro continued its recent rebound.

And if your  investments this year are giving you palpitations, try munching
some of those  holiday sweets you've been trying to put out of your mind.

A new report in  the American Journal of Clinical Nutrition says that
chocolate may  protect against heart disease.

The theory is  that procyanidin found in the candy helps prevent build-up of
blood  platelets.

Brian Rogers,  what's it going to take to build up investor psychology in
Wall  Street?

ROGERS:  Well, Lou, I think what we've seen is a very natural transition this
year away  from some of the higher-flying sectors of 1999. And I think
investors as we  enter the new year will be focused on earnings progression,
what the Fed does  with rates, and I think an awful lot will be determined,
at least in the first  part of the year, on what happens to mutual fund cash
flows.

RUKEYSER:  When will we know that? A week or two from now, or will it take
longer?

ROGERS:  I think we'll see a lot of indications in January. I think the Fed
will meet  several weeks into the new year. I think we'll see trends in
mutual fund cash  flow data evident by the end of January. And then we also
have the January  effect I suppose we can look forward to, to see how the
first month of the  year shakes out.

RUKEYSER: So basically, if things don't look a heck of a lot  better by
mid-January, that's going to be a bad sign.

ROGERS:  You can take the rest of the year off at that point.

RUKEYSER: Thanks for your encouragement. Barbara Marcin, what do  you think?
What's it going to take to pep up the investors?

MARCIN:  Well, I think that we have much more reasonable expectations of
profit and  growth priced into the market here. And I really think that what
happened this  year was it was really a narrow group of stocks that really
led the market  down. It was the same technology and telecommunication stocks
which boomed so  much last year. And last year you could have a reasonable
return which would  look very mediocre if you weren't invested in those
stocks, and this year if  you have a reasonable return, it looks very good,
because the telecom and  technology stocks declined so much. So I think it's
really just been a matter  of resetting expectations, and I think we can
still have a good market here  with a broad number of stocks attractively
priced.

RUKEYSER: So it was a good thing that those jazzed-up fly boys  came down to
earth, huh?

MARCIN:  Well, I think it sets us up for a better year in the stock market
certainly,  yes.

RUKEYSER: Lou Holland, Brian mentioned the Fed. How important is  the Fed in
all this?

HOLLAND:  Well, I think the Fed made a big mistake. I mean they raised
interest rates,  you know, 6 times in 15 months. You know, basically the
economy, inflation was  not an issue at the time that they were raising it.
And now of course they  took money out of the system because they put a lot
in at the end of '99 for  Y2K issues, and now they've taken it out. So really
I think they've dropped  the ball here, and I think that they're going to
have to cut rates here over  the next month or so.

RUKEYSER:  How much impact will that have? Wall Street expects them to do
that  doesn't it?

HOLLAND:  Well, I think it does, Wall Street expects that. But I think,
again, to  see it is to believe it, and I think to the extent that Greenspan
has sort of  been a follower, he has not been a leader. So I suspect that any
positive  action here will be received relatively positively.

RUKEYSER: You mean the markets have led him.

HOLLAND:  That's exactly right.

RUKEYSER: And they're now leading him to a rate cut.

HOLLAND:  Exactly.

RUKEYSER: I  see. Well, I hope Mr. Greenspan understands that. Beth Dater,
what do you  think?

DATER:  Well, that's an interesting point, because I think typically the
stock market  is driven by the economy. What's sort of interesting about the
last  year-and-a-half is that to some extent the economy has been driven by
the  stock market and the wealth effect. And so I think what's going to be
really  important to watch here is the consumer and whether the consumer can
adjust to  a year in the stock market where you may have gains that are more
like eight  percent than 25 or 30 or high double-digit gains.

RUKEYSER: The consumer didn't seem to be too sanguine this  Christmas.

DATER:  No, the consumer seems to be retrenching definitely somewhat here.
And I think  the question will be, back to Brian's point, what will happen
when the  consumers see their fourth quarter results in some of the mutual
fund  business. It's something to watch very closely I think.

RUKEYSER: There was a fall off in the rate of net input into  mutual funds
last month, which is not surprising. What do you think? Why  should people
turn around and put a lot of money into mutual funds  now?

DATER:  Well, I think there's, I think that consumers also have to adjust to
the  fact that, you know, the same 25 stocks aren't going to carry
everything, that  there are areas of diversification, such as fixed income
and value and other  styles of investing, where one can still receive good
returns over time.

RUKEYSER: All right. Now, before we look ahead with our winners  of the year,
let's review where we've been in a year most investors would love  to forget.

The Dow Jones  Industrial Average was the year's first victim, falling nearly
2,000 points  after peaking in mid-January at a record 11,723 -- but then
gained most of it  back, ending with a loss of just over six percent.

The S&P 500  peaked later -- in March -- but recovered less, losing a bit
more than ten  percent for the year.

But the true  carnage was restricted to the Nasdaq, which was butchered by
more than 39  percent.

In contrast,  both the New York and American Stock Exchange composite indexes
-- which track  all the common stocks traded there -- eked out small gains
for the year --  while the small-stock Russell 2000 was down by just 4.2
percent.

Even a bad year  for stocks and a hint of inflation couldn't revive the
fortunes of the  investment world's longest sufferers -- the gold bugs --
whose favorite metal  continued to tarnish. And silver did even worse.

The strong man  of the year was the U.S. dollar, which easily outperformed
all other major  currencies, with a particularly dazzling gain of 12 percent
against the  yen.

Meanwhile, the  U.S. economy continued -- as it has now for nearly ten years
-- what has  become a record expansion -- but new doubts about its durability
arose as  growth slowed in the third quarter to just 2.2 percent and the
fourth quarter  seemed even weaker.

There was a  slight whiff of inflation midway through the year, helped along
by a stunning  rise in oil prices and a period of excess money creation by
Fed officials, who  last year took the Y2K threat too seriously. By November,
there was some  relief -- consumer prices for the past 12 months had
increased 3.4 percent,  ahead of the pace a year ago, but off the summer
highs.

Continuing to  defy old-fashioned economic textbooks, unemployment remained
low, even as  inflation blipped -- and the economy chugged forward. U.S.
unemployment  reached a three-decade low at 3.9 percent, and as of the last
monthly report,  in November, was still holding at just four percent.

Even the  ever-edgy bond market stopped trembling about inflation -- and with
the  prospect of a softer economy, the ghouls rejoiced. The yield on the
30-year  Treasury bond was driven down to 5.46 percent -- more than a full
point lower  than where it was a year ago.

But short-term  rates -- which are more-easily controlled by the Federal
Reserve -- climbed  nearly as much as long rates fell. The average yield on
taxable money-market  funds is now up to six percent.

The year's big  international economic story was oil. From below $11.00 a
barrel just two  years ago, oil climbed over $37.00 this past September
before retreating to  today's $26.80 -- a little more than a dollar higher
than a year  ago.

For the fourth  year in a row, the U.S. trade deficit is setting a record in
2000 -- and next  April will mark a full quarter-century since the U.S. last
saw even a monthly  trade surplus.

And where do we  go from here? The Conference Board's index of so-called
leading economic  indicators has been anemic throughout 2000 with outright
negative readings in  four of the past five months.

Brian Rogers,  which of these numbers, if any, is the one to watch in the
2001  markets?

ROGERS:  Lou, I think the most important thing will be what happens to
corporate  earnings in the first half. Things have been sluggish in the
second half of  this year, and I think as we enter the new year corporate
profitability will  be the most important thing affecting how investors view
markets.

RUKEYSER: And what's your guess on how that will turn out?

ROGERS:  I think we'll have a decent profit year, but when I say decent, Lou,
my best  guess is in the five to seven percent range, and not much more than
that, from  a corporate profitability standpoint.

RUKEYSER: Do you think the markets are expecting that?

ROGERS:  I think the markets are expecting a little bit more than that, which
makes me  think we might continue to have some, again some choppiness in the
first part  of 2001.

RUKEYSER:  Barbara Marcin, what are you going to keep your eye on?

MARCIN:  I'm going to keep my eye on the consumer confidence levels. You
know, we  had three forces which slowed the economy this year: the Federal
Reserve  raising interest rates, high oil and gas prices, and really a sharp
drop off  in consumer confidence as the stock market fell, and that slowed
spending a  lot. And I think that if that were to get much worse or consumers
really  stopped spending, that could spiral a little bit more into companies
incorporating that and having layoffs, and really then we could get a
recession. So that's what I'm keeping my eye on.

RUKEYSER: Consumers have been the heroes and heroines of this  whole
expansion.

MARCIN:  Yes.

RUKEYSER:  There are some signs they're flagging a little, but you want to
see how  much.

MARCIN:  Yes.

RUKEYSER: What's your guess?

MARCIN:  I think that, right now I'm not predicting a recession, so I'm not
predicting  that they're going to flag that much more. We just had, this week
the third  straight month of a fall off in consumer confidence. And I think
that perhaps,  come the new year, we can regain it, but that is what I'm
concerned about.

RUKEYSER: Lou Holland, how about you?

HOLLAND:  I agree with Barbara. I think the consumer sentiment has
deteriorated, and I  think that there's probably a greater than 50-50 chance
that we're probably  going to have a recession. It's sort of the old notion
of the Federal Reserve  pushing on the string in order to get the economy
going by reducing rates or  injecting money into the system. And I'm not so
sure that the system will  swallow it quick enough to stop us from falling
into recession.

RUKEYSER: So you think the Fed has waited far too long.

HOLLAND:  I think so.

RUKEYSER:  Do you think there's a chance that they'll cut more than a quarter
percent  next month?

HOLLAND:  I think it's possible that they could have an interim meeting to
cut, and I  think it's very possible they could cut a half a point.

RUKEYSER:  Beth, can you cheer me up any more?

DATER:  Well, I think it gets down to interest rates, because I think that is
what  will ultimately influence the consumer confidence. I'm a little bit
concerned  about the dollar in here. I mean I think that we have had a huge
amount of  foreign investment also into our capital markets here, and if the
dollar were  to weaken substantially, that might be at risk, and we might see
some  repatriation of some of those foreign investments.

RUKEYSER: All right. Now comes the moment of truth when we turn  the
spotlight on what these folks said twelve months ago.

In what has  been for decades the toughest competition in investing -- the
lists cannot be  changed for any reason during the ensuing twelve months --
it was a tough year  even for our certified geniuses -- though the average of
all our panelists  continued to beat the performance of the S&P 500, let
alone the sagging  Nasdaq.

You can check  all their records on our web site. It will be up after
midnight tonight. As  you'll see, the five who actually defied the odds, and
made you money in 2000,  included the four stalwarts here tonight.

Brian Rogers,  to show what a weird year it was, you were the second-closest
of all our  panelists, behind Marty Zweig, in predicting the Dow's 2000 high
and close --  though even you were too optimistic by nearly 800 and 1,000
points,  respectively. That was good this year.

