MORE TECHNOLOGY NEWS:
hetp://www. nytines.con/pages/technolegy/ index, html? tedaysheadline

POLITICS
TENT EERE E eee ed eeeeeeseenn

Senate Rejects $17 Billion Bill to Aid the City

Senate Republicans killed « Demccratic plan to provide 517

billion of aid to New York, along with « sinilar amount

of money for various demeatic programe te combat terrorism,

http: //wew. nytimes.com/2001/12/08/palitica/ceconG.htnl7tedaysheadlines

Congress' Bomb-Screening Deadline Called Unrealiatie

Congress vas unrealistic when it eet the end of 2002 as the

@eadline for screening 411 checked beggege for bombs

private and government experts testified at a Congressional

bearing.

https //mew. nytimes. com/2001/12/08/policice/OsSBCU. henl?tedayshead! ines

Republicang Break Off Talka on Measures to Spur Economy

House Republicans broke off bipartisan negotiations om an
economic recovery package, reducing the chances that
Congress and the Buah adminiatratice will reach a deal thie

year.
bttp: //wew. nytines .com/2001/12/08/politics/DaSTIM. heal ttodayshead) ines

WORE POLITICS NEWS:
http: //wew. nytimes, com/pages/politics/index. html ?todaysheadline

SPORTS

Nete and Yankees Exchange Ventura and Justice

With both teams looking to shed high- salaried veterans,

the Mets gwapped third basenan Rabin Ventura to the

Yankees for outfielder David Justice om Friday.

bttpi//wew, nytimes.com/2001/12/08/sports/Dasebal1/OSB8ASE. html trodayaheadlines

Volunteers and Tigers Reach the Crossroads

When Loulslana State playa Tennessee for the 5.E.C. title on
Saturday, the underdeg Tigers will play for national
recognition and the Volunteers will vie for a spot in the

Rose Bowl.
hetp: //wwe. nytines.com/2001/12/08/aporta/ncaafoothall/08COLL. html ?todaysheadlinea

05160

— - ~  91000000000231


General Electric IIluminates the Market's Future Page 4 of S

LECDMM NIC T)
708 683695 18ta02 101 NYSE

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colwnn represent a recommendation fo buy or se” stocks. Smith writes a davy
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00200000000619


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http://www. nytimes.comn/pages/sports/ index.html *todayaheadl ine

Lincoln Center Partners Can Seek Artistic

‘The Lincoln Center project should be a visionary effort, a

chance for each organization to address longstanding issues

that have affected its artistic growth.

bttp://wew. nytimes.com/2001/12/04/arte/design/O4NOTE. htnl ttodaysheadl ines

Spy Wanted. Muat Know Hollywood.

“Hollywood Goes to War" captures the remarkable insularity

and weary s¢lf-righteousness of filmmakers whose work

emphasizes specisl-effects violence rather than human

relationships.

http: //wew. nytimes. con/2001/12/04/arte/television/045ALA, html ttodaysheadlines

Paintinga Too Derfect? The Great Optics Debate

The artist David Hockney derived « new theory of art and

opt arcund 14390, artist= began secretly using

canmeralike devices.

hetp://wew. nyt imes.com/2001/12/04/arte/design/O40PTI html ?todaysheadlines

MORE ARTS MIDS:
http: //waw.nytimes.con/pages/arta/ index.html? redaysheadline

NY REGION
See ee or

At $92.60 a Vote, Bloomberg Shattere an Election Record
Michael R. Bloceberg spent $68,980,185 from his personal

fortune on the election, according to campaign documents,
http: //wee. nytines,com/2001/12/04/nyregion/O4BLCO , htnl] Ttodaysheed! ines

A Changed Police Department Awaits Kelly in Second Turn
When he returns as commissioner, Raymond W. Kelly will face

prea@urea that will make the job more Caxing than usual.
hetp: //www. nytimes .cam/2002/12/04/nyregion/O4COPS html Ptodaysheadlines

01000000000415


NIGERIA SEEKS TO WIN OVER PARIS CLUB DONORS.

Nigerian President Chasegun Obasanjo will try to patch up differences wih the
Paris Club of bilateral creditors and overcome remaining obstacies to an
agreement with the IMF during a visit io France @is week, reports the Financial
‘Times (p.10). His vist follows efforts by the Mund to acters the position of

‘De Paris Club, which may be owed os much a8 $27 billion of a total extemal
debt of $34 bition, according to the latest (MF aatierates.

As a condition for restructuring, officials say Parts Club members want Nigeda
to begin paying off arrears on servicing debts to bilateral creditors, which now
amount to almost two-Pirds of the total debt stock, Some creditor governments
are pushing Nigess to double budgeted payments this year to $3 bition in line
with improvements in the word price of of, which accounts for more than 90
percert of ts export revenues.

But an overall leap in payments looks unikely, the story says. Otesaric aguas
‘Pal unless resources are freed towards poverty alleviation programs, socal
instability wil reverse the fragke democratic gains of the past year,

Obasanjo found sympaty fer his appeals for Nigeria's Gebt Surdes to be lowered
om a wisit to France yesterday, but sources close to the Paris Cab of creditor
counties wamed no reduction was imminent, reports AFP. “France is trying to
convince the IMF and the Paris Club of creditor rations that a mutuaby
acceptable solution must be found,” Freech Prise Minister Lionel Jospin is
quoted as saying % Obssaro.

Bul & source Goss to the Paris Cab said no discussions on the country’s
position would take place this week, Discussions on restructuring Nigeria's
debt supayenents will begin when the IMF has passed judgement on the country's
‘economic reform program, the source saki.

Meanwhile, eotes the FT, the IMF is keen to avoid being seen aa the debt
collector, 24 most Nigesans blame structural adjustmert reforre of the late
1980s more than mittary miscule for deciining living standards.

nother news, he World Bark has caived questions over fe terms of an

agreement signed last year beterwen the Lagos State goverment and 3 private US
company that indudes an $800 milion ievestmant as part of a scheme to supply

Clociicky to the cly grid. AFP says in @ soperste report. Nigerian and Work!

Bark oficiats confirreed @ report im the local newspaper, This Day, which sald

the Bank had expressed doubts about the deal signed last year between Lagos

‘State, the Nigerian state-run electricity aperator NEPA, and US power group

Soon after tha deal was agreed, says the story, officials in NEPA began raising
objectors saying the price set by Enron per unit of electricity supplied was

too high and it would have been cheacer for Nigeria to have bul hs own plant.
Last week, Nasir a-Fuufel, head of te Bureau of Public Exterprises, admitted
that he deal was under review by World Bank officials called in by the
goverment. The officials argued the teem were too faworabie to Enron and had
been concluded improperty. Reuters sino reports,

0500000000898


Once-Mighty Enron Strains Under Scrutiny Page 2 of 8

volatile, In a worst-case outlook, Enron could become the 2001 version of Long-Term Capital
Management, the huge hedge fund whose collapse roiled financial markets during the fall of
1998. Enroc's shares have fallen more than 80 percent this year, erasing $50 billion in
shareholder value.

Enron closed on Friday at $15.40, down 95 cents, after hitting a 52-week low of $15.04 earlier
in the day.

‘The future of electricity deregulation as in doubt, thanks to blackouts and soaring power prices
in California carlier this year a crisis that ended only when that state contradicted deregulation’s
basic tenets by intervening deeply in the power market, Enron's efforts to become a profit-
making water supplier and to create a pew market in broadband communications capacity have
been expensive failures. In August, Mr. Skilling quit, forcing Kenneth L. Lay, his predecessor
as chief executive and still Enron's chairman, 10 resume day-to-day control of the company.

‘The company declined lo make senior executives, including Mr. Lay, available for comment,
and asked that questions be submitted in writing. Mr. Skilling coald not be reached.

Enron's problems boiled over earlier this month, when it disclosed that its shareholders’ equity,
a measure of the company's value, dropped by $1.2 billion in the last quarter because of a deal
disclosed only very hazily in Enron's regular finanejal statements, The Securities and Exchange
Commission is looking into the company's financial reporting, and some investors question
whether Enron has overstated profits at rs primary business of trading electricity and natural
gas

THE slump in the company’s shares accelerated after Enron revealed the full in its shareholders’
equity, On Wednesday, the company forced out is chief financial officer, Andrew S. Fastow,
who is at the center of the controversy over Enron's confusing finances. The company, which
six months ago seemed to be reaping billions of dollars from California's energy crisis, today
faces a potential cash crunch.

‘The surprise about shareholder equity inflamed investors’ smoldering concem about Enron's
opaque financial statements. Now, with Wall Street analysts and bond-rating agencies
demanding more information about the complex transactions that have fueled the company’s
profits, Enron has been reduced to issuing news releases assuring investors that it has adequate
access Lo cash.

Enron does not appear to be in immediate danger of running out of cash, On Thursday, the
company drew down a $3.3 billion credit line tt had previously arranged with a group of banks
fed by Citigroup and J, P, Morgan Chase, which have cach extended at least $400 million. But
because of Enrosi's importance in the natural gas and electricity markets, industry experts say
thal any problem ai the company could disrupt nergy trading nationwide.

The supply of natural gas and electricity would probably not be affected even if the company
failed, because Enron is mainly a trader, rather than @ producer, of emergy. But a crisis af the
company might increase the volmility of energy prices, which have swung wildly in the last
year.

Philip K. Verleger Jr. an energy- markets economist, emphasized that he thought Enron would
survive this crisis. But he said it was not clear what would happen if Enron ran out of cash o¢ if

hips dailynews. yahoo.com Winyv2001 L028 /ba/once-mighty enron_ strains under scrutiny. 1030/01

00200000000585


MORE NATICAL Mews:
https //wew.nytines.com/pages/national/ index html ?todaysheadline

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TWTERNATIOWAL

U.S. Moves to Cut 2 Financial Links for Terror Group

Preaident Bush snmounced an international effort Wednesday

te destroy two financial networks that officiala suspect of

having ties to Al Qaeda,

bttp://mew nytimes.con/2003/11/08/ international /OSPREX. html ?tedaysheadlinen

Defectora Cite Iraqi Training for Terrorian

Two defectors from Iraqi intelligence said Wednesday that

they had worked at @ secret ivagi government canp that had

trained Islamic terrorists.

http: //wew. nytimes.com/2001/11/08/international/middlewast /O8TRAO.htrl ?todaysheadl ines

Sorthern Acwy Gaye It's Near Key Crossroad

Forces opposed to the Taliban claimed another victory

Wednesday on a road to Maxar-i-Sharif, a city regarded as a

lincnpin in the battle to control serthern Afghanistan.

https // www. mytimes .com/2001/11/08/ international /asia/ 08MILI. html ?todaysheadlines

MORE INTERNATIONAL NEWS:
necp: f/waw. nyt imes.com/pages /world/ index.html? todaysheadline

BUSINESS

Dynegy Is Said to Be

if ta Acquiring Enron for $8 Billion

Dynegy was in the final stages of talks to acquire a bigger
competiter, the Enron Corporation, the struggling
energy-trading company, for about $8 billion in stock.

2

01000000000557


An intermational ruling is considered all But certain to

renew trans-Atlantic trade tensions amd could cogt Arerican

companies billiona of dollars in higher taxes.

https //wew. nyt ines .com/2002/01/15/business/worldbusiness/15TRAD.btel?tedaysheadlines

MORE BUSINESS NEWS:
http://w. sytines,con/pages/business/index.heml?todaysheadl ine

New Side to Pace-Recegnition Technology: Identifying Victine

Since Sept. 11, discussion of the diaputed technology of

face recognition has focused om its potential fer

identifying terrorists, But English police want to use the

ecoftware to search for minsing children,

bttpi//www. nytines.com/2002/01/15/science/physical /15FPACE. html ?rodaysheadlines

Palm Act# te Help Advance Technology om Wirelesa Linke

Palm intreduced kite that help software developerea create
programa utilizing Bluetooth, an emerging technology for

wirelessly comnecting digital devices.

http://www. nytines.com/2002/01/15/technology/1SPALM. html *rodaysheadlines

Effort to Measure Online Ad Campaigns

A New York-based trade group is set to release a set of
Standardized quidelines to gauge the effectiveness of

Internet marketing.
hetps //wew. nytimes .com/2002/01/15/business/medis/1S5AD00. html ?todaysheadlines

WORE TECHNOLOGY MEMS:
http://www. nytines.con/pages/ technology/ index.html ?todaysheadline

POLITICS

Enron's Chairman Received Warning About Accounting

An Enron executive teld the chairman in Auguat that improper
accounting threatened to bring down the company,

Congressional investigators sald.

beep: //wew.nytines.com/2002/01/15/politica/ 1SENRO. heal ttodaysheadlines

Bush to Be Monitored im Wake of fainting Episode

The White Mouse physician said that he would monitor
3

05077

— 01000000000148 —


Baron, saying he had ordered the destruction of docurents

and e-mail after learning that the S.B.C. had begun an

investigation.

http://www. nytimes .con/2002/01/16/business/16NRO. html ttodaysheadlines

E.P.A. Power Plast Cases to Proceed

The Justice Department cencluded that the Clinton

administration was reasonable in filing lawsuits against

power plants under the Clean Air Act.

hetpi// www. nytimes.com/2002/01/16/politics/16AIR.ktml?tedaysbeadlines

WORE POLITICS NEMS:
http://www. nytimes.com/pagea/politica/index.btml?tcedaysheadline

SPORTS

Bucs Nake Move in Parcelis's Direction

The Tawpa Say Buccaneers have contacted Jimmy Sexton, the

agent for Sil Parcells, to arrange a meeting for this

weekend.

http: //wew.nytimes .cenm/2002/01/16/sporte/football /16B0CS. hon readaysheadlines

Braves Get Sheffield

The Atlanta Braves landed the All-Star outfielder Gary

Sheffield im a four-player trade with the Los Angeles

Dodgers.

bttp i //www. nytimes.com 2002/01/16/aporte/baseball/16TRAD. html ?tedaysheadlines

Grosjean Joins List of Surprising Losers

After three days of play, four of the tep five seeded men in

the Australian Open sre out. The latest to fall was No. 5

Sebastien Grosjean on Wednesday.
hetpe//wwe.nytimes.com/2002/01/26/sports/tennis/16TEMN. html ?tedayshead] ines

MORE SPORTS NEWS:
hetp //wew.nytimes.cen/pages/aperte/ index. html? todaysheadline

Watiacie yet predisiously artistic in the way of savants who

display extreordinary talents, Jonathan Lerman will shaw
‘ 05058

01000000000129


Nontraditional financial-guarantee insurance and surety bonds could prove the source of some of the
biggest losses, analysts said. Enron obtained coverage for such purposes as enhancing the value of
Enron's guarantee of certain debt of Enron-retated projects as well as the company’s guarantees on
the execution of certain derivative contracts. Analysis said the payments on the policies would be
triggered immediately upon a default event — for example, a missed payment or bankruptcy filing by
Enron. "We understand that some contracts may have already been triggered,” Ms. Schroeder sald.

On Friday, Chubb Corp., Warren, N.J., said it was reviewing its surety bonds related to Enron and
estimated its maximum exposure at $143 million, The property-casually underwriter said i is unable
to estimate the actual arnount, if any, that it may be required to pay and that thus far it hadn't
received any claims under the surety bonds.

Ms. Schroeder estimated that a maximum of $300 milion in directors-and-officers liability coverage
likely is involved, divided among several insurance companies. Already, Enron faces multiple
shareholder-driven lawsuits because of the steep drop in the company's stock price,

Jason Zucker, a life-insurance analyst at Banc of America Securities, sald the Enron exposures
would “pressure bond portfolios in this recessionary environment.”

Among those with big holdings is John Hancock Financial Services Inc., according to insurance
analyst Colin Devine of Salomon Smith Barney, who expects the company to incur a loss of $120
million this quarter on the bonds, A John Hancock spokeswoman declined to comment on the
estimate.

Mr. Devine said Principal Financial Group Inc. and Lincoln National Corp. also have substantial
Enron bond holdings. In a news release, Principal said the company is reviewing its approximately
$171 million “exposure to Enron” and expects to take a write-down this quarter of a size not yet
estimated. Principal said it also is reviewing an additional expesure of $50 million from investments in
Enron-related entities. A spokeswoman for Lincoln National said the company had $25 million of
Enron Corp. debt and $70 million from its subsidiaries. "We may take a charge of some of the
exposure related to the parent, but we won't know until we get closer to the end of the quarter.”

Write to Christopher Oster at

0200000000055


RADAY OCTOSER 30 1007

CIAL TIMES WEDN'

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0200000000708


federal appeals court in Cincinnati.
http //wwe.aytines.cerm/2001/12/07/education/ O7APFI html ?today#head| ines

MORE NATIONAL MEWS)
http://w. oytines.con/pages/national/inéex.heml ttadaysheadline

[-cor aos s ene eeeeeens- ADVERTISEMERT -----------5eenseee--\
‘The New York Timea Electronic Edition, now available

to internet users with high-speed connections, displays

all the pictures, headlines and text of the entire New

York edtiom of The Times in precisely the same format at the
physical newspaper.

http: //ade.nyt.com/th, ad/th-nytcirl7-nyti/eetext.henl/?
iN REDIR_-hecp cf fue. mytiner.com/ade/electronic.nrnl F

IUTERMATIONAL

Surrender Beal May Hinge on Ammesty for Mullah Omar

The Taliban agreed on Thursday to surrender the city of

Kandahar, but negotiators had yet to resolve the fate of

Mullah Muhammad Omar, the Taliban leader.

http://www. oytines.com/2001/12/07/ international/asia/07APOH. html Ptodaywhead) ines

Officials Say Bomber of the Cole Was in Yemeni Custody
Earlier

One of the suicide bombers who attacked the destroyer Cole

laat year had been arrested and released just 17 months

earlier by Yereni authorities,

http://www. nytines.com/2001/32/07/ international /O7COLE. html !tedayahead] ines

fateh and Havas in Truce After Clashea Kill Militant

Yasir Arafat's Patah faction and the extremist group Manan

appeared ta have achieved » fragile truce on Thursday,

after clashes left « young Banas sctiviet dead.

http: //wew. nytimes.cer/2001/12/07/ international /middleeast/O7GAZA. html tedaysheadlines

MORE INTERNATIOWAL NEWS:
hetp://ww4.tytines. com/pages/world/index, html ?todaysheadline

Retailers Peat Dismal Salen for Noverber

Tee nation's merchants reported sales growth for Noverber
that waa below already low expectations, as not even

; 05167

01000000000238 _


Tuchband, Matthew

Prom: The New York Times Direct [rytdirect@inytines com)
gent: Tusscay, January 15, 2002 3: on AM
'o
‘Subject: Today's Teaday'e Heedinca Pons VT NYTimes com Tuescay, January 15, 2002

TODAY'S HEADLIWES
The New York Times on the Web
Tueadsy, January 15, 2002

for news updated throughout the day, visit wew-nytines.can

QUOTE OF THE DAY

eanenenecccscsccccerenees

“You are victims not only of your own actions but of the

ayaten which employedyou.*

-JUDGE CHARLES A, DELEHEY, fining two former Mew Jersey atate troopers in a cane that
atarted « racial profiling debate,

hetp://wew.aytines ,com/2002/01/15/nyregion/15TROO, htm] ?todaysheadlines

Mew Practices Offer Deluxe Service for Deluxe fee

The gove haa prompted accusations that the doctors are
abandoning lower-income patienta to cater to the wealthy.
http: //mew nytimes.com/2002/02/15/healeh/1spoeT. htal ?tedayshead|ines

Trial Besins for Priest Accused of Molestation

A former priest in Boston has been accused by more than 130
people of aexually molesting boys for over 30 year
hetp://www. aytines .com/2002/01/15/national/15PRIE. html ?todaysheadlines

Rushand Sought in Killings Is Seized om Mexican Coast

A Michigan man accused of killing his wife and three
children om the Oregon coaat waa captured ce Sunday.
https //wew. nytimes.com/2002/01/15/mational /15fATH. btnlttedaysheadlines

MORE NATIONAL NEWS)
Rttp://wwe.cytines.con/pages/national/ index, htnl?todsysheadline

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05075

Bo 01000000000146


Enron; EOTT Energy Partners, LP. -- Press Release Page | of 2

7 press roan <
PRESS ROOM frnetare Comtacte &

work at enron fenrun cone hone

Press Release

EOTT ENERGY PARTNERS, L.P. re ams
DECLARES QUARTERLY CASH ae Bet
DISTRIBUTION 15 700

FOR IMMEDIATE RELEASE; Morelay, October 22, 2001

HOUSTON ~ ECOTT Energy Partners, LP. (LOTT) wetece 197

announced today a distribution of $0.475 per common uret
for the thind quarter of 2001, of $1.50 on an annusiized maior 199

basis. The third quarter distribution is payable Nov. 14, pelewe 109
2001, to unitholders of record as of Oct. 31, 2001 .
EOTT is @ major independent marketer and transporter of |
crude oil in North America, GOTT transports mest of the |
lease crude oil it purchases via pipeline, which includes :
8,200 miles of active intrastate and interstate pipeline and

gathering systems, In adeition, EQTT owns and operates a

hydrocarbon processing ola; 4 natural gas fquids storage

focility; and 4 240-mile quid pipeline grid system. EOTT

Energy Corp, 4 wholly-owned subsidiary of Enron Coep., &

the general partner of EQTT with headquarters im Houston.

COTT's internet ackiress i ww .eott.com. The

Partnerstip's Common Units ane traded on the New York

Stock Exchange under the ticker syminal “EOT."

eee

‘Click here to download this press release in Adobe Acrobat
4.0 format.

‘Click here to download Adobe Acrobat 4.0.
for additonal information please contact:
Media Relations Contact:

Gina Taylor

(713) 853-7681

Investor Relations Contact:

Gay Mayeux

(723) 853-9905
hulps/waw.caron. con/corp pressroom releases’ 200 | eol'69-EOTT-Q3-DistributionLar him! 1L/240L

0200000000719


Tuchband, Matthew

From; The New York Times Direct [nytd "

Sent: Saturday, December 01, 2001 3:39

To: matthew tuchhand co teas.gav

Suaject: Today's Headines from NYTimes.com Saturday, December 1, 2001

TODAY'S HEADLINES
The Mew York Times om the web
Saturday, December 1, 2001

Holiday Shopping

Take advantage of special offers and discounts -~ on gifts,
travel and luxury fterse from NYTines.com's premium
advertisers -- with the Holiday Shopping #-Msil.

fholiday

QUOTE OF Te DAY

ee
“I guess wa a1] see a Little of ourselves in hin. Be was in
the background, and maybe we all do little great things in
the background in our own lives."
“ROGER REECE, on George Harrison.

http i// ew nytimes.com/2001/22/01/obituaries/OlGEOR. html ?tcdayshesadlines

NATIONAL

Sone eee nev OTTERS Skeeenene

Ashcroft Seeking to Free F.B.I. to Spy on Groups

Attarney General John Ashcroft is conmidering a plan to

relax restrictions on the P.B.1.'s spying en religious and

political organizations.

bttp://waw nyt ies .com/2001/12/01/mational/QIBURE.htrel ?todaysheadl ines

Pormer Sheriff Is Charged With Killing Political Rival

Pormer Sheriff Sidmey Dorsey of DeKalb County, Ge., was

charged with murdering his political opponent, Derwin

Brown, three day# before Mr. Brown was to take office.

beep: //www, nyt imes.com/2001/12/01/sational /O1SHER, html ?todaysheadlines

Man With Artificial Heart Dies § Menthe After Inplant

Robert Tools, the first recipient of a self-contained

artificial heart, died Friday at Jewish Bospital in

Lowiaville, Ky.

Atta: //wew.nytimes.com/200L/12/01/health/oingar. html ?todsysheadiines

7 01000000000432


Yahoo « Enron could be forced into major asset sales Page 2 of 4

not recorded on its balance sheet.

The big challenge Enron now faces is 10 decide what assets it couki sell first and wieat is the best
possible price it cam achieve from them, the bankers said,

“Tn terms of classic corporate finance, the question they should ask is: 'Do E get enough money that
represents equity?” said Alan McFarland, a Wall Street veteran and co-founder of merchant bank
McFarland Dewey & Co.

Enron's future ts still likely to lie in its wholesale energy trading operations -- with an average trading
volume of up to $10 billion a day —~ which bunkers say comprise 60 percent to 65 percent of the value of
the whole group.

CIBC Markets estimates the asset-per-share valuaton of thas business to be around $24 out of a total of
about $38 of assets per Enron share,

The company's known liabilities are pegged at $12 per share by CIBC, though given the uncertainty
over the off-balance sheet transactions, this is the area most in question on Wall Street as shown by a
share price that ended last week at $11.27.

WHAT CAN BE SOLD FIRST?

Al the top of the list of likely asset sales is its 65 percent of Dabbol Power Company, which controls a
power project in the western Indian state of Maharashtra, Altogether, Enron's assets in the company are
estimated to be warth $870 million, analysts said.

Enron is currently talking 10 two local players in India -- BSES Lid and Tata Power Lid -- sbout a sale
of the stake, a deal that was in the works well before the recent crisis of confidence.

The company is also likely to consider selling its gas pipeline and transportation business, which include
25,000 miles of gas pipes crisscrossing the United States.

“That coukd fetch up to $4 billion,” says John Olson, analyst at Houston-based investment bank Sanders
Morris Harris.

This business has shown an average annual profit growth of 18 percent to 20 percent in recent years and
includes mainly the Norther Border Pipeline Company, Transwestem, Florida Gas Transmission, ard
BOTT Energy

Bankers say finding a buyer for what was once Enron's crown jewels would not be a problem, with
companies such as E! Paso (NYSE-EPG - news), Williams Cos, (NYSE; WMB - news), amd Duke
Energy (NYSE:DLUK - news) always on the lookout for such assets.

Olson estimates that buyers for these assets would have to assume $1 billion of related debts.

Indeed, Enron began offloading same assets before the current problems became so pronounced, selling
its Portland General Electric unit for $18 billion to Nocthwest Natural Gas Co. (NYSE:NWN « news) as
it began the process of cleaning up its balance sheet.

Also in line for sale, analysts say, would be pieces of its international operations, which could casily

http: /biz.yahoo.com/rf'01 | 104'r02350287_1.btml nso

0200000000575


Neta Stay Focused Against Cavaliers

Instead of taking a laid-back approach after an emctional

win over Phoenix, all five Nets startera scored in double

tigures aa New Jersey used talent and intensity to top the

Cavaliers.

https //wew nytines con/2001/12/08/sporta/basketbal)/OSNETS.htnl?tedaysheadlines

MORE SPORTS NEWS:
http: //wew.nytines.com/pages/sporte/ index, html ?todaysheadling

A Punny New Yorker Mop Is Again the Best befense

A sivple pastel map on the cover of a recent New Yorker
magazine recalls a famque cover from a eter century ago.
http://www nytimes.com/2003/12/08/arte/design/08NOTE hen] ttodaysheadlines

Historlan’s Prizewinning Book on Guns Is Enbreiled in «
Scandal

Michael A, Bellesiles denies that the errors in “Arming

America: The Griging of a Mational Gun Culture” are more

serious than the ones found in any lengthy and serious work

of scholarship.

hetp) //wew. nytimes .com/2001/12/08/books/0&GUNS htnl ttodaysheadlines

Is a New Boce Somewhere Over the Rainbow?

