email_body: Mark and Greg, =20  FYI, below is an update from John Nowlan on Q3 issues surrounding the crude=  and products P&L.
  I thought you would find this informative as to what is=  going on.
  Mike  3rd Quarter update Recent steps taken to manage crude and products As you are aware the big changes this year have come from breaking the vari= ous businesses into their respective area and giving the lead to managing t= he business to a specific individual e.g.
  J. Goughary - Gasoline, C. Mahone= y - Distillates, N. Clarke - Resid, S. Bland - Petchems, B.
  White and D. Sc= hroeder - Crude.
  This was done to give more business focus and ensure as w= e build the mid marketing and origination groups we have the right trading = structure.
  As for origination and mid marketing we have been very successf= ul building out the USA org and now will be looking to add some talent in E= urope.
  Origination likewise we have been successful in the crude and produ= cts area with Randy's team.
  On the petchem side, I have been interviewing = extensively over the past week and hope to have one very strong addition fo= r Doug, Tim O'Neal, and two very highly rated associates coming from EBS.
  A= s for the trading itself, I imposed trading limits on all traders 3 weeks a= go and, as will be addressed next, we are not losing much if any money on o= ur daily trading rather the losses are coming from primarily one huge struc= tured position.
  Lastly, we have been quite aggressive in divesting of any = individuals, which were not helping us to achieve the goals, which we have = set forth.
  Bill Briggs, Phil Clifford and Andrea Hauser will all be leavin= g the group.
  3rd Quarter loss explanation Losses to date:  $40.23 million $30.79 is in the ERAC book (i.e.
  Don's big P+ and Nymex swap position) ?=09$23.34 is due to Vega, Theta and Gammas Vega:  $4.30 Theta:  $16.72 Gamma:  $2.30 ?=09$5.2 due to curve shift $5.2 million in distillates ?=09$1.3 million we discovered in a mis -marked curve when Bill Briggs was =
  
subject_line: crude and products trading update
  