But in the  far-more-important, actual money-making part of the competition,
you excelled  -- with a portfolio of specific recommendations that, according
to  calculations by our friends at Bloomberg Financial Markets, was up a
whopping  42.5 percent, aided by three timely short sales and a near-double
in Bergen  Brunswig. Congratulations!

ROGERS:  Thank you.

RUKEYSER:  Barbara Marcin, with both you and Brian here, it's clearly the
value  players' night out. While your prediction that the Dow would get above
14,000  turned out to be ridiculously high, you came within 11 points -- 11
points --  of nailing the precise Dow low of 9796.03. And better still, your
portfolio is  up more than 40 percent in this generally-grim year -- thanks
to the best  single pick of any panelist, Everest Reinsurance Holdings --
which rewarded  you with a 222-percent gain. So thanks, Barbara, for bringing
us so much  value!

MARCIN:  Thank you.

RUKEYSER:  Lou Holland, welcome back to your fourth year-end appearance, the
most of  any panelist here tonight, and you earned it. While your high, low
and close  were way off the mark -- a familiar song this year -- your
portfolio was up  more than 28 percent, powered by the more-than-doubling of
Washington Mutual.  Way to go, Lou.

HOLLAND:  Thank you.

RUKEYSER: Beth Dater, this is your third year-end program. And  your cautious
approach to investing in 2000 -- including putting 20 percent of  the
portfolio in three-year Treasury notes -- paid off with an average gain of
more than 7.5 percent. In 2000, that looked awful good. So congratulations,
Beth.

DATER:  Thank you, Lou.

RUKEYSER:  But enough with the compliments -- however well-earned in a year
like this  past one. There's a new, and we hope different, year ahead -- and
what have  you done for us lately? For starters, in our annual triumph of
hope over  experience, let's hear from each of you the true inside word on
the highest  close, the lowest close, and the final close for both the Dow
Jones Industrial  Average and Nasdaq in 2001. And this time, gang, let's all
get it exactly  right.

Brian?

ROGERS:  Lou, for the Dow, I have a high of 12,500, a low of 10,000, and a
close of  11,900. And for the Nasdaq, a high of 3,000, a low of 2,000, and a
close of  2,250.

RUKEYSER: Barbara?

MARCIN:  For the Dow, I have a high of 13,000, a low of 10,500, and a close
of 12,000.  And for Nasdaq, a high of 3,200, a low of 2,500, and a close of
3,000.

RUKEYSER: Lou?

HOLLAND:  For the Dow, I have a high of 12,936, a low of 10,100, and a close
of  12,504. For the Nasdaq, I have a high of 3,090, a low of 2,101, and a
close of  2,842.

RUKEYSER: Beth?

DATER:  Lou, for the Dow, I have a high of 12,175, a low of 9,781, and a
close of  11,740. And for the Nasdaq, a high of 2,834, a low of 2,404, and a
close of  2,734.

RUKEYSER:  Okay. Well, one thing is for sure -- and this is my only
personal,  unqualified guarantee of the night: At least some of them will be
wrong.

But, if you'd  like to see the full predictions, with specific stock
selections, from all 22  of our panelists, all those lists will be included
in tonight's transcript --  which you can get for $7.50 by writing to
Year-End Transcripts, Wall $treet  Week With Louis Rukeyser, Owings Mills,
Maryland 21117 -- or, you can order  on-line, for $10.00, by visiting our web
site at: pbs.org.

And now, let's  see what these fabulous four think are the very best buys for
2001.

Brian?

ROGERS:  Lou, Aon Corp, Cypress Semiconductor, Disney, Exodus Communications,
Fortune  Brands, Hasbro, Morgan Stanley Emerging Markets Fund, Motorola,
Octel, Ryder  (System), Sprint (FON Group), and Unisource Energy.

RUKEYSER: Barbara?

MARCIN:  I'm keeping the two from this year's list that did not perform, and
that's  Cendant and Mattel, and I'm adding Compaq, WorldCom, Lucent, Loral
(Space  & Communications), AT&T Wireless, and Motorola.

RUKEYSER: A little tech in there, hmm?

MARCIN:  Yes.

RUKEYSER:  Tech's going to have a little comeback you think?

MARCIN:  That's right. Tech and telecom maybe.

RUKEYSER: Some of those bleeding people will be very happy to  hear that from
a cautious person like yourself. Lou?

HOLLAND:  Okay, I have Carnival Corp., CEC Entertainment, Ceridian Corp.,
Clorox  Company, Chase Manhattan Bank, Cognos Inc., Intel -- one of your
favorites,  Louis -- Home Depot, Jabil Circuit, Microsoft, and WorldCom.

RUKEYSER: My favorites are the ones that go up. The ones I hate  are the ones
that go down. You know what Will Rogers said, there's nothing  hard about the
stock market. You buy a stock, and when it goes up, you sell  it. If they
don't go up, you don't buy. Beth Dater, your list?

DATER:  Lou, 25% weighting in 3-year U.S. Treasury notes. The balance equally
weighted  in Amgen, Berkshire Hathaway, Cisco Systems, Intel, MedImmune,
Mellon Bank,  Morgan Stanley Dean Witter, Royal Dutch Petroleum,
Schlumberger, Wal-Mart, and  Westwood One.

RUKEYSER:  Hearing as much financial services as I do, is that an interest
rate  forecast as well?

DATER:  It's an interest rate forecast, and also it's a call on valuations,
which I  think are still very interesting in that area.

RUKEYSER: How about some of those fallen giants that you've  picked? That
suggests to me that you don't think it's the end of the world.

DATER: I  do not think it's the end of the world. And I do think it's a time
of some  uncertainty and it's a time to think of preservation of capital
first and  foremost, and therefore, I'm going with some household names at
this point.

RUKEYSER: Especially some that have been knocked so far down  that...

DATER:  Exactly. The valuations are coming into reasonable levels.

RUKEYSER: Brian Rogers, let's hear from you on interest rates.  What do you
think?

ROGERS:  Lou, I think we'll see a normalization of the yield curve this year,
so I  think we'll see short rates fall. The Fed will cut rates probably a
couple of  times. And I think the big gain this year was in the long bond in
calendar  year 2000. I think that game is probably mostly over would be my
best guess.

RUKEYSER:  And short-term rates you don't think are going to fall that much?

ROGERS:  No, I think short-term rates will fall causing the yield curve to
look...

RUKEYSER:  But how much do you think they'll fall?

ROGERS:  I think they'll fall at least 50 or 75 basis points this year.

RUKEYSER: Okay. If we can get that over the next two weeks, that  might help
some of your inflows into your mutual funds.

ROGERS:  Well, we'll be happy then.

RUKEYSER:  Thank you all very much. There we do have to stop. I hope you'll
join me  next week twice -- first, for our regular program when my guest will
be the  incomparable Abby Joseph Cohen -- and then for a very special,
hour-long  "Louis Rukeyser's 2001 Money Guide" -- when my guests will include
four  world-class industrial titans -- true shapers of our future in the year
-- and  the century -- ahead.

Meanwhile, this  has been "Wall Street Week." I'm Louis Rukeyser, wishing you
a happy -- and  infinitely more prosperous -- New Year.

ANNOUNCER: Wall $treet Week With Louis Rukeyser is produced in  association
with Rukeyser Television, Inc., by Maryland Public Television;  made possible
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Who can they turn to now that they face a new economy as well?  For
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estate planning. A.G. Edwards, trusted advice, exceptional service; by
OppenheimerFunds. Every year millions of Americans place their financial
futures in the hands of one mutual fund company, OppenheimerFunds. The right
way to invest; by The Kaufmann Fund, a small-company aggressive growth fund;
and by contributions to your PBS station from viewers like you. Thank  you.

[IMAGE]

2001 PANEL  PREDICTIONS

Ralph Acampora

?
DJIA
NASDAQ
High:?
12,700
3,500
Low:
?9,700
1,800
Close
11,400
3,200

?

?

Cablevision  Systems Corp.
Graco
Mercury Computer Systems
Minnesota  Mining & Manufacturing
QUALCOMM
Unisys Corp.
United  Technologies Corp.
Waste Management
Wells Fargo &  Co.

	Laszlo Birinyi

	?
	DJIA
	NASDAQ
	High:?
	13,250
	3,550
	Low:
	10,400
	2,100
	Close:
	13,050
	3,450

	?

	?

	Applera Corp. -  Celera Genomics
	AT&T Wireless Group
	BEA Systems
	Bear  Stearns Companies
	Berkshire Hathaway - Cl "A"
	EMC Corp.
	Goodyear Tire & Rubber Co.
	Lucent Technologies
	Martha  Stewart Living Omnimedia
	NCR Corp.
	Sara Lee Corp.
	UST Inc.

	?
		Ed  Brown

		?
		DJIA
		NASDAQ
		High:
		11,950

		2,900

		Low:
		10,320
		2,260
		Close:
		11,735
		2,810

		?

		Carnival Corp.
		Cisco Systems
		Dollar General Corp.
		Home Depot
		Microsoft  Corp.
		Pfizer
		Safeway
		Staples
		Wal-Mart Stores

		?

Frank Cappiello

?
DJIA
NASDAQ
High:?
Low:
Close:

12,500
10,800
12,100

3,850
2,500
3,800

?

?

Arrow Electronics
AT&T Corp.
Biotech Holders Trust
Christopher & Banks  Corp.
Federated Department Stores FleetBoston Financial  Corp.
Intel Corp.
KV Pharmaceutical Co.
Microsoft Corp.
Oracle Corp.
Regional Bank Holders Trust
United Technologies  Corp.
	Elizabeth Dater

	?
	DJIA
	NASDAQ
	High:?
	12,175
	2,834
	Low:
	???9,781
	2,404
	Close:
	11,740
	2,734

	25%  Weighting:
	3-Year U.S. Treasury  Notes

	75% Equal  Weighting:
	Amgen
	Berkshire Hathaway
	Cisco Systems
	Intel  Corp.
	MedImmune
	Mellon Financial Corp.
	Morgan Stanley Dean  Witter
	Royal Dutch Petroleum Co.
	Schlumberger Ltd.
	Wal-Mart  Stores
	Westwood One

	?
		Alison Deans

		?
		DJIA
		NASDAQ
		High:?
		11,750
		3,650
		Low:
		?10,200
		2,625
		Close:
		11,400
		3,450

		Altera  Corp.
		America Online
		Applied Materials
		Enron Corp.
		Lucent  Technologies
		Morgan Stanley Dean Witter
		Viacom

Harvey Eisen

?
DJIA
NASDAQ
High:?
Low:
Close:

13,500
??8,900
12,300

4,100
1,900
3,100

?

?