@ vibrant upturn S@ ust around the corner, the nation's
forecasters ingist. But in the world of forecasting, the

upturn has been just around the corner for months.
Rttp://aww.nytines. com/2002/12/08/arta/onPRED, html? todaysheadlines

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bttp://wew.nyt ives. com/pages/arts/ index.html ?tadayshesdline

MY REGION

City's Poorest Neighborheeds Show Meslthy Economic Gaing
A&A new study shows thet New York's poorest neighborhcods
pained economic ground faster than thoes in the city's

wealthiest neighborhoods.
http://www. nytimes.con/2901/12/08/nyregion/08HOUS .htn] 7todaysheadlines

, 05161

01000000000232 —


beep: / /wawnytines.com/2001/12/02/nyregion/O1ATTO. html ?tedaysheadl ines

MORE NY RECION NEMS:
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OP-ED
oo
Join the Club

By BILL KELLER

The terror attacks have actually made the enlargement of the

WATO family more right than ever.

http://www. nytimes.con/2001/12/01/opinion/OLKELL, htrl?tcdaysheadlines

Tt Can Happen Mere

By AITHONY LEWIS

It seems shocking that the United States Department of

Justice should state as a fact something that a judge has

found to be untrue,

https //wee, nytimes.con/2001/12/01/opinion/LOILEWI html Ptodaysheadlines

Getting at the Roots of Arab Poverty

By ALAN SCHWARTZ

Many Muslims are not poor because we are rich; they are poor

because of the policies their countries puraue.

http://www. sytimes. com/2001/12/01/opinion/o1sCHW.kenl?todaysheadlines

MORE OP-ED MEWS:
netp://wew. oytines. com/pages/opinion/ index.html ?tedaysheadline

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ASTS

iebteiihdie etd

Lou Reed, Exploring Poe's Plutonian Shore

This disjointed gray mass of s celebration by the rocker Lou
Reed is glacially slow, painstokingly deliberate and alrost
clinical in ics retelling of favorite Edgar Allan Pee

stories.
http i //wew nytimes.com/2001/12/29/arte/theater/29PORT.htnl?tedaysheadlines

Old Masters Pursued by Artistic Gunshors

Art historians will gather thia weekend to discuss and

debate David Kockney’s iconoclastic theory that old masters

used optical devices to help them produce realistic images.

bree: //wew.nytines.com/2001/11/29/arta/design/250PT1. html ?todaysheadlines

Bin Laden on Trisli Television Anticipates

Court TY and VH2 present vastly different buc equally
earnest programa that manage to cast fresh hooks into the
news that dominates teday'a headlines.

bree: //wee.cytines.com/200L/11/29/arta/televizion/29MOTE. html ttodayahead] ines

NORE ARTS NENS)
http://www. nytimes,com/pages/arta/index.htal?tedayshead! ine

anneenssceeeees
Engineers Mave = Culprit in the Strange Collapse of 7 World
Trade Center: Diesel Fuel

Engineers and acientiata are trying to determine what role

diesel fuel, ignited into an uncontrollable fire, had in

the collapse of 7 World Trade Center.

http://w. nyt ines, con/2002/11/29/nyregion/29TOWE. html ttodaysheadlines

2 Parties frbrace New York ant Look to ‘04 Conventions

‘the terrorist attacks have gent the political parties

scurrying to Mew York, eager to show unity with the

nation's mest wourded city.
hetp://ww4.2ytimes.con/2001/11/29/national/29POLS_herl rtodaysheadlines

New Dally seuspsper Is Planned in New York City for 2002
s

01000000000467


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05124

Oo —_ ~ 01000000000195


POLITICS

SSSSSSESSSTELE See eeeeweee

Bush Ssys “er May Go Beyond Afghan Border

Presiden: Bush said that the United States would take the
war en Cerreviam te nationa beyond Afghanistan that harbor

terrorists.
http: //wew. nytimes. com/2001/11/22/politics/226UEE, btml?todayshesdlines

Ridge to Seek fig Increases for Fight om Terror

‘Tom Ridge, the directer of bameland security, said that he

will seek new spending for federal law enforcement agencies

and public health facilities.

hetp://www. nytimes.com 2001/11/22/politics/22RIDG. html ?todaysheadlines

Some Wooder Where Pataki Has Been During Uphill Fight for
Billions

Cov. George &. Pataki remained curiously silent while Mew

York politicians spoke up as the “hite House and Congress

tried to clamp down on federal aid for New york.

http: //saw nytines.com/2001/11/22/nyregion/22A10. html ttodayshead! ines

WORE POLITICS NEAS:
http: //www.nytimes.con/pages/politice/index. htnl?todayshesdline

SPORTS

High-Flying Suns Pull Rnick# Back to Earth

With Stephon Marbury directing the action, the Suns put on a

high-flying, dunk-laden display as they dominated and

deflated the Knicks.

http://www nytimes.com/2001/11/22/sporta/basketbal 1/22ei(C.html?todaysheadlines

Gruden fa Sraina Behind the Raiders

The Oakland Raiders’ Jon Gruden possesses a waltilayered

personality that has led meny §.¥.L. general managers to

eall hin the beat coaching talent in years.

beep: //waw.nytimes.com/2001/11/22/sporte/footbal1/22GRU0 . html ?tsdaysheadlines

Giant Optimism Well Above .500 Level
Deupite icanes in four of their last six games, the Giants
atill streas the positives about their season and expect to

win most of their remaining gares.
http: //wew. nytimes.com/2001/11/22/ sports/fcotball/22G7AN. html ttodaysheadlines

01000000000505


Schweitzer added, "Ve would like 2 relationship in which lending is only part of
(Pe process.” Im future policy, dialogue and manitoring might become mere
impertant, and the bank's contbution might be measured by success in these
reas. But if the Bank now saw Reelf as @ super consutant, it was aware Pal
i would have to offer good advice. "We're only a6 good as cur ideas,” said

The saws comes as Ania Pulse reports that the UN's Economic and Social Council
(ECOSOC) will hold @ meeting with a number of donor countses and agencies such
as the IMF aed the World Bank to discuss the economic crisis in the Asian

region, ECOGOC President Makarim Wibisono said yesterday. \Wibisono said he
hoped a pumber cf fnance ministers from the UN member states would attend the
meeting scheduled for Apré 18 al he UN headquarters in New York. ‘The meeting
ls expected to produce an agreement conducive % the settiement of funding
Gticuties faced by Asian countries, he said.

NIGERIA SETS UP JUDICIAL INQUIRY INTO CORRUPTION AT STATE CARRIER. w\ Ww”
The Ngecan goverment has set up a judicial commission of inquiry into the WN

running of troubled state carter Nigeeia Alrwmys trom 1963 to 1996, AFP reports y”
Justice Minister Kanu Agabl said yesterday. Agabl who inaegurated the

soven-remiber commission on Tuesday, told reporters was under orders to “bang
to book perpetrators of comuption and economic cries",

A report by a. goverment pane! of inquiry retessed last month said corruption
and risnanagement at the airline between 1953 aad 1990 had cost Nigeria $180
milion ed pushed up the cartiee’s debts to local creditors to $7.7 mitior act
$71.4 million te foreign creditors. More than $50 milion were “let in
uneeplained “cash payments* while $100 milan earmarked for the establishment
of Alr Nigeria, a mooted inteenational arm of the carrier, were unaccounted for,
the report said.

Agabi said Wednesday the government did not want the judicial commission to be #
“ere formality”, The new clilian goverment which took power last year was
determined to chase dewn those involved in past corruption, he said. The

hae also pledged to priwaline Nigeria Airways and last your appointed
the IFC as adviser, the story notes.

In cther news, Reuters reports Enrce CEO Ken Lay said he was surprised at recent
reports that the World Bank was questioning the frimess of a proposed power
investment deal between Enron and Nigeria. Enron wes te provide power generating
barges to supply electricty to the city of Lagos while constructing a

560-megawati generating plant, bet Me Bank reportedly haa questioned whether
the terms were tee fevorable for Baron,

“Dur people did # negotiated transaction that the government is very happy with,
40 Tm not sure what the Word Bank's problem is,” Lay is quoted as saying.
“The Word Bank is not always totally enlightened in some of this. They have
other Interests that they bring to the table, but there Is a much better
govermant in Nigeria than wa've seen in # long, long time,”

WORLD BANK SKEPTICAL OF PRIVATELY RUN IVORIAN COCOA MARKET.
‘The World Bark is prepared to offer technical support to Cie dTveire’s cocoa
sed coflee farmers in hei plans to set up # new price fieng eysiam, provided
tis wuly run by the priewte sector as proposed, Dow Jones reports @ Bank
oticial said yesterday. The comments by Jon Mcintire, chief economist for te
World Biesk in Abidjan, came the day ater international lencers eat with leading
twortan farmers’ repensertatives to discuss thelr plans for a fixed price

oos500000000903


MORE MATIONAL MEMS +
beep: //waw.nytines.con/pages/naticnsl/index. btnl7todayshesdline

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itera in Christie's auctions around the world.

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_AM_REDIN. off chei ties com/mytines

0.6, 4ill Place 1,000 Troops on Ground

@serican marines on Monday helped divect air attacks on an

armored column, inaugurating a new phase in the war in

Afghanistan.

http://w. nytimes.com/2001/11/27/international/asia/27MILI . html ?todayshesdlines

ight With Prigonera Rages at Northern Afghan Fort

Five Americans were wounded while helping the Northern

Alliance try to quell a revolt of surrendered Talibsn

soldiers inside a prison near Mazor-i-Sharif,

https //wee, oytimes.com/2001/11/27/ internstional/apia/Z27MAZA. htwl?todaysheadl ines

A Deathly Peace Settles oc Kundus'a Streeta
As Tallbanm soldiers fled their last big garrison inmorthern

Afghanistan, they left behind several mysterice.
netpe //wew. nytives.com/2001/11/27/ international /azia/27TKUND. bem] ttedayshead] ines

MORE INTERNATIONAL NEMS:
http: //wew.nyt ieee .con/ pages /world/ index.html trodaysheadl ine

Sen ens eee neerneeennarteee
Boomomists Nake It Official: U.S, Ie in Recession

A group of economiate said that the rs ba economic
expansion on record gave way earlier thie year to the first

recession in a decade.
http: //wee.nytimes ,com/2003/11/27/busineas/27ECON. html ttedayshead] ines

Enrog Talking With Dynegy as They Work to Rescue Deal

2

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http://www. nye dimes .com/2001/10/20/ sports/ncasfootball/280KLA, html ?todayshead! ines

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ARTS

Sete Ld

-
Power, Imagination and New York's Puture

Por Lower Manhattan to fulfill its destiny, architectural
factions mus: begin to work together.
http: //wew.nytimes,com/2001/1¢/28/arte/design/26MUEC. html ?tedaysheadlines

Ome Orchestra Builder in a Worldly Musical Mix

Aa Janes Levine takes over the Boston Symphony Orchestra in

2004, he becomes the fourth in the currest round of music
director hiringa im major American orcheatras.

netp://wnw. nyt ines .com/2001/10/28/arte/28NET. tml? tedayaheadl ines

When Horror Can Be Healthy

Tn a tire of high anxiety, why should we add to our
treebles with monsters of cur own invention?
http: //wew.nytines .com/2001/10/28/arts/deaign/2euNGE. html? tcdayaheadlines

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nttp://wew.cytimes.com/pages/arts/index.heml?todaysheadl ine

MY ROGION
Seer e ETT T EES SEER

Anthrax Closes a 3rd New Jersey Post Office

A third postal facility in central New Jersey was closed on

Saturday after # small amcunt of anthrax was discovered on

a mail bin.

beep: //sww nyt imes .com/2001/10/28/nyregion/28¥YORK. html ?tedaysheadlines

Red Tape at Red Cross: Groupe Now an a Tangle

Pamillea that have lost loved ones in the World Trade Center

attack feel overwhelmed by the labyrinth of rulea they must

navigate to get money to stay on their feet.

httpi//wwa. nytimes.com/2001/10/28/nyregion/2SDONA. htm! ?todaysheadlines

0100000000060"


http: //wew.nytimes.com/2001/12/04/nyregion/OsOOPs. html? tedayshead] ines

MORE W¥ REGION NEWS:
hetp://wew. nyt ines .com/pages /nyregion/ index.html? todaysheadl ine

OP-ED

The Intifade Ie Over

By THOMAS L. FRIEDMAN

TE there ia anything left of the Palestinian national

roveogs & for independence, it better act now tc reacue

iteelt.

http://www. aytimes.com/2001/12/0S/opinien/OSPRIf herel trodayahead! ines

Who's Joey Bishop?

By MAUREEN DOWD

Once the Sinatra Rat Pack was regarded as the ultimate men's

elub. Mow the nation digs the Suh warriors, doing it

Their Way.
betp://waw.nytimes.com/2001/12/0S/opinion/OSDOWD.html?todaysheadlines

Sharon's War Cannot Be Won

By ALD ANUMIMAK

The occupation is the fuel of the Igraeli-Paleatinian

conflict.

http://wew. nytimes.can/2001/12/05/opinion/0SABUN html Prodayabheadl ines

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CONTRIBUTE TO THE MEEDIEST CASES FUND

Make an coline donation thie Holiday Seasen to The New York
Tinea Neediest Cases Fund to help thousands of people,
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https //wew.nytines.cen/pases/nyregion/index. html ttodaysheadline

OP-ED

Averica the Polarize
By PAGL KRUGMAN
Denoc: 8 and Republicans have diverged sharply since the

1980's, and are now further apart on econceic issues than

they have been since the early 26th century.
Rttp://www.nytines,com/2002/01/04/opinion/o¢xRuG, html ?todaysheadlines

Profile of a Killer

By NICKOLAS O. KRISTor

The emerging image of the killer that many of the experra

see is precisely the opposite of the perpetrator whom we

initially iragined,

http: //mew nytines,com/2002/01/04/opinion/0sKRIS htrl ?todaysheadlines

Staying Off Welfare for Geod

By DRUCE REED

The Desh administration and Congresa whould take steps now

te make sure hard times don‘t alow the steady march from

welfare to independence.

httpi//wew.nytines.com/2002/01/04/opinion/ 04REED. html ?todaysheadlinas

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Make an online donation this Holiday Season ta The New York
Times Neediest Casen Fund to help thousands of people,
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01000000000187


Times on the Web, please contact Alyson Racer at
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INTERNATIONAL

HORN TEENS ee eeeeneeeeen ne

Iran Exerta Sway on Afghan Border, Werrying the U.S.

Tran is seeking te push an Islamic agenda in western

Afghanistan, threatening Mashingtcn's long-term goals in

the country, officials said on Wednesday,

http://www. nytines,com/2002/01/10/international /middleeast /10RAN. html ptodaysheadl ines

Seven Marines Killed is pakistan Crash

An Averican military tanker plane carrying seven marines

crashed into # mountainside and exploded during ite

approach to an airfield in southwestern Pakistan.
hetp://wew.nytines.com/2002/01/1¢/internationsl/asia/10MILI. htal?todsysheadl ines

Teracli Soldiera Are Killed in Dawn Raid in Gaza Strip

Palestinion gunmen in Gaza put an end to a lull in the

violence, ambushing and killing four Israeli soldiers

before being shot dead.

http://www. nytines,com/2002/01/10/interpat ional /middleeast /10MIDE. btm] ?tedaysheadlines

MORE INTERNATIONAL NEWS:
http: //wew.nyt ines .com/pages/world/index.htrl ?tedaysheadline

BUSINESS

Justice Dept. to Form Task Force to Investigate Collapes of
faren

The Justice Department plans to form o special task force of
prosecutors to con@uct an inquiry into the Enron

Corporation and its collapse.

nttp://aww-nytines, com/2002/01/16/buainese/LOEWAO, htm] todaysheadlines

On Saggy Mall St., Merril] teade May With Retrencheent

Merrill Lynch & Company reported that ft had trimned
$,000 joba since October, on tap of 6,000 cut earlier Last
yeor, for a total elimination of 20 percent of ite

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policy the company's political largess helped forse.
https //www.nytimes.com/2001/12/04/bus iness/O4DERE, htol ttodaysheadlines

Fed Now Says ‘02 Recovery to te Gradual

Pederal Reserve officiala aay they expect a modest and

@radual recovery in the economy next year rather than the

quick turnaround many investors and forecasters are

expecting,

https //wee, oytimes.com/2001/12/04/business/O4¢PED. html ttodayahead] ines

Vivendi's Chairman Seeks te Woo U.S. Investors

Jean-Marie Mensier, chairman of Vivendi Universal, insiata

that there ie no more important, indeed essential, site for

a media company to be than smack in the middie of

Manhattan,

bttpi //sew. nytimes.com/2001/12/04/business/O4MOVE. html ?todaysheadl ines

MORE BUSINESS WEWS:
http://www, nytines.com/pages/business/ index.html ?rodaysheadl ine

TECHNOLOGY

Cable Companies Sign On for Excite@Home Service

Excite@tore signed an agreement with a group of cable

corpanies, including the Comcast Corporation and Cox

Cammunications, to maintain high-speed Internet access for

thelr customers.

http://www. nytines .com/2001/12/04/technology/O4MET html ttodaysheadlines

Three Giants Sqaare Off in the Bidding for AT6T
Broadband

Three of the nation's biggest cable companies lined up in

hopes of taking over the largest one, AT&T Broadband,

agubnitting complex bide that AT&T will begin reviewing

in the coming days.

http://www .myt ines com/2001/12/04/businesa/04PLAC. hel ttodaysheadlines

2 Rival Chip Makera Consider Joining Forces
Teo archrivals in the chip-making business, Hynix
Semiconductor amd Micron Technology, have begun

Regotiations cn « strategic alliance.
hetp://wew.nytimes .cem/2001/12/04/technology/ebueinege/0scurp. hel? tedayahead] ines

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INTERNATIONAL

Anti-Taliban Units Open Assault om Positions Morth of Kabul

Backed by Arerican airpower, the anti-Taliban Northern

Alliance cpaned @ major assault on Taliban ponitions north

of Kabul early thie rorning-

http: //aww.nytimes.com/2001/11/12/internationsl/asia/12MILI. html ?todaysheadlinea

U.S, Indicates Fresh Resolve to Mediate a Mideast Peace

Yasir Arafat expressed hie “deepest appreciation” om Sunday

for President Suah"a public endorsement of Palestine as a

state

https //waw. nytimes.com/2001/11/12/international/middleeagt/ 12MIDE- heel ttodaysbesdlines

Wonsring Lont Lives Prom Some 69 Kations in Memorial for
World

Sunday's service at the alte of the World Trade Center

collapse, which marked the two-month anniversary of the

attacks, was a memorial for the world.

http: //wew, nytimes,com/2001/11/12/internat ional /12PREX.honl ?todaysheadlines

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BUSINESS

CBS Mews Asks

60 Minutes’ to Cut Back on Producers
Television's pre-eminent neweragazine has been asked by CRS
News to reduce its production staff as part of a plan to

reduce coste,
hetp://wwe. nytines.com/2001/11/12/business/media/12PINK. ntml?todaysheadlines

01000000000532


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ARTS

seeeer errr ni eceeee:

‘Lilith’ Is Made F

Lilith," composed by Deborah Orattel], certainly doe
have mach in common with a lot of Mew York City Opera's
regular fare.

hetp://awe.oytines, com/2001/11/09/arts/music/0SLILI her] ttodaysheadlines

'e

Ow! Watch Thoge Claws

Clare Boothe Luce's 1936 hit play, now in » bumpy Broadway
revival, still has the dubious appeal of showing ladies

being anything but ladylike.
hetpi//wew.nytimes.com/2001/11/09/arts/theater/09WOME. html Ptodaysheadlines

Patterns of « Can-Do Idealist

Jacob Lawrence Wad & wmade-ni#t painter, an American painter

and on African-American painter. Wark from the end of his

life is on display at the Whitney Museum.

http: //mew-nytines,com/2001/11/09/arts/design/09CotT. htal?tedaysheadiines

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NY REGION

Bicesberg Vieits Heads of Two Unions Over Piscal Fears

Mayor-elect Michael R. Bloorherg visited the leaders of two
of New York's moat powerful municipal unions to build ties
with officials key te solving che city's budget problens
https //wes, nytimes, com/2001/11/09/nyregian/09BLoo. heel ttodayshead] ines

Fire Commissioner te Leave, Proud, if Sad and Bewildered
after 33 years with the New York Fire Department,
Commigaicner Teomas Von Essen is lesving, carrying the

weight of a grleving city service on his shoulders.
https //wew. nytimes. com/2001/11/09/ayregson/O9FTRE btml?todayshesdlines

Lengtine Cocgressvoman Will Step Oown

01000000000549


Yahoo - Lenders to meet over Enron's Dabhol on Nov 3 Page 2 of 3

Under this notice. both companies are given six months time to settle the matter through negotiations, If
talks fail, Dabbot has the right to issue a final termination notice and take the matter to arbitration in
London. That six month period expires on November 19.

Houston-based Enron, which owns 65 percent of Dabhol, further announced that it intends to exit the
project and offered to sell its equity to the Indian government.

TIME RUNNING OUT

The Business Standard newspaper reported that next week's meeting would also discuss a request by
Dabhol to finally terminate the contract after November 19.

“I is one of the items on the agenda,” the paper quoted a senior banker as saying.

The paper said once Dabhol serves the final notice, the nsatter proceeds to arbitration, which would not
help India.

“The widespread view among the government and lenders is that in such a situation DPC will win
harls down,” the paper added.

A Dabhol spokesman could not be comacted immediately.
The source said the meeting woukl review the progress made m resolving the dispute so far.

The Indian government has not responded to Enron's offer to buy its equity, but two Indian companies,
BSES Lid and Tata Power Ltd , have shown interest.

They have agreed to take over the project if the cost is reduced, and if the founders agree to sell their
stake at a discount.

Local business daily, lhe Economic Times reported on Friday that Tata Power and BSES are willing to
pay the founders $450-$600 million for the 85 pcreent stake held by Enron, GE and Bechtel.

Enron has rejected the offer and is not ready to settle for anything less than $1 billion, the paper added.
Officials of Tata Power and BSES were not immediately available for comment.
{SL equals 48.400 Indian rupees)

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Mere Quotes e Bank of America Comp (NYSE:BAC - news)
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« Enron Corp (NYSE:ENE « 1iews)

« General Electric Co (NYSE:GE - mews)
Related News Categories: banking, oil/energy, US Market News,

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WORK MY REGION NEWS)
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OP-ED

see eeeenenenerrerenenenee

Laissez Mot Fair

By PAUL KRUGMAN

If Enron was an experiment in doing away with regulatory

activism, Argentina was an experiment in doing away with

monetary activisn,

betp://wwe. nytimes.com 2001/12/11/opinion/11RR0G, html ?tedsysheadl ines

The Veiled Resource

fy NICHOLAS 0, KRISTOF

The war may be ending, but the effort to bring

Opportunities ta Afghan woren should be just beginning.

http: //wew.nytines .com/2001/12/11/opinion/11KRIS. html ttodaysheadlines

Out of Many, New York

By MARIO VARGAS LLOSA

The cosmopolitaniam of New York is at the ancipodesa af

every form of fanaticism.

http: //wwe.nytines .com/2001/12/11/opinico/11VARG. html ?toedaysheadlines

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Tob? ysetin

00500000000850


Yahoo - Wechsler Harwood Halebian & Feffer LLP Announces Class Periods - DQE, EN... Page 2 of 2

More information on this and other class actions can be found on the Class Action Newsline at
www. primevone.comica

CONTACT: Wechsler Harwood Halebian & Peffer LLP, New York
Shareholder Relations Department
(877) 938-7400

SOURCE: Weehsler Harwood Halehian & Feffer

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0200000000599


POLEEICS

ae eeeeesrrrenee

Bush Defends Wartine call for Tribunala

President Bush said that be needed military tribunale and
other legal weapons to protect the safety of Americans.
http: //waw.nytimes.com/2001/12/05/politica/OSJUDI. html ttadaysheadlines

Senate Committees Gacke $15 Billion More in Emergency
Spending

The Senate Appropriations Committee voted an additional $7.5
billion for measures to combat bioterrorism and improve

security.
hetp://wew, sytimes. com/2001/12/05/politics/0500md. html ?todaysheadlines

Aa Vote Nears, Bush Presses for New Trade Fowern

The Suah adniniatration is warning that if Congress

rejects the president's trade proposal thia week, “no one

will negotiate’ with the United States on trade.
bettp://waw.nytines.cea/2001/12/05/politica /OSTRAD. htm) trodayshead]ines

MORE POLITICS NEWS:
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SPORTS

Heisman Voters Thinking Passers

Quarterbacks Joey Barrington of Oregon, Ken Dorsey of Miani,

Rex Groeenan of Florida and Eric Crouch of Mebraska are

finaliate for the Reisman Trophy.

beep: //wew. nyt imme .com/2001/12/05/aporta/ncaafocthal1/05COLL. btn] ttodayshead! ines

Stevart Has Found Confort Zone

Kordell Stewart has waded through taxing times with the
Pittsburgh Steele: but he is back. So is Pittsburgh.
hetp i //wee, nytimes, com/2001/12/05/sporte/ football / OSONPR. html ?todaysheadlines

Keyshawn's Contradictory Season

Tanga Bay's Keyshawn Johnson has an 8.F.t.-leading 63

receptions, but he also hae sero touchdowns.

beep: //waw. nyt imee com/2001/12/05/sporte/feorball/ossery.benl?tedaysheadl ines

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INTERNATIONAL
eee e eee en wee eeeennes

U.S. Ready to Send Additional Troopa to dunt bin Laden

The United Statea is prepared to send additional ground

forces to capture or kill Osama bin Laden if intelligence

pinpoints his location, Pantages: officials said.

hetpi//wew. nytimes.com/2002/11/21/international/2INILI. html ?todaysheadlines

Direction of Globsl War on Terror Ralses Uneettling
Quesrices

The military campaign in Afghsnistan has given the world «=

stork view of a new American doctrine to make war on the

sources of terrorism.

http://w, nytimes.com/2001/21/21/ internat ional/Z1ASSE. html ?todaysheadlines

An Investigation in Egypt fllustrates Al Oneda's Web

Records from s 1999 Calro trial show how the merger of Al

Qaeda and Islamic Jibad vastly enhanced Osama bin Laden's

reach and organizationa) ability.

bttp://ww nyt imes.com/2001/11/21/internationsl/middleeast/2201HA html ttodaysbeadlines

MORE INTERNATIONAL NEWS:
http: //wwe.nytines.com/pages/world/ index html ?tedayshendline

BUSINESS

aneeee sverressaase

Enron's Growing Financial Crisia Raises Doubts About Merger
Deal

Shares of Enron plunged 23 percent as expectations grew in
2

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Tuchband, Matthew

From: ‘The Naw York Times Direct [nyidirect@nytimes.com|

Sent: Saturday, January 12, 2002 3:37 AM

To: matthew tuchband co treas.gov

Subject: Today's Heactinas from NYTimes.com Saturday, January 12, 2002

TODAY'S MEADLINES
The Rew York Times on the Web
Saturday, January 12, 2002

For news updated throughout the day, ait wey. nytines.com

QUOTE OF THE DAY

onan weeeeenr en nee -
“It we have to go te war, joll
~GENERAL 5S. DADMANABHAM, India

p00d,"
army chief

https //wwe,. nytimes .com/2002/01/132/international/asia/L2INDI .htnlttedayshesdlines

BATIOUAL
-
Major Death Penalty Appeal Accepted

The Supreme Court agreed to decide « potentially

far-reaching challenge to the comstitutionality of the

death penalty laws in nine states.

hetp://www. sytines.com/2002/01/12/national/ 128C0T_heml ttodayzheadlines

Nan Convicted in Patal Seating in Dispute st Son's Hockey
Gane

Thomas Junta faces three to five years in prison for an

involuntary manslaughter conviction in the death of a

fellow hockey dad,

http: //wew. aytines.com/2002/01/12/national/12HOCK. html ?todaysheadlines

Wilderness Above, a Mine Below and a Puror

Montana residents are debating 4 new queation: Should mines

be allowed to extend undermeath federally designated

wilderness zones?

beep: // mew. nyt ines .com/2002/01/12/national /L2MINE. html ?redayshesdlines

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INTEAMATIONAL

zEzeasi

Alliea Preparing for Long Pight ae Taliban Dig In

Senior American and British officiala aay they are preparing

for longer and tougher combat in Afghanistan than they hed

hoped, but eventual victory ia seen.

http: //wew.nytimes.con/2001/10/248/internat ional /asia/2&STRA. btnl? todayshead] ines

Bush Adviser Says Russias Ie Warming to U.5. ABM Tests

National Security Adviser Candaleezza Rice says Rusni

leaders are becoming persuaded that misolle defense teata

are “oot actually a threat" to their nation.

http: //wew.nytines, com/2001/10/28/ international /26M18S. html? tedsysheadlines

A Glimpse Behind the Plot Against the American Erbassy in
Paris

Law enforcenent officials acrces Europe said a plot against

the Acerican Sebaesy in Parise save them a glinpee of how

Gaana bin Laden has operated in their midst,

Hetp: //ww. syt imes.com/2001/10/28/ international /eurcpe/295MmA. htm) ?todaysheadlines

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BUSINESS
een eee nenen nent renenenee

Murdoch Ends DirecTV Bid After 0.N. Delays Decision
News Corporation withdrew fron talke to acquire the Genera!

Motors Corporation's Mughes flectremics division after G.M-
2

1000000000606


admit inspectors to determine if Iraq is developing weapene
of mags destruction, he would face consequences.
hetp://ww4. ayticws .com/2001/11/27/international /27PREX.henl?tedaysheadlines

Bush Descunses Cloning and Calle for Ban

Presidgent Bush condermed the work of «a Massachusetts
biotechnology company that says it has created human

embryos through cloning.
https // sew. nytimes.com/2001/12/27/health/27CLOW. html? tedayahead| ines

A Demeerat to Run Fund for Sept. 11

The attorney general appointed Kenneth R. Feinberg to run

the G11 billion fund set up ta compensate fanilies of the

victins.

betpe//www.nytimes.com/ 2002/11/27 /politica/29FUMD. html ttodayshead lines

MORE POLITICS WENS:
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SPORTS

Scott Brosius, who played in =he World Series in each of

hie tour seasons with the Yankees and earned three

chanpicoship rings, has decided to retire.

http: //wew. nytimes.com 2001/11/27/sports/basebsl1/27PINS. html ?todaysheadlines

Wiani and Florida Top List, but Nothing‘s Settied

In the new 8.C.S. ranking, Miami ia Mo. 1 and Florida is No,
2, bot they are not the ealy teama that could end up in the

Rose Bowl.
http: //we, nytimes.cam/2001/11/27/sports/ncaafcotbal1/2700LL.henl Stedayahead! ines

Camby Back and Knicks Win
Marcus Camby, the Knicks" much-missed center, turned in an
Outatanding performance, and the Knicks beat the Atlanta

Bawka on Monday night.
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teacher has been picked for the third- higheat post in the
New Jersey state government.
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MORE HY REGION NEWS:
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OP-ED

se eeeenensesscceeseeseses

The Witch dunt

By BOS HERBERT

The American public is predisposed to give the government a

freee bend in ite search for terrorists. But a

¢riminsl-justice club wielded without restraint is all

but guaranteed to spread its own form of terror.

http: //wew. nytines.com/2001/12/03/opinion/ 03HERR. html ?todaysheadiines

‘tarael or Arafat!