Acceptance Insurance  Companies
Bank One Corp.
Cendant Corp.
Citigroup
CNA  Financial Corp.
Leggett & Platt
Mueller Industries
Plains  Resources
Riddell Sports
WebMD Corp.
Whitman Education  Group
	Mary Farrell

	?
	DJIA
	NASDAQ
	High:?
	12,700
	5,500
	Low:
	10,100
	2,330
	Close:
	12,500
	4,600

	?

	America Online
	Amgen
	Bank of New York Co.
	Bed Bath & Beyond
	Cisco  Systems
	Home Depot
	JDS Uniphase Corp.
	Johnson & Johnson
	Merrill Lynch & Co.
	Nortel Networks Corp.
	Texas  Instruments
	Verizon Communications

	?
		Tom Gallagher

		?
		DJIA
		NASDAQ
		High:?
		12,000
		2,700
		Low:
		?9,800
		2,200
		Close:
		12,000
		2,700

		?

		?

		Banco  Latinoamericano
		????????de  Exportaciones, S.A.
		Bear Stearns Companies
		Campbell Soup Co.
		Diebold
		Gentex Corp.
		Germany Fund
		Intel Corp.
		Microsoft Corp.
		Northrop Grumman Corp.
		Phillips Petroleum  Co.
		PIMCO European Bond Fund
		Transocean Sedco Forex

		?

Francis Gannon

?
DJIA
NASDAQ
High:?
Low:
Close:

12,700
10,400
12,250

4,000
2,200
3,400

?

?

Amdocs Ltd.
BEA Systems
Bristol-Myers Squibb Co.
Chase Manhattan Corp.
El Paso Energy Corp.
Enron Corp.
Gap, Inc.
Immunex Corp.
Juniper Networks
Lehman Brothers Holdings QUALCOMM
Target  Corp.

?
	Kim Goodwin

	?
	DJIA
	NASDAQ
	High:?
	12,812
	3,250
	Low:
	?10,315
	2,350
	Close:
	12,400
	3,000

	?

	?

	Amgen
	Comerica
	Conseco
	Genentech
	Juniper Networks
	ONI  Systems Corp.
	PepsiCo
	Stilwell Financial
	Texas Instruments
	VERITAS Software Corp.
	Wal-Mart Stores
		Louis Holland

		?
		DJIA
		NASDAQ
		High:?
		12,936
		3,090
		Low:
		?10,100
		2,101
		Close:
		12,504
		2,842

		?

		?

		Carnival Corp.
		CEC Entertainment
		Ceridian Corp.
		Clorox Co.
		Chase  Manhattan Corp.
		Cognos
		Intel Corp.
		Home Depot
		Jabil  Circuit
		Microsoft Corp.
		WorldCom

Michael Holland

?
DJIA
NASDAQ
High:?
Low:
Close:

12,500
10,200
12,375

3,025
2,400
3,010

?

?

FORTUNE e-50  Index Fund
FORTUNE 500 Index Fund
Intel Corp.
Microsoft Corp.
Varian Semiconductor Equipment
	John Kim

	?
	DJIA
	NASDAQ
	High:?
	12,400
	3,100
	Low:
	?9,200
	2,300
	Close:
	12,100
	3,000

	?

	?

	Aetna
	Allmerica Financial Corp.
	America Online
	JDS Uniphase Corp.
	Lehman Brothers Holdings
	Lincoln National Corp.
	Nortel  Networks Corp.
	Xilinx
	Yahoo!

		Gretchen Lash

		?
		DJIA
		NASDAQ
		High:?
		11,825
		3,000
		Low:
		10,000
		2,200
		Close:
		11,800
		2,500

		?

		Bed Bath &  Beyond
		Capital One Financial Corp.
		Carnival Corp.
		Cox  Communications
		Household International
		Lilly (Eli) & Co.
		Medtronic
		Schering-Plough Corp.
		Strong High-Yield Bond Fund
		Vanguard High-Yield
		????????Corporate Bond Portfolio

		?

Barbara Marcin

?
DJIA
NASDAQ
High:?
Low:
Close:

13,000
10,500
12,000

3,200
2,500
3,000

?

?

AT&T  Wireless Group
Cendant Corp.
Compaq Computer Corp.
Loral  Space & Communications
Lucent Technologies
Mattel
Motorola
WorldCom
	Roger McNamee

	?
	DJIA
	NASDAQ
	High:?
	12,000
	3,200
	Low:
	10,500
	2,300
	Close:
	12,000
	3,200

	?

	?

	Agile Software  Corp.
	BEA Systems
	Cabletron Systems
	E.piphany
	Ericsson  (LM)
	Extreme Networks
	Flextronics International Ltd.
	Informatica Corp.
	i2 Technologies
	Juniper Networks
	Peregrine Systems
		Brian Rogers

		?
		DJIA
		NASDAQ
		High:?
		12,500
		3,000
		Low:
		10,000
		2,000
		Close:
		11,900
		2,250

		?

		?

		Aon Corp.
		Cypress Semiconductor Corp.
		Disney (Walt) Co.
		Exodus  Communications
		Fortune Brands
		Hasbro
		MSDW Emerging Markets  Fund
		Motorola
		Octel Corp.
		Ryder System
		Sprint Corp. (FON  Group)
		Unisource Energy Corp.

		?

Nick Sargen

?
DJIA
NASDAQ
High:?
Low:
Close:

11,600
?9,600
11,400

3,150
1,950
2,900

?

Alcatel  SA
Allstate Corp.
McDonald's Corp.
Nestle SA
Southern Co.
Sun Microsystems
TOPIX (Japanese Stock Market)
Vitesse  Semiconductor Corp.
WorldCom

Currencies:
Long Euro versus Yen

Bonds:
Merrill Lynch High-Yield Index

?
	Liz Ann Sonders

	?
	DJIA
	NASDAQ
	High:?
	13,500
	3,800
	Low:
	10,200
	2,400
	Close:
	13,000
	3,500

	?

	?

	Applera Corp. -  Applied Biosystems
	BEA Systems
	Brocade Communications Systems
	CIENA Corp.
	Citigroup
	Enron Corp.
	Home  Depot
	Interwoven
	Nokia
	Nuance Communications
	Texas  Instruments
	VERITAS Software Corp.
		Robert Stovall

		?
		DJIA
		NASDAQ
		High:?
		12,735.73
		4,075.73
		Low:
		9,295.75
		2,015.75
		Close:
		12,675.29
		3,675.43

		?

		?

		Archer-Daniels-Midland Co.
		Chase Manhattan Corp.
		DIMON
		Developers Diversified Realty
		FedEx Corp.
		Lowe's  Companies
		Motorola
		Norfolk Southern Corp.
		Palm
		Petroleum  Geo-Services ASA
		Seitel
		Williams Companies

Martin Zweig

?
DJIA
NASDAQ
High:?

13,375

3,350

Low:
10,610
2,270
Close:
13,170
2,570

?

?

ACE Ltd.
Amgen
BEA Systems
Bristol-Myers Squibb Co.
Brocade Communications  Systems
Dime Bancorp
Freddie Mac
Home Depot
Ingersoll-Rand  Co.
St. Paul Companies
Tyco International Ltd.
Washington  Mutual

		?

Copyright  , 2001. Maryland Public Television. All rights reserved.

?


Here they are.  Let me know what I did wrong please.

Thanks,

Jay

 -----Original Message-----
From: 	Hernandez, Elizabeth L.
Sent:	Wednesday, October 24, 2001 1:22 PM
To:	Reitmeyer, Jay
Subject:

The cashout deals are as follows:

	1116929
	1116928
	1116927
	1116918


Subject: Fw: Lion one liners
> >> >
> >> >
> >> >
> >> >
> >> > > >
> >> > > >
> >> > > > Q. What's the difference between the Detroit Lions &
> >> > > > the Taliban?
> >> > > > A. The Taliban has a running game
> >> > > >
> >> > > > Q. How do the Detroit Lions count to 10?
> >> > > > A. 0-1, 0-2, 0-3, 0-4, 0-5, 0-6, 0-7, 0-8, 0-9, 0-10
> >> > > >
> >> > > > Q. What do the Detroit Lions & Billy Graham have in
> >> > > > common?
> >> > > > A. They both can make 60,000 people stand up & yell
> >> > > > "Jesus Christ" !
> >> > > >
> >> > > > Q. How do you keep a Detroit Lion out of your yard?
> >> > > > A. Put up goal posts
> >> > > >
> >> > > > Q. Where do you go in Detroit in case of a tornado?
> >> > > > A. To the Silverdone - they never get a touchdown
> >> > > > there!
> >> > > >
> >> > > > Q. What do you call a Detroit Lion with a SuperBowl
> >> > > > ring?
> >> > > > A. A thief
> >> > > >
> >> > > > Q. Why doesn't Flint have a professional football
> >> > > > team?
> >> > > > A. Because then Detroit would want one
> >> > > >
> >> > > > Q. Why was Marty Mornhinweg upset when the Detroit
> >> > > > Lions playbook was stolen?
> >> > > > A. Because he hadn't finished coloring it.
> >> > > >
> >> > > > Q. What's the difference between the Detroit Lions and
> >> > > > a dollar bill?
> >> > > > A. You can still get four quarters out of a dollar
> >> > > >
> >> > > > Q. How many Detroit Lions does it take to win a
> >> > > > Superbowl?
> >> > > > A. Nobody knows and we may never find out!
> >> > > >
> >> > > > Q. What do you call 47 people sitting around a TV
> >> > > > watching the SuperBowl?
> >> > > > A. The Detroit Lions
> >> > > >
> >> > > > Q. What do the Detroit Lions and opossums have in
> >> > > > common?
> >> > > > A. Both play dead at home and get killed on the road
> >> > > >
> >> > > >
> >> > > > ________________________________________________
> >> >
> >> > GO LIONS!!


Gentlemen:

Thought Don Deline's report would be of interest to you.  He plans on doing a
report daily.  The demonstrators are out in force this morning and we plan to
stay as far away from them as possible.

Joe Hillings

---------------------- Forwarded by Lora Sullivan/Corp/Enron on 11/30/99
11:53 AM ---------------------------

	From:  Chris Long                           11/29/99 08:29 PM

To: Lora Sullivan/Corp/Enron@ENRON
cc:

Subject: WTO Notes

INSIDE (AND OUTSIDE) THE WTO

 The World Trade Organization (WTO) Ministerial meeting began yesterday in
Seattle ) well, almost.  An event scheduled for Monday was delayed for four
hours because of a breach of security. The official opening will not occur
until today but the &behind the scenes8 meetings and negotiations began
Monday November 29th and will continue until December 3rd.  In reality, there
are two events going on.  One is a circus / media event taking place in the
streets of Seattle and the second is the serious trade negotiations going on
between the trade ministers of 135 countries.  There are many important
people appearing this week to include President Clinton.  Even Fiedel Castro
has been invited to speak at the University of Washington which is located
less than a mile from the WTO activities.
 The circus events in the street are designed to sever the communications
between world trade officials and the rest of the world.  While it has its
comic side, its basic aim is anything but funny.  If the true story of trade
cannot be told, the only view that the world gets of the WTO is that it is an
event not to be taken seriously.  The street events are sort of like the
shell on an egg.  They prevent you from seeing the egg itself but the shell
is not the substance of the egg.
 In an attempt to make certain the media events in the street do not succeed
as far as Halliburton is concerned, I will attempt to give you a fair and
balanced account of what is really going on for the next four days.  This is
truly an interesting ministerial round of negotiations in that even Seattle
can,t seem to get a grip on what they stand for.  They bid on and won the
right to host the WTO this year and it will mean millions in income for the
city.  There are signs along the streets welcoming the WTO.  At the same
time, the city of Seattle and the country it is located in, are heavily pro
union and they are sponsoring a huge &anti-WTO8 rally.  They have granted
permits for anti-WTO parades on busy streets during rush hours which makes
many downtown workers less than happy.  These workers then vent their
frustration against the WTO for causing the streets to be blocked.  Life in
Seattle can best be described as &schizophrenic.8
INSIDE THE WTO
 Here is the &inside Story8.  From November 30th to December 3rd, most of the
world,s trade representatives are meeting in Seattle in private.  Meetings
will not be in the open for fear of disruption.  Demonstrators then use this
fact to say the talks are secrete because they are really all about world
dominance.  The truth is that the trade ministers will be reviewing the
global trading system and attempting to insure its dynamism and
responsiveness in the years to come.  Talks actually began in Geneva earlier
this year but the formal meetings to reach agreement will be this week.
 For 50 years, the WTO ) formally known as the GATT for &General Agreement on
Tariffs and Trade8 has attempted to open world trade markets and set
predictable and stable rules for trade.  During this 50 year period, there
has been an 18 fold growth in international trade.  This was a reversal of
what is now widely recognized as disastrous policies of the 1930s when
increased trade barriers, discrimination among trading partners, and an
absence of agreed rules helped fuel the Great Depression.
 The beginning of this ministerial round finds some important issues to be
resolved in order to eliminate barriers that currently inhibit trade.  The
largest barrier is agriculture because European and Japanese farmers are
heavily subsidized so that they can compete with the United States.  The
United States Trade Representative (USTR) office listed seven other issues of
concern to be discussed and agree upon during the negotiations.  Most
important to Halliburton is the issue of services.  Our company performs
energy services all over the world but the WTO has never looked at trade
barriers in the energy services area.  The USTR representative present at the
kickoff meeting on Monday morning was asked if energy services were being
discussed in this round and she assured us that it would be a significant
part of the new negotiations.  The USTR is hopeful that this week will end
with agreements between all parties as to the issues to be resolved over the
next three years and they are confident of success.
OUTSIDE THE WTO
 A small band of demonstrators, most dressed like skeletons, animals, and
turtles, took to the streets on Sunday November 28th for a preview of things
to come.  They demonstrated in front of the GAP clothing store downtown.  (A
number of the demonstrators were seen to be wearing GAP jeans and jackets
under their skeleton suits).  They were demonstrating against GAP,s use of
&slave labor.8  Street interviews indicated that no one was to articulate
about where these slaves were.  The crowd of about 200 was well organized, if
uninformed, and moved to an abandon warehouse where they broke into the
building in order to occupy it.  Police did not attempt to eject them ) they
simply cut of the power and water to this old, concrete, damp, and cold
building.  In addition, homeless people through out Seattle were moved during
the weekend for the duration of the WTO in order to allow demonstrators the
opportunity to occupy their places on the streets.  It seems many of the
demonstrators had neglected to make reservations elsewhere.  Rain is expected
Tuesday and Wednesday which should add to the demonstrators woes.
 Seattle morning news carried a very level broadcast listing the
environmental and labor demands of the demonstrators and also relating the
fact that $42 billion in trade is done by Washington each year.  $258 million
in grain alone was sold to Japan during 1998.  Somewhere in excess of 1/3 of
Washington,s economy is based on foreign trade and they are now the third
largest trading state behind California and Texas.  This all adds to the
schizophrenia that is beginning to be known as Seattle.


There are no issues with making the litigation reps and warranties.


YOU CAN DO WHAT EVER YOU WANT. IF IT WERE THE OTHER WAY AROUND, YOU KNOW I WOULD BE RELENTLESS  ON YOU . HIS SENSE OF HUMOR IS NOT LIKE  OURS, YOU WOULD PROBABLY WIND HIM UP SO TIGHT. GO FOR IT.

 -----Original Message-----
From: 	"Lord, Matthew" <Matthew.Lord@ElPaso.com>@ENRON
Sent:	Tuesday, October 16, 2001 12:05 PM
To:	Quenet, Joe
Subject:	RE: gupta

I am ashamed for you.  We laugh all day long, can I send him taunting
emails?

-----Original Message-----
From: Joe.Quenet@enron.com [mailto:Joe.Quenet@enron.com]
Sent: Tuesday, October 16, 2001 11:22 AM
To: Lord, Matthew
Subject: RE: gupta

HE'S GOT US IN JAIL TOO! I CAN'T BRING MYSELF TO CROSS THESE EITHER.

    -----Original Message-----
   From:   "Lord, Matthew" <Matthew.Lord@ElPaso.com>@ENRON
   Sent:   Tuesday, October 16, 2001 10:59 AM
   To:     'jquenet@enron.com'
   Subject:  gupta

   worst numbers enron has ever shown

   ******************************************************************
   This email and any files transmitted with it from the ElPaso
   Corporation are confidential and intended solely for the
   use of the individual or entity to whom they are addressed.
   If you have received this email in error please notify the
   sender.
   ******************************************************************

**********************************************************************
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.
**********************************************************************

******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************


Happy Wednesday....

I have three solid candidates who are completing assignments and are
immediately available to start on Monday.? I would be remiss if I did not
share their backgrounds with you in the hope that they will also be an asset
to your team.?

Haywood Miller is a senior accounting assistant wrapping up an assignment at
Dynegy this Friday and is available on Monday.? Haywood has a comprehensive
accounting background? which includes both A/P, A/R and over twenty-five
years of successful accounting experience.? He enjoys challenging projects
where he can utilize his extensive experience and solid software skills
(Access, AS/400, Excel).

Michaele Harmon is a entry level accountant with a bachelors in finance.? Her
experience includes responsibilities for both Accounts Payable, Accounts
Receivable, assisting with month-end closings, and general ledger account
reconciliation.? She also has solid excel skills and a very strong work
ethic.? She too is available to begin a new assignment on Monday.

W. Huckabee is a senior accountant who recently registered with us.? He has a
been a controller/cash manager at a small company where his responsibilities
have included settlement accounting, financial reporting for investor
compliance, cash management for daily position and budgeting.? In addition to
his bachelor's, he also has his master's in accounting.? Furthermore, he has
solid software skills and is immediately available for a challenging
opportunity.

?
Because our candidates are in high demand, please respond quickly as they
will not be available more than 24 hours.? Plus, I plan for each of them to
begin a new project on Monday. Thank you so much and I look forward to your
prompt reply.?

Akwete D. Hines
Accountemps - Houston Downtown
Staffing Manager
Phone: 713-658-1772
Fax: 713-658-1771
akwete.hines@accountemps.com

Persistence is what makes the impossible possible, the possible likely, and
the likely definite. - Robert Half
Fortune Magazine lists Robert Half International as "Most Admired Company."?
See article at: http://www.fortune.com/fortune/mostadmired/ind88.html


---------------------- Forwarded by Chris Germany/HOU/ECT on 03/30/2000 01:24
PM ---------------------------

Chris Germany
01/31/2000 11:47 AM
To: Susan W Pereira/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, Kate Fraser/HOU/ECT@ECT, Robin Barbe/HOU/ECT@ECT, Andrea
Ring/HOU/ECT@ECT, Jared Kaiser/HOU/ECT@ECT, Karen D McIlvoy/HOU/ECT@ECT,
Scott E Hendrickson/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT, Dick
Jenkins/HOU/ECT@ECT
cc:
Subject: Index worksheets

Hi team.  Guess what day it is??!!

---------------------- Forwarded by Chris Germany/HOU/ECT on 01/31/2000 11:46
AM ---------------------------

Chris Germany
12/30/99 12:16 PM
To: Susan W Pereira/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, Kate Fraser/HOU/ECT@ECT, Robin Barbe/HOU/ECT@ECT, Andrea
Ring/HOU/ECT@ECT, Jared Kaiser/HOU/ECT@ECT, Karen D McIlvoy/HOU/ECT@ECT,
Scott E Hendrickson/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT
cc:
Subject: Index worksheets

---------------------- Forwarded by Chris Germany/HOU/ECT on 12/30/99 12:16
PM ---------------------------

Chris Germany
11/23/99 08:34 PM
To: Susan W Pereira/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Scott
Neal/HOU/ECT@ECT, Kate Fraser/HOU/ECT@ECT, Robin Barbe/HOU/ECT@ECT, Andrea
Ring/HOU/ECT@ECT, Jared Kaiser/HOU/ECT@ECT, Karen D McIlvoy/HOU/ECT@ECT,
Scott E Hendrickson/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT
cc:
Subject: Index worksheets

Hey team!  I probably won't be here when these are due.  After you finish
working on the sheet, print one copy for Kim Brown.

Thanks :)


Deliveries continue to be 30,000


Please see attached memo from Julia regarding the formation of corporations,
LLCs and partnerships.  Thanks, Deb


Stacey,

I was in the MSN DSL pilot.  As you know MSN is no longer providing DSL
through Northpoint.  You told me that Enron would not subsidize SWB DSL
service which is what MSN suggested I sign up for.  What did Enron decide to
do about DSL?  I could not tell from the ClickAtHome intranet.

Stacy


I sent a print out of this letter on letterhead for you initial, so that Ben
could sign it.  Did you receive it yet? I'm catching up on this because I
need to Fedex it out.

Lorie Leigh
East Power Generation Development
713-853-1696


Joan,

The deal with CES was that the invoice would be paid upon receipt.  It was
never
CALP's intent to fund the OPT 60 payment.  As requested, I will faxed
February's
bill to Robin.  Since the January payment is so late, could you have January
and
February's payments wire transferred to CALP's account?

Thanks!