By WILLIAM SAFIRE

The cime for Dalestiniana to decide their cvn fate is

mow antiterrorism and a peaceful state of their awn, or

terrorism and defeat.
bttp://waw.nytimes.com/2001/12/03/opinion/03SAPI html ?tedayaheadlines

Keep the Focus on Al Oaeds

By VINCENT MN. CANWISTRARO

With success in Afghanistan, the impulse to broaden the

struggle against terrorism ig almost irresistible. Yet we

are in grave danger of overreaching.

hetp: //wwe. nyt iswe .com/ 2001/12/03 /opinion/O3CAND, html ?todaysheadl ines

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op-ED
erreaeerrsssses
The Hidden fneni:
By NICHOLAS D. Kristor

Long after Osawa bin Laden ia buried, after a new government

is presiding over Afghanistan'a reconatruction, land

mines will continue to haunt thia country

http://www, oytines. ‘com/2001/12/18/apinios/2GKRIS. html ?tedsyshesdlines

Death by Guru

By PAUL KRUCMAN

Enron sold lota of things, but above all it sold itself:

it crafted a self-portrait that business guruo loved.

http: //wew.nytimes.cem/2001/12/18/epinion/ 16xRUG, html? todaysheadlines

Mullah Gnar's Martyrdom Operation

Sy MICHAEL GRIFFIN

The Taliban and their dreams are about to disappear.

http://www. mytimes com/2001/12/t8/opinion/LOGRIP. html ?todaysheadl ines

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05134

01000000000205


other creative advertising opportunities with The New York
Times on the Meb, please contact Alyson Racer at
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hetp://wew nytines.com/adinto

01000000000492


Pfizer to Offer Drug Discount ta Low-Income Elderly
Pfizer enid it would offer its druge to low-income elderly

people for a flat fee of $1$ a month for each prescription.
https //wew. nytimes.com/2002/02/16/business/160R00.htwl trodayshesdlines

MORK BUSINESS NEMS:
http: //wew. nytimes.com) pages/business/ index. html ?todayshead] ine

TECHNOLOGY

eee rd

Intel Reports That Farnings for Quarter Beat futinates

Ending ite worst year on an upbest note, Intel reported
fourth-quarter earnings that exceeded moat expectations.
http: / {ww nytines,com/2002/01/16/technology/*ebusiness/16CHIP. html ttodaysheadlines

Profit at BSay Increased 6% Last Quarter

EBay, the Internet auctioneer, ead that its fourth-quarter

profit rose more than @ percent aa buyers and sellers used

ite Web aite for holiday gifra.

http: //mew.nytines,com/2002/01/16/technology/ebusiness/16EBAY heml trodayahead! ines

Blesk Phome-Equipment Outlosk Leads Marconi to Cut Mere Jcbe

Marconi of Britain said it will lay off an additional 4,000
workera, about one-quarter of them ia the United States.
http: //waw.nytions.com/2002/01/16/business/worldbusiness/ 16MARC html ttodayshead!ines

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Btep://www, mytines.com/pages/technology/ index.html ?todaysheadline

POLITICS

Sea e ee ne een errr eens eeeeen

Walker Will Pace Terroriem Counts in « Civilian Court

John Walker, the American turned Taliban warrior, was

charged in a criminal complaint with conspiring to kill

United States citizens and supporting terrorisn.

http: //waw.nytimes.com/2002/01/26/politics/16WALK. html todayshead lines

Arthur Andersen Pires an Executive for Enron Orders

Arthur Andersen fired its partmer in charge of auditing

05057

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0200000000707


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: 05117

7 " 91000000000188 —


The Enron Corporation and ite would-be rescuer, Dynesy Inc.,

are talking abowt renegotiating the terms of their deal,

originally valued at $5 billion,

http: //wva.nytines, con/2001/11/27/business/27EMRO. html ?codaysheadl ines

Top Companies laguing Debt at 4 Fast Pace

Blue-chip corporations are taking advantage of the chance to

raise cash ot bargain baserent prices, thanks to low

interest rates, and to retire more expensive debt.
htte://mew.nytimes,com/2001/11/27/business/27DEBT. html ?tedayabeadl ines

MORE BUSINESS NEWS:
http://www. nytimes.con/pages/business/ index. benlttedaysheadline

TECHNOLOGY

- --
Bankruptcy Awetion Begins for Speech Technology Company

‘the bankruptcy auction for the sesete of Lernout &

Hauspie ia expected to produce only a fraction of me

hundreda af nillions of dollare that the

nttp://www.nytimes. ‘com/2003/21/27/technology/276PEE. tn ?todayshead1ines

A Practical Way to Make Power From Wasted Heat

Scientists at M.I.7. and a small company in Salt Lake City

will announce that they have developed technology that can

efficiently and inexpensively transform heat pollution into

electricity

hetp:/ fwaw nytines.con/2001/11/27/technology/27HEAT. htm) 7todayshead]ines

A Breakthrough on Closing? Perhaps, or Perhaps Not Tet

Shadowing the raging dispute om whether cloning should be

autlawed is a major question, Is the human-cloning attempt

a milestone or a forgettable blunder?

betp: //wew.oytimes,con/2001/11/27/heslth/27EMSR. html Ptodaysheadlines

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http://w. nytines con/pages/technology/ index.html ?tcdaysbeadline

POLITICS

Next Target in Terror War: Sueh Saye Tt Could Be Iraq

President Bush warned Saddan Hussein that Lf he did not
3

01000000000468


At Ground Zero, New Manager, New Machines, New Focus

As the cleanup at the World Trade Center neare the
four-month mark, the leok and the management of the site

are fundarentally changing.
http://www. nytimes.com/2002/01/03/nyregion/O3SITE.html?tedaysheadl ines

MORE NY REGION WEWS;
bttp://www. nyt ines .com/pagen/nyregion/ index. html ?todaysheadline

OP-ED

eeceececccccccrevessusnes

Executive Privilege Again

By WILLIAM SAFIRE

Join Ashcroft ig @etermined ce keep the F.8.7.'s embarassing

history hushed up.

http://www. nytimes.cam/2002/01/03/epinien/O3S5API. html? tedaysheadlines

Whe Are You, Mr, Mayor?

by Sos HeemeeT

I have no choice but to worry about the new mayor, He can’t

possibly know what he'a is far.

hetp: //wew, nytimes.com/2002/01/03/opinion/ 0SHERH.herl ttodaysheadl ines

One Currency, but Mot One Bconcey
By ROBERT M. DUNE OR

The problem with cee Buropean Monetary Union is that it

creates a single monetary policy for a group of quite

different national ecenenies that often experience

divergent businees-cycle patterns.

http: / (mew. nytimes.com/2002/01/03/opinion/ 03DUNN hin) teodaysheadlines

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hetp://ww.cytines. con/pages/opinion/ index. html Ptodaysheadline

CONTRIBUTE TO THE NEEDIEST CASES FUND

Make an online donation this Holiday Season to The Wew York
Tinea Meediasat Cazes Fund to help thousands of people,
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05123

ee —_ 01000000000194


the World Trade Center, met with Mayor-elect Michael R.

Bloomberg ard said that he would oo ahead with plans to

rebuild at che alte.

http: //waw.nytimes.con/2001/13/22/nyregion/22MIKE. html? todayahead! ines

MORE MY REGION WENS)
netp: //wwe.oytines.con/pages/nyregion/index.ntnl?tedayeheadline

OP-ED

weccewenecenceccccosnenen

Hanger in the City

By BOB HERBERT

There ts something very wrong, in a aceiety av afflueot as

ours, when families have to cnoose between fosd and rent.

http: //wea.oytines,con/2001/11/22/opinion/22H2Ns.htnlttcdaysheadl ines

Nelcome Back, Politics!

By WILLIAM SAPIRE

Here ia the <rick in political prognostication: Take what

you know to be true and then flay fast and loose with the

possible.

http: //wew.nytines.com/2001/11/22/opinion/225AFI. html ?todaysheadlines

Educating the World

Ry GEE SPERLINO

The United States should commit to getting all the world's

children in schsol,

htep://waw. nyt imme coms 2001/13 /22/opinion/IZ5PER. html Ptodaysheadlines

NORE OP-ED WEWS:
http://www. nytimes .cem/pages /opinion/ index. htel ?todaysheadline

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01000000000507


re A I

powgones — vo
Sink or Swim
Rebecca Mark's Exit
Leaves Enron's Azurix
Treading Deep Water
Venture’s Troubles Vindicate

Her Rival, Who Pushed
Parent in New Directions

at Bros Corp, boch of them rising start
equally [kelly 90 Sead the Houston exergy
cmhmuras one day.

Both were in Geir eccty Hs wih
MikAx from Harvard Universite. and
Sunk headed divisions deemed critical We
Borer, Ms. Mart, coe af the highest-pro-
Me woman executives in Agwrica, a
rected the canpany’s inersational dtr
ator Zhe bad just smateded 9 mratibilion-
dolar power project 9 india from the jawe
af pulitical defeat. A glamorves fare not
afraid te tramp theough the jungle er take
2 Saag? Une with buresecrass & grt ber
way, she had patted off otter bi
proyects, including
ms iro

bess Gemacaotas,
bealas Behind Enron
rrodities-traxting bass
tess, which was seek
Ing ' place the com
pany at the command
Ing beigats of rartets

from electric
lty % wad pulp % rat
weal ps.

‘Today, Mr Sklting.
47 years old, stands 1

(wa a coset Sor as bang 2s It tok to lear
Ghe seerets of a given Dosmess see! teat It
must be Wiking to sell the ateet fa better

for Ge rceey arose. Ms,

meegh te emure Earco’s primacy in roe
tie and fast-moving markets, Ms. Mark
ugied fat a eet, oe
Phyyicy orememce Wks o8 7

te rene the petmmncy of BET rales

00500000000851


Parties Weigh Political Price of Enron's Fall

Republicase in Congress warned Democrats against trying to
use che #acalating Enron case for partisan advantage.
beep: / /waw.nytimes.com/2002/01/12/politics/12DOLI hem) ttodaysheadlines

Utah's Derocrata Spot Opportunity in Howse Republican's
Retirement

The announcement that Representative James V. Hangen, Utah's

geniar House member, is retiring gives Democrats a glimmer

of hope for revival,

hetp://ww4. sytines .con/2002/01/12/politics/12UTAK.html?todayshead] ines

WORE POLITICS NEWS:
http://www nytines.ccn/pages/politice/index.htel ?todaysheadline

Sports

Bucs Brace for Eagles, Not the Chill

Tampa Bay has never wen a game when the temperature at

kickoff was 40 degrees cr leas, but the Buce are trying to

debunk the temperature whammy.

https //mew. nytimes.com/2002/01/12/sports/football/128uCs hel rtodaysheadl ines

Jets Chasing a Few Big Plays

Curtis Martin haa been the foundation of the Jeta' offense
this season, but te beat Oakland on Saturday the Jets'

offense mast find balance.
http://www, mytimes.com/2002/01/12/sports/football/12JETS. html ttadaysheadlines

ball

More Loans amd More Denials for 8

Sank loans continue to plague Major League Baseball and its

contraction plan, but the commissioner and the owners

continued to deny any impropriety.

http: //wew.nytites .com/2002/0t/12/sporte/baseball /12BASE, html? todaysbeadlines

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bttp://wew, nytines.com/pages/sports/ index. htnl?todaysheadline

What Is Averica'a Place in the World Now?

‘ 05090

1000000000161


NIGERIA SEEKS TO WIN OVER PARIS CLUB DONORS.
Nigerian President Olusegue Ctesanjo will try to patch up differences with the
Paris Club of bilateral creditors and cwercome remaining obstacles to an
with the IMF during @ visit te France this week, raports the Financial lw?
Times ¢p.10}. His vist follows efforts by the Fund to seftan the position of
the Paris Club, wolch may be owed as much as $27 billion of a total external Pa
dat of $34 bilan, according to the latest IMF estates. ye
%
a\

As » condition for restructuring. officials say Paris Chub members want Nigeria
t begin paying off arrears on seevicing debts to bilateral credilors, which now
smount to almost Owo-thirds of the lotal debt stock. Some creditor governments
gee pushing Nigeris to double budgeted payments this year to $3 bition in line
with imgeovements in the world price of 08, which accounts for more than SO
percent of Bs export revenues,

But an overall leap in payments looks unlikely, the story says. Obasanjo argues
that uniess resources are freed towards poverty alleviation programs, social
inatabilty will reverse the fragile democratic gains of tha past year.

Cbasanjo found sympathy for his appeats for Nigeria's debt burden to be lowered
on a vist to France yesterday, but sources Goes to tha Faris Club of creditor
countries warned no reduction was imminent, eaports AFP_ “France is trying to
comwince the (MF and the Parts Club of creditor nagons that 0 mutually
acceptable solution must be found,” French Prime Minister Lionel Jospin it
quoted a5 sxying to Obasanjo.

But a source close te the Paris Club said no discussions on the courtry's
position would take place this week Discussions on restructuring Nigeria's
debt repayments wil begin when the IMF has passed judgement on the country's
economic rwkeem program, the source ssid

Mearwbile, notes the FT, the IM is keen to awokd being seer as the debt
collector, a8 mast Nigerians blame structural adjustment rwforms of the late
18808 more than military misrute tor decdning Sving standarcs.

In other news, the World Bank has raised questions over the terms of an

agreement signed last year between the Lagos State goverment and @ private US
Pat includes an $800 million investment as part of # scheme to supply

electricity to the city grid, AFP says in» separate report. Nigeria and World

Bank officials confirmed a report in the local newspaper, Ths Day, which said

the Dank had expressed doubts about the deal signed last year between Lagos

‘State, the Nigerian state-run electricity operator NEPA, and US power group

Enron.

Soon after the dew! was agreed, says the story, officials in NEPA began raising
objections saying the price set by Enron per unit of elecricty mappied was

too high and it would hawe Been cheaper for Nigeria to have bull its own plant.
Last week, Nasir sl-Rtefai, head of the Suress of Public Enterprises. admitted
that the deal was under soview by World Bank officials cafed in by the
gowemment. ‘The officials argued the terms were too favorable to Enron and had
been concluded impropestly. Reuters also reports.

0500000000901


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http://www, oytimes.com/pages/sports/ index.html ?todaysheadl ine

aRTS

A Stodgy Museum Spruces Up

Oa Wav. 22, the Victoria and Albert Museum inaugurated ite

gleek sew British Galleries to universal praise from art

¢eritica in Lemdon.

hetp://www. nytimnes.can/2001/12/05/arts/desion/OsMUSE. html ?tedsyshesdlines

Bernie Mac Moves From King of Comedy to Ruler of the floost

Bernie Mac found success as part of the Original Kings of

Comedy tour in 1997. Now he's seeking to make a leap into

mational television with ‘The Bernie Mac Shaw.=

http: //wew.nytimes.cem/2001/12/0S/arts/relevision/OSBERM.ktnl?tedayszheadlines

A Panily Makes Unbeaytiful Muzic Together

Those who feel that the Aterican muaical haa hit «

cul-de-sac haven't been paying attention to Richard

Maxwell, who directs, writes and composes his own works.

https//www. nyt imes.com/2001/12/05/arte/theater/ OSDRUM. hrml?tedayehead| ines

MORE ARTS NEWS:
http: //wew.nytimes.con/pages/arte/index html?todaysheadline

A. Orders G

to Dredge Hudson River

The Sugh adniniatration today ordered tans of PCBs removed

from New York's upper Hudson River, setting in motion ane

of the largest dredging operations in the nation's history.

http: //wew, oytines.con/aponline/science/AP-Hedson- PCBs html ?todaysheadlines

AC $92.60 « Vote, Bloomberg Shatters an Rlection Record

Michael R. Bloomberg spent $64,980,185 from his personal
fortune on the election, according to campaign documents.
http: //wew.nytimes .com/2001/12/04/nyregion/04BLOO, html? tcdsysheadl ines

A Changed Police Department Awaits Kelly in Second Turn

When he returns s# commissioner, Raymond U. Kelly will face
preggurea that will make the job mare taxing than usual.

01000000000407


Yahoo « DAILY BRIEFING ~ Enron Needs to Fix Its Short-Crreuits Page | of 3

"YAHOOLFINANCE 2 Pocetore oro hee STRNETTTD

| Latest Headlines | Market Overview | News Aleris |

Tuesday October M), 10:33 am Eastern Time

. . Morgan
BusinessWeek Online vanes
DAILY BRIEFING - Enron Needs to Fix :

Its Short-Circuits delayed 20 mins - dixchimer
Quote Dita prided hy Reuters
Daily Briefing: COMMENTARY [Set Quotes

By Heesun Wee

Houston-based Enron Corp. (NYSE:ENE - news), whieh transformed ttself from a sleepy utility to a

powerful Wall Street energy darling as it became North America’s largest buyer and seller of natural gas

and electricity, hasn't been able to stay out of the headlines lately. And the news hasn't been good.

ADE RTISENENT

Since mid-October, Enron has reported a $618 million
loss for the third quarter, resulting from $1 billion im
previously undisclosed write-offs. The company also
announced a $1.2 billion reduction in shasehokder
equity for the quarter, following the termination of
complex transactions between Enron and limited
partnerships that until recently were headed by
Andrew S, Fastow, Enron's former chief financial
officer. Fastow was replaced on Oct. 24, just 24 hours
alter Enron CEO Kenneth Lay had publicly voiced

confidence in him.

The unusmal transactions raised eyebrows among

investors and on the Street about potential conflicts of

interest. Why was the CFO personally engaged im
comphcated hedging transachons involving company assets and millions of Earon shares? The
Securities & Exchange Commission has begun collecting information relating to the transactions,
although the company says it has done nothing wrong, ‘This is not an investigation, and we are
cooperating with [the SEC} fully.” says Karen Dene, an Enron spokeswoman. ‘And we look forward to
putting this matter to rest.”

SHOCKING TURN, Wail Street clearly has been rattled by the revelations. The stock is trading around

hitp-biz_yahoo.convbizwk'L 10%MlovpknimvchMhgaocehiw_|-himl 13001

00200000000605


The bankruptcy filing by Enron is unlikely to trigger downgrades of debt issued by US. of and gas
explorers and producers rated by Standard & Poor's, said S&P analyst Bruce Schwartz.

Enron Likely Pullout Won't Hurt Japan Energy Deregulation

Japanese energy deregulation may be about to lose its single biggest advocate, as Enron decides
whether or nat to fold its businesses there in the wake of its bankruptcy filing in New York Sunday.

Bmron Collapse Could Weigh Heavy On Some Inourere

The insurance industry didn't need Enron Corp.'s (ENE) problems, particularly when it comes to
reinsurance prices. Primary insurers could be on the hook for as much as $2 billion in claims. Some
insurers also will likely take a hit in their investment portfolios if Enron defaults on its bond payments.

The toss would be material but not devastating for the industry,

Enron Moes May Pressure Pricing For Broadband Services

Problerns at Enron, which has a nationwide broadband fiber-optic network, could eventually translate
to greater downward pressure on pricing of broadband telecommunications services, according to

some experts.

Stories sbout companies with exposure to Enron:
Barclays Hoo $126M "Trade Debt' In Bron Filing - “Sa
Chage Manhattan Mas $113M “Trade Debt' With Enron - MgJ
John Hancock Pinancial Confirma Bron Expogure At $320"
Royal & Sum Gigmals It Doesn't Have Large Emron Exposure
KTO Energy Sees Mininal Exposure To Enron
TRU Says Potential Exposure To Enron Less Than $270M
Urilicorp Says It has Limited Enron Exposure
Genesie Energy Says Potential Net Enrom Exposure Is About
$21m
Covanta Energy Seea ‘No Expoaure' To faron
Constellation Bmergy: Mo Direct Credit Expooure to Enron
Southern Union Co Has Mo Material Fincl Deals With Enron
Spinnaker Exploration Announces Enrom Expomure $2.24
International Power's Enron Exposure Ia Leas Than GuPz
Min
U.K, Prudential Has Virtually No Exposure To Enron
Other stories related to Enron:
Pitch Lowers ron Ratings To 'D' >BNE
IntercontinentalExchange To Enter UK Gas, Power Markets
By End of Dec.
Dutch Tennet Excludes Enran From Inport Capacity Auctions
Amsterdan Power Exchange: Enron's Departure Not Affecting
Spot Power Trade
Enron's India Unit Reviewing Dispute With Sole Buyer
Enres Can#idering "All Possible Options" For Japanese Cpa
Enrom Augtralia Appoints Adminiatrator, Seeks Buyer
Creditors Holding 20 Largest Unsecured Enrom Corp. Claims
Largest Uneecured Encom Broadband Services Inc. Claims
‘Ten Largest Usaecured Enron Energy Services Inc. Claina
Largest Unsecured Enron Power Marketing Inc. Claine
Largest Unsecured Enron North America Corp, Clains

0200000000727


Yalwo - Fitch cus ratmgs on Enron debt Page | of 2

“YAHOO! FINANCE .11) 0 Mee!“ Frence Home: Voor 0 REUTERS

REUTERS 9

exciting changes

[ Latest Heudlines | Market Overview | News Alerts |

Monday November 5, 12:16 pm Eastern Time

Related Quote
ENE 1st 126

delayed 20) mums ~ disclaumecr
Quote Data provided by Rewer

a Get Quotes
NEW YORK, Now 5 (Reuters) - Fitch on Monday cut its ratings on

the debt of embattled energy trader Enron Corp. (NYSE:ENE - news) and warned that it may cut the
ratings again if the company does not reduce its debts, if its trading business deteriorates o¢ if charges
exceed present estimates.
ADVERT EE MNT
SSS Today's rating action reflects the difficulties Enron
faces in managing its liquidity poston in the face of
an crosion in investor confidence,” Fitch said.

Fitch cuts ratings on Enron debt

(UPDATE: Adds details, hackground throwghout)

Fitch cut Houston-based Enroe’s senior unsecured det

to “BBB-minus,” one notch above junk, from “BBB-

plus,” its subordinated debt to’ BR" from "BBB," and

its commercial paper to | F3" from “F2." The rating

agency also downgraded Enron's preferred stock to
B-plus" from “BBB-minus,”

Fitch said reducing debt and exoting problem
businesses are 4 management priority, and if Enron is
saccessful, the company’s credit profile will improve
“However, the targeted trinsachons have varying
degrees of execwbon risk, particularly the divestiture of assets in emerging-market counties,” Fitch said.

Fitch's cut follows downgrades last week by Moody's Investors Service and Standard & Poor's. Enron's
shares have lost mare than 65 percent tn bess than a month amid comeems about financial practices that
triggered am investigation by the U.S. Securities and Exchange Commission

S&P last Thursday cul Enron's corporale credit and semor unsecured debt ratings to “BBB,” two
notches above junk status, from BBB-plus.* Moody's Investors Service last Monday cut Enron's senior
unsecured debt to “Baa2," two nosches above junk, from "Baal."

Downgrades coukl make it tougher for Enron to issue debt and run its day-to-day business if fellow
marketers and traders demamd more collateral.

hutlps/biz.yahoo.com/f P01 1 HOS415261812_ 1. him 1wsol

oo200000000568


193146

Por information on advertising in e-rwil newsletters or
other creat-ve advertising epportunitins with The New York
Timea on the Meb, please contact Alyson acer at
alysoagaytines.com or visit owr online medla kit at
bttp://www. nyt iewe.com/adinfo

01000000000530


IssweAlerts email Page 3 of 5

energy space due to deregulation opportunities. Berkshire Hathaway's acquisitions
ft & pattern that Guffett created: They are well-managed cornpenies that sell a
tangsble product and have strong growth potential over the long term. MidAmerican
Energy arguably fit thet template due to its history as an integrated utility. Enron,
which is far more difficult to define, may ultimately prove to be too abstract a
cornpany for Berkshire Hathaway's tastes.

As discussed in yesterday's IssueAlert, GE Capital has Deen increasing its holdings
in the energy landscape lately due to its affiliation with Trans-Elect, a private
company that is actively pursuing the transmission assets sold by utilities. Trans-
Glect and GE Capital sre in the process of purchasing the transmission assets of
CMS Energy Corp. GE's role in the CMS deal is not entirely clear, but it appears thet
the company is participating mostly as a financial backer. Although they have
Gownplayed the significance of their relationship, Trans-Elect has dearly received
financial backing from GE. In fact, the Structured Finance Group of GE Capital
Services owns 4 minority interest in Trans-Elect (the size of the investment has not
been disclosed). Note that GE Structured Finance Group has many investments in
other energy companies, including The New Power Company, Enermetrix, Beacon
Power, and Plug Power (to mame just a few), [ don't see the synergies between GE
Capital and Enron as much as with Shell or Berkshire Hathaway, However, If GE
Capital is attempting to simply increase its investments in the lucrative energy
business without any involvement in the operational aspects of the business, then
this partnership could be considered viable. GE's own microturbine business has
slowed somewhat, so the advantage of gaining Enron's wholesale business from 2
marketing perspective may also be a driver in this possible play. In addition, 6
recent report in Business Stencard indicated thet General Electric plans to increase
its investment in India to about $800 million over the next three years with
increased investments in the infotech sector and GE Capital Services. Of course,
Enron is still involved in the India energy market due to its troubled Dabhol Power,
which oversees 4 power contract in India.

The European companies such as Enel and £.ON may tum aut to be credible
Prospects, as companies across the Continent continue to seek merger and
eqquisition opportunities in the United States, across generation end transmission
sectors in particular. EON is still in the process of purchasing the United Kingdom's
Powergen, so it may be ted up in regulatory proceedings thet would preclude an
edditional ecquisition. No word has emerged thet mey support or refute rumors
about a takeover from Enel.

Enron's stock price has oscillated wildly since its 3Q financial report was released in
mid-October. The allegedly non-recurring losses in non-core businesses, and their
potential impact on the basically strong core business of natural-gas and power
trading, coalesced with previous concerns about the departure of Jeffrey Skilling as
Enron's CEO and sent the company's stock on 8 downward spiral (falling an
approximate 54 percent in just seven days). Enron shares hit a nine-year low on
Oct. 30 and then bounced up about 25 percent on the folowing day. The surprising
upswing occurred when Enron announced that it had secured $1 billion in fresh
credit lines fram investors such as J.P. Morgan Chase & Co. and Salomon Smith
Barney, Inc. that it planned to use partly to supplement short-term liquidity and
refinance maturing obligations. However, at the same time, what Nad started as an
informal inquiry by the SEC officially became a full-scale investigation, which thus
far has served a5 4 brick wall against any further increases in Enron's stack price.
The identification of the SEC probe as a full-scale investigation ts significant
because it gives regulators the right to subpoena Enron company documents, which
has been # point of contention for some time among investors who claim that

filev*(C:AWINDOWS\Temporary*420Internet%20Files\OLK301 larticle.btm OVET2002

0200000000250


Simce Sept. 11, Lebbyiste Use New Pitches for Old Fleas

The war against terroriam has created some nove) pitches

from Washington lobbyists, now warming over the capital ac

Congress tries to wrap up its business.

http: //wew.nytimes,com/2001/12/03/politics/03L088. html?redaysheadlines

Dewocrat in Houston Wing With Some National Help

The close mayoral race that had become a proxy batcle

between national Republicans and Dewocrats went to the

Democratic candidate, Lee P. Brown, on Saturday.

http://www. nytines.com/2001/12/03/politics/OIMAYO.heml trodayahead] ines

Bush and Cheney Attend Kennedy Center Gals

President Bush and Vice President Dick Cheney stepped

outeide the White House together for the Clrat time since

Sept. 11.

http: / /wew.nytines,com/2091/12/03/national/O3AMAR, html ?todaysheadlines

MORE POLITICS NEWS:
hetp://wee, nytines.con/pages/politice/index.html?todaysheadline

dets' Swagger Turns to Stagger

The Jete lost the game to Mew England and the lead in the

A.F.C. Beat. They also lowt the conviction that they would

always find a way te win.

http: //wew.nytines.com/2001/12/03/ sports; feorball /OS JETS. btn trodaysheadlines

Whe Ia Up in Bowl Game Bingo?

An L.8.U. upget of Tennessee in the $.B.¢. championahip gane

om Saturday could raise uncomfortable questions about the

fairness of the B.C.8. systen.

http: //wew, nyt imes. con/2001/12/03/seporte/ncssftootbal1/0300LL. html?todaysheadl ines

The [riah Fire Davie

The turbulent five-year reign of Coach Bob Davie at Motre

Dane ended when university officials fired Davie and his

entire ataf! on Sunday.

http: //wew.nytlmes .com/2001/12/03/sparta/ncaafootbal 1/OIDAVT .htrl ttodayabead] ines

01000000000428


nis latest work at the annual Outsider Art Fair in SoHo,
http: //wew. nytimes.con/2002/01/16/arta/desion/160UTS. heal Ptodaysheadlines

Institutions Brace for Cuts by the City

The city’s new budget directcr haw asked the Department of

Cultural Affaire and other city agencies for cuts of 25

percent in their building plans over the mext four years.

http //wwe. nytines .con/2002/01/16/arts/design/16CUTS. htm! ?todaysheadlines

Still Licentious, but Preshly Vulnerable Too

Sally Bowles may be as louche and licentious as ever, but

with Molly Ringwold in the role she La ales bringing out

the parental instincts in her audiences.

http://www. nyt ines com/2002/01/1é6/arte/theater/1«EsTuD. htm) ?todaysheadlines

http://www. oytimes,com/pages/arts/index.htnl teodsysheadline

®Y REGION

McGreevey, Insugurated, Calla for Mew Jersey Unity

Declaring that the "days of irresponsible borrowing and

runaway apesding are over," Janes £. McGreavey became New

Jersey's Slat governor.

http://www. nytinen,con/2002/01/16/nyregion/1e67ERS html ?todayshead] ines

Gunfire Mounds 2 Studenta Inaide a Manhattan High Scheel

Two students were shot at Martin Luther King Jr. High School

in what the authorities said may have been a diapute over a

girl.

beep: //www. nyt ines, com/2002/01/16/nyregion/165R00. html ?todaysheadl ines

Crash Inquiry Pinds Oamase to Jet's Tail

The National Transportation Safety Board could not say

whether damage to the tail of Flight 597 was a cause of ita

crash or an effect.

http://www. eytines, com/2002/01/16/nyregien/16CRAS html ?todaysheadlines

NORE NY REGION NEWS:
http: //uwe, nytines.com/pages/nyregicn/index. html Ptodaysheadline

“

05059

a — 01000000000130


POLiTics

See e ee eeenn entre nesenneee

Whice Bouse Says lt Expecta at Leagt 4 Yeara of Deficite

The expected budget deficits confirmed that the recession
and the costs of fighting terrorism had combined to wipe

gut projected surpluses.
http: //vnw, nyt imes.com/2001/12/29/business/296008  btml?todayshead! ines

Duatice Dept. and Senate Clazh Over Bush Actions

The Bush a@riniatration's antiterrorian initiatives were

questioned in a Senate hearing where questions were asked

about the planned uae of a military tribunal.

http: //wwa.nytimes.cam/2001/11/29/politica/23IDST. heal ttodayuhead) ines

2 Partiea Snbrace New York and Look to '0¢ Coeventions

The terrorist attacks have sent the political parties

scurrying to Mew York, eager to show unity with the

nation's moat wounded city.

Retp: //www. nytimes.com 2001/12/29/national /29POLS. html ttodayshesdlines

WORE POLITICS WEWS:
http: //wew. nytimes.com/pages/politics/ index.html ?codaysheadline

SPORTS

For One Waght, Legend Rules the Court

Despite the Wizards’ win over Philadelphia and hia 10-point

might, Michael Jordan ia blawed by some critica fer

hampering the developwent of Washington's young players.

betp: //wew. oytimes .com/2001/11/29/sporte/basketball /2500RD. html Ptodaysheadlines

Xnicks Beat Hawks and Reach .500

Latrell Sprewell, the game's high scorer with 25 points, hit
three of four free throws in the closing seconds to give

the Knicks « win over the Hawks.
http: / /mew.nytlnes.com/2001/11/29/aporta/bagkectball/29sxic. heel? todayaheadl iner

Miari's Sure-Fire Pormula: Winning
Despite criticiem for their weak monconference schedule, the
Hureicanes will likely capture a national tithe by winning

all of their gamea thia season.
netp://www. mytimes.com/2001/11/25/sports/ncaafootball /29COLL.html ?todayshead] ines

01000000000466


Yahoo - Moody's cuts Enron to 2 notches above "junk" Page | of 2

“YAHOOL FINANCE (241 Srcttiore-Yohoo!-Fetp REUTERS ®

pr
we’

WH,

ln

{ Latest Headlines | Market Overview | News Alerts }

Monday October 29, 11:20 am Eastere Time

Moody's cuts Enron to 2 notches above aa 10 ne items

"junk" Quote Data provided by Rewters
[ Gat Quotes |
NEW YORK, Oct 29 (Reuters) » Moody's Investors Service on .

Monday cut embattled energy trading giant Enron Corp.’s (NYSE:ENE « news) senior unsecured debt
rating to two notches above junk status, and warned il may cut thal rating again, a3 well a3 its rating for
Enron's commercial paper,

The rating agency cut Houston-based Enron's senior unsecured debt to 'Baa2” from ‘’ Baal,” and said it
may cut Enron's '' Prime-2" commercial paper rating, which affects short-term debt. Its rating actions
affect $13 ballion.

Moody's said Enron is suffering from deteriorating financial flexibility since it announced big write-
downs and equily charges from previously undisclosed partnership investments this month. This
triggered “difficulties in rolling over commercial paper,” Moody's said

Enron, which has about $63.4 billion in energy assets, said on Monday it is talking with banks to get
more credit, after last week drawing down $3 billion from a bank credit Line to buy back its outstanding
commercial paper.

tts shares traded Morxlay on the New York Stock Exchange at $13.75, down $1.75, or 11.3 percem.
They have fallen 62 percemt since Oct. 12, from $35.81.

Rating agency, Standard & Poor's, on Thursday revised its outlook for Enron's ratings to “negative”
from “stable.”

Email this story - Most-emajled articles - Most-viewed articles

More Quotes and News: Enron Corp (NYSE: ENE « news)
Related News Categories: oilemergy, US Markel News, utilities

CT Search News | Help

hitp-biz_ yuhoo.comyr M01 1029/n29295550_1.heml 150/01

0200000000602


quickly recovered and is doing well.
http: //Mew. nyt lees, com/2002/01/14/mational/14B0SR. ht] ?tedaysheadlines

Lawyers Said to Back Compensation Plan to Polish Image

The debate over the actions of trial lawyers since Sept. 17

provides a slinpse of what forces shape policy for one of

the most powerful lebbying groups in the country.

http: //waw.nyt ieee .com/2902/01/14/politics/14LAWY. html? todaysheadl ines

MORE POLITICS NEWS:
https //wwe. nytimes .comn/pages/politica/ index.html ?tedsyshesdline

Sports

favena' Defense Gets Unexpected Help

The Ravens’ defense played as advertised and stifled the
Miani Dolphins. The surprise was that Baltimore's running

qame shared the apetlight.
http://www. nytimes .can/2002/01/14/sperta/focthal1/14MTAM. html ?todaysheadlines

Redskins Fire Schottenheimer and May Hire Spurrier

The Washington Redskins fired Coach Marty Schottenheimer and
could hire Steve Spurrier a aoc: an Nomday. Alno, Bill

Parcells could replace Tony Dungy in Tampa Bay.
http //wew.nytimes .com/2002/01/14/sporte/ football /14C0AC. html ttedaysheadlines

Kuerten Loses in Australia; Agasai and Serena Williare
Withdraw

Guatave Kuerten lost at the Australian Open on Monday, but
the big newa was the withdrawal of Andre Agasei and Serena

Willlans.
btep://www. nyt imeg .com/2002/01/14/sporta/tennia/14¢TENN. htnl ttodaysbeadlines

MORE SPORTS NEWS:
http: //wwe.nytines,com/pages/sporte/ index. btnl?tedaysheadl ine

lie: A High-Stakes Sitcom Gamble

After twa failed shows centered around former "Seinfeld"
stars, can NSC find guccesa with “Watching Ellie," starring
Julia Lowis-Dreyfus?

05084

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00200000000713


Gabilondo, Jose

From: ‘Carteton, Norman

Sent: Monday, December 03, 2001 12.09 PM

To: Bar, Sheta Gerard, Steve; Bitsberger, Trnothy. Celina, aL Eichner, Matthew, Gabtiondo,
Jose; Gross, Jared; Hamener, Vive; Lori Sanatamorena (E-mail). Nickolitl, Peter; Novey,
Michew, Pietrangell, Fred; Roseboro, Bian; Schuthees, Heidiynne, Sharer, James; Whaley,
Jaan, Wiedman, Mark

‘Subject: WS.) Finance Firms Stand to Gain Share Of Markets Enron Once Dominated

December 3, 2001

Finance Firms Stand to Gain Share
Of Markets Enron Once Dominated

By RANDALL Stith and HENNY SENDER
Stall Reporters of THe Wai. Street JOURNAL

Although financial-services firms are on the hook for billions owed to them by Enron Corp., there atso
are some winners among Wall Street firs that stand to pick up market share in the energy trading
markets that Enron dominated,

Both Goldman Sachs Group Inc. and Morgan Stanley & Co., for example, hold leading positions in
numerous energy markels, and both Wall Street experts and some executives al the firms said they
shoukd stand to benefit in increased trading volume.

Van Hesser, a credit analyst at Credit Suisse First Boston, noted in a report Friday that both
Goldman and Morgan Stanley "have meaningful energy-trading operations.” He cautioned that those
firms might incur "some additional risk [from] their exposure to smaller, less-sophisticated trading
firms that may be stressed by their awn exposures to Enron.” But, Mr. Hesser added, "they are
experienced hands and know how to hedge and how to structure collateralized trading agreements.*

John Shapiro, head of global energy trading at Morgan Stanley, agreed that his firm wouk likely be
one of the financial-services firms whose trading activity could benefit from the reduction in Enron's
market activity. Other participants that coukd also benefit include the trading units of J.P, Morgan
Chase & Co., Bank of America Corp., Societe Generale SA and Deutsche Bank AG.

[Go]See full coverage of the rise and fall of Enron

Although Goldman doesn't break out its commodity-trading revenue, Morgan Stanley does. For the
fiscal year that ended in November 2000, Morgan Stanley's principal transaction commodity trading
revenue rose 34% to $579 million, helped by higher revenue for energy-related products including
electricity, natural gas and crude o@

One barometer of the impact of Enron's reduced market presence has already been seen at
Intercontinental Exchange, an online energy marketplace that has trated a competing platform,
EnronOnline. In an interview Thursday with Dow Jones Newswires, ICE Chief Executive Jeffrey

i

0200000000722


Mcinerney, Roberta

From: DeMarco, Edward

Sent: Morxday, December 03, 2001 12:40 PM

To: toowe, Mario, Hughes, Gerry, McCall, Neat Pecri, Melissa; Mcinemey, Roberta; Etett,

Martha
Subject: PW: WSJ: Enron Failure Likely to Burden Insurers And Further Increase Soaring Premiums
FYt
(Orighual Menage

(Cartetor, Marries

Sent: Morciry, Decernber 03, 2001 12:31 #4

Te: DeMarco, Echesec, Bair, Sheila; Berarcl, Steve: Bastergar, Tinncthy; Catina, 2M; tictrer, Matthew, Gettionde, Jose; Gross, laredy
Harnener, Vrea; Lori Sanatarnorena (Email), Mickaboll, Peter; Mowey, Michael; Pitrangel, Prec: Roseboro, @risn; Schuthess,
Hekdiynne; Sharer, James; Whaley, \Wieckrwan, Mark

Subject: WS: Enron Faure Litely to Burden frurers And Further Incresse Soaring Presaures

December 3, 2001

Enron Failure Likely to Burden Insurers
And Further Increase Soaring Premiums

By CHRISTOPHER OSTER
Stall Reporter of THE WALL STREET JOURNAL

Enron Corp.'s collapse is expected to cost insurance companies more than $3.5 billion and most
likely will further increase skyrocketing insurance rates,

About $2 billion of the losses is expected to be shouldered by property-casualty underwriters, who
ef expected to pay $40 billion to $70 billion in claims from the Sept. 11 terrorist strikes. Those
claims already have touched off a run-up in premium rates. The losses would make next year's price
increases among the biggest in recent history for insurers, if not the biggest, said Alice Schroeder, a
property-casually insurance analyst at Morgan Stanley, Such losses work to siphon off capital from
the insurance market, reducing price competition.

The damage to individual property-casualty insurers Is "virtually impossible" to assess at this point,
but Ms. Schroeder said a “material impact” on the sector is likely. The losses are expected to result
from claims against directors-and-officers liability policies, surety bonds and financial-guarantee
coverage. Directors-and-officers liability policies protect a company trom lawsuits stemming from the
actions of its executives and surety bonds are bonds that insure the completion of a transaction or a
project.

Life insurers, meanwhile, are expected to report that the values of their investrnent portfolios have
dropped by more than $1.5 billion, related to holdings of Enron debt, which has plunged in value in

recent weeks along with the company’s stock price, Investors’ confidence in the company has sunk
amid earnings restatements and revelations about related-party transactions,

1

0200000000054


BUSINESS

quit missile, that were porviousty for
the use of ins own armed forces arly.
This werties Rewian military ple>
cers, expecially as they fear China's
supposed longe-tenn designs on Sus
slay thinly populated and mineral-
ech far-contem regions.

Indeed. the next thine Remsia mics
the cupboerd, & will be selling its most
advanced and nasties! toneuckar
weapons the qpaierest submarines, foe
example, oc the mussiles being usext,
with mised rexuls, alongside the tanks
and ques in Chechnya. One such, the
Tochkeu, cam blast & seven-tectare
area wel Guster bombs. Another, the
vos-i.i.a rockes thandelivers aclensd of

fuck vagerr, creating an ef-
fect like 4 enall pucker weapon.

‘The mew defence spending—if * ever
marerialses—wal do nothing t restore Rus
Stan mibtary pesarch. Rather than goirgon
new begh-tech alrcrarft and ships the mamey
will be spect Jawna’s rochear arse:
nal afe and and upgrading basic in
farntry ker such as radios and beady aemaver. A,
stecet ambush ix which Chechen fighters

opepe oun of the fog and Killed wt least 22 Mtuxp-
sian pacarilitary police, ureierlined Ressian
Sorcex’ need for equipmene thar works de-
Spee poor visibility.

EvertuaDy, Rowia's arms catalogues will
Start m look chstinctly skimpy. There is no
ogn thet Russia can develop a new genere-
lion of cumventional weapons

deermination Ben with the lovest
boost, Rasiia'’s procurement budget s
only about 4% of America’s Oneof the
country’s bewknown military fac-
tones, Asenal in & Pemnboy
Sounded by Peter the Great in r7u,isju-
bilan because ite Gorrige sales cose
sharply last year—t0 all of atiarn my-
bles. Admimediy, i a courrry where
average monthly wages are only
around $90, money goes # let further:
Aenal is wiking on 20 ores waft
help meet this year’s onder-book and

Barring a drastic, and peohubly iem-
possible, vernilinarisansian of the econ-
omy, Rusila will restore its arms industries
only with cutsce help. india is one candi-
date; China, which seems a want enough
Muncie to deter America from defending Tat
wart, another, ther both countries really wart
to build their own defence incltaitres, mem t
subsidise those of a declirengempire with an
uncertain semper,

Woter
Nor any drop to drink

reno

Most governments do & poor job of delivering water and seweruge services.
Cert

‘Can the private sector do any

HERAA PLN] inoneof the wenest spots

on earth A typical pear sees mere them
gy thes (11 memes) of rainfall. in another pant
of tndis lies Gopellpura, which seceives cls
afew inches of rains a year. Guess which ben
the water dhertage?

‘The anower reveals much about what is
wrong with how de work! tease water.
Cheregung in sorth<amem india frmers
aneay its fresh wares, and suffers from sheet
ages. In Gopal pera, a drought-prone village
in Rajachan, local people have leami to
‘value fresh water asa pensions commodity,

Sadly, mest of the world is more ike
Chersapenji Most governmens have so
mismanaged supplies that much of the
Wwodkt’s Gesh wester is wasted That is the
maim reason nearty ome in five ef the word's
People lacks access to safe, reliable water,

This is mont visible in thesprawlingciies
of the developing world. With the encour:
agement of intemational donors, govern-
ments have invested in erbert water infra
Structure, and they peowide water at mies
well below the cost of prowition. Unforte
nately, his seategy been of good intentions
has im peactee created a momass of buresrac~
racy and comruption.

Though goverment spendaforuneon
urbam water utilities, the main benefits Gow

000 sccm ween rem ace

to he middie and upper classes. The poor
rarely hawe access to sewemge of piped wa-
ter, Out of despesation, they endure open
sewers and hawe to buy werner, often of dis-
blows qualiry, [rose privace vendors from the
backs of lores Even in hee, the poorest
places the Amencas, sham-dwelless pay 100
' Blocked pipes
in ertrerructns projects with prieate

our\eeahos © ceveng ng corre }
.
1098 Hen * '

“ say |
“eee freer |
— fey | ||
Wow and entrice [| | |

Gmes what the “morally repegnant elites”
(aa they take perverse peide in calling then
selves} pay for water piped w the hillside
mardons that nee above Port-au-Ponce.
Reversing this by sons, reckons Willies
(Cogpove, one of the wane expert: who or-
ganeed a big worer summer thes week in the
Hague, will need the curses irrrestment in
water infrastructure so be more than dou
bled, to feo bilo a year. Where will the
maney come Bom? The anmeer is chiefly
Som the peivare sector, with such Beip

from ordinary people The key i to price wa-
ter to reflect dhe true cost of provision, gov
ermenents do this, firme will have an ineen-
ve Wires, and consumers t-conserre

Although private provision of water is a
controvenial notion. # is not a radical one.
France her allowed fires to manage mcster
through longtemmt concemions for more
than acentury. A decade agn, Borain handed
control of is waner assets over to private
Freres. Cite d Totee gave contol of water ser-
ice fires capital so the privaresecror several
Gecades ago: Abidjan ts one of the few Afei-
can cites with seliabie Bren so,
(Ptivate investment in weater lags behind char
in other iefrastructare (see chart.

‘The world’s few veater multinationals
we hooking abeced partly because their
home markets are marure. Bill Alexander,
head of Britain's Thames Ware, er wanes
his fiers to care a third of its profits fom out-
side oegulated Britain But he and crtsers abe
mente have begun t price waner properly.
AL... jam 10 Mexico city, geivene

are helping govremments %0 impeove
bal cullections, reduce leakage and upgrade
infaswucnee Only about yiem people
ow receive thee water from private firms.
hat Pramce’s Suet Lyonnabe rechorss that ig-
tse WIE thie by 20% 4 pear crver the mest five
years. Alreacty, the firm boasts of serving
yoom customers Géeard Payen, the bors of
35 wate division, sees reverse from worer
increasing from €8 billion (87-9 billion) 10
xs bilion within Sve years

Such ambition fuels the suspicions of
those viho feae that the proc wall be the Fw
‘victirrs. Dhut the early experience of reform

”

<

0500000000855



MORE NY REGION NEWS:
httpi//wew.nytines. com/pagea/nyregion/index, html? todayshead! ine

OP-ED

SEESE Sd eeeeeeeeweesern ees

Arafat's Inplausible Denials

Sy WILLIAM SAPIRE

While the United States and Israel have for a decade been

deluding themselves with a “peace process," Iran and ite

Palestinian proxies have been gaining ground in their war

process.
hetp://xwa.nytimes.com/2002/01/10/opinion/i0SArt.ktml?tcdaysheadlines

Joined at the Hip

Sy DOM RERRERT

Enron ia a case study in the dangers thar willl inevitably

arise when unrestrained corporate greed is joined at

the hip with the legalized bribery and influence-peddling

that passes for government these days,

https //wew.nytimes.cem/2002/01/10/epinion/1OHERB. html?todaysheadlines

Who Lost the Surplus?

Sy BRUCE BARTLETT

The debate about the surplus is mot really about the

ecomomy, but about the proper role of government.

http: / (mew. nyt limes .ceom/2002/01/10/opinion/10BART. html ?todayabead] ines

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“The program wil repensent the first eagionally Inked project in support of

the Stabéty Pact," the Baek said in the statement, refwrring to the

EU-aponsored economic and polifical treaty for the Batkars. ‘The peogram wil be
financed wth » $38 milion loan from the IBRD and # $30 milion credit fom
IDA. ssid the stwtement. The US government would provide a $9 milion grant, in
addition to some $50 miton in grants from the EU in the 2000-2003 period, It
‘said, adding that the she countries would jointly contribute turther $18 millon

fer the program. AFP also reports.

‘The news comes as US Secretary of State Madeleine Albright writes in the Well
‘Street Journal Europe (p.8) that the US comminnent to democratic reform in
Croatia has been sieady and consistent. And it is pact of a gronter effort,
uedeetaken with the EU and partrers in the regien, toward 9 peacuhd, united and
democmiic Europe.

| agree wit thoee who see impatient with efforts thus far to give Ife to this
promise, Albright writes. All of us must tranetate our comeniiments into action
that makes # tangible diflerence in peopte’s lives. The Maech Regional
Confermnce, sponsored by the York! Bank sad the EU in cooperstion with the
Stability Pact, should junp-ttart he process af improving regional
infrastructure while marking the region's concrete progress in improving its
trade and lwestment climate,

WORLD BANK TO FUND RUSSIAN REGIONAL REFORM, EDUCATION. The Russian government
yesterday approved 2 plan to borrow $30 million from the World Bank to finance

rogional budget ratorms, Reuters reports the government press service said. The

World Bank approved the Ioan last December, and also plans to finance

‘educational reforms in Russian regions, the Bank's education axperts sad.

“Vhwil not be am agusiment loan, This ts going to be an investment in each
region,” Mary Canning, World Bank education program team leader for Russia, is
quoted as saying. “i wil be three arnall sub-loans to Invest in essential
equipment, refurbishing of acheots and teachers’ training ~

The Bark helped the Russian government to get # $900,000 grant from the
goverment of Japan to prapare these projects with regional adeinistrations, and
the Bank expects to evaluate and welect some cf them by July, Cansing sait.
Over the last two-and-a-half years, she added, the Bank has been financing a5
‘education reform program ih Russia on the federal level worth $68 mifion.

In other news, hs Vell Streat Journal Europe (p 2) reports that 2 pian %
monopoly

baw
crested @ ri among supporters of acting President Viadimir Putin, poisting to
unrescived tensions in the new admicistration Between free-market Iberals and
ecvecates of tighter state control of he economy The ministry is critical of
sey sales of regional power ufiliies to foreign investors, the story says, but
UES chairman Anatoly Chubais, who has strongly endorsed Putin and has sought to
influence his economic thieking, said yestercay UES had drawn up a Sst of 10
regional subsidiesies, five of which would intially be offered to Investors,
The World Bank made increasing private ownership in such uttities one of tha
conditions for a structurs+- adjustment loan to UES, the story notms,

Bet some senior tgures in the gowermment stongly oppose breaking up the state
menopoty. They say Chubeis has ected unilaterally without property consulting
the gowernment, which hokis # majority stake in UES. Sore foreign investors abso
question the wisdom of the proposed sethof. ‘They say privwizalion is needed
in the long run but that the regions! etites holy to be put up for sale

will attract Ste interest because of chronic problems afflicting the

indsery,

government panel has recommended changes to an accord between the Lagos State
and US company Enron that would bring an $800 million investment,

NIGERIAN GOVT PANEL URGES CHANGES TO POWER PLANT ACCORD: REPORT. A Nigerian Ate x
APP says 8 local report sais yesterday, ‘The commitioe urged a renegetantion of Ny

0500000000912


http: //ade.nyt.com/th.ad/th-technoscout13/palmcantext.htel/?

iM Rimi R_shttp://wew. cechnoscout .com/general/product/product . aap? product}«1183
&Prod_MamesPalnCan_Digital_Careraceite=85102

\se--2----------- Tee teteeeeee OO Bt beeen enn en ens es none ne, /

India Welcomes Pakistani Steps, but Stays Alert

The Indian government om Sunday welcomed the comitment by

Pakistan's military ruler net te allow his country to be

used az a base for terrorion.

hetp: //wwa.nytimes,com/2002/01/14/international/asia/14INDI. html Ptodayshead! ines

Colombian Rebele Quitting Safe Havens ag Deace Talks Fail

Colombian rebela announced on Sunday that they would
withdraw from five towns the goverrment handed over as a

safe haven for peace talks.
http://www. nytines,com/2002/01/14/intermational /americas/1400L0. html ?todayabeadl ines

Kabul Takes Steps Toward Disarming Afghan Population

Sterting Monday, pecple in Kabul whowe jobs require them to

carry guns will alae have to carry government

identification carde.

hetpi//wew. nytimes.com/2002/01/14/ international /asia/14APGH. html Stadayshead)] ines

WORE INTERNATIONAL NEWS:
http: //wew.nytimes.com/pages/world/index. html ttodaysheadl ine

BUSINESS

A Bubble That Enron Insiders ard Gutwiders Didn't Want to
Pop

What the world is now awakening to is that Enrom was not
much of a company, but ite executives made sure that it waa

one hell of a stock.
http: //wew. nytimes .com/2002/01/24/husiness/14ENRO, html ttodaysheadlines

At Andereen's Helm, a Winner of Battles Whe Faces a War

Joseph P. Berardinc, the head of the accounting giant Arthur

Anderson, faces a crivis thet threstens his career, his

firm and perhaps even the accounting profession,

https //wew. mytines.con/2002/01/14/business/14anDe.htrl ttodaysheadlines

Desl Likely for Raytheon Unit

05082

OC —_——__-— 01000000000153


IssucAlerts email Page 2 of 5

sunk over the last year and how quickly the positions along the energy industry's
playing field can change.

There are three factors thet, when taken together, put Enron in a vulnerable
position for takeover efforts. These three factors are a sagging stock price,
comparatively solid revenue streams and 8 solid position in the energy trading
space. The first point is obvious; as Enron's share price has hit a nine-year low and
dropped by half in just one week, it is natural that other companies on the prow!
for lucrative acquisitions would begin to hover around the company, Enron shares
have dropped dramatically, and the company's stock ts now trading et close to
book value, The other two factors I mentioned may need some further elaboration.
Despite the $638-million loss in the third quarter from businesses such as
broadband and water, Enron's core energy trading business posted & 26-percent
increase in recurring earnings in the same quarter. Thus, the core trading business
is basically in good shape and remains 4 strong cash generator. In addition, despite
the recent turmoil, Enron remains the largest natural-gas and power trader in the
United States, and thus is an attractive target for other companies operating in the
same space. Further supporting this point, most reports indicate that Enron is a
Principal in one-quarter of all electricity end naturel-gas trades in the United
States.

There are three companies that keep appearing on 4 short list of potential buyers in
an Enron takeover. | think it is important to discuss the individual objectives of
these companies and the factors that may lead them to pursue a purchase of
Enron. The three companies most often mentioned are Royal Dutch Shell, Berkshire
Hathaway and GE Capital. In addition, a small number of European companies such
as Germany's E.0N and England's Powergen have also been mentioned. At present,
all the companies named have neither denied nor confirmed ther involvement in a
possible Enron takeover,

Of all these names, Royal Dutch Shell, the number two energy firm in the world,
has been perceived as the top contender, The potential connection may have some
legitimacy. First, Royal Dutch Shell is the parent company to whally owned
subsidiary Shell Oi, under which Shell Energy Services ts a wholesale and retail
marketing subsidiary, Shell Energy Services, which ts based in Houston, had made
previous penetrations into the retail electricity markets of Texas and Ohio, but
recently withdrew from both states to focus more exclusively on wholesale power
transactions. Thus, Shell's focus on the wholesale market through Shell Energy
Services would make for a nice synergy with Enron's prominent position in the
wholesale trading space. Further, Shell had unsuccessfully tried on its own to be
invelved im the merchant energy business, and thus an acquisition of Enron, the
dominant player in the energy trading space and an established energy franchise,
would be on par with the company's strategy. Other reports have indicated that
Shell had previously lcoked at 4 possible Enron buy, even before the company
began to experience financial instability, Financing the deal would not be @ problem
for Shell, as Enron's current market capitalization is around $11 billion and Shell
would probably not have to offer a huge premium for the company.