Paulette

Joan.Veselack@enron.com on 03/23/2000 06:08:57 PM

To:   Roman Bakke/EME@EME, Paulette Heuer/EME@EME
cc:   Dick.Jenkins@enron.com, Robin.Barbe@enron.com, Chris.Germany@enron.com,
      Mark.Feldman@enron.com, Victor.Lamadrid@enron.com,
      Katherine.L.Kelly@enron.com

Subject:  Calp Payments

Roman and Paulette,

Sorry for the delay. January's check will be sent out tomorrow, Friday
March 24th. As soon as Mark Feldman (Enron payment God) receives February's
bill, he can pay this one too.

Thank you for your patience during this transition.


IMPORTANT NOTICE
May Preliminary Market Invoice Cash Distribution Deferral

	Due to the market reruns and potentially large final adjustments,
the ISO does not expect to make cash distributions based on preliminary
invoices for May.

	The proceeds will be held and included in the cash distributions
based on the May final invoices the week of August 20th.

Client Relations Communication
CRCommunications@caiso.com


Hi Larry;

I would be happy to talk with you about government positions, but also recommend that you check
out the home pages of each organization you are interested in, sending in your application directly
to the agencies. Most agencies are currently hiring good nubmers of qualified applicants in various
fields.

I will happily take a look at your resume, and pass that to folks, if warranted. Feel free to contact me.
My email is drmahl@erols.com

Marian

"Reeves, Presley" wrote:

> Marian,
>
> This student requested that this be forwarded to you.
>
> Pres.
>
> -----Original Message-----
> From: May, Larry [mailto:Larry.May@ENRON.com]
> Sent: Thursday, September 27, 2001 2:03 PM
> To: preeves@amunet.edu
> Subject: re: email to Dr. Leerburger
>
> Dear Mr. Reeves,
>
> As per our conversation, could you please forward this e-mail to Dr.
> Leerburger.  Thank you for your help.
>
> Lawrence May
> 14542 Kentley Orchard Ln.
> Cypress, Texas 77429
> Home: 281 379-1525  email: ljnmay@aol.com
> Work: 713 853-6731  email: larry.may@enron.com
>
> Dear Dr. Leerburger,
>
> I am a part-time student at American Military University in the MA
> program in Intelligence Studies.  Currently, I am enrolled in Dr.
> Lockwood's Analytic Methods course.  I have been planning to finish my
> MA (I have an MBA from the University of Washington as well) in three
> years and then begin a second career in intelligence analysis (I am
> currently an Energy commodities trader with Enron Corp in Houston,
> Texas).  However, with the events on Sept. 11, I wish to apply now for a
> position.  If it is convenient,  I would like to discuss career
> opportunities in government service with you.  Attached are the cover
> letter and resume I have already sent the DIA and NSA.  Given the events
> of the last few weeks,  I know you must be extremely busy and appreciate
> any time you may spare.
>
> Sincerely,
>
> Lawrence J. May
>
>  <<LJMayResume.doc>>  <<LJMayCoverLetter.doc>>
>
> **********************************************************************
> 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.
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>   ------------------------------------------------------------------------
>                       Name: LJMayResume.doc
>    LJMayResume.doc    Type: WINWORD File (application/msword)
>                   Encoding: base64
>
>                            Name: LJMayCoverLetter.doc
>    LJMayCoverLetter.doc    Type: WINWORD File (application/msword)
>                        Encoding: base64


TransAtlantic | The Atlantic Online | http://www.theatlantic.com

February 22, 2001

+ THIS WEEK ...

Poets may be "the unacknowledged legislators of the world," as Percy
Bysshe Shelley once put it, but what of journalists? Well, in the
February and March issues of Harper's magazine Christopher Hitchens,
a columnist for The Nation and Vanity Fair and the author of a new
collection of essays on literature and politics entitled
*Unacknowledged Legislation*, has been making a bid of his own for
legislator -- or prosecutor -- status, arguing in his inimitable way
that Henry Kissinger ought to be indicted for crimes against humanity.

This week and next in Atlantic Unbound, James Fallows, The Atlantic's
national correspondent, engages Hitchens in an exchange of e-mail
correspondence about both the Harper's articles and the book -- with
its essays on such writers as George Orwell, Salman Rushdie, Norman
Podhoretz, and many others. To accompany the exchange, we're offering
two influential Atlantic articles by Seymour M. Hersh (a journalist
"legislator" if there ever was one) from May and December, 1982,
which went on to form part of his book *The Price of Power: Kissinger
in Nixon's White House*.

Also this week: a flashback to Charles C. Mann's report on the
Napster controversy from last September's Atlantic, new Unbound
Fiction, fresh ink from Sage Stossel, and more.

Cheers,

Wen Stephenson
Editorial Director
The Atlantic Online
-------------------------------------------------------

+ In ATLANTIC UNBOUND, The Atlantic's online journal ...

Fallows@large
THE WORK OF WORDS
Feb 21 | James Fallows exchanges e-mail with Christopher Hitchens,
author of *Unacknowledged Legislation* and would-be prosecutor of
Henry Kissinger.
http://www.theatlantic.com/unbound/fallows/jf2001-02-21/

Plus, from The Atlantic's archive:

- "Kissinger and Nixon in the White House" (May 1982)
The first of two articles on Henry Kissinger's service as national
security adviser to Richard Nixon. By Seymour M. Hersh
http://www.theatlantic.com/issues/82may/hershwh.htm

- "The Price of Power" (December 1982)
Kissinger, Nixon, and Chile. By Seymour M. Hersh
http://www.theatlantic.com/issues/82dec/hersh.htm

Also in Atlantic Unbound:

Unbound Fiction
I WAS JUST LOOKING
by Joe Kuhl
Feb 21 | "Her scarlet djelleba was torn slightly at the hem. He gazed
at the smooth, graceful curve of her calf, deliberately revealed, he
was certain, for his eyes only."
http://www.theatlantic.com/unbound/fiction/2001-02kuhl.htm

Sage, Ink
ESCAPIST LITERATURE
Feb 21 | A cartoon by Sage Stossel.
http://www.theatlantic.com/unbound/sage/ss2001-02-21.htm

-------------------------------------------------------

+ In FLASHBACKS...

THE HEAVENLY JUKEBOX
In last September's Atlantic, Charles C. Mann argued that most
coverage of the Napster controversy has missed some basic points.
Chief among them: the fight against Internet "piracy" is being led by
a peculiar and grasping business -- the recording industry -- that
should not be allowed to set the rules.
http://www.theatlantic.com/issues/2000/09/mann.htm

-------------------------------------------------------

+ In D.C. DISPATCH | from National Journal

Legal Affairs
GOOD PARDONS, BAD LAWS, AND BUSH'S UNIQUE OPPORTUNITY
by Stuart Taylor Jr.
Feb 22 | By pushing for sentencing reform, Bush can show that
compassionate conservatism is more than a slogan.
http://www.theatlantic.com/politics/nj/taylor2001-02-22.htm

Media
DYING TO BE READ -- WHAT OBITS TELL US
by William Powers
Feb 22 | Obits can reflect a paper's values. Consider the send-offs
for Dale Evans and Anne Morrow Lindbergh.
http://www.theatlantic.com/politics/nj/powers2001-02-22.htm

Political Pulse
SIMPLY "SHOWING STRENGTH" MIGHT NOT DO
by William Schneider
Feb 22 | Sharon's problem is that Palestinians live in the same
neighborhood as Israelis.
http://www.theatlantic.com/politics/nj/schneider2001-02-22.htm

-------------------------------------------------------

+ In POST & RIPOSTE | Forum Highlights

"The Feel-Good Presidency"
Is NBC's *The West Wing* a "wish-fulfillment fantasy" for liberals?
Readers weigh in on Chris Lehmann's critique of the hit TV show --
and Lehmann responds.
http://forum.theatlantic.com/WebX?.ee6f14e

"Reinventing Privacy"
Will technology give back what it has taken away? Who will profit
most in the new privacy space? Join the conversation on Toby Lester's
March cover story.
http://forum.theatlantic.com/WebX?.ee6f115

"Waugh's Sword"
Readers respond to the review of Evelyn Waugh's *Sword of Honour*
trilogy in the February Atlantic. Was Waugh a razor-sharp satirist
and one of the great novelists of the 20th century, or was he prone
to "snobbery, prejudice, cowardice" and a "nauseating contempt, laced
with fear, for the lower classes"?
http://forum.theatlantic.com/WebX?.ee6f1ae

... and much more.
http://www.theatlantic.com/pr/

------------------------------------------------------------------------------

THE ATLANTIC MONTHLY EDUCATION PROGRAM
Teachers, put The Atlantic's quality to work in your classroom
withour new Education Program. Affordable rates, FREE Teacher's
Guide, and FREE instructor's copy with each qualifying order. Please
visit
http://www.theatlantic.com/teach/
for details or call toll-free,(877) 299-8577.

-------------------------------------------------------

GET A RISK-FREE TRIAL ISSUE OF THE ATLANTIC MONTHLY
TransAtlantic readers, you can receive a RISK-FREE trial issue of The
Atlantic Monthly magazine. Just fill in the short form at
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and we'll rush our next issue to you. No obligation.

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To remove your name from our mailing list, send an e-mail to
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If you would like help or more information, send a message to
listserv@theatlantic.com with the word HELP in the BODY of the e-mail.


Thank you for supporting Charlene Jackson/Corp/Enron in attending Structured
Finance on April 12, 2001.

$200 has been charged to your Company and RC.  If you have any questions,
please call Melissa McPherson at (713) 853-6450.


Rick:

Please find attached the presentation on the Technical International Regulatory Support.  I hope that you agree with its style of "less is more"; of course I can change it very quickly if needed.

As you can see from the email below, Guillermo has already started the process in Brazil; it seems to be a popular idea with Sergio.

Please let me know if you have any question.

Brgrds

AI

 -----Original Message-----
From: 	Assad, Sergio
Sent:	Thursday, August 30, 2001 11:00 AM
To:	Canovas, Guillermo
Cc:	Ibrahim, Amr; Maurer, Luiz; Levy, Alberto; Gottfredson, Bryan; Braz, Gisele
Subject:	Re: Technical international regulatory support

Guilhermo
Good idea !
Gisele Braz will inform us about schedule alternatives
Thanks
Sergio Assad

From:	Guillermo Canovas/SA/Enron@ENRON <mailto:Canovas/SA/Enron@ENRON> on 08/30/2001 10:04 AM CDT
To:	Sergio Assad/SA/Enron@Enron <mailto:Assad/SA/Enron@Enron>
cc:	Amr Ibrahim/ENRON@enronXgate <mailto:Ibrahim/ENRON@enronXgate>, Luiz Maurer/SA/Enron@Enron <mailto:Maurer/SA/Enron@Enron>, Alberto Levy/SA/Enron@Enron <mailto:Levy/SA/Enron@Enron>, Bryan Gottfredson/ENRON@enronXgate <mailto:Gottfredson/ENRON@enronXgate>

Subject:	Technical international regulatory support

Sergio,
We would like to have a conference call with you next week to present you the services provided by the new group of Technical International Regulatory Support. The group members are Amr Ibrahim, Luiz Maurer, Alberto Levy, Bryan Gottfredson and I.
Please let us know your schedule to arrange for the conference.
Regards,
Guillermo


Ben:

Here are my answers to the Allegheny Questions below.  Please confirm the
details with Dave Kellermeyer where necessary.