Berkshire Hathaway, founded by multi-billionsire Warren Buffett, is another
company with deep pockets and 2 potential synergy with Enron, Berkshire
Hathaway penetrated the energy industry with a $9-billion purchase of Des Moines,
Towa-besed MidAmerican Energy Company, giving the company a 75-percent
ownership in the largest utility in Iowa, which is strategically located in the middle
of several major markets in the Midwest. Buffett, who previously invested in non-
energy companies such as American Express and Coca-Cola, has been drawn to the

fileC: WINDOWS \Temporary%20Internet%20F iles\OLK301 l\article htm O11 7/2002

0200000000249


Tuchband, Matthew

From: The New York Times Direct [nyidrectiRnytimes com]

Seat: Thursday, January 0G, 2002 3:50 AM

To: matthew tchbawdiido reas. gov

‘Subject: Today's Headines from NYTimes.com Thurscay, January 3, 2002

TODAY'S HEADLINES
The New York Times on the Web
Thursdsy, January 3, 2002

For news updated throughout the day, visit wew.nytimnes.con

eccsesel

feaseses
Examine the World of J. R. R. Tolkien

«s<eeee- Sponsored Feature ~~

This sponsored feature includes articles from the Hew
York Times archives, slide shows of Tolkien's artwork,
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QUOTE OF THE DAY
Sane eecdeeeewsenccseocces
"In the nane of Allah, I do not have anything to plead. ©

enter no plea. Thank you very such."

~EACARIAS MOUSSAQUI, at a hearing oo charges accusing him of being a conspirator
in the Sept, 11 terrorist plot.

http: / aww. nytines.com/2002/01/03/national/O3INQU. html ?todayaheadlines

Wot Guilty Fleas Is Set for Man in Terror Case

facerias Moasenoui refused to enter a plea te an indictnent

that accused him of a role in the Sept. 11 attacks. Wie

lawyer and the judge entered 4 plea of not guilty for him.

hetp://waw. eytinea .con/2002/01/03/national/o3INQU. html ?tedaysheadlines

MNeping It's No California, Texas Deregulates Energy

Texes began its own deregulation plan with officials
promising that there would be no reprise of California's

chaos.
bttp: //waw.nytimes.com/2002/02/03/national /OIDERE. html ?todaysheadlines

Suit Against Cun Makera Cains Cround in Illinois Court

Gan makers and dealers can be cued for distributing fi
in away that makes it easy for criminala and juvenil
to obtain then.

htcp://aww.nytines.con/2002/01/03/national/03GUNS. html ?todaysheadlines

05118

01000000000189 —


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05142

01000000000213 —


a

BUSINESS

wogpests that the eS run, Buenos
‘Aves was ove of the first cites to ameard wi
ser concessions. Suez Lyonnais saherives an
unpopular aie viliny with euurky finances
and limited peach. The firm has since =
sewed $1 billion 1m upgrade equipment and
expanded ins reach by .Ane people, without
raising warer cates tm Seettiago, Chile, offi-
cial have introduced a mmecnns-tested “water
stamps” scheme that coress part of the cost
for the poceest crsaeres He peivane firrn run
ning @e city’s water row has a clear ince
dive to seewe the poor, who are paying cus-
tomers jut ce thee fia carts cron the reswcl
thenefits are to be had im mich coumenes
too, America accourned foe roughly 4 quar
cer of the $400 billion of se in revenues
eared globally by water companies, both
protic anad parrente. last eat. Vet its mache
het ceily heavily regulated, but also frag.
memedt tere of thousiads of uncipal
seamapokes provide nearly all of its warner
and sewerage. The rraniopalities are now
looking for private help as the Ezrvivonmes-
jon Agency impoaes standards on
water quality that munucipahties camnct sat
isfy without oeteide financing and experine.

years ence ‘Afiarna let Sucx Lyormaiise coke
cover its waver comecession, he firm has ve-
duced com: considerably. It capped & wave
of acquisitions last year by spanating $4 bil-
fon on Nalco Chemical, # wanerservies
company. ts compatriot and arch-etvah, Vi-
‘werd, spern $¢ bilion last yearon Us Filter,
Amerka’s biggest: water-cquipenert busi-
ness. Buen if murncipal cormracts ame slow in
comirg, these fers rechon they can make
sromey by helping sowres and incuitries 1
wavisty the ara.

tin furnure, parteate Semis might ieerodice
other innovaraes. Rebeces Mark, the heas
of Amurix, an offshoot of Taran, an eerey
company. bebeves that the increased varia-
beliry in ternperstanes, the rising mmtereilty of
stceats aval especially falling worer levels
across the comsutry are prom pang Amnenkams
toprem ther politicians meform water sub
wadies. Fo speed dis alone. her firm has
launched an temet-tused scheme for srs-
ee lange Quantities of water among JOT,
farmers and others wits worse nights. “we
warte cormeres quantities of wor: DECauee
eo marke! exists,” she srpt She boss that
ty sestineg ap a roarkat Der fire ars “created
something compkenely different, urls the
French who have pidaiied around with his
industry for the past so years”

The private actor's irmpacton wrbart Wa

is where 6k of all woner & used in Aftica,
‘Aaja and Central Amnerica, Across the works,
grant of the $30 billicn-4o billion im weer
Subsidies spect by governement help the

»

poor ends up in agreuluure. Aad mat of It
ends up with relatteely well-off farmers,
TTalor the capinal city of India's Tamil
Nadu, Chennai, a esterirg, overgrown
that i often hit by water short
ages. Mirciful that the city’s sesidemes geow
ever eahappier, polincianes have cooked up
vacoun schemes to being warner in Eom far~
away places. Yet the sane still gves waner
arwary free 20 Gaemners, win grow such thirsty
coos as sugar cane In California, wellcon
ecaed farmers grow fhe im the desert, ever
as Lem Angeles begs for warer,

Liquid assets

However, abdsough all ageee that agriculture
is partol the wanet pursie,noteverybody =~
cepts that peivarisstion is the answer Patrick
McCully of the Irecreanoral River: Net
work, am activist poep that ecamgeiges
squins: big dams, detects» “obal hydra

an
many of the workd’s poor Earners muuxit rely
on wubskesed umgpicet Monamulles ire we
ex, Political pressure means that these img
fon monapabes will probabty goon being
nan bry the government.

ven then, paterte-sector participarioes
6, In setting up a cone

be beowghtt into the Gace of public erating:
whats the service level tobe provided? How
Mal h be stomitored? What will be paid for
theservce by whom?” This makes thesubsl-
dies explicit, tee fest crucial seep % ereuring
that they ead up with the neechest

‘And subedies see not compatible
with peraiesector management The mar-
eet-mrinded aubarites in Chile ave peepar-
ing % aacard & boreg-serem concession next

The best evidence that big changes are
afoot comms from Wictoria, Australia A fiscal
crisis there led officials 10 slash the subsidies
that were provided #© farmers for water.
Ween unhappy farmers were confyonmed
winks bills thar reflected the true cost of
viding water, they started astarng 10%
able questions. They organised themuclves
intos water cagery collective, asd demanded
reforms m the inmgetion agency. Althougtt
the agency cemaited in gereemment hands,
gach unprecedented sorearty led © a 40%
drop in costs.

Indeed, although consumers hawe com-
plained aboot water peivaisamoe = such
countries a6 Brite, private management Ss
rot always uspopubsr. in La Paz, Bolivia, of-
feials ued Seez Lyonnane involved loca
poor peuple in decaling what water services
they needed. Aher peceie yohentarily con:
tributed theirtime and Wooet, they reduced
the cos by Suriiea Nasaim, of ler
dia's Centre for Science and Trreirommest,
believes that empowenrg Users chem ners
up inexpernive tesa such a8 age-old tect
maques of rairaner harvesting, than govern
meres ated firms dismess a8 obs Gnhaaned,

“These suxcemses suggest that she eich
weld and he poor may yet som Out ee
witch's brew of politics, subssiches and opac
ity thar Bedevils thei water. After all,
wtoher & & Australia or Rapsthan, once
people understand the ruc cost of wanes sr-
Vices, Bey will conserve water, and even
help 10 dag caches € necesery. In ree,
ey wil want trans parent peices andi benter
servke from both govermmers and pevene
firms Econcenic developement bars broeaght
developing courses such wonders 4s ule.
vision and CocaCala. By comping mackess
with people power, refoemsers mary yet bring
them fresh warer tex.

fest SomeNeHH MAREN AIT DH

0500000000856


Once-Mighty Enron Strains Under Scrutiny Page 7 of 8

Enron does not appear to face an immediate cash crunch. But the bank credit lines that ot drew
on last week to pay off its short-term debt will have to be renegotiated next spring. The
controversial parlnerships do not have to pay their debts until the following year unless Enron
loses its invesiment-grade credit rating before that.

ENRON will also need to maintain its large trading positions, which could suffer if participants
in those markets grow more nervous about Enron's credit. When Long-Term Capital was
stumbling in 1998, some Wall Street rivals sold the securities they thought Long-Term owned,
trying to force Long-Term to sell its positions quickly and at @ loss, Something similar in energy
markets might be possible. If so, Enron might find, as Long-Term did, that positions that should
offset cach other do not

Enron's new chief financial officer may yet persuade investors that in fact the company’s profits
are real, and that its condition is better than the short-sellers believe. As questions are answered,
confidence, and the share peice, could rebourxd.

But for now, investors are skittish, amd some competitors are eager to take advantage of Enron's
pliaht.

Email this story - View most poputer | Privier-fiencly format

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bitps/dailynews yahoo.com tinyl 2001 1028/bsonce-mighty_earom_strains_under_scrutiny_... MV 300t

00200000000590


U.S. Sees Intent om Focusing on Al Qaeda in Pirat Sept. 11
Trial

facarias Moussaoui may be a secondary figure «hen he goes on
trial becsuse the government seems intent on prosecuting Al

Queda.
Rctp://www. eytines .com/2001/12/13/national/13INQU. html ?todayaheadlines

MORE WATIONAL NEWS:
http: //wew.nytimes.com/pages/national/ index.html ?tedaysheadline

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INTERNATIONAL
seenen rere es eeneneeeeenne

Palestinian Asaault on Gum Kill# 10; Teraeli Response Is
Switt

The Israeli government decided early thia sorning to break

off contact with Yasir Arafat after Palestinian militanta

killed 10 people Wednesday evening.
btep: //wew.nytimes. con/2001/12/13/internationa /middleeast /13MIDB. heml teodayshead) ines

Sorbs Have Killed 3 Qeeds Leaders, U.S, ow Believes
Intelligence officials gaid on Wednesday that three senior
Qaeda leaders had been killed and that Osama bin Laden

remains boled up in eastern Afghanistan.
hetp: /fwwe, nytimes .com/2001/12/13/international/asia/13QAED_html trodaysheadlines

Mew Deadline Set for Qeeds After Deal on Surrender Pails

Afghan fighters set a mew deadline of Thursday for Al Queda
fightera bottled up in mountain canyons and caves to give

up.
https //wew.nytimes.com/2001/12/13/internat ional /asia/23arcu. btm) ttedaysheadlines

NORE INTERNATIONAL NEMS +
etp://wwa.aytines.com/pages/world/ index. htel?todayshead! ine

, 05144

a ~ 01000000000215 —


Write to Alexei Barrionuevo at atexei baronueyomiwsi,.co vailto-alexei, bs
and Silvia Ascarelli at silvis.ascarellif2ws}.com <maito'silvia ascarelligwsj,com>

Gabilondo, Jose

From: Carleton, Norma

Sent: Monday. December 03, 2001 12:16 PM

Te Salladin, Anne; Bair, Sheda; Berardi, Stave, Bitsberger, Timothy: Cetina, Jil; Exchner,

Matthew, Gabilondo, Jose. Gross, Jared; Hammer, Vive: Lon Sanatamorena (E-mail
Nickoloff, Peter; Novey, Michael. Petrangel, Frec, Roseoro, Grian; Schulthess, Hakihynne;
Sharer, James; Whaley. Jean: Wiedman, Mark

Subject: WSJ: Enron's Gig Investments in Grazil Contributed to the Finn's Collapse

December 3, 2001

Enron's Big Investments in Brazil
Contributed to the Firm's Collapse

By MiRiAM JORDAN
‘Stet! Reporter of THe Wau, Stare JOURNAL

SAO PAULO, Brazil -- Enron Corp. bullishtly stormed into Brazil, only to have trouble beating a retreat
from Latin America’s biggest energy market.

For example, in 1998, Enron offered $1.27 billion for a Sao Paulo state electricity distribution
company, double the suction’s minimum price. Two years later, the Houston company was
trying to sell the distributor, Elektro-Eletricitades @ Servicos SA, and other projects in Brazil, where
Enron says it invested more than $3 billion,

Even before the company’s collapse in the U.S., Enron executives had admitted that its Brazilian
investments weren't working out as planned. “The prospect of selling Brazilian assets has been

something we have been locking at even before the current problems,” says company spokesman
Keith Miceli in Houston

Enron's Brazil operations have suffered from a shift in the company’s global strategy toward trading
rather than producing or distributing energy, local regulatory challenges, a sharp currency devaluation
and the country’s energy shortage. “Brazil is obviously not the reason for Enron's downfall,” says a
former senior executive of Brazilian operations, “But it definitely contributed.” The executive said that
Enron is operating with a loss in Brazil. The company, which once had 300 corporate staffers in Sao
Paulo, now has only 100.

In 1993, Enron envisioned a single energy market spanning southem South America in which Enron
would be the dominant player. It moved aggressively into Brazil as of 1994, betting on its size, growth
prospects and new privatization drive. Brazi has installed power capacity of 75,000 megawatts, and
will require an additional 25,000 over the next five years. Its energy requirements are already four

3

0200000000729


WORE WATIONAL WEMS)
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INTEQNATIONAL
eee

Al Queda Fleeing Toward Pakistan, U.S. Officials say

Wundreds of Al Qaeda fighters have fled from the caver of

Tora Bora, and Osama bin Laden may be among then, according

to United States intelligence officials.

http: //sew. nytines.com/2001/12/18/international/aaia/isarGH. htrl ttodayeheadlines

One War, Differing Ains

In Tora Bora, the United States is focusing on the capture

or killing of Osama bin Laden while Afghan forces are

concerned with recovering territory.

beep: //wew.nytimes.com/2001/12/18/international/agia/t&STRA. html ttodaysheadlines

U.S. Again Placing Pocus on Gusting Hussein

With Maslin backing, the option of taking the war against

terrorian to Ireq has gained significant ground in recent

weeks, according to adeinistration officials.
hetp://www.oytimes.con/2001/12/18/ international /middleeast /1SIRAQ. html ?todaysheadliner

WORE INTERMATIONAL NEWS)
http //wew. nyt imes .com/pages/world/ index. htnl?tedaysheadline

BUSIuESS

With Seats Every, Airlines Cut Fares to Bargain Levele

Airlines desperate to fill seats in the economic downturn
that deepened after Sept. 11 are cutting some fares to

. : 05130

a So ~-01000000000201


Gabilondo, Jose

Prom: Carleton. Norman
Sent: Monday. Decenber 03, 2001 12.07 PM
To: Bair, Shela, Berardi, Steve Bitsberger, Timothy, Cetna, JM; Eichner, Mathew, Gabéondo,

Jose; Gross, Jaret, Hammer, Viva, Lori Sanatamorena (E-mail); Nickolot, Peter, Novey,
Michael, Pietrangeli, Fred, Rosehoro, Grian, Schultheiss, Hektlynne; Sharer, James; Whaley,
Jeers Wiednan, Mark

‘Subject: WSJ: Credit-Denvatives Market Faces Saff Test Afier Colapee of Erron
December 3, 2001
Credit-Derivatives Market Faces

Stiff Test After Collapse of Enron

By HENNY SENDER
Staff Reporter of THe Wau STREET JOURNAL

The collapse of Enron Corp. casts a spotlight on a little-known but highly complax market in cradit
derivatives, a market that has swelled from almost nothing five years ago to a face value of more
than $1 trillion today, according to estimates from Goldman, Sachs & Co,

Now, as Enron files for protection under Chapter 11 of the Bankruptcy Code, the credit-derivatives
market faces the biggest test of its young life, The way the market functions over the next few weeks
wil have significant consequences in determining who will bear the potentially massive losses, how
widely those losses will be distributed and whether any one institution took overly risky bets by having
significant concentrations of unhedged exposure to Enron. Whether Enron's collapse takes any other
institutions down with it will probably be decided in thes marketplace.

Enron was a big presence in this market, For one thing, since Enron had a voracious appetite for
capital and raised so much debt — $15 billion in bonds and loans on the parent's balance sheet
alone, and much more off -- numerous financial institutions needed to hedge their Enron bonds and
loans. And then, because Enron was such a huge dealer itself, especially in longer-dated, thinly

traded securitias where few others made markets as boldly, it became Wall Street's counterparty on
everything from oil to weather to credit derivatives.

“Enron showed up everywhere,” says the head of the credit-derivatives desk at one major bank in
New York, “Everyone had exposure to it.”

(Go}See full coverage of the rise and tall of Enron

in recent weeks, before its debt crumbled to a small fraction of its face value on news of the
company’s loss of #s investment-grade status, hundreds of Enron's lenders, bondhokters and
counterparties sought to buy protection against possible default by Enron through ane significant
segment of the credit-derivatives market, called credit-default swaps (a complicated name for what
was essentially insurance in case Enron defaulted). indeed, the demand for protection against a
default by Enron was 90 great that the price was far higher than it should have been, given ls then-

1

0200000000724


Enron Lines Up Cash to Soothe Wall Street Page 3 of 4

The company said on Wednesday an SEC ‘informal inquiry” begun Oct. 22 bad become a
formal investigation, possibly indicating regulators did not like what they had seen. It clocted
University of Texas law school dean William Powers to the board of directors and put him in
charge of an internal probe into the deals.

Despite all the bud news of recent weeks, Enron said on Thursday its core business of energy
traxling was going strong.

Enron spokesman Eric Thode said transactions on the Houston-based company's widely
watched Internet EnrowOnline system were averaging some $3 billion to $4 billion a day, up
from a 30-day average of $2.5 billion.

Enron is by far the nation’s largest natural gas and electricity trader, with industry analysts
estimating it is involved in some 25 percent of daily trade in those markets,

Email this story - View most popuear | Prister-frencly formst

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hitpe//dailynews.yahoo.com/hinm/20011101/balenergy_enron_de_2.henal IWS

00200000000572


Tuchband, Matthew

From: The New York Times Direct [nyidirechignyimes.com]

Sent: Sunday, December 16, 2001 3:37 AM

To: matthew buchbandiido.treas gov

Subject Today's Heactines from NYTimes.com Sunday, December 16, 2007

TOOAT'S HEADLINES
The Mew York Times cn the Meb
Sunday, December 1 2003

For news updated throughout the day, visit wew.oytimes.con

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hetp://wew. oytimes .com/specials/advertising/movies/tolkien/index.henl

QUOTE OF THE DAY

People may say, ‘Let Ton Ridge watch owt for our shores.

T*1lL watch cut for my doors.'*

-3AMES ALAN FOX, professor of criminal justice, on the sharp rise in qun
gales since Sept. 11,

http: //www.nytines.cem/2001/12/16/mational /16GUNS html ttedayshead]l ines

NATIONAL

Equal Opportunity Recession: Almost Everyone Is Peeling It

in the three months since Sept. 11, the economic cownturn
has quickly beccme one of the broadeat on record.
hetp://wew. mytimes.com/2001/12/16/business/ 16£C0N hem! trodaysheadlines

Steep Rise in Gum Sales Reflects Post-Attack Fears

Since Sept. 11, more Americans are taking what many consider

to be the most personal step toward feeling safer: arming

thenselves.

htcp://wew nyt les .com/2001/12/16/national /16CUNS. bem] ?tedayabead! ines

Asthrax Shot Considered for Civilians

The government is considering making the anthrax vaccine

that is now used by the military available to postal

workers and others at high risk of exposure.

hetp:/ swe. eye eom/2001/12/16/national/ 16MAIL. hemi trodayshead]l ines

05136

oe : 01000000000207


Moady's downgrades Enron's debe Page 3 of 4

Senta

Trace Hare Tr

httpywww marketwatch.com/news! yhoo story .asp?source=hlq'yhooksiteid=yhooddist-yho.. 1030/01

00200000000614


MORE SPORTS NEWS:
http://w. nytines.com/pages/sports/ index.html trodayahead! ine

ARTS

Broken Lives and Healing at the Coffee Shop

Every tough wisecrack in Neil Simon's sincere but

Paper-thin valentine to New York hag @ heart ax acft as

felting butter.

http: //waw.cytimes,com/2001/11/12/arts/theater/12S600_henl ttodaysheadlines

At Auction Trial, a Cameo for a Johns Painting

At the price-fixing trial of A. Alfred Taubman, the former

chairman of Sotheby's auction house, the Cirst important

painting to be mentioned was Jasper Johne's “Highway.*

http://www. nyt imes .¢on/2001/22/32/arte/design/1250TH. html ?todayshead1 ines

Skyscrapers Are Here to Stay, Says Panel of xxperte

At @ aytpceiur on skyscrapers at the National Building

Waseun, an architectural panel agreed that skyscrapers

will persist as a powerful presence in cities.

hetps//www, oytimes.com/2001/11/12/arta/design/ 125K. html ?todaysheadlines

MORE ARTS NEMS:
hetp://wew.nytimes.con/pages/arte/ index.html? tedaysheadline

rg, Kelly Will Guide Dolice Again

Raynoné W. Kelly has sccepted Mayor-elect Michael R.

Bloomberg's cfifer to return as the city's 41st police

commissioner.

https //uww. mytimes.com/2001/13/12/nyregion/12POLT html trodaysheadlines

Victims’ Punds May Vielare U.s. Tax Law
There ig no sign that the I.8.5. will hend ice charity rules

for Sept. 11 donors.
http: //wew. nytimes.com/2001/11/12/nyreglon/12b0NA. html ?todaysheadlines

Electric Cara May Lowe Fush in Morthenst
New York, Massachusetts and Vermont are congidering

Postponing the requirement of the eale of electric cars.
http://www. nyt imee com’ 2001/11 /12/syregion/12ELEC. html ?rodaysheadl ines

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INTERNATIONAL

U.S. Begine Firet Airlift of Prisoners

A cargo plane carrying 20 Taliban and Al Qaeda prisoners

left Afghanistan on Thursday, on its way to the United

States maval base at Guantanamo Bay, Cuba.

http: //waw.nytimes .com/2002/01/11/international/asla/11PRIS.htmlttedaysheadlines

Bush Tells Iran Not to Undercut Afghan Leaders

President Bush esid on Thursday that Iran will face

consequences if it atterpts to undermine the mew interim

government in Afghanistan.

hetpe//wew, mytimes. com/2002/01/11/international/agia/ lI IRAN heel Ptodayaheadlines

Israel, in Reprisal for Killings, Razes Gaza Refuges Hones

The Israeli Army retaliated on Thursday for the killing of

four Israeli soldiers by bulldozing dozens of houses in a

refugee canp in the Gaza Strip.

nttp: //waw.nytines.con/2007/01/11/internationsl /middleeast/1IMIDE. html ?todaysheadlines

NORE INTERNATICNAL MEWS)
herp: //www. nytines .con/pages/world/ index.html ?tedayshead] ine

inet Officers Sefore Collapsing

The White House disclosed Thursday that the chief executive
ef Enran contacted two Cabinet renters weeks before the

company's collapse.
netp://www.nytimes.cem/2002/01/11/busineas/112NRO.htel?todayabeadl ines

A Familiar Capital Script

The rapidly exploding Enron inquiry presents all the

wlenents of earlier Washington scemdals, including

carefully phrased deniale end accusations of improper

influence.

http: //wew. nytimes .com/2002/02/11/buginess/1IASSE. btn] ttodaysheadlinegs

, 05094

01000000000165


ey newnletters or
other creative advertising ‘opportunities with The New York
Times on the Neb, please contact Alyson Racer at
alysonSnytines.con or visit cur online media kie at
http://w. oytines.com/adinto

01000000000469


Govt to help MSEB pay DPC Nov bill

Archana Chaudhary

MUMBAI, Jan, 23

THE Maharashtra Government will give Rs 9) crore to help the electricity board (MSEB)
pay its dues to Dabbol Power Company (DPC), a senior State Government official said
today. This is the second time the State Government has been forced to step in to help
MSEB with payment to Enron.

“MSEB will pay Rs 70 crore throwgh internal accruals while the State Government will
provide Rs 90 crore to pay DPC's November 2000 bill,” the official told Buisness Line
today.

The board has to pay DPC Rs 159 crore as November bill by January 25, 2001, The
Government had stepped in earlier this month to help the cash-strapped board with its
October payments. This time around too, the State Government bas no other option than
to bail out MSEB, according to officials,

“We have set a precedent by paying up Rs 114 crore for the October bill. So, we will
have to help MSEB again. There is no other option. [f Enron invokes the letter of credit,
we will be forced to pay irrespective,” the official said.

Earlier this month, Enron had threatened to invoke the letter of credit claiming that
MSEB had been defaulting on payments. The State Government had intervened by
agreeing to help MSEB with Rs 114 crore as payment of the bill,

According to the power purchase agreement between DPC and the board, the company
has to sell all of its power to MSEB. The board has to pay Rs 90 crore as fixed charges
while the rest of the bill comprises variable charges, mostly flrel.

The MSEB, as of today, owes a total Rs 311 crore (Rs 159 crore for Novernber and Rs
152 erore for December

Sanjay Bhatnagar quits Earoa

MUMBAT: Former chairman and CEO of Enron india Sanjay Bhatnagar, who was
moved to Singapore to head the mulitnational's broadband services in Asia, has resigned.
Bhatnagar, who was involved with the 2,014 mw Dabhol power project, put in his papers
last week and his resignation has since been accepted.

Bhatnagar, who is at present in the US, was last month pasted as CEO of Enron
Broadband Service in Asia based at Singpaore with effect from January | this year.

Enron asid in a statement that Bhatnagar lad quit to "pursue other interests and we wish
him well in his endeavours”.

A company spokesman said he had been transferred over to another of Enron's businesses
several months ago, so the transition at Enron India has already been accomplished.

“We have a strong management team at Enron India and have every confidence in their
continuing ability 10 manage the business effectively”.

0500000000047


Tuchband, Matthew

From: The New York Times Direct [nytdrectinyimes com]

Sent: Tuesday, November 27, 2001 338 AM

To: mathew. tuchbandiido traas gov

‘Subject: Today's Headlines from NYTimes.com Tuesday, November 27, 2001

TODAY'S NEADLINES
The New York Times on the Web
Tuesday, November 27, 2001

Reliday Shopping

Take advantage of special offers am discounta -- on gifte,
travel and luxury items from NYTimes.con's premius
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hetpe//www. nytines .con/services/erail/ensil. htnlsholiday
L-

QUOTE OF THE cay

seeeeseeeressererewnenens
“He just doesn't foe] ta me like the surrendering type.*
-DOWALO EH. RUMSFELD, secretary of defense, on Mullah Muhanad Orar.

hetp://wwe. nytimes,com/2001/11/27/internaticnal /asia/27MILI. html ?tedayabead] ines

DATIONAL
Seer

U.8. Pressures Foreign Airlines Cver Manifesta

Poreign airline passensers will be put through lengrhy
searches if the airlines did mat provide information to

identify potential terroriata.
http: //wwe-nytines.com/2001/11/27/politica/27secy. html ttodaysheadlines

Nichigan ‘Invites’ Men Prom Mideast to Be [nterviewsd

Officials are sending letters today to hundreds of young men
inviting them to make appointments for interviews.
bttp: //waw. nyt imes .com/2002/113/27/national/27MUSL. html ?tedaysheadlines

A Harvard Professor's Baffling Vanishing
The disappearance in merphia earlier this month of Don Cc.
Wiley, « leading expert on dangerous viruses like Ebola,

has provoked wide attention.
btcp: / /www. nyt ines. con/2002/21/27/national/27RARV.htealttodaysheadl ines

01000000000486


webnite at wv. kateandleopold-themevie.con! This Christmas,
Chivalry Makea « Comeback. Rated PG-13.

http: //ada.nyt.com/th.ad/th-kateandlecos/kate. html/?_RM_REDIR_shttp: //wee, kateandlecpeld-
themovie.can
\

Taliban Leaders Moy Be Escaping; Al Qaeda Carp Is Hit by
U.S. Airatrikes

The slow pace of the surrender of Taliban aoldiers in

Afghanistan haa raised concerns that senior Taliban lesders

might slip away, American officials said Thuraday.

hetpe/ www. nytimes.com/2002/01/04/international/asia/OsarGH, htrl Prodayshead] ines

Narlords Stesl Pood Shipments, Harpering Efforts to Relieve
Panine

An effort te feed Afghan refugees returning fran Pakistan

descended inte violence on Thursday as food ran short and

local soldiers beat back « huncry crowd,

https //wer, nytines.con/2002/01/04¢/international/asia/OsAID. html ?todaysheadlines

India and Pakiatan Together, but Not Speaking

With hundreds of thousands of troops facing ane anocther

along their berder, the leaders of India and Pakistan have

still made no move to discuss their differences.

hetp: //www.nytimes.com/2002/01/04/international/asia/O¢tNpl, html ?todaysheadl ines

MORE TNTERNATIONAL NEWS:
http: //mew.nytines.com/pages/world/ index. htel?tcdaysheadline

tncentives Prop Up Sa:

but May Haunt Carmakers Later

Automakers’ expectations for 2002 are peasinistic because of

the economy aw well as the dent that low-cost financing

incentives have probably made in demand.

http //wew.nytimes.cem/2002/01/04/business/04AUTO.htnl?tedaysheadlines

Dynegy in Agreement to Get Enreti Pipeline

Dynegy sald that it bas settled a lawsuic with @ubsidiaries
of Enron and plana to acquire the Borthern Natural Gas
pipeline that was part of a dispute between the two energy

companies,
hetp://wew-nytines.com/2002/01/04/buaineas/a4mNAO btn] ?todsysheadlines

05112

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Arafat Wot at Headquarters During Taraeli Strikes

Terael struck in the Nest Bank and Gaza Strip ag the Israeli

prine minister accused the Palestinian leader of provoking

war by pur@uing “the path of terrorism.’

hecp: //wew.nytimes.com/2001/12/04/international /middleeast/ 04MIDE. html ?todaysheadl ines

Taliban Resists in Some Pocketa Narch of Kabul

Aa the Americans marahaled their forces in the southern part

of Afghanistan, the Pentagon for the first time described

several pockets of Taliban and foreign resistance,

http: //wew. nytines.com/2001/12/04/international/ssia/O4MILI htrlttodayaheadlines

C.T.A. leader Anke Pakistan for Help in bin Laden Aunt

C.I.A. Director Ceorge Tenet sought tactical assistance for
an assault om a mountain base in Afghsnistan where Osan
bin Laden is suspected of hiding, government officials

caid,
bttpi/ /wew. nytimes.com’ 2001/12/04/ international /asla/OsSTAN. html ?todaysbead] ines

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http: //wew.nytimes.com/pages/world/ index. bhtnl?todayshesdline

RUSINESS

Pen errr teen r eRe eee

Collapse of Enron May Reshape the Battlefield of
Deregulation

The bankruptcy of Enron has Washington debating the way it
oversees the £260 billion power industry amd an energy
ol

010000000004 12


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INTERNATIONAL

State of Emergency in Gaza and the West Bank

The third Palestinian suicide berber in just over 12 hours

struck on a city bus in Haifa om Sunday, killing himself

and 15 others.

https //wee, nytimes.com/2001/12/03/ international /middleeast /O3MIDE. html ?tedayshead| ines

U.S. Planes Keep Up Bonbing of Kandahar ae Allies Close In

American warplanes resumed thelr dally attack an Kandahar on

Sunday a5 Pashtum leaders in southern Afghaniatan said

their fighters had taken new ground.

https //wew. nytines .com/2001/12/03/international/asia/O3MILI .html ?todayshead! ines

Calis for New Push Into Iraq Gain Power im Washington

When Presicent Bush told Saddam Hussein last week to submit

to weapsne inspections or elee, he tolatered the spirits of

@ coalition of conservatives.

http: //wwa. nytimes.com/2001/12/03/ international /middlee@aat/ostRag.kinl ttedayshead] ines

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hetp://wew. nytimes.com pages/world/ index html ?todaysheadline

BUSINESS

Enron Piles Largest

o-
-8. Claim for Bankruptcy

Baron filed the largest corporate bankruptcy in American

history and blamed the corpany that presented itaelf az ita

rescuer.

http: //wew. nytimes.com/2001/12/03/business/O3ENRO. html ?todaysheadlines

An Iaventer Unveilx Mis Mysterices Personal Tranaportation
2

1000000000426


Tuchband. Matthew anes

From: The New York Times Direct (nytdirectieytines.com]

Sent: Friday, January 11,2002 3:37 AM

To: matthew tucroandgido trees. gov

Subject: Today's Headines from NYTimes.com Friday, January 17, 2002

TODAY'S HEADLINES
The New York Tinea on the Web
Priday, January 1%, 2002

QUOTE OF THz DAY
ee

"Iran must be a contributer in the war against terror. Gur
mation, in our fight against terrorism, will uphold the
doctrine of either you're with us or against us,"
“PRESIOENT BUSH

hetp://wwe,nytimes.com/2002/01/11/internat ional /asia/11IRAN. btnl?todaysheadl ines

NATIONAL

7 Marines fron Across U.S.: Profiles Fron a Patal Miasion

The marines Killed on a military tanker plane crash in

Afghanistan cane fron diverse backgrounds, but had » common

mission.

http: //wew.nytimes .com/2002/01/11/national/1LICREW. heml ttadaysheadlines

Nevada Site Urged for Nuclear Durp

The Gaergy Department said on Thursday that ie would

recommend that Yucca Mountain be used to bury thouaanda of

tons of radioactive nuclear waste,

hetp:/ fwaw. nyt Lines. com/2902/02/11/mationsl/LINUKE. html ?tedaysheadlines

Judge @ules Fingerprints Cannot Be Called a Match
A Philadelphia federal judge hes ruled for the first time
that fingerprint evidence dees not meet the standards sec

for scientific testimeny-.
hete: //wew, nyt ines. con/2002/01/21/national/i1¢RIN. btml?tedsysheadlines

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Caves; Errant U.S, Bomb Kills 3 @.I.'s

Opposition forces closed in on the last Al Qaeda stronghold

in eaatern Afghanistan, while intensified combat in the

south led to the deaths of three American soldiers.
hetp://wwe.aytines.com/2901/12/06/international/agia/OéMILt . html ttodaysheadlines

A Dew Mideast Battle: Arafat ve. Kamae

After 14 months of conflict, the radical group Nanas bas

gathered wach strength that it has ag mech clair ae Yasir

Arafat to represent the Palestinian mainstream.

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As Refugees Suffer, Supplies Sit Unused Near Afghan Border

Vietinw of war and three years of crippling drought, the
people of Afghanistan are at the end of their endurance,

aid officials say.
http://w, nytimes.com/2001/12/06/ international/aaia/oéReru_htrl?todaysheadlines

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auSstnEss
aeeeeeeee To ceeseeoee

AOL Tine Marner Gets a Wew Chief as Levin Departs

The chief executive of the world's biggest media company,
AOL Time Warner, surprised hie company and his industry

: 05176

: an 01000000000247


From: The New York Times Direct 18.cOM]

Sent: Monday, November 12, 2001 5:37 AM

To: matthew tuchband ido teas.gov

Subject: Today's Headines from NYTimes.com Monday, November 12, 2001

TODAY'S MEADLINGS
‘The New York Tiewa co the Web
Monday, November 12, 2003

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QUOTE OF THX oAY

seeeweweneeenenenereeases
“when something like that happena, you feel belpless. I had

te fix that."

“KIRK EVANS, 19, who joined the Army after the Sept. 11 attacks.

http: //waw nye heme .com/2001/13/82/national/12RECR.html?tedayskead] ines

MATIOWAL

U.S. Is Expecting to Spend $1 Billion a Month on vor
The sot is likely to rise rapidly above that level as the

Pentagon builds ite forces in the region.
http://www. syt ines. com/2001/11/12/national/ 12 PENT. html ?todaysheadlines

In Sweeping Campus Canvanees, U.S. Checks on Mideast
Students

Investigatore have contacted administrators at more than 200
folleges to collect information about students fran Middle
Easters countries.
hetp://www.2yvtines,com/2001/11/12/national/128TUD. html Ptodayahead! ines

Gagging Ecanacy Threatens Health Coverage

The loss of a full-time job can quickly translate into the
loa# of health benefits.
hetp://mew-nytines,com/2001/11/12/mational /12HRAL. btn] ttocaysheaclines

: 01000000000831


Enron: Enron Corp. -- Press Release Page 1 of 2

products + services ress HOH &
PRESS ROOM coker | eenomscema barns
Press Release rom
ENRON SECURES COMMITMENTS FOR ont zon
ADDITIONAL $1 BILLION IN 6 20
FINANCING os

FOR IMMEDIATE RELEASE: Thursday, November 1, 2001

HOUSTON — Enron Corp. (NYSE:ENE) announced today

that JPMorgan (the investment banking arm of JP Morgan wersee 19
Chase & Co.) and Sloman Smith Barney Inc. (the axiere 1
investmernt banking arm of Citigroup Inc.) as co-arrangers

have executed commitment letters to provide $1 billion of qrcrtem 195)

secured credit ines supported by Enron's Northern Natural wetvns !
Gas Company and Traeswestern Pipeline Company assets.
The proceeds will be used to supplement shortlterm j
liquidity and to refinance maturing obligations. These

COMITMEMENS are GUbject to Customary terms and

conditions, including final Gee diligence.

"with more than $1 billion In cash currently om our belance
sheet, this additional credt capacty will further solidify
Enron's standing as the leading market maker in wholesale
energy markets,” said Kenneth L. Lay, Enron chairman and
(CEQ. “We very much appreciate the support of two of our
longstanding barking partners, JPMorgan and Citigroup.”

“This is yet another step in cur efforts to enhance market
and ewestor comfidence,” sad Jelirey McMahon, Enran
href financial officer, “We are moving aggressively to
strengthen our balance sheet and maintain cur investment
grode credit rating.”

Copies of the commitment letters will be filed with the
Securities and Exchange Commission in a Form &-K fling
shortly.

Enron is one of the world's leading energy, commodities,
and services Companies, The company markets electricity
and natural gas, delivers energy and other phrysical
commodities, and provides financal and risk management
Services to customers around the world. Enron's [nternet
address 5 wew.enron.com, The stock is traded under the
ticker symbol “ENE.”

ate

Click Meng to download ths press release in Adobe Acrobat
4,0 format.

hitpeiwwew.enron.comcorp/pressroony releases’ 200 | /ome’76- 1 1010L release. htm!) 12M

00200000000715


why baseball needed to eliminate two tears and why its
economic ayaten led to a $519 million logs last season.
http: / /wew.nytimes,com/2001/12/07/eports/basebal)/O7BASE. html? tedaysheadlines

MORE SPORTS NEMS:
http: //une. nyt iewe.con/pages/sporte/ index. htnl?todsyshead]ine

trane: Dead at 40, Still Vital at 75

John Coltrane's albens are better understood as markers of
hia own thought than of jazz at the tine.
http://www. nytines .com/2001/12/0T/arts/musgie/OTCOLT. html tecdaysheadlines

The Man Who Was Martha Stewart Back Before She Was

The Csoper-Hewitt Museun presents « comprebensive show --

maybe « little overstocked -- of Russel Wright's

contributions to American design.

beeps f/www. nyt imes.com/2001/12/07/arta/deaign/O7GLUuE. htm) 7todayshesdlines

Runting for a Treasured Tree

This Chriateas, we figured we had better go ta the scurce
for a tree. We decided to play lumberjack and cut one down

carselves.
http: //wew. nytimes.con/2001/12/07/arte/O7 TREE. html ?tedaysheadlines

MORE ARTS NEWS)
http: //wew.nytines.con/pages/arta/index.htelttedayabead] ine

uy REGION

Clouds Loom for New York, but Bloomberg Stays Sunny

Mayor-elect Mike Bloomberg is taking office without blaming

hia predecessor for the financial crisis that he is

inhericing.

http: / /waw. nyt imes .com/2001/12/07/nyregion/O7BL00. html ?todayshead! ines

Om the Run With a Fugitive: Tales of Aliases and Disguises
Aathorities are trying to plece together the last two months
of millionaire heir Robert A, Burst leading up to his

tapture and arrest.
http: / /wew.nytines. com/2001/12/0T/myregion/07DURS.homl teodaysheadl ines

. 05170

- 1000000000241 —


Times Meedievat Cases Fund to help thousanda of people,
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01000000000220


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00200000000596


When the Going Geta Tough, Some Go Shopping at Maseuns

At a time when New York museums are hurting from the shocks

of September, the Metropolitan Museum of Art managed to do

@ brisk business welling $35,000 amethyst pendants and

erbroidered Indian shavle costing fron $2,000 te $6,000.

keep: //wew nytines.com/2002/02/10/arte/design/LOMUSE. htm} trodaysheadlines

The Many Putures of Music, Maybe One of Them Real

The main question at che second annual Future of Music

Policy Summit: Bow will musicians make a living in the

internet age, preferably without a day job?

beeps //www, nytines .com/2002/01/10/arte/masic/ 10COMP. html ttedaysheadlines

Radio Station Ponders Change, and Ole Opry's Fans Morry

The 76-year relaticaship between the Grand Ole Opry and

WSM-AM in Nashville ia teetering on the brink as the

atruggling station faces a lizely change from ite country

fugic format,

bttp://www.oytines.com/2002/01/10/arta/maic/10ARTS, html ?todaysheadl ines

MORE ARTS NEWS:
hetp:// www. nytines.cen/pages/arte/index, html todayahead] ine

BY REGION
Pataki Vows to Limit Spending and to Avoid Delaying Tax Cute

In his annual address on Mednesday, Gov. George EB. Pataki

included few new proposals, but did lay out goals thar will

help him appeal te voters next fall.

https //www. nytimes.com/2902/01/10/nyregion/1OALBA. html *todayahead] ines

Deapite Uncertain Times, Parents See Private School as a
Meceasity

New Yorkers are still eager to send their children to the

city's private schools, many cf which charge rore than

$20,000 a year in tuition.

http://www. nytines.cem/2002/01/10/nyregion/ LOPRIV. heml ttodayzheadlines

Memories of Welfare Days Differ for Agency Head and Her
Mother

The city's new welfare commissioner, Verna Sgzleston,

learned about both work and welfare at her mother's knee.
http://www. nyt ies. com/2002/01/10/nyregion/LOVERN. btn] ttagays#hendlines

: 05104

~~ 01000000000175


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Taliban Sefeated, Pentagon Asserts, but war Goes On

Even a9 4 #enior Pentagon official ansounced the demise of

the Taliban, the official cautioned that the military

campaign in Afghanistan wae tar from over.

https //wwa.nytines .con/2001/12/11/international/aasa/1iNILI. html ?todayahead! iner

Nithessen Recount Taliban Dying Whlle Meld Captive

Dozens of Taliban died after surrendering to Merthern

Alliance forces, asphyxiated in the shipping containers

uaed to transport then ta prieco, witnesses say.

hetp://ww«, mnytimes.com/2001/12/21/international/asia/11JAIL hel trodaysheadl ines

Spread of AlDS in Rural Chins Ignites Proteata

As China's central government takes steps to address its

growing AIDS problem, officials in central China are doing

little to help patients or to curb the spread.

http: //wew.nytimnes.com/2001/22/11/health/124rDs hte ?todaysheadlines

MORE INTERNATIONAL NEWS)
bttp://www. nyt ima .cor/pages/world/ index.html ?todayaheadline

BUSINESS

Myatt Hotel Family Will Pay $460 Million in 5.4 L. Case

The Pritekers, one of the nation's wealthieart fanilies,

agreed to pay a recerd $460 million to the federal

goverment to avoid being puniahed for the failure of

Superloy Sank F.5.B.

http://www. nytinns,com/2001/12/11/business/11SANK. html ttodaysheadl ines

; 05151

01000000000222


Moody's downgrades Enron's debt Page | of 4

News & Commentary

FRONTPAGE MARKETS GLORAL MARKETS IPOS ECONOMY A POLITICS MUTUAL FUNDS COMMENTARY

Ge srcome 4 remorse

Ny rember

wed Custom frnterutind

#IR
Service arnt Support heros

Moody's downgrades Enron's debt
Enron asking banks for more credit
Ay Lisa Santora, CBS. Market t¥atch com OB teat thes artic

wacker
4B o-Nerwrdetiors
Be News Meet

ENE we aa! Updare $49 PM ET Oct 29, 2001 feiaredly secxien
11.64 -2.17 rese «rer ALERT
138 0-99.00 aM
NEW YORK (CBS.MW) - Shares of Enron tell further Monday after
ol Charts for ENE Moody's Investors Service downgraded Enron's long-term debt a notch.
Headines for ime
10) M200 20 ase Enron (ENE: news, chart, profile),
Enron shares renew which hit @ S2-week high of $64 BB on reer Com
Plunge, drop to eight: Dec. 29, was well on its way to 68 220-1559" —
year kiws - be s another year low Monday. Heading for 21.00
ow @ ninth straight day of losses, Enron \ wr
ann shed $1.59, of 10 percent, to $13.81 toe
US. sto The stock was again the most scive us
SRSUETOr ¢ mover on the New York Stock ue
pa es Exchange as dose to 46 milton \ t o
vee shares changed hands ' Pi ee
Enron joss streak to
reach double digits- cas Moody's said it cA te Senior
MaPhecWalo’ coer unsecured long-term debt to Baa2 fom Baal, and the ratings remain on review

for polential additional downgrades. The action follows Enron's reparted $1.01
billion charge in the find quarter ad wae driven by ihe expectation of further
write-downs and the swill delenoration of the compery’s firancal picture, said
Stephen Moore. vice president at Moody's.

“However, we do feel the move Enron made to craw Gown ther revolvers to
pay Off their Comenercia# paper wee & amert bushess move.” said Stephen
Moore, vice presdent at Moody's. The rating agency said ft would rewew the
Prime-2 rating on Erron's commercial paper.

Last Thersday, Enron aerounced & had tapped its lines of credit to provide
more than $1 tition in cash liquidity and tat would it use $2 Dillion to pay
down commercial paper.

in real time The decesion to pay off the commercial paper, he said, accomplishes two

goals.
Gl Become A MemecR a

5 MerketiWetcn mrmenter ort-teem basis, and additionaly, it enables them to

“it increases liquiday on a

terefits inciurte
Bi Purteko Tiachar focus On other arene they need to focus an right now,” Moore said. "Thay are
- working on setling up an additional facility for furter capital to support their Erna
AB we temwutiers .
wholesale trading business. orok:

hatps/woww mnarketwatch com news'yhoo'story.asp'source=bigyhooksiteid=yhookdisteyhe,. 13001

00200000000608


Schweitzer added, "We would like a relationship in which lending is only part of
the process.” In future policy, dialogue and monitering might become more
important, and the bank's contribution might be measured by success in these
ress. But if the Bank now saw Itsat as a super consultant, it was aware that
Ht would have to offer good advice. "We're onty as good as our ideas,” sald

The news comes as Asia Pulse reports that the UN's Economic and Soci Counct
(ECOSOC) wil held a meeting with a number of donee countries and agencies such
as the IMF and the Vierld Bani to discuss the economic omais in he Asan
region, ECOSOC President Makarim Vablsono ssid yesterday. Wibisone sai he
haped a umber of fnasce ministers from the UN meenber states would atend the
meeting scheduled fee Apri 18 at the UN headquarters in New York. The meeting:
is expected to produce an agreement conducive to the setfiement of funcing
ittouties faced by Asian countries, he said.

NEGERIA SETS UP JUDICIAL INQUIRY INTO CORRUPTION AT STATE CARRIER. » v yw
The Nigerian goverment has set up 2 judicial commission of inquiry into the a) ; x
running of weubled state camer Nigeria Aways from 1983 to 1968, AFP reports y

Justica Mirister Kanu Agaté said yeetercay. Agabi, who inaugurated tr
seven-member commiasion on Tuesday, told reporters it was under orders to “bring
to book perpetrators of corruption and ecoromic climes”.

A report by @ government pana! of inquiry relexsed last month said corruption
and msanagement at the alrtne between 1983 and 1969 had cost Nigere $180
trillion and pushed up the carier's datts to local creditors to $7.7 miion and
$71.4 milion to foreign creditors, Mare than $50 milion were “est” in
Unexplained "cash payments’ while $100 eilion earmarked for the establishment
Of Air Rigen. = mocind ieenational arm of the carter, ware unaccounted fr,
the report

Agabl said Wednesday the goverment did not want the judicial commission to be #
“mere formality". The new civilan government which took powrr last year wat
determined to chase down those involved in past comuption, he said. The
government hus also pledged to privatize Nigeria Aieways and last yner appointed
the IFC as adviser, the story notes.

in ober news, Reuters reports Enron CLO Ker Lay said ho was surpriped #t recent
ceports that the Work Bank was questioning @e faimess of a proposed power
invertmert deal between Enron and Nigeria. Enron was to provide power gaemrating
barges to supply electricity to the city of Lagos woile constructing a

SAO-meqawestt generating plant, but the Bank reportedly has questioned whether
‘De teem s were too favorable for Enron.

"Our people did # negotiated transaction that the government Is very happy wih.
to Im not sur what the World Bank's problem is,” Lay is quoted as saying.
“The World Bank is not always totally enightened in some of this. They hawe
offer interests that they bring to the table, but there is # much Detter
QOverrment in Nigeria xan we've seem in a tong, bereg lima.”

WORLD BANK SKEPTICAL OF PRIVATELY RUN IVORIAN COCOA MARKET.
The World Bank is prepared to offer techrical support to Cie dlvolre’s cocos
and coftee farmers in their plana to set up 2 new price feng system, provided
itis uly run by the private sectce aa proposed, Dow Jones reports @ Bank
official said yesterday. The comments by Jon Mcintre, chiaf economist for the
Work! Bank in Abidjan, came the day after international lenders met with leocing
jvotlan farmers’ representatives to discuss thet plore for # feed price

0500000000882


Mondy's downgrades Enron's debe Page 2 of 4

QP News Aluets Karen Denne, an Enron spokesperson, confirmed Monday fiat the compary is Ente
fin discussions with banks for further financing. Additional credit would help -
boos! Enron's Iquidity pasition

The lingering concern for Moody's & that here "yet may be something alse out = FRE
ltt ag = there that gets to the cradipiity issue of Enron tel,” Moore said Get:

your
MARKETS: At the heart of the credibility issue are two limited partnerships — UM anc ontin

TOP LOFEATURES = LM2 - created in 1999 by formar CFO Andy Fastow and since dissolved, a
Market Srapshot Enron ousted Fastow les! week. See related story. “The market wes uneware.” Sane

Mowers & Shakers of the existence of the partnerships, Moore sat

Sifican Stocks Err
Analyst Ristings “Quite frankly, we dont think there is anything else,” he said, "Bus Enron is Bank
Internet Stocks huge. and if fis coukl happen..wrere is 8 lingering concer fal something ot Ae

Earnings Sumpeses the might happen. We cannot comfinn or deny that this & true. We wil be -
B meeting soon with fem to resolve issues such as hese.” Loar
Economic Report Rew
Stock Se Moore said fe meeting could cone as 00n as this week. your
teener Lend

Eneray Voth “Should the wholesale trading business and the counterparties Merein become ~*
More Features impacted by these events, that couk! ead Io the slowing growth of the *5ig
wholesale business, the Enron engine.” he said. Trad

-
Mocey's action Monday iso negatively affected te ratings on two rusts — Fine
Marlin Water Trust and Osprey, which have combined debt of $3.2 bilfon. Sear
OCTOBER Martin is now rated Baa2, while Osprey cares 3 new rating af Baa’, both ten
down a notch, dare

Highlights

The potential @sue for tre trusts may be “how much equity Enron would have
to issue if the sale of the underlying assets alane isnt enough to pay of he
debt” Enron ts anticipating using the proceeds from the sale of assats 1a moet

@ChsMarketWatch Bs cbtigation

Lisa Sanders is 4 Dalles-based reporter for CBS. MarketWatch.com

Latest Industry News

*Chl shares crap on glock market deding 10:49am ET 10/30/01
“Col futures ager in supply date runup 10:46am ET t0V30001
Another day, another loss for Enron 10:23am ET 1090/01
+ditery cullogk puts stocks deep in red 4:47pm ET 1020001
*Mirant third-quarter eamings nse 97% 4:37 pen ET 1/29/00

Oo you want areprint of this article’? Click here for options!
.. Copyright 2001 CBS Markat¥Vatch. com, lnc.

Trache Huaret fede Here!

Trading Center

hups www. marketwatch.comynews'y hoo story asp?source=bla yhoo sitekd=yhoodedist=yhx... MN SIDE

00200000000613


For information on advertising in e-mail neweletters or
other creative odvertiaing opportunities with The New York
Times on the Web, pleage contact Alyson Racer at
alyson@nytimes.com or viait cur online media kit at

http: //wew.nytines.com/adinfa

: 05135

: 01000000000206 —


Development News deat’ Page 4 of 6

1" ca)

WI Nigerian President Olusegun
Obasanjo will try to pasch up differences with the Paris Club of bilaveral creditors and overcome
remaimng obstacles 10 an agreement with the IMF during a visit to France this week, reports the
Einarsia) Times (p.10). His visit foliows efforts by the Fund to soften the position of the Paris Club,
which may be owed as much as $27 billion of 2 total extemal debt of $34 billion, according to the
Losest IMP estumates,

As a condition for restructuring, officials say Paris Club members want Nigeria to begin paying off
arrears on servicing debes to bilateral credisors, which now amount 10 almost two-thirds of the total
dedt stock. Some creditor governments are pushing Nigeria to double budgeted payments this year 10
$3 billion in line with improvements in the world price of oil, which accounts for more thas 90
percent of its export revenues,

Hat an overall Jeap in payments looks unlikely, the story says. Obasanjo argues that unless resources
ave freed towards poverty alleviation programs, social instability will reverse the dragibe democratic
gains of the past year.

Obasanjo found sympathy for his appeals for Nigeria's debt burden to be lowered on a visit 10 France
yesterday, but sources close to the Paris Club of creditor countries wamed no reduction was imminent,
fepurts AFP. "France ix trying uo convince the IMF aed the Paris Club of creditor nations thst #
mutually acceptable solution must be found,” Trench Prime Minister Lionel Jospin is quoted as saying
to Obasanjo.

But a source close to the Paris Club said no discussions on the country's position would take place this
week, Discussions on restructuring Nigeria's debt repayments will begin when the [MF has passed
judgement on the coumtry’s economic reform program, the source said.

Meanwhile, notes the FT, the IMF is keen to avoid being seen as the debt collector, as most Nigerians
blame stracrural auljustment reforms of the late 1980s more than military misrule for declising living
standards.

In other news, the World Bunk has raised questions over the terms of an agreement signed last year
between the Lagos State government and a private US company that includes an $800 million
investment as part of a scheme to supply electricity to the city grid, AEP says in a scparate report
Nigerian and World Bank officials confirmed ¢ report in the local newspaper, This Day, which said
the Bank had expressed doubts about the deal signed last year between Lagos State, the Nigerian stalc-
run electricity operator NEPA, and US power group Enron.

Soon after the deal was agreed, says the story, officials in NEPA began raising objections saying the
price set by Enron per unit of electricity supplied was too high and it would have beea cheaper for
Nigeria to have built its own plant. Last week, Nasir al-Rufai, bead of the Bureau of Public
Enterprises, admitted that the deal was under review by World Bank officials called in by the
government. The officials arguod the terms were too favorable to Enron and bad been concluded

improperly, Reuters aiso reports.