Question 1:   Does the Lincoln facility have an air operating permit from the
Illinois Environmental Protection Agency?  If so, please provide a copy. If
not,    please explain status.

Answer:  I believe that the application for the Title V Operating Permit for
the Lincoln Energy Center was submitted to the IEPA in the Spring of 2000.
Dave   Kellermeyer can definitively answer whether this Operating Permit has
been issued/received from the IEPA.

Question 2: Were any wetlands impacted by the construction of the facility
and, if so, what permits were obtained?  Will any wetlands be impacted by
future   expansion plans?  ENSR's conclusion on this issue seemed unclear,
particularly with respect to the 30 acre parcel.  See 02.03.09C.

Answer:  The ENSR Wetlands Delineation activities conducted during the period
of December 1998 through February 1999 determined the following:
   1.  No wetlands existed on the 50 acre parcel upon which the Lincoln
Energy Center was ultimately constructed.
   2.  An agricultural wetland area existed within the parcel of land
adjacent to the western boundary of the Lincoln Energy Center 50 acre
parcel.
   3.  After reviewing the ENSR wetland delineation information, the Will
County NRCS confirmed the existence and boundary location of the
agricultural wetland and  concurred with the ENSR conclusion that the
agricultural wetland boundary was completely contained within the    parcel
of land adjacent to the western boundary of the Lincoln Energy Center 50 acre
parcel.

With regard to wetlands impacted during construction of the Facility, the
construction of the Facility's natural gas pipeline lateral was routed
through several existing wetland areas.  The potential impact of this
lateral's construction on existing wetlands was mitigated through a
directional drilling program implemented during the pipeline construction
activity.  The Site Development permits required for this pipeline
construction activity were obtained from the Will County Land Use
Department.

With regard to future Facility expansion plans, no impact to wetlands is
expected provided that such expansion occurs within the existing boundaries
of the 50 acre Facility parcel.

As a note to Question 2 above, I could not locate a reference to a 30 acre
parcel within the ENSR Wetland Investigation Report described as 02.03.09C.
Perhaps this is a typo and should be 50 acres.

Call/see me to discuss this information.  I will be in the office tomorrow
(10/24) until 2 pm and then in Chicago on Wed-Thursday.  I will access my
email via laptop while I am out of the office.

Fred

Benjamin Rogers
10/23/2000 03:22 PM
To: Fred Mitro/HOU/ECT@ECT
cc:
Subject:

More Questions.  Thanks!
Ben


-----Original Message-----
From: 	Dasovich, Jeff
Sent:	Thursday, September 20, 2001 12:52 PM
To:	Shapiro, Richard; Steffes, James D.; Kaufman, Paul; Kean, Steven J.; Tribolet, Michael; Mellencamp, Lisa; Kingerski, Harry; Lawner, Leslie; Scott Govenar (E-mail); 'hgovenar@govadv.com'; 'bhansen@lhom.com'
Subject:	FW: PACIFIC GAS AND ELECTRIC COMPANY AND PG&E CORPORATION FILE PLAN OF REORGANIZATION

FYI.  This is likely to create a considerable stir in California.  Let the games begin...

Best,
Jeff

 -----Original Message-----
From: 	Comnes, Alan
Sent:	Thursday, September 20, 2001 12:46 PM
To:	Alonso, Tom; Alvarez, Ray; Badeer, Robert; Belden, Tim; Calger, Christopher F.; Choi, Paul; Dasovich, Jeff; Driscoll, Michael M.; Fischer, Mark; Foster, Chris H.; Guzman, Mark; Hall, Steve C. (Legal); Heizenrader, Tim; Kaufman, Paul; Mainzer, Elliot; Mallory, Chris; Malowney, John; Mara, Susan; Motley, Matt; Perrino, Dave; Platter, Phillip; Rance, Susan; Richter, Jeff; Rosman, Stewart; Scholtes, Diana; Stokley, Chris; Swain, Steve; Swerzbin, Mike; Symes, Kate; Walton, Steve; Williams III, Bill
Subject:	PACIFIC GAS AND ELECTRIC COMPANY AND PG&E CORPORATION FILE PLAN OF REORGANIZATION

It's out ...

FOR IMMEDIATE RELEASE	September 20, 2001
CONTACT: PG&E News Department (415) 973-5930

PACIFIC GAS AND ELECTRIC COMPANY AND PG&E CORPORATION FILE PLAN OF REORGANIZATION
Plan Pays Claims in Full, Does Not Call for Retail Rate Increases or State Bailout
(San Francisco, CA)- PG&E Corporation (NYSE: PCG) and its utility unit Pacific Gas and Electric Company jointly filed a Plan of Reorganization in U.S. Bankruptcy Court today that enables Pacific Gas and Electric Company to pay all valid creditor claims in full and emerge from Chapter 11 bankruptcy proceedings. The official creditors' committee supports the plan.
"This plan is an achievable solution that will enable Pacific Gas and Electric Company to move out of Chapter 11 as a financially strong business positioned to continue safe, reliable and responsive delivery of gas and electricity to its customers, pay all valid creditor claims in full, and do so without asking for a rate increase or a state bailout," said Robert D. Glynn, Jr., Chairman of Pacific Gas and Electric Company and Chairman, CEO and President of PG&E Corporation.  "And, the plan will enable us to provide long-term growth prospects to shareholders."
The plan reorganizes Pacific Gas and Electric Company and PG&E Corporation into two separate, stand-alone companies no longer affiliated with one another. The reorganized Pacific Gas and Electric Company will continue to own and operate the existing retail electric and natural gas distribution system.  The electric generation, electric transmission, and natural gas transmission operations currently under Pacific Gas and Electric Company will be part of PG&E Corporation. The common shares of the reorganized Pacific Gas and Electric will be distributed to PG&E Corporation shareholders.
The electric generation, electric transmission and gas transmission operations, when reorganized as new businesses under PG&E Corporation, will have the ability to issue debt that will be combined with new financing at Pacific Gas and Electric and used to help pay creditors' claims. The plan also restructures certain existing debt and uses $3.3 billion in cash on hand to satisfy creditor claims.
Under the plan, all valid creditor claims will be paid in full, using a combination of cash and long-term notes.  In total, the plan will provide creditors with about $9.1 billion in cash and $4.1 billion in notes. The vast majority of creditors-those with allowed claims of $100,000 or less-will receive cash payments for the full amount of their allowed claims on the effective date of the plan.  Most secured creditors will also receive 100 percent of their allowed claims in cash.  Finally, unsecured creditors with allowed claims in excess of the $100,000 threshold will be paid 60 percent in cash and 40 percent in notes.
 	Following the restructuring, Pacific Gas and Electric Company and PG&E Corporation will be organized as follows:

?	Pacific Gas and Electric Company will be a separate California corporation focused on providing electric and natural gas distribution service to its customers in Northern and Central California.  It will hold 70 percent of the current utility assets (in terms of book value) and will employ 16,000 people.  Pacific Gas and Electric Company will continue to provide the full range of utility services to one out of every 20 Americans.

?	PG&E Corporation, in addition to its existing National Energy Group business, will have three new businesses that will own and operate the electric generation, electric transmission and gas transmission operations formerly under Pacific Gas and Electric Company.

The new electric generation business will be a California company established to own and operate the hydroelectric and nuclear generation assets and associated lands, and to assume the power contracts with irrigation districts, now held by the utility.  In total, the unit will have approximately 7,100 megawatts of generation.  The facilities will be operated in accordance with all current FERC and Nuclear Regulatory Commission licenses, and in keeping with sound environmental stewardship policies.  The generating business will sell its power back to the reorganized Pacific Gas and Electric Company under a 12-year contract at a stable, market-based rate.
The new electric transmission business will be a California company established to own and operate the transmission system currently operated by the utility.  The system comprises 18,500 circuit miles of electric transmission lines and cables.
The new gas transmission business will be a California company established to own and operate the natural gas transmission assets currently operated by the utility, including 6,300 miles of transmission pipelines and three gas storage facilities.
Following the reorganization, the California Public Utilities Commission will continue to regulate the reorganized Pacific Gas and Electric Company, including retail electric and natural gas rates.  The Federal Energy Regulatory Commission (FERC) will continue to have jurisdiction over the licenses for the hydroelectric assets, and the rates, terms and conditions of service provided by the electric transmission business.  FERC will also assume jurisdiction over rates for the power generated by the Diablo Canyon Nuclear Power Plant, and over the rates, terms and conditions of service for the gas transmission system, which will become an interstate pipeline.
Glynn said, "This plan, without raising retail rates, provides a safe, reliable and long-term electric supply to California customers.  It enables our company to maintain a qualified workforce.  And it enables us to keep our generating assets intact and integrated, rather than selling them piecemeal to pay creditors."
The company expects that roles and responsibilities for the vast majority of its workforce will be unaffected by the plan. The reorganized Pacific Gas and Electric Company and the newly established entities will employ essentially the same people who operate the various assets under the current organization.
"We envision essentially the same experienced, dedicated team continuing to do their jobs with a comparable level of pay and benefits programs," said Glynn.  "We believe these businesses should be operated and maintained by the people who know how to run them best."
In addition to resolving creditors' claims and maintaining stability for customers and employees, the plan also provides long-term benefits to the state.  It provides the state with a path to exit the business of buying power for customers, by identifying conditions under which Pacific Gas and Electric Company would be financially able to re-assume the procurement responsibility that is currently being fulfilled by the state Department of Water Resources.
The Chapter 11 process requires that the plan of reorganization ultimately be confirmed by the Bankruptcy Court before it can be implemented.
Paul Aronzon, legal counsel for the Official Committee of Unsecured Creditors, said "This plan provides a comprehensive and responsible framework to resolve creditors' claims and restore PG&E's creditworthiness.  It has our full support, and we look forward to an expeditious resolution of the Chapter 11 process."
"With this plan filed," said Glynn, "we are now focused on bringing the Chapter 11 process to completion, reaffirming the financial health and creditworthiness of our operations through this reorganization, restoring customers' confidence, and rebuilding value for our shareholders."
- 30 -

At 10:00 AM Pacific Time today, PG&E Corporation and Pacific Gas and Electric Company will discuss the plan of reorganization on a conference call for members of the media.  The dial-in number for the call is 1 (877) 691-0877 or 1 (800) 521-5461.  Passcode 7234.

At 11:30 AM Pacific Time today, PG&E Corporation and Pacific Gas and Electric Company will discuss the plan on a conference call for members of the financial community.  The call will be webcast. To access the webcast, go to www.pgecorp.com.