WORLD BANK NAMES PRESIDENTS FOR AFRICA, MIDDLE EAST. The World Bank ssid
yesterday it had named Callisto Madavo vice president for Attica and Jean-Louis Sarbib as vice
presiders for the Middle East and North Afric, AFP reports. Madavo, who currently shares

& g tebbobbare cnl'Fe:d) us"ser2r odte “Ei


the marketa that Dynegy would either back out of ite deal
te reacoe the company or seek to renegotiate terns of their

mercer,
bttpi //wew.nytines, com/2001/11/21/business/216%RO, btml7tcdaysheadlines

Concco Plays Security Card in Prowoting Ita Merger

The chairman of Conoco, Archie W. Dunham, has added a new
rationale for his company's planned merger with Phillips

Petroleum: enersy security.
hetpi //wew, oytines.com/2001/11/21/busainesa/2iPLAC. html teodaysheadl ines

Nicregoft Aima to Settle Suita by Equipping 12,500 Schoolg

Microacfe propaged giving some of the nation's poorest

acheola corputers, software and training to settle more

than 100 peivate claga-action antitrust suites.

beep: //www. nyt imes.com/2001/11/21/techmology/21S0FT. html?todayshead! ines

MORE BUSINESS NEWS:
betp: //wew. nytimes, com/pages/business/index-htmlttodaysheadline

TRORNOLOGY
” vee

Microsoft Alma te Settle Suits by Equipping 12,500 Schools

Microsoft proposed giving some of the nation’s poorest

schoole computers, software anc training to settle nore

then 100 private class-actice antitrust auita.

http: //wwe. nytimes.con/2001/11/21/technolagy/2130FT. html ?todaysheadlines

Vacations os Early Bducsticn

Instead of M.3.T., Charlea Herlngton, president of AOL Latin

America, enrolled in Monterrey Tech in northern Mexico, And

he’s not sorry that things turned out the way they did.

hetp://wew. oytines.con/2001/11/21/businese/ 216065. htnl ttedaysheadlines

Protesters Find the Web te Be a Powerful Tool

With opinion polls showing overwhelming support for

President Bush, antivar activiata are relying heavily on

the Internet to weave their fragrented consticuents into a

povenent .

http: //wew. nytimes.com 2001/11/21/technology/21ANTI . html ttedayabeadl ines

wore TECHNOLOGY NEWS:
http: / few nytimes.com pages/technolosy/index. htral?todaysheadline

3

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Enron in Talks for New Credit Line Page | of 3

YAHOO! NEWS @ “ News Home - Yanan! - My Yahoo! - News Aler Alarts - is - Halp REUTER

Scum ee) Oe) |

Home Top Stories Husmess Tech Politcs Word Loca Entertainment Sports Op/Ed Science Health Ful!
Business - Reuters - updated 14-13 AM ET Oct 30 reg
Reuters | AP | The New York Times | Motlay Foot | TheStreet.com | @ Videos | Forbes.com | More ..
Monday October 29 1:64 PM ET

Enron in Talks for New Credit Line Related Quotes
“Ux mor ke ME
» Davi ink ENE 172.208
AudioVideo By David Howard Sinkman SAP 00 103691 2139 Leet
@ ON The Chose , NASDAQ 1665.75 377 Gy
Markets plnge inthe NEW YORK (Reuters) - Energy trading DIA 9122.67 -146.83
red FAA ENE giant Enron Comp, (NYSE:ENE - ncws), its “PSE 9229-129) COL
tead the fall-(ONTMM4) shares in a new free-fall 10 near seven-year -
lows, said on Monday it is seeking cools:
additional credit to bolster investor Get Quotes |
confidence after tapping about $3 billion in credit last week. delayed 20 mins « disclaimer
Vout fi
Enron, the nation’s biggest cnergy trader, declined 10 comment om the size of the credit line, COUR
which banks it is in talks with or when it expects to complete am agreement on the new credit fated a
line. compu
“We want to restore investor and market confidence and noching instills confidence like cash.” me,
said Enron spokesman Mark Palmer in Houston, referring to company efforts to secure new batn &
credit descin
aro

Company shares again tumbled on Monday, shedding $1.57, or 10.13 percent, to $13.93 in

midday trade on the New York Stock Exchange (mews - web sites). Once a Wall Street darling, cu
the stock has tumbled more than hall in price since Enron released earnings (wo weeks ago, Ws
tosing about $15.1 billion in market capitalization as investors fretied about the transparency of
off-balance sheet transactions,

Moody's Investors Service on Monday cut Enron's senior unsecured debt rating to two notches

above junk status, and warned it may cut it again, as well as its cating for Enron’s commercial

paper. Rating agency Standard & Poor's on Thursday revised its outlook for Enron's ratings to
negative” from “stable.”

Enron's credit-worthiness has a direct affect on the price it pays to take out loans, and the
Perception amony its tradiny partners on the company’s ability to make good on trades.

Moody's said Enron is suffering from deteriorating financial flexibility since it announced big

write-downs and equity charges from previously undisclosed partnership investments, It said
this triggered ‘‘difficulties in rolling over conwmercial paper,”

hitp://dailynews. yahoo.com bnew 2001 1020 be/urilities enron_de_2.heml 13a

00200000000609


MORE TECHNOLOGY WEWS
http: //wew.nytines, com/paces/technolegy/ index. htel ttodaysbeadline

POLITICS
neem Sere eee RE ee sedeeeeee

Back to Schcol

The current education bill will do more harn than good,

saddiing our school ayaters with federa) requirements

they cannot afford to meet.

netp://wwe.nytines ,com/2002/12/13/opinion/L3JEPP Atel ?todayshead! ines

E-Mail Gets the Cold Shoulder in Congress
Congress has not embraced a-mail as a way of keeping in

touch with constituents -
https //wew. nytimes.com/2001/12/13/technolegy/circuits/13C0ud. html ttedayshesd lines

Little Moverant on Stimulus Plan as Lawnakerg’ Recess Lcona

President Bush's insistence that any recovery plan include «
reduction in pergemal income tax rates stalled negotiations

on the package.

http: //mew.nytimes.com/2001/12/13/politica/135TIM, btm) ?todsysheadl ines

MORE POLITICS WEWS:
beep: //wew. nytines .con/pages/pelitics/ index.html ?todaysheadline

SPORTS

=
Yanks Finish Giambi Deal and Keep On Buying

The Yankees wil] finslly unvell Jason Giambi ag their newert

player at a news conference on Thursday, New York has ales

egreed in principle to « two-ywar deal with Rondell White.

http://www, oytimes.com/2001/22/13/aports/bazebs1]/13 YANK, html ?todaysheadl ines

Alomar Wants Meta to Want Him for Long Haul
Roberto Alomar, the atar second baseman the Mets acquired
from the Indians on Tuesday, saya he wants to negotiste a

leng-term contract with the team.
hetp://www.sytines,com/2001/12/13/sports/baseball/14MeTS_htol ttodayshead2 ines

: 05146

01000000000217


MORE WY REGION NEMS)
http: //wew.nytines,com/pages/ayregian/ index. htnl?tcdsyshesdline

By THOMAS L. FRIEDMAN

if 9/11 wae indeed the onset of World Nar ILI, we have to

understand what this war is about. We're fighting to

defeat an iceclegy: religicus totalitarianian.

http: / /waw. nyt imme com/2001/12/2T/opinion/27FRIg. hte]? tedaysheadlines

Maslin Women as Symbols and Pawns

By AINA AMIRI

Envisioning a real peace, with women as key stakeholders

in Afgbanisten, requires looking beyond symbols.

http: //wew. nytines.con/2001/11/27/opinion/aTAMIA. html ttodayshesdlinee

Catching the Urban Wave

By o. J. WALOIE

After 50 years of discarded opportunities, there are now new

and hopeful signs that city life im Los Angeles kaw «

chance of being revived.

http://www. nytines.com/2001/11/27/opinion/27WALD.html?tedaysheadlines

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

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MORE SPORTS WEWS:
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The Atlanta Sywphony Gets a Jolt of Energy

For Robert Spano, while keeping his post as musle director

of the Brooklyn Philharmonic, the Atlanta Symphony

Orchestra is now his official hone.
betp://waw.nytimes.com/2001/12/16/arte/music/16ELLI-heml ttodaysheadlines

Gene Hackman, Hollywood's Every Angry Man

At TL, Geme Hackman continues to cccupy a middle ground

between character acting and movie stardom that hae earned

hin the bland appellation “Everyman.”

https //wew.nytimes.com/2001/12/16/movies/16EDEL. hun] teedayshesdlines

Art in Earnest: The (Self) Importance of Being feadcra

Peter Warth's new biography, ‘Isadora; A Sensational Life,”

leaves Little doubt that the mother of modern dance found

few thinga amusing, least of all heraelf.

http: //waw nyt ines .com/2001/12/16/arte/dance/16TEAC. html ?todaysheadl ines

MORE ARTS NEWE:
Atta: //wew nytines.com/pagea/arta/ index.html ?todaysheadline

NY REGION
ened

Victims! Paniliea Find Wo Salve in Holidays

Even ae the nation geena to crave the warmth of the holiday

hearth with 5 special fervor this year, there are hundreds

of homes where gaiety fa lacking.

btep: //wew, nytimes.com/2001/12/16/nyregion/LEWIDO. html ?todayshead2 ines

S00 Officers to Be Isgued High Powered Weapons Used by Elite
Unit

The assault rifles and aubmachine gune will be used in a

sharper focus on fighting terroricm and will double the

number of officers with high-powered weapons.

htep //www. nyt ines .con/2001/12/16/nyregion/16COPS. html tredayshead] ines

Pollowers of Kahane Are Subjeczs of Inquiry

: 05140

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hetp://uwe.nytines.con/pages/ sports/index. heml?tedaysheadline

arts

eee eer

tzlam Experte Off on a Wild Ride, Willing or Nor

Scholara with am expertise in everything from medieval

Arabic powtry to Middle Eastern terrorism are finding

themselves in the spotlight.
hetp://ww4.aytines,com/2001/11/10/arts/LOPROF. html ?todaysheadl ines

Dissecting the Era of Virgina and Satyra

Peter day, in a new study of Victorian culture, concentrates
on Arthur Schnitzler, copious recorder of hia sex life.
htte://wew.nytimes.com/2001/11/10/arts/10GAY. html ?tedaysheadlines

Saluting a Star With a Galaxy of Her Oxm Making

Ballet Nacional de Cuba has been ruled by Alicia Alonas, who
founded it in 1960 ag an cutgro«th of a small treupe ashe

formed in 1948 in Havana.

betp: //wew. nytimes.com/2001/11/10/arts/10ALON. html ttodayshead] ines

MORE ARTS NEMS»
Nttp:/ fae. nytimes,com/pages/arte/ index.html Ptodaysheadline

BY REGION

eerrcz a. anne

Early Test for Bloomberg: Shaping Police Strategy

With the announcement that Police Commissioner Bernard 5.
erik would leave his position on Jan 2., a Bloomberg
administration could be leoking toward former comnissioner

Raymond “. Kelly.
https //wew. nyt imes.com/2001/11/10/nyregion/LODOLI .brml?tedaysheadlines

One Center Staying Open; Anthrax Found at 4 Others
A Cederal jodge refused « request by the New York Metro Ares
Postal Unice to shut down the Morgan Procesaing and

Distribution Center.
Detps/ www. ey times, com/2001/21/16/nyregion/ 10YORK. html ?todaysheadlines

Threat to Clone Faces Schoole in Roosevelt

01000000000542


Rangers Lose Lindros and Fall to Predatera

After scoring two goals, Bric Lindros crumpled to the ice

with 7.2 seconds remaining in the second pericd of the

Rangers' loss to Nashville.

https //wve, nytimes.con/2001/12/13/sporta/hockey/1IRANG. heal ttodaysheadlines

MORE SPORTS ugMS:
bttp://waw. nytines.con/pages/sporte/index. html ?rodaysheadiine

ARTS
Slinky Winter Garden Opena in Philadelphia

Rafael Vinoly's Kimmel Center for the Performing Arta,

the new howe of the Philadelphia Orchestra, ia precise,

lumingus architecture for lovers of rich, cultivated sound.

beep: //wew.nytimes.com/2001/12/13/arts/design/13K1MM. html ?todayabead] ines

Alvarez Bravo's ‘Lema of Revelations’

More than 100 photographs by Manuel Alvarez Brave, perhaps

the mo@t significant artist in Mexico today, are on view at

the J. Paul Getty Musewn in Los Angeles,

Detp://waw. mytimes con/ 2001/12/13 /arte/fdewion/13RRAY. htel?todaysheadlines

Playing Pinero as Just Enough of « Mese

Benjamin Bratc regurrecta the #pirit ef the playwright, poet
and actor Miguel Pinere in this moody agitated

portrait of the late artist.

https //wew.nytimes.com/2001/12/13/movies/LIDINE.html ttodaysheadlines

MORE ARTS NEWS:
hetp: //wwe, nytimes. con/pages/arts/index.htnl?todaysheadline

MY REGION

Faulty Fireproofing Is Suspected in Trade Center's Sepr. 11
Collapse

As expert whe ix helping lead an inquiry into the collapee

of the World Trade Canter id that inadequate fireproofing

way have played a role.

hetps //wew. nytimes.com/2001/12/13/nyregion/ 13 TOWE. html ?tedayaheadl ines

Yale Proposes That Blite Colleges Abandon Early-Decision

° 05147

1000000000218 _


Enron: Enron Corp. -- Press Release

Northrop Grumman, the Cty of Chicago, Equity Office
Properties and Wendy's in the U.S. and Sainsdury and
Guinness Srewery im the U.K. To date in 2001, Enron has
completed aver 5D transactions with large comsumers.
Enron is also successfully extending its retad energy
products to small business customers, completing over
95,000 transactions im the first nine months of this year.

Transportation and Distribution: The Transporation and
Distribution group includes Natural Gas Pipelines, Portland
General and Global Assets.

Natural Gas Pipelines » Tris segment provided $85 millon
of IBIT in the current quarter, up slightly from the same
quarter last year, Pipeline expansions are underway in high
growth areas and include @ 428 million cubic feet per day
(MMef/d) expansion by Florida Gas Transmission aexd a 150
MMcf/d expansion by Transwestern,

Portland General - Porttand General Electric, an electric
Utility in the neethwestern U.S., reported an [BIT loss of
(17) milton compared to IBIT of $74 milion in the same
quorter 3 year ago. Portland General entered into pawer
contracts in prior pertods to ensure adequate supply for the
recent quarter at prices that were sign#fikcantly higher than
@ctual settled prices during the third quarter of 2001.
Although the rate mechanism in place anticipated and
substantially mitigated the effect of the higher purchased
power costs, anly the amount in excess of a defined
baseline was recoverable from ratepayers. Increased power

cast recowery was incorporated into Portland General's new
fifteoremnanth rate cruchae which hovame effective

itp. www.enron.com/corp pressroom releases’200 1 /ene’68-3IQEamingsLir.himi

11/241

002000000007 18


postponed a decision on selling the unit Saturday night,
hetpi//www. oytines .cem/2001/10/28/business/media/28B2RD. html ?tedaysheadlines

Winning Jet Contract Is a Boon to Lackhesed

The initial development contract for the joint strike

fighter wae for $19 billion, but spending ia expected to

total more than $200 billion over the nexe 2¢ years.

http://www. sytines.com/2001/10/28/business/2aSTR! .henl ttodaysheadlines

Once-Mighty Enron Straina Ueder Scrutiny

At the beginning of this year, the Earen Corporation

oppesred unstoppable. Now the energy company's stock is

Plunging, and questions about ite financea are mounting.

http://www, nytimes.com/2001/10/28/business/2aRwRo. html ?todaysheadlines

MORE NUSINESS MEMS»
beep: //wew.nytimes,com/pages/bus iness/ index.html ?todayaheadline

TECHNOLOGY

seeeeeeeenensesenenettere
Developing Warning System for Biclegical Attack Froves
Difficult

The United States has spent hundreds of milliona ef dallara
trying to develép early warning detectors for biological
attacks but so far the sy#sera are far from perfect,

scientists say.
beep: //wew.nytimes.com/2001/10/28/maticonal/2SDETE. htm) ?todayshesdlines

Government Clawpa Down om Agency Web Sites

In the weeks since the terrariat attacks, government

officials have been removing inforwation fron their

ayencies' Web sites because of security concerna.

Dttp://wew. nyt ines .com/2001/10/28/national/28INFO.btml?tedayshead] ines

Cal Tech Gets $600 Million, a Record Gift

The California Institute of Technology has announced that it

hag received the largest gift co a university, $600 million

from Gorden Meore, the longtive chairman of Intel

Corporation.

https //wew. nytimes.com/2001/10/28/education/2spona.htwl 7todayshesdlines

MORE TECHNOLOGY MEWS:
http://w nyt imes,com/pages/technology/ index.html ?tedayehead] ine
2

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Get FREE annual reports fron BuroLamd.coa,

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INTERNATIONAL

Peery

Foreign Mil-tants Seek Gafe Passage Prom Afghan City

Foreign militants trapped inside Kunduz hove asked to leave

Afghanistan through a protected corridor snd travel to

Pakistan.

hetp://wwe. nyt ines. con/2007/21/22/international /asia/azKUND btm) ?todaysheadlines

Wow bin Laden and Taliban Poreed Jihad Ties

Osama bin Laden's relaticnship with the Taliban belped lead
the Afghan religicus movement into « more global jihsd and,

eventually, doom.
http://w nyt lmes.com/2001/11/22/ international /asia/22TALI. herl?tedayahead]lines

Saudi Sees No bin Laden-Iraq Link

Saudi Arabia's former intelligence chief aaid wednesday that

his government bad aeen no evidence that the Iraqi

government had provided support to Al Qaeda.
hetp://wew.cytimes.con/2001/11/22/internattonal/middleeast/22SAUD. html Ptodaysheadlines

MORE INTERNATIONAL WEWS:
bere: //www. nyt ines .com/pagen/world/ index. heal?tedayshead] ine

Pee ory

Seployees' Retirenent Plan te « Victim as Enroa Tunbles

The rapid decline of the Enron Corporation has devastated
ite erployees' retirement plan, vhich wan heavy with
company ateck.

2

01000000000503


Gabilondo, Jose

From: Carleton, Norman

Sent: Friday, November 30, 2001 719 PM

To: Saladin, Arne; Bar, Shela, Berardi, Steve, Bitsberger, Timothy; Cetina, Ji; Exchner,
Matthew, Gabilondo, Jose. Gross, Jared; Hammar, Vive, Lor Sanatamorena (E-mail.
Nickolotf, Peter; Novey. Michael, Petrangeb, Free. Rosedoro, Brian, Scrulhess, Hoxdiynne:
Sharer, James; Whaley, Jean: Wiedman, Mark

Subject: Cow Jones Newswires: Enron To File For Bankruptcy Mon. Or Tues -Report

November 30, 2001 [WSJ.com

Enron To File For Bankruptcy Mon. Or Tues -Report

Dow Janes Newswires

NEW YORK — Enron Corp. (ENE) will file for bankruptcy protection on Monday or Tuesday,
according to 4 report on CNBC that cited an Enron employee as its source,

According to CNBC, the employee was told the news by his unit vice president,

The Enron employee atso said the Houston energy trading company would lay off 95% of the
company's staff at that tine, and provide employees two weeks severance for each year of service,
according to the television network,

Enron wasn't immediately available for comment.

-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina. cheddar@dowjones.com

00200000000728


Yahoo - Enron in talks for $1-2 bin credit line - WSJ Page | of 1

YAHOO! FINANCE -e! Frsnetore- owe REUTERS B®

{ Latest Headlines | Market Overview | News Alerts }

Monday October 29, 2:45 am Eastern Time

Enron in talks for $1-2 bln credit line -
WSJ
NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp.

(NYSE:ENE - news) is negotiating with banks for a new credit line of between S1 billion and $2 billion
aml could close a deal within days, the Wall Street Journal reported in its online edition on Monday.

According to officials close to the situation, the sew credit would supplement existing credit lines,
largely tapped out after the company drew down shout $3 billion last week to increase cash reserves amd
calm jittery investors’ fears, the Journal reported.

The paper said that an Enron spokesman had confirmed that the company os negotiating a new credit
line, but could not supply any further details.

Confidence in Enron has been shattered following disclosures about its involvement in complex
partnerships. [ts stock has tumbled amid a U.S, Securities and Exchange Commission inquiry into the
company’s ousted Chief Financial Officer's links to some of the partnerships,

Email this story » Most-emailed articles - Most-viewed articles

More Quotes and News: Enron Comp (NYSE: ENE - ous)
Related News Categories: oilenergy, US Market News, utilities

Con 2007 Yahoo! ine Al roves resersed. Prrnacy Policy - Terres of Service
Copprght © 2001 Reuters Linwtec Al nights reearnad. Raputeainen of Mabiitatun ol Heaters cones! @ anmenaty prohtsiad wiheu the pear wrth
corre at Revers Rewtos shel net be habe for ary enars Or delays in fre content oF fot ary acbats leben im rehance thereon

(Queestions ot Comnvetin?

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0500000000910


CNN.com - Nigeria votes 4.3 billion naira to improve power supply - Augest 16, 2000 Page 2 of 3

1's rents
festes! jal Pevoleumn, i (MORE)
Hee ay Sues Noes MARKETS

Raven ob Se re Human brief Nigeria's Ou Production we tt
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0500000000861


Republican party officials accused the White House of

forcing Gov, James 5. Gilmore III of Virginia from his post

as Republican ostional chairman.

http: //wev mytimes.com/2001/12/01/pelitice/O1REPU, html 7todaysheadlines

2 Sides Turn More Heated in Exchanges Over Economy

Democrats intensified their efforte ta portray Republicana

as more concerned about corporate interweats than laid-off

workers and to pin blame for the recession on President

Buah.

http://w. nytines.com/2001/12/01/politics/OtDENS.henl ttodaysbeadl ines

Special Education Increases Cut From Bill

Lawmakers rejected an attempt to guarantes multibillicn
dollar increases for special education aa part of a

sweeping education bill.
hetp: //wew. nytines .con/2001/12/01/education/O1lEDUC. html FtodaysheadLines

NOR POLITICS NEWS:
hetp: //wew.oytines.com/pages/politice/index.htrl?tedayshead] ine

SrortTS

Daylight Is Narrowing for Bowl Kopefuls

Of the 25 postseason bowl games, only five have filled both

brackets, and another nine have selected a single tean.

Much more will be known on Sunday.

beep: //waw. nyt ives com/2001/12/01/sports/ncaatootball/O1LCOLL. html ?tedsysheodlines

Wilpon Might Increase Mets’ Payroll

Fred Wilpon hinted that he might authorize Meta deneral

Manager Steve Phillipa te exceed the team's budget to sign

a top player.

bttp://wew. nytimes.com/2001/12/01/sporta/baseball/oiners html? todayabeadl ines

Security, and Event, Will Be Extraordinsry

Concerned that the country's mogt watched sporting event
would be an inviting target for terrorists, the federal
government and the W.¥.L. are planning extraordinary

“eagurea to protect the Super Bowl.
http: //wew.nytimes.com/2001/12/01/sporte/fosthal]/01SUPE. html? tedaysheadlines

MORE SPORTS MEWS:

071000000000435


Schweizer added, "We would the a relationship in which lending Is only part of
the process.” In future policy, Galogue and monitoring might become more
important, and the bank's contribution might be messured by success in these
grees, Gul if ®e Bank now saw itset as a super consultant, was aware Dat
& would have to offer good advice. “We're only #s good as our ideas,” sald
‘Schweitzer,

The raws comes as Asia Pulse reports that the UN's Econemic and Socal Counc!
(ECOSOC) wil held @ meeting with 2 number of donor countries and agencies euch
8 the IMF and the Viord Bank to Giscess the economic crisis in the Asian

region, ECOSOC President Makarim Wibisore said yesteeday. Wibisono said he
hoped # eumber of finance ministers from the UN member states would atiend the
meeting scheduled for April 18 at the UN headquarters in New York. The meeting
is expected to produce an agreement conducive to the satfement of funding
diScuties faced by Asian countries, he said,

NIGERIA SETS UP JUDICIAL INQUIRY INTO CORRUPTION AT STATE CARRIER. p ww
‘The Nigerian gowernment has set up a judicial commission of inquiry into the Vv

runeing of Woubled state carrier Nigeria Airways from 1983 to 1966, AFP reports ”
Justicn Minister Karu Agabi said yesteraay. Agabi, who inaugurated the

seven-member commission on Tuseday, lold eeporters it was under orders in “bring
to book perpetrators of comuption and economic ormes”

A report by a government panel of inquiry released last month said comeption
and mismanagement # the sir ine between 1983 and 1900 had cost Nigeria $180
mifon and pushed up te carrier's debts to local crecitors to $7,7 evillion and
571.4 million to forsign creditors, More than $50 méhon were “ost in
unexplained “cash payments" while $100 miion earmarked for the establishment
Of Alr Nigerts, « mooted internagonal arm of the carrier, were unaccounted for,
the report said.

Agabi said Wednesday the government did not want the jucicial commission t be a
‘mare foreralty”. The new ovilan government which took power last year was
determined to chase down those involved in past corruption, he said. The
goverment has also pledged to privatine Nigeria Airways and last year appontes
the FC as adviser, the story notne.

in oer news, Reuters reports Exren CEO Ken Lay said he was sueptined at recent

segorts that the World Bask was questioning the faimess of 3 proposed power

investment deal between Enron and Nigeria. Enron was to provide power generating

barges to supply alecticity to the city of Lagos while constructing &

SDO- megawatt generating plant, but the Bank reportedly haa questioned whether ,
the teems were too favorable for Enron.

“Cur people did a negotiated transaction that the gowemment is very happy with,
10 I'm not suse what the World Bank's problem is,” Lay is quoted as saying.
“The World Bank is not always totally enlightened in some of this. They have
other interests that ey bring to the table, but there is @ much Betior
government in Nigeria than we've seen in # long, eng Emo.”

WORLD BANK SKEPTICAL OF PRIVATELY RUN IVORIAN COCOA MARKET.
The Word Bank Is prepared to offer techeical support to Cle divoire’s cocoa
and coffee farmers in ther plans to set up a mew price foring system, provided
itis truly run by the private sector as proposed, Dow Jones reports a Bank
official said yosterday, The cometents by Jon Mcintire, chief economist for he
World Bank in Abidjan, came the day after international lenders eat with leading
Ivorian farmers’ representatives to diecuss their plans for a fixed price

0500000000897


In announcing charges in Les Angeles ageinst two followers

ef Brooklyn Rabbi Meir David Kahane, authorities say

complaints of them singling aut Middle masternere should be

put to rest,

http: / fwwa.nytines,con/2001/12/16/nyregion/1éKAMA. html vecdayshesdlines

YORE NY REGION NEWS:
http: //wew.nytimes.com/pages/nyregion/ index herl trodaysheadline

Seed
Vanity Poul

By MAUREEN DOWD

Fanilisr forms of egotion are piddling compared with the

grandiceity of religiosity displayed by Osama bin Lades on

tape last week.

http: //maw.nytines.com/2001/12/16/opinion/16DO“D. html ?todaysheadlines

Spiritual Missile Shield
By THOMAS L. PRIEDMAN

What was most chilling about the bin Laden tape was the

unidentified Saudi sheik gitting next to him eagerly

needing his head in agreement.

beep: //wew, nytines.con/2001/12/16/opinion/LSPRIE. html ?tedayshesdlines

Tribunals Without the Military
By BURT NEUBORNE

We need mot choose between the unpalatable extremes of

secret military proceedings or an international version of

the O. J. Sinpson trial.
hetp://wwa.cytines,.com/2001/12/16/opinion/ 16NEUB, html ?todayshead! ines

MORE OP-ED MEMS:
brep: //wew. nyt ines .con/pages/opinion/ index, btnl?tcdaysheadline

CONTRISUTE TO THE NEEDIEST CASES FUND

Make an online donation this Holiday Season to The Mew York
Times Neediest Cases Fund to help thousands of people,
visit: bttp://www.nytines.com/neadiestcases

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‘ 05141

- : 1000000000212


“The program will represent the frst eagonally lirked peoject in support of

the Statilty Pact,” the Bark said in the statement, refaring to he
EU-sponsared economic sed political teaty for the Balkans. The program wil be
Snanced with a $38 milos loan from the IBRD and & $30 milion credit fom
WA, said the statement. The US government would provide # $0 seilion grant, in
addition to some $$0 milion in grants from the EU in the 2000-2003 peniod, it
‘said, adding that the six countries would jointly contribute fuer $15 mélton

for the program, AFP also reports.

The news comes as US Secretary of State Madeleine Albright writes in the Wall
Syeet Journal Europe (p.8) that the US commitment to democeac reform in
Croatia has been steady and consistent. And iis part of a greater efor,
undertaken with the EU ‘eed partners in the region, toward a peaceful, united and
democsatic Europe.

J agree wit those who are impatient with efforts thes tar to give He t0 this
promise, Albright wetes. All of us fast tansiate our commitments into acton
‘Gat makes a tangible difference in peopte’s Ives. ‘The March Regone
‘Conference. sponsored by the Werld Bank and fe EL in cooperation with the
Stability Pact, should jump-start the process of improving regional!
infrastructure while marking the region's concrete progress in improving is
trade and investment climate.

WORLD BANK TO FUND RUSSIAN REGIONAL REFORM, EOUCATION. ‘The Russian goverment
yesteeday approved a plan to borrow $20 milion trem the World Banik to finance

regienal budget reforms, Revters reports the government press service said. The

World Bank approved the kin last December, and also plans to finance

‘educational retoems in Russian regions, the Bank's education experts said.

“WWE not be an adjustment loan. This is going to Be an investment in each
region.” Mary Canning. World Bank education progam team leader for Russia, is
quoted as saying. “hn wil be three smal! seb-loans to invest i essential
equipment. refurbishing of schools and teachers’ raining”

The Bank helped the Russian government 10 get 3 $900,000 grant from fr
goverment of Japan to prepare these projects with regional administratons, and
the Bark expects to evaluate aed select some of thee by July, Canning said.
Over the lact two-and-e-halt years, she added, the Bank has been financieg an
‘education reform program in Russia on the federal level wort $68 eviticn.

Jn other news, the Wat Street Journal Europe (p.2} reports that a plan to
restructure Russia's pobtically sensitive national electricity monopoly has
created a rit among supporters of acting President Viacimir Putin, pointing to
ureesaived tensions in the new administaton between free-market Sberals and
adcwocatees of tighter state control of the economy. The ministry is crfical of

any sales of regional power utlities to foraign investors, the story says, bet
UES chairman Anatoly Chubsis, who has strongly endersed Putn and has sought to
influence his economic thinking, said yesterday UES had drawn wp a list of 10
regioea! subsidiaries, five of which would intialy be ofTared to investors,

‘The Werld Bask made increasing private ownership in such utftties one of the
conditions for a structural-aduetmest lan to UES, the sleey notes.

But some sanior figures in the governement svongly oppose breaking up Pw stale
menopety, They say Chubals has acted unilaterally without property consulting
the which holds a majority stake In UES, Some foreign investors #so
question the wisdom of the proposed set-off, ‘They say privatizeion is needed

in the long run but Pat the regional utfiies Hksly 9 be put up for sae

wil attract Htle interest because of chronic problems afflicting the

industry.