On Monday, September 24, at 5:30 AM Pacific Time, PG&E Corporation and Pacific Gas and Electric Company will make a presentation to financial analysts on the plan.  The presentation will be webcast.  To access the webcast, go to www.pgecorp.com.

This release contains forward looking statements about the proposed plan of reorganization (Plan) under Chapter 11 of the Bankruptcy Code for Pacific Gas and Electric Company (Utility). These statements are necessarily subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward looking statements.  Although PG&E Corporation and the Utility are not able to predict all of the factors that may affect whether the Plan will be confirmed, or whether, if confirmed, it will become effective, some of the factors that could affect the outcome materially include: the pace of the Bankruptcy Court proceedings; the extent to which the Plan is amended or modified; legislative and regulatory initiatives regarding deregulation and restructuring of the electric and natural gas industries in the United States, particularly in California; whether the Utility is able to obtain timely regulatory approvals or whether the Utility is able to obtain regulatory approvals at all; risks relating to the issuance of new debt securities by each of the disaggregated entities, including higher interest rates than are assumed in the financial projections which could affect the amount of cash raised to satisfy allowed claims, and the inability to successfully market the debt securities due to, among other reasons, an adverse change in market conditions or in the condition of the disaggregated entities before completion of the offerings; whether the Bankruptcy Court exercises its authority to pre-empt relevant non-bankruptcy law and if so, whether and the extent to which such assertion of jurisdiction is successfully challenged; whether a favorable tax ruling or opinion is obtained regarding the tax-free nature of the internal restructurings and  spin off contemplated by the Plan; and the ability of the Utility to successfully disaggregate its businesses;

Please visit our websites: www.pgecorp.com and www.pge.com


The word document gives the basic answer.  At Teb's suggestion I am also including the Excel spreadsheet on which the computations were done to come up with the 5.5% AFUDC factor used in the K.


Jeff:

I added one small part.  I calculated the NPV of the tax shield given the
50% level and the assumptions in the book.  I used the following formulae:

NPV= (additional debt X .48 (taxes) X .14 (interest rate))/ .05 (riskless
rate)

I divided by the riskless rate since the shield is not risky and the cash
flows would not occur only if Congress repeals the interest deduction.

About the cash flows.  I may be missing it but I cannot find cash from
operations in the book.  I tried backing it out of net income but there is
not enough information to figure it out using the indirect method.  If you
have the info show me where it is and I will do the calculations.

Good job putting it all together.

Dylan

At 03:17 PM 2/25/01 -0600, Jeff.Dasovich@enron.com wrote:

>Gents:
>Here it is.  Please insert directly any proposed edits using
>strike-out-underline.  Need them no later than 10 AM tomorrow in order to
>have incorporated and ready to go for class tomorrow.  Dylan, just go ahead
>and put your operating cash flow nos. in (and any other changes you have)
>and send on back.  All:  recall that we are limited to 4 pages of text.
>
>Best,
>Jeff
>
>(See attached file: AHP Case DRAFT--0225.doc)
>
>
>
 >
                     Jeff
Dasovich
>                     Sent by: Jeff        To:     Dylan
> Windham
>                     Dasovich             <dwindham@uclink4.berkeley.edu>
 >
                                          cc:
guinney@haas.berkeley.edu,
>                                          JcjCal02@aol.com,
> jdasovic@enron.com,
>                     02/25/2001           Jeff.Dasovich@enron.com,
 >
                     11:57
AM             jjackson@haas.berkeley.edu
>                                          Subject:     Re: AHP
> Case(Document link: Jeff
>                                          Dasovich)
 >

>
>
>Greetings:
>I'm going to finish this up in the next few hours and send out.  Dylan, go
>ahead and calculate using operating cash rather than income and send along
>and I'll incorporate.  I'll try to work Jimmy's stuff in a bit, too.
>
>Best,
>Jeff
>
>
>
 >
                     Dylan
Windham
>                     <dwindham@uclink4.ber        To:
> guinney@haas.berkeley.edu,
>                     keley.edu>                   JcjCal02@aol.com,
> jdasovic@enron.com,
>                                                  Jeff.Dasovich@enron.com,
 >
                     02/22/2001 11:48
PM          jjackson@haas.berkeley.edu
>                                                  cc:
 >
                                                  Subject:     AHP
Case
>
 >

>
>
>
>Jeff:
>
>I just got done ready your memo.  I really liked what you have done.  I did
>
>not want to make any direct changes, but rather just pose a few questions
>for discussion.
>
>First, when I calculated how long it would take to purchase the shares
>without debt I did use the net income number.  It might be better to change
>
>them to the operating cash flow number.  If you guys would like, I can
>recalculate them.
>
>I agree that having higher amounts of debt will fend off take overs.
>
>Are we planing to calculate the amount the tax shield will increase the
>value of the company.  If we assume that the debt will be held in
>perpetuity, we can directly compute the amount.  Let me know and I can run
>the numbers.
>
>Also, Jimmy when you do the color graphs you want to do.  Try some MM pie
>charts (just kidding)
>
>Good job,
>
>Let me know what I can do to help.
>
>Dylan
>
>
>
>
>
>

 - AHP Case DRAFT--0225 dylan.doc


FYI.  Thought this analysis was interesting - EES would do pretty well under
our current recommendations if we can get the past Negative PX credit paid
for.

Jim

----- Forwarded by James D Steffes/NA/Enron on 01/15/2001 08:04 AM -----

	Scott Stoness@EES
	01/14/2001 11:43 AM

		 To: Roger Yang/SFO/EES@EES
		 cc: Harry Kingerski/NA/Enron@Enron, James D Steffes/NA/Enron@Enron
		 Subject: Gov Aff Outcome

Roger, I put this together to consolidate my thinking on the gov aff proposal

What I told Gov Aff. is that we are okay with their proposal if they get a
committment that we should be able to buy at the same costs as the utility,
including the low costs of the existing assets.

Math is
10% increase in 2001 causes $70m loss
10% increase in 2002 causes $40m loss
Unwinde 2002 hedge causes $145 gain
 Net is 35m gain for 1st 2 years

Presumably beyond 2002 we are still subject to the 10% increase for 5 years
10% increase for another 4 years = $33m loss
However a $10/MWh gain in 2003/2004 hedge would cause a $24m gain by itself
 Net would be close to a wash or ahead for 2003 and beyond

So overall the proposal is okay with the following risks:
It does not address our outstanding $250m debt from negative ctc to pg&e but
according to gov aff my alt proposal is way to complicated. We cannot
retroactively buy from PG&E.  So we will have to argue that PG&E owes us this
money in the CPUC.
Our large customers, if not on the hook for the expected ctc that results
from this proposal, could say that they refuse to let us take advantage of
the lower costs prices because it comes with a recovery ctc period.  We have
to hope that all customers are required to participate in the ctc regardless
of who serves them.


Jeff,

Her name is Corey.

Vince

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Hotel for the Wharton trip

I'm not sure I'm going to make it to Phila because of PRC.  I will advise
next week.  Also, can you tell me Paula's last name that we rode with the
other day when you all took me to the airport?  Thanks.

Vince J Kaminski
11/20/2000 04:34 PM
To: Jennifer Burns/HOU/ECT@ECT
cc: Jeffrey A Shankman/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT,
piazzet@wharton.upenn.edu
Subject: Hotel for the Wharton trip

Jennifer,

This is the address of the hotel within a walking distance to the Wharton
School.
Please, make the reservation for Jeff Shankman at this hotel for the December
the 6th meeting.

Vince Kaminski

http://www.innatpenn.com/contact.html
THE INN AT PENN
                                   Sansom Common, 3600 Sansom Street
                                   Philadelphia, PA. 19104
                                   Phone: 1-800-809-7001
                                   Fax: 215-222-4600

Please, mention that the stay is related to the University business
when making the reservation.
Tom Piazze at Wharton can confirm it.
Tom Piazze
Phone: (215) 898 1615
piazzet@wharton.upenn.edu


During the period of November 1, 2001 through March 31, 2002, Enron will be
the natural gas supplier for IP's Waverly, VA facility. Please call me at
901-763-6342 if you have any questions.


Please revise the document as Aleck's changes indicate.  With respect to the
alternative responses shown near the end of the document, leave both
alternatives in.
---------------------- Forwarded by Steven J Kean/HOU/EES on 07/31/2000 08:58
AM ---------------------------

Richard Shapiro
07/31/2000 07:08 AM
To: Aleck Dadson/TOR/ECT@ECT
cc: Steven J Kean/HOU/EES@EES, Mark Palmer/Corp/Enron@ENRON@ECT, Eric
Thode/Corp/Enron@ENRON@ECT, Richard B Sanders/HOU/ECT@ECT, Robert
Hemstock/CAL/ECT@ECT, Ginger Dernehl/HOU/EES@EES
Subject: Re: Project Stanley

I am comfortable w/ the changes. On question of whether we colluded W/
Powerex, I would opt for simpler alternative and say we complied w/ all rules
of the pool. Thanks.

To: Steven J Kean/HOU/EES@EES, Richard Shapiro/HOU/EES@EES, Mark
Palmer/Corp/Enron@ENRON, Eric Thode/Corp/Enron@ENRON, Richard B
Sanders/HOU/ECT@ECT, Robert Hemstock/CAL/ECT@ECT
cc: Ginger Dernehl/HOU/EES@EES
Subject: Project Stanley

Privileged and Confidential - For Instruction of
Counsel                                                 Attached is a revised
copy of the Background note discussed earlier this week.  The revisions are
based on comments  from Frontier Economics and GPC, and further reflection by
Rob Hemstock and myself. I have also attached the  raw calculations from
Frontier that underlie several of the revisions.  I have not  sent the
revised document to outside counsel for review.


fyi
----- Forwarded by Mark E Haedicke/HOU/ECT on 03/20/2001 10:38 AM -----

	Eddy Daniels@ENRON
	03/09/2001 05:02 PM

		 To: Mark E Haedicke/HOU/ECT@ECT, Janette Elbertson/HOU/ECT@ECT
		 cc: John Novak/SA/Enron@Enron
		 Subject: ESA Legal Risk Memo (revised)


Please accept my apologies for this worksheet's absence yesterday. It was
undergoing cosmetic improvements to more accurately represent the EES-EPMI
position. Note two new column headings as of 3/27 - "Transmission" and "Other
EnPower" deals. Also, a change has been made to the SP-15 volumes in the 3/2
sheet. This change was made per Daniel Kang at EES and Chris Foster at EPMI.
And as always, feel free to contact me with questions.

Thanks,
Kate Symes
Trading Support
503-464-7486


Have them delivered to Jim Derrick and explain that they are Fastow's deal mementoes which were left in his office.
I don't think his picture will have reference so we'll keep it for now.
Thanks

Louise Kitchen
Chief Operating Officer
Enron Americas
Tel:  713 853 3488
Fax: 713 646 2308


----- Forwarded by Sara Shackleton/HOU/ECT on 05/23/2000 10:20 AM -----

	David P Dupre
	05/23/2000 09:35 AM

		 To: Sara Shackleton/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT
		 cc:
		 Subject: Information request-updated

I received a call from Bob Klein indicating that this information would be
utilized for your meeting.

We currently trade the following commodities on the Nymex, CME, and other
International exchanges, such as the
LIFFE (Europe) and SFE (Australia):

Interest Rate

5, 10, 30 year bonds (CBOT)    Carr, Prudential
Bankers Acceptances (Toronto Stock Exchange-TSE) HSBC
Bund (Eurexchange)     Carr
Eurodollar (CME)     Carr, HSBC, Prudential
Euro (3 month Treas bill) (LIFFE)     Carr
Gilt (LIFFE)      Carr
S&P 500 (CME)      Carr, Prudential
Nasdaq (CME)      Carr, Prudential
SP60 (Canadian S&P Futures) (TSE)   HSBC
Australian stock index (SFE) (Sydney Futures Exchange) Prudential
90 Day Sterling Libor (LIFFE)    Carr, HSBC

Emerging Products

Lumber (CME)      Carr, Saul Stone
Weather (CME)      Man
Pulp (London Options and Futures exchange-OMLX) Man

Liquids

Brent Crude (International Petroleum Exchange-IPE) Paribas, Man
Crude Oil (Nymex)     Paribas, Bear, Man, ADM, Smith Barney, Prudential, ABN
AMRO
Heating Oil (Nymex)     Smith Barney, Prudential, ABN AMRO
Unleaded Gas (Nymex)     Smith Barney, Prudential, ABN AMRO
Natural Gas (Nymex)     Paribas, Bear, Man, Sakura, Carr, ADM
Propane (Nymex)     Paribas

Electricity (all Nymex)

PJM    Smith Barney
Palo Verde   Man
COB    Man
Cinergy    Smith Barney


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This is one of the ?FFFF93hottest business opportunities in the country right now. It has been written about in many leading business magazines. This is the only opportunity of its kind where you work directly with an Attorney and an Investment Banker who can show exactly how to be successful in this exciting and very profitable industry. THERE IS NO EXPERIENCE REQUIRED - Just the ability to send e-mail from your computer and follow step-by-step directions.You will get complete assistance by phone, E-MAIL and fax for three years.  The reason you will be successful is that every time you make money the Attorney and Investment Banker who help you share the profits with you. This way everyone is a WINNER.
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To be taken off our mailing list please click here .


Thanks.  Don't know how that happened.  I'll call you when I get downstairs tomorrow am.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


we can go if you want

	Enron North America Corp.

	From:  Shanna Husser @ EES                           01/26/2001 09:42 AM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject: Re:

That's good- but he had to call you at home to talk about that. . .  Must
have just been weighing heavily on his mind at the time.  What about Stomp?

Eric Bass@ECT
01/26/2001 09:35 AM

To: Shanna Husser/HOU/EES@EES
cc:
Subject: Re:

he wanted to talk about life after the sale of the pipeline, i.e. some people
will be leaving the company (with the pipeline), so he wants me to be ready
to take on more responsibility

-e

	Enron North America Corp.

	From:  Shanna Husser @ EES                           01/26/2001 09:29 AM

To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Look at this web-site for the "Stomp" performance.  It is suppose to be
excellent.  Let me know what you think.

Did you ever find out what Tom wanted?
---------------------- Forwarded by Shanna Husser/HOU/EES on 01/26/2001 09:28
AM ---------------------------

Christina Barthel
01/26/2001 09:10 AM
To: Shanna Husser/HOU/EES@EES
cc:
Subject:

check out this website

stomp is March 20-25
http://www.spahouston.org/


---------------------- Forwarded by Geir Solberg/PDX/ECT on 01/13/2001 09:03
AM ---------------------------
From: John M Forney on 11/22/2000 02:11 PM
To: Portland Shift, Chris Mallory/PDX/ECT@ECT, Carla Hoffman/PDX/ECT@ECT,
Phillip Platter/HOU/ECT@ECT
cc: Tim Belden/HOU/ECT@ECT, Jeff Richter/HOU/ECT@ECT, Amy
FitzPatrick/PDX/ECT@ECT
Subject: Change in Holiday Pay Calculation

We have made changes in the holiday pay compensation policy in an attempt to
clarify this issue for those affected.   I am confident that you will be
agreeable with the decision that has been approved by Tim, Jeff , Amy &
myself.

The payment will be made in the form of a lump sum that is payable in
addition to your normal compensation:

Major Holidays worked:    $500
Minor Holidays worked:     $250

The classification of the remaining holidays will be as follows:

Thanksgiving day - major
Day after - minor
CHRISTMAS PARTY - major
Christmas Eve - minor
Christmas Day - major
New Years Eve - major
New years Day - minor

If a shift touches a major holiday,  ie the night shift of Christmas eve
spills into Xmas ,  you will be paid for a major holiday.
The only exception to the above rule is the 6pm to 6am shift on New Year's
Day.   This is not considered a holiday.

We think this is a more straightforward plan that provides more incentive to
those working the  holidays.

This is a policy that is new and subject to  change at any time.    If you
have questions about the policy, please contact myself or Amy Fitzpatrick.

Thanks and have a great holiday season.

JMForney


fyi
---------------------- Forwarded by Rick Buy/HOU/ECT on 01/17/2001 01:00 PM
---------------------------
From: Joseph Deffner/ENRON@enronXgate on 01/17/2001 11:24 AM
To: Rick Buy/HOU/ECT@ECT
cc:
Subject: RE: Space on 28

Rick, our plans are to stay on 28 until we move across the street when the
building opens (July?). Thanks.

 -----Original Message-----
From:  Buy, Rick
Sent: Wednesday, January 17, 2001 8:37 AM
To: Deffner, Joseph
Subject: Space on 28

Are your plans to stay on 28? We are doing some planning on office space. I
have some people in 3 Allen that I would like to move over here but it is not
a big issue. I had heard that you were moving. Tx Rick


Steve and Frank, I would be very interested in your comments on the attached.


they are saying that trade is good and was checked out twice.

   Kate Symes @ ECT                01/30/2001 04:36 PM

To: Kerri Thompson/Corp/Enron@ENRON
cc:

Subject: Re: apb checkout

These deals were in under Prebon - 509009/010 have been changed to APB.

Tom does not recognize last deal.

K

Kerri Thompson@ENRON
01/30/2001 02:33 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb checkout

missing deals for tom a

sell srp
31st
50 mw
260.00
pv

sell sempra
feb
25 mw
240.00
sp-15

buy sempra
feb
25 mw
245.00
pv

thanks


-----Original Message-----
From: 	navigator@nisource.com@ENRON [mailto:IMCEANOTES-navigator+40nisource+2Ecom+40ENRON@ENRON.com]
Sent:	Monday, May 21, 2001 8:57 AM
To:	navigator@nisource.com
Subject:	CAPACITY ALLOC-TIMELY NOMINATION CYCLE FOR MAY 22, 2001

                      COLUMBIA GAS TRANSMISSION CORPORATION
                        NOTICE TO ALL INTERESTED PARTIES
                                  MAY 21, 2001

Notice ID: 2744
5 - NO RESPONSE REQUIRED

SUBJECT: CAPACITY ALLOCATION-TIMELY NOMINATION CYCLE FOR MAY 22, 2001

Excess MDWQ            Available +
ISS Withdrawals        Available
SIT Withdrawals        Available
Imbalance Drawdowns    Available
Pal Lends              Available

Excess MDIQ            Available +
ISS Injections         Available
SIT Injections         Available
Imbalance Paybacks     Available
PAL Parks              Available

+ Call Gas Control 24 hours in advance at (304) 357-2606 to request approval.

Columbia Gas Transmission has completed allocating all of its receipt and
delivery points for the gas day of May 22, 2001.  You may now view the
quantities you are authorized to flow on May 22, 2001.  On the Internet
NAVIGATOR, view Nominations, Scheduled Quantity, Scheduled Quantity for Service
Requestor-Summary, Nominations to be Viewed, and select Reduced Nominations.
The quantities confirmed to flow for your account are available on the Internet
NAVIGATOR after 5:30 p.m. Eastern Time on Monday, May 21, 2001.

If you have any questions, please contact your Account Representative.


confirmed


---------------------- Forwarded by John Arnold/HOU/ECT on 01/10/2001 07:42
AM ---------------------------

SOblander@carrfut.com on 01/10/2001 06:42:29 AM
To: soblander@carrfut.com
cc:
Subject: daily charts and matrices as hot links 1/10

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.  , 2000 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/crude82.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas82.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil82.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded82.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/Stripmatrix82.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG82.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL82.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


Also,

Entergy source and sink: Oral argument is scheduled for Nov. 7.

Jim:  If FERC rules favorably on Dynegy v. ComEd, I will find out how much value it is to EES.

 -----Original Message-----
From: 	Nicolay, Christi L.
Sent:	Monday, October 29, 2001 10:55 AM
To:	Gottfredson, Bryan
Cc:	Steffes, James D.
Subject:	RE: Monthly Report

SE RTO:  FERC heard a presentation of the report by the ALJ at the Oct. 24 FERC meeting.  The Commissioners stated that they plan to take some action at the next meeting on Nov 7.

ICAP:  On Oct 17, Enron filed its response opposing the continuation of icap as a separate product.  Awaiting FERC action.

Dynegy v. ComEd:  On Oct 26, Enron filed a protest against Dynegy's protest of ComEd's current practice allowing Firm LD contracts to be designated as network resources for the Illinois retail program.  Dynegy argues that only "capacity" contracts should be allowed to used.  Awaiting FERC action.

 -----Original Message-----
From: 	Gottfredson, Bryan
Sent:	Monday, October 29, 2001 10:42 AM
To:	Nicolay, Christi L.
Cc:	Steffes, James D.
Subject:	Monthly Report

Christi - Would you please update me on the following issues.  I am putting together Jim's November report, and any new information (if there is any) on the SE RTO and FERC-ICAP project would be helpful.  Thanks so much, Bryan

 << File: ENA Christi.xls >>


Do you have a list of ongoing projects the Southern Cone Gov't Affairs group
is engaged in?  Please forward to me if you do.( If something does'nt already
exist, perhaps you could pull something together at your earliest convenience
) Also, any information as to relative priority of these projects and level
of resources ( both internal and external ) you have committed by project
would be helpful. I look forward to getting down to Sao Paulo soon to visit
with you and your group. Hope your move goes  uneventfully. Thanks for all
your help.