NIGERIAN GOVT PANEL URGES CHANGES TO POWER PLANT ACCORD: REPORT. A Nigerian
panel has commended changes to an accord between the Lagos Stale
‘and US company Enron that would being an $800 esillion investmert,

AFP says » local rapert said yesterday. The commettns urged 2 renegotiation cf

oy ,

o0S00000000902


Tuchband, Matthew

From: The New York Times Direct [nyidrect@mytimes corn]

Sent: Friday, December 07, 2001 3:39 AM

To: matthew suchbes@do ieee Qov

Subject: Today's Heactines NYTimes.com Friday, December 7, 2001

TOBAY'S HEADLINES
The New York Times on the Web
Priday, Decerber 7, 2001

former ere reece ene eee- Sponsored Feature ------------------- 7
Examine the World of J. Rk. R. Tolkien

The Wew York Times and New Line Cinema have teamed up to
explore the world of J. &. &. Tolkien. This spomsored feature
includes articles from the New York Times archives, slide
shows of Tolkien's artwork, multimedia presentations fron
New Line Cinera, weekly trivia quizzes and more.

httpi//wew.nytimes.com/specials/advertiszing/movies/tolkien/ index.html

QUOTE OF THE DAY

“Key, the law's the law."
-MIKE D'ANGELO, jury forenan, on comvicting A. Alfred Taubaan of price
Elxing.

hetp: // ww. nytines.con/2001/22/06/arte/O6SOTH. html ?tedaysheadlines

NATIONAL

Indiana Factory Shooting Leaves 2 Dead and 6 Hurt

Neoura after « ing with » co-worker, an angry erployee

opened fire a@ afmall faccory in Goshen, Ind., killing one

worker and wounding six others before committing suicide.

betp://wew,. oytines.com/200L/12/07/national/07SH00-htr] ttodaysheadlines

Mail at Pederal Reserve Tests Positive for Anthrax. but
Csuse Is Still Unclear

A batch of mail delivered to the Federal Reserve on
Wednesday tested positive for anthrax raising further
concern about cross-contanination among letters in the

postal systen,
https //wew.nytimes.com/2001/12/0T/national /o7INQU. html ttedaysheadlines

U.S. Appeals Court Hears Debate on Race-Based Admissions

‘The conatitutionality of race-conmscicus admissions policies
at the University of Michigan was debated before 4

05166

01000000000237


Lobbyists Seek Special spin on Federal Bioterrorien Bill

Lobbyists are trying tc adorn a bill on bioterroriam with
all sorts of special-interest provisions.
http://www nytimes.com/2002/12/11/politics/11LOBB. htm! ttadayshendlines

Sccial Security Panel Presents Options but Mo Unified Plan

Presidest Bush's Social Security commission will take up ite
final report co Tuesday without having reached a consensus,
http: / /wew. nyt imes,com/2001/12/11/politics/2180C! .btnl ttedsyshesdlines

Republican Leader to Announce Plans for His Future, Alde
Says

Pollowing reports that he is considering vetirement, Dick
Armey plang to make an announcement this week about hia

future.
beeps //wew. mytimes.com/2001/12/11/pol itice/campaigns/ 11ARME.htel ttodayaheadlines

MORE FOLITICE NEWS:
http://www, nytimes.con/pages/politica/ index.html ttodayshesdline

Jay Pledler threw for three touchdowns and ran for another

as the Dolphins routed the reeling tndianapolis Colts.

Peyton Manning threw three interceptions.

hetp://wwe, nytimes.com/2001/12/11/sporta/featbal 1/11M1aM. html Ptodaysheadlines

Erstad Is Next cm Yankees’ Wish List

With Jason Giambi's signing all but complete, the Yankees

are considering trading Orlando Hernandez and miner

league pitchers to Anaheim for Darin Eretad.

http: //wew nyt ieee .com/2001/12/11/sporte/baseball/110LNE_ html teodayshead) ines

§.C.8. Pormula works Just Fine
An it has the past three yeara, the 8.0.5. system worked,
Undefeated Miami versus Nebraska (11-1) ia the beat matchap

for the national title gane.
http: //waw. nyt ines .com/2001/12/11/sporte/mcaafoothall/1icoLL. hen rrodayshesdlines

NORE SPORTS HENS: , 05153

01000000000224


OP-ED

esewneceeeeseserreerseses

Cracks in the tubble

By THOMAS L. PRIGOMAN

Will che United States show the same resolve in winning

the peace in Afghanistan ae it did winning the war?

https //www. oytimes .can/2002/01/16/opinion/16FRIE. html? todaysbeadlines

The Pague State

By MAUREEN DOWD

The Bast Const was hit by terrorists four months ago,

leaving many people on the West Coast struggling to figure

eut the right way to respond.

hetp://wwe. nytimes.com/2002/01/ 16 /epinion/16D0WwD. htal 7todaysheadlines

Missing the Story

By PATRICIA MARK

Major news stories are complicated, and the window of

opportunity for learning the rediments is, unfortunately,

limited,

http: //wew-nytimes, com/2002/01/16/epinion/16MARX, html ?todaysheadlines

MORE OP-ED MEMS:
http: //wew.nytimes.com/pages/opinion/ index.html rtcdaysheadline

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’ 05060

01000000000131


Preaident Bush for a few daya.
http: //wew.aytinescom/2002/01/15/pelitics/isvAtu. ktel7todaysheadlines

Bush Administration Rolle Back Clinton Rules for Wetlands

The Bush administration said the changes would reduce
unnecessary paperwork.
httpi//wew. nytines.com/2002/01/15/politics/15WBTL. html ?tedaysheadl ines

MORE POLITICS mews,
bttp://www.nytioes.cen/pages/politics/index.htnl?todaysheadline

SPORTS

Parcells Diemisses Reports That He*ll Replace Dungy

The Tampa Bay Buccaneers fired Coach Tomy Dungy. 8111

Parcells haa bees widely mentioned as a replacement but

Gays "nothing ia imminent.”

beep: //waw nyt imes. com/2002/01/15/sporte/football/1SBUCS. heel ?tedayabeadlines

Big Block Gives Nets the fdge

With 10 seconds left and the score tied, Mets center Todd
MacCulloch made the block that was the key co hia tean's

win over the San Antonio Spurs.
hteps//wew. nytimes .com/2002/01/15/sporte/basketball/15NETS html ?todayebead!] inen

Bonds Signe With Clanta

Barry Senda and the San Francisco Glanta agreed on Monday
night tc # $90 million, five-year contract.
netp://wwa.cytines,con/aponline/sports/AP- BBN -Giante-Sends .htwl ttodaysheadiines

MORE SPORTS umes: ,
bttp://wew. nyt ines .cor/pages/sporte/ index. html ?todaysheadline

ARTS

eee eee eed

Making [and Breaking) an Opera Record: Domingo Celebrates
Verdi

Placide Dormingo's landmark four-Cb set of the corplete Verdi
arias for tenors is far more than a feat.
htep:/ maw. nyt ieee .com/2002/01/15/arte/masic/ 1SROTE. html ?tedayskeadlines

: 05078

1000000000149



The Mew York State educaticn comtissioner moved to dissolve

the academically amd financially troubled Roosevelt achcol

district by next fall.

http://www. nytines.com/2007/11/10/education/20n0cs .htnl ?todaysheadlines

MORE WY REGION KEews;
http: //ww4. nyt ines con/pages/nyregion/ index.html? tedayaheadline

By FRAK RICH
Disingenucus officiel claims of our allies’ atrengths and

cur enemics* weaknesses will come back to haunt the

am@inistration if all dows mat go amecthly.

http://www nytimes.com/2001/11/1¢/opinion/10RICH. html?toedaysheadlines

Ideslogy As Usual

By ANTHONY LEWIS

George ". Bush has not yet underatesd what a wartine

president has to do at home: Put agide ideslogical politics

a0 he can be president of all the people.

http: //«we.nytimes.com/2001/11/10/opinion/ioLEewl.btnl?tedsysheadl ines

An Eosy Bargain With Russia
By BURTON RICHTER

The Anti-Mallistic Missile Treaty is not the cbatacle it's

Made out to be,

http://www. nytimes,con/2001/11/10/opinion/10RICT html tredayeheadlines

MORE OP-ED NEMS=
http: //wew. nytimes.con/pages/opinion/ index. htrnl?todaysheadline

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Check or uncheck the headlines you would like to receive
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1000000000543


IssueAlerts email Page | of 5

Subject: FW: Enron Update: Sagging Stock Price, Increased Earnings Continue to Fuel Takeover
Speculation

cr N
(OSCIENTECH set np pe

7 IssueAlert counuttng fire thet underotands energy ,

November 2, 2001 c ‘

Enron Update:

Sagging Stock Price,

Increased Earnings

Continue to Fuel Takeover THE STRUCTURE

Speculation GROUP
By Will McNamara
Director, Electric Industry Analysis <u

[Mews item from Associated Press] Troubled Enron Corp,
(NYSE; ENE) said it has secured $1 Dillion in new financing,
using fs natural-gas and pipeline assets as collateral, But its —
stock price took another dive after rising a day earlier on oo
takeover speculation. [n afternoon trading Nov. 1 on the New
York Stock Exchange, Enron shares were down 9.3 percent,
or $1.29 4 share, st $12.61.

Analysis: Uke many following this ongaing story, f have
been closely tracking the plummet of Enran's stock since the
Oct. 16 release of the company’s 3Q financial report, in which
@ $6.38-million loss was identified. Since that time, Enron's
stature on Wall Street has Mterally fluctuated by the hour,
burnping up or down depending on the istest news report or
rumor circulating across the Web. The cornpany’'s financial
problems have been well documented, along with the new
Securities and Exchange Commission (SEC) probe into
Enron's financial deals involving its just-dismissed chief K 4
financial officer. For background information on this case and the factors that led to
Enron's current maladies, please review my 10/22/01 IssueAfert, available at
www. scientech.com/rei, [n this article, I will focus exclusively om the new reports
that put Enron in the unprecedented spot of being a possible takeover target
lranically, the very mention of Enron as a takeover target woukl have seamed
ludicrous last year at this time, when the company’s stock had just passed a $2-
week peak of nearly $90 in August 2001. As of early morning treding on Now. 2,
Enron shares were priced at $11.05, illustrating just how low the company has

file/CAWINDOWS\Temporary%201ntemet*.20Files"OLK301 Narticle htm OL 72002

00200000000248


Some of the nation’s biggest insurers are introducing a new

kind of health plan that would significantly change the way

enployees are reimbursed for ordinary medical expenses.
httpi//wew.nytimes.com/2001/12/05/business/OSCARE. html ?todaysheadlines

Steel Producers Seek a Merger. “ith U.S. Help

‘The nation's biggest steel companies said that they were
aaking the Suah administration and Cangreaa to back «a plan
allowing up to half « dozen ateel makerg to merge into a

single company.
http: //wew. nytimes.com/2001/12/05/business/OS8TEE. html ?todaysheadlines

Watching the Plena That Watch the Books
The sudden failure of Enron has generated a new wave of

eriticism that corporate accounting is out of control.
http: //wew.nytines.com/2001/12/05/business/OSINVE. html ?todaysheadlines

MORE BUSINESS NEWS:
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The books division of AOL Time Warner said that it was

cutting back its expensive line of digital bocks and laying

off almost all 29 employees

http //wew.nytines. com/2001/12/08/technology/05n00K. html ttodayshead|inea

They Looked, They Clicked, a New E-Mail Virus Conquered
A new malicious computer virus named Goner began making the

rounda of the online world like an Internet IQ teat.
hcp: / /wew.nytimes.com/2001/12/05/technology/ 0SVIRU. html ?todaysheadlines

Phome Giant in Britais to Cut Jobs

The BT Group, as British Telecomsmnications has been
aid that it would eliminate 4,000 more jobs te

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POLT'

-
President Defends Secret Tribunals in Terroriat Cases

President Bush portrayed the military tribunals ane

detentions of Middle Esstern men as necessary bypreducts of

America’s wartime footing.

https //wew. nytimes.cem/2001/11/30/politice/3OCIVI.html ?todayshead]ines

at Almost

Health Officials Put Cost of Germ-Warfare Def,
Twice Bush Plan

Two leading federal health officials put the cost of

fighting bioterrorism at reughly $2.¢ billion, almost twice

the $1.5 billion the Sush administratice has proposed.
brtp://wew.nytimes.com/2001/11/30/maticnal /iobREP. html ?todaysheadlines

Bush Panel Gutlines 3 Plane for Social Security Overhaul

President Bush's Social Security Cormiasion set out three
options for allowing workers to establiak individual

investeent accounts.
beep: f/waw.nytimes,.com/2001/11/30/politica/3080C! . html 7todaysheadlines

MORE POLITICS MENS;
hetp://wew. oytines.com/pages/politice/ index. html ?todaysheadline

Hokies Say Derfect Gane Will Topple Miami

The Hokies want to ruin Mieni's seaece, crash the #.C.3.

computer and remind fans chat Virgimia Tech ia far more

than the sum of its two sensational seasons with Michael)

Vick.

hetpe //wew. mytines .con/2001/11/20/sparte/ncasfoothall /30COLL. hrm] tredaysheadlines

Richter Gete Sbutout, With Plenty of Help

Mike Richter stopped 22 shots and led the Rangers to a

victory over the Carolina Hurricanes for his first shutout

in 213 games.

http: //wew, nytines.com/2001/11/30/aperta/hockey/ ORANG. html ?todaysheadl ines

Glarbi's Strength Is Yanks' Weaknesa

01000000000446 —


OP-ED

Seecerwenrrsasssseenenens

Enron asd the Grams

By BOR HERBERT

When Senator Phil Gramm and hie wife Wendy danced, it waa

most often to Enron's tune.

http: //wew.nytines, com/2002/02/17/opinion/17HERS, tml? tedayabead] ines

Who Wadits the Auditors?

By ARTHUR LEVITT

The Enron crigia ig# an opportunity to reinvigorate the

checks and balances in the financial systen.
hetp://wew.nytimes.com/2002/03/17/opinion/L7LEVI. html? tedayshead] ines

The Twain You'll Meet

By ROY BLOUNT oR.

Ninety-seven years after his death, Mark Twain ia etill

alive and kicking.

http //wew.nytimes .com/2002/01/17/opinion/17BL00. html ?tedayshead! ines

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05050

1000000000121


tn eed

worse ——

AlO THE WALL STREET JOURNAL MONDAY, AUGUST 28, 208

Enron's Venture Into Deep Water ss 'sirr,ie dria ot eas

E
&
E
&
2
s
&

page fom Mr. Skilling's book, she tran
peted the creation of a 1.5. water exarioet in
which tive liqehd coubd be tracked Surcemteost
the arid West.

eectrctty industries, forcing these wae
own the pipes te make anused capacity
wvallable to others. And unlige decirecs,
al water droplets are oot eqeal. Water
from lerviand rteer Getter east be treatee
foe different (mpurvies than warer Mowing

from mountain snare.

Hints rationalists opposed te the project
aot had even perveated ther to bt ber MNKOT So Se shoe ao raves te met bis
ee er eapied heal pox, | 329 PETARy, theegh, Ct a less agETee
= \ ,
Tusring what bad been the only oman sumer ovtae maul hase

valving water and erderestimated the im and by replacieg cbt Beating ane wentils-
pact of bes restricting ime rade or trassiee. than equipenent at the cilent’s facificies,
Wer, be adds, dt Azarix understand how which generates savings thet Enece anc}

Cow

00500000000853



poLiIrics
zuersceeszere!

$38 Billion Tax Hiatus Preponed

Repiblicana in the Senate gaid they would support a new idea

to free employers and employees from paying Social Security

payroll taxes for ome month.

beep: //waw cytimes,com/2001/11/28/palitica/2eTax.ntel?tedaysbead] ines

Senate Wants to Hear Mere About Cloning

An effort to ban all human cloning failed to advance in the

Senate as opponents of a ban said more time was needed to

ensure the continuation of research.

http: //wew.nytimes,.com/2001/11/20/politices/2ECtLOn. htrlttodayshead! ines

Official Saya We'll Nisa Screening Goal

‘The tranaportation secretary said that his department could

not meet the deadline established in the new aviation

security law for screening airline bagcage for

explosives,

http: //wew, oytimes. con/2001/11/28/politica/26S£0U.btnl?tedsysheadlines

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sports
POTN Ee Ree en eee Rw eee

Selig Offers His Forecast

Comrissicner Bed Selig underwent what seened more like a

Gerenatian than a re-election, then produced as bleak a

picture of baseball's economics as he ever has.

bttp i //waw.nytines.com/2001/11/28/aports/baseball/2aBASE heel trodaysheadlines

Torre Promises Glambi the Job at
First

Joe Torre told Jagem Giambi that he would be the starting

first baseman, not a designated hitter for any extenced

pertod, t¢ Glambi signed with the Yankers.

http i//wee-nytines,com/2091/21/28/aparta/basebal1/2e¥YANK. hom] ?todaysheadlines

Mo. & Terps Knock Off No. 2 Tlliné
Juan Dixon scored 2§ points for Maryland in a win over
Illinois om Tuesday night in the ACC/Big Ten Challenge

hetpi//www. nytines. com/aponline/sperte/AP-BKC-ILlinsia-Maryland.btel?todayebead: ines
4

1000000000482


An investwent group that iscludea the company of the

publisher Conrad M. Black aaid that it planned to start

printing « new daily newspaper in New York City in the

firat few months of 2002.

beep: //wew.rytimes.com/2001/11/29/business/29PAPE. Kem] 7tedaysheadlines

MORE WY RECIO#H NEWS:
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OP-ED

Serene enenn eee eeneesenes

The Tourism Crisis

By B08 HERBERT

When you think of tourism in New York City, think joba,

jobs, jobs.
hetp://wwe.nytines.com/2001/21/29/opinion/2SHERB html ?todaysheadlines

Enemy of My Enemy

By WILLIAM SAPIRE

The ecmity of our enemies should not make [ran cur friend.

beep: //wew. nytimes.com/2001/11/25/opinion/ 29SAPI -htrl?tedaysheadlines

Survivor Security

By WANCY J. ALTMAN

The Sept. 11 attacks show that changing Social Security

could have unintended consequences.

hetp://ww4. cytines .com/2001/11/29/epinios/ 3 9ALTM, html ?todaysheadlines

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01000000000468 ©


execution of cross-border energy swaps. The 5] states will also take necessary
measures to prevent and address illegitimate taking of energy being delivered or
redelivered under cross-border energy swaps.

The Board of EFET noted the role of the Energy Charter Transit Protocol in the long-
term Buropean security of energy supply. Finally, the Board expressed its
appreciation of the principles outlined above governing cross-border energy swaps.

The Energy Charter Conference is the governing body of the Energy Charter Treaty.
The Energy Charter Treaty is a legally binding treaty under public international law
uniting 5] European and Central Asian states in the establishment of an energy policy
foundation addressing transit of energy, energy investment, energy trade and energy
efficiency and environmental policy.

For further info:

please contact Mr Jan Van Aken, EFET on +31 20 520 79 70; jan
or Mr Karl Petter Waern, The Energy Charter Secretariat on + 32 2 775 98 58

00200000000638


Yahoo - Enron's Stock Slides to New Lows Page 2 of 2
Denne said of the $3 billion in credit Enron cashed in last week, $2 billion of it was used to pay short
term debt. Currently, there are no plans for the other $1 billion, she said.

Moody’s on Monday placed all of Enron's long term debt obligations on review for downgrade, citing
“substantially reduced valuations in several of its businesses.”

On Oct. 16, Enron reported a net loss of $638 millon in the third quarter, taking a one-time charge of
$1.01 billion attributed to investment losses, troubled assets amd unit restracturings.

Enron's stock was hammered over the next week as it hecame apparent some of thase losses were tied to
partnerships managed by Enron's former chief financial officer, Andrew Fasiow.

Comcems about a potential conflict of interest touched off an inquiry by the Securities and Exchange
Commission.

Enron ousted Fastow last week.

Moody’s said in a press release the “magnitude of the announced charges will reduce Enron's equity
base and increase nominal financial leverage to somewhat over 5) percent while slashing earnings.”

Email this story - Most-cmailed articles - Most-viewed articles

More Quotes and News: Enron Corp (NYSE-ENE + mews)
Related News Categories: o:lcncrgy, utilities

TOO Search News Lely

(© 200! Vatoot he. AB gre remervert Prvecy Pptcy - Terre of Service
Copyright © 2001 Tha Assoomted Prams Al ngtrs reserved: The brforrmates contained in ha AP News sport reay not be pubtiated, breudcasat,
rewtter, oF rad ertauted without fa prior wtten sutanty at The Assocuned Poses

(Questors of Comrrents?

hitp:/biz-yahoo.comuph0!l 1029%enron_wees_3.html T3OL

00200000000612


The growing trend in corporate bankruptcy hes been

liquidation. What are Enron’s prospects in today's

bankruptcy environment?

http: //waw.nytimes.com/2001/12/30/busineas/JOBANK. heel ?tedaysheadl ines

Ripples Spreading Prom Enron’s Expected Bankruptcy

With business o sliver of its level just weeks ago, Enron,

ence s giant energy trading company, sought protection from

sone of its creditors in Burope.

hetpe//wwee. oytines, com/2001/11/30/business/30EWRO. html ?todaysheadlines

Bouse Votes to Limit Suite by Puture Terrer Victins

The House of Representatives adopted measure that would

provide as mach as $199 billion in government loans to the

insurance industry te cover losaea from future large-scale

terroriat attacks.

http: //wew.nytimes .com/2001/11/30/businesa/I0INSU. html ttedayabeadliner

MORE BUSINESS WEWE:
http://www. nytimes.con/pages/business/index. html? todaysheadline

A judge will be asked on Friday to rule that Excitestome can

cut off Internet accens to ite 1.7 million subscribers, who

are caught in a battle aves the bankrupt cempany's asseta

and future.

http: //mew.nytimes.com/2001/11/30/technology/30NET. html ?todaysheadl ines

Conaidering ‘Community Stendarda’ and Internet Pornography

Tie local community atandarda rule long a guiding principle
of legal thinking om obscenity may soon be shaken up as
the Supreme Court considers Internet pornography and the

geographic diffusion of cyberspace,
http: //wew.nytimes.com/2001/21/10/tecknolegy/JOCYRERLAM. html ?tcdayshead] ines

European Confrontation Over Privacy Rights on the Internet

The two institutions that vote on Burope-wide laws are

facing a confrontation over how much access law enforcement

authorities should have to the digital trails left by phone

and Internet users.

http: / /wew. nyt imes .com/2001/11/30/technology/JODATA, html ?tedsysheadl ines

oo 01000000000445


The rapidly exploding Enron inquiry presents all che

elements of earlier Washington scanmdala, including

earetully phrased denials and accusations of inproper

influence.

httpi// mew. nytines.con/2002/01/11/business/ LASSE. html 7todaysheadlines

Bush Telle Iran Not te Undercut Afghan Leaders

President Bush said on Thuraday that Iran will face

consequences if it attempts to undermine the new interin

government in Afghanistan.

http: //waw.nytieew.com/2002/01/11/international/asia/11TRAN. html?tedayehead] ines

MORE POLITICS xmas;
http://www. nyt ines .com/pagee/politice/index.heml ttodayshead! ine

jave Twins Prom Contraction

After meeting with baseball officials on Thuraday, «

billionaire fron Birmingham, Ala., prepared to take the

next step to buy the Twins and save then from coatraction.

beep: //wew. nyt imes conm/2062/03/11/eporte/baseball/L1TWIN. ktm] ?tedaysheadlines

Chaney Boila Gver After Knicks Are Drubbed

After the Knicks were pounded by Dallaz, Don Chaney was not

the laid-back coach who hours earlier spoke optimistically

about kia crumbling team.

netp: //waw. ayt ines ,com/2002/01/11/sports/basketball /21nMtC. htm) ?todaysheadlines

Bldredge Wins Skating Title by Playing It Safe
Todd Eldredge's throwback ways and elegant style were good
enough for him te win his sixth national title and earn

his third trip te the Olyrpice.
https //wee. nytines.com/2002 /01/11/olyspics/110LYN. html? tedaysheadl ines

MORE SPORTS NEWS:
http: //wew.nytines.com/pages/sporte/ index. html?todayaheadline

ARTS
the Cavera as Witness te ‘Bleody Sunday’

05096

oe ~~ 91900000000167


sions, end the big-wigs weil mestagsinarse
wal loaxesof Wade Cline, Enres weekend worry tofinaiae & pact

re Paggenng dia, 1ayt te comp y sobaticns has contain anumber of
gore of the ot onegeriate” aslongasmatecomirats elements. For a start, the tik

1d of thy witethel the cension

otis

des need wo be
WFitdoes rat theresa giver moe Gime oe pay the debrr that they
swilliopSnanang have accumulsted. Some bridging arrange-

# rot the chies af i pro vo meer its obligation
‘big darrger”'tharlen

Enron inssts, met «

second phase Teese is talk that Even then, whether arranged asmlaxn Somoes-
uy ewen sell\ts stake in Dabhe! alsogerher via the abue of 9 bond securnsmng
Refores could help. A Gil pending in antkipated revenues, well stave off the ist

parlament would enctrusage ful-flecged h and pospone
electric woud allow picy. Then supelien will probebl
siomets besides meres jard ide power af Sxed
Enronto move intoa basicese at Riskeen =o price: uncer lors uu, rather
encourage meme ard = thane ly thro seepotmutbuaen wits
in ceher trance F- price ucsuate ragecly
Jet comes the medium-term Quest
of who will pay the wilices” bills It weer
enian comsaaners w
of them, loth doug
politicians may be 1 pass them on thao
ower in California bet

Light on solutions oe tower 3 ders al

id have desk with mis
MESS camnet pay, it Will moe be the sha:
ut the public in
and abeoad! payment are guareereed Dy Ler
Sas stare and cemtral governments as well
seences me TUT T et
Pat este Nas seer its Qercker De

However, a federal bail
the present adieriris

power atan “seracive daed cae
es 9 help vlablive the

ans are mot res: ¢ the state's energy crisis

ddnaclerthewtil-  Foenia,
tat he sh favours, In ary case, it bebe
Féhar could beaweeded shen! Dae mom managements!
acaticg tgency, eamed affairs. Phd Gramm. a powerful Republica
cote «senator Soe Texas, tape bee will “eigeeously
* any eSorg to “ex Califarrea polite
Fe hook’

on to dhe third longer-term
any schorion: Fixing che mut

we been enduring the
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t have became so routine that hey are
announced ongade the weather Srecast
ening news Southern C.
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? sta go trabe, cut

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reguloson” in Cabfornia James Hoecher,
aires of dhe Federal Energy Rep
mission (Pine), out & bhantly:
prang a4 it may mam 53 some, we car
cap’ California our of a supply
shortage...and genersnoss should nares
funure earnings that dramsancally cust
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4 hdids ere.
fore, 40 attrthieg :@ improve
cheered that che govemor Before Californsa’s lights go out ——_—_—___—

00500000000052


Price-Fixing at Sotheby's Is Depicted

In closing arganents, the ex-chief is alternately portrayed
aa 4 devious price fixer and an innocent
hetpe//www. nyt imes,com/2001/12/04/artxz/ossoTe. ‘neal Peodayshead) ines

MORE NY RECION NEMS:
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OP-ED

peer rerr ri etercs

A Defining Issue

By PAUL KRDOMAN

Behind this disaster for ordinary workers lies a

little-revarked sea change in America's retirement

aysten.

http://www. sytines.com/2001/12/04/opinion/06KROG. html? todaysheadl ines

Dust in Our Byes

By ANTHONY LEWIE

John Ashcroft and his colleagues have sought to conceal the

menacing facts of the Bush order establishing military

tribunals.

https //wew. oytimes .com/2001/12/04/opinion/OsLEW? .htnl ttodaysheadlines

Can Arafat Stop the Violence?

By OMNIS ROSS

Mow, at last, Ya@ir Arafat muat decide that the

Palestinian Authority will not be a safe haven for

terrorists.

bttp: //waw. nytimes,com/2001/12/04/opinion/o4ROSS . htelttodayshead| ines

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CONTRIBUTE TO THE NEEDIEST CASES FUND

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01000000000416


Qnce-Mighty Enron Strains Under Seratiny Page 3 of 8

Iraders that use the company’s Enron@nline Intemet trading marketplace defaulted on their
obligations,

"You suddenly have all these positions they have taken on there are they good? Are the firm's
hedges good’? What's the situation?” Mr. Verleger said. “It's got everyone seared.”

In the short run, Enron’s credit rating may be Hs biggest problem. If the company’s rating falls
below investment grade, Enron could be forced to issuc tens of millions of shares of stock to
cover loans that it has guaranteed. But creating new shares woukd make the shares that already
‘exist less valuable, because thoge shares would no longer represent full ownership of the

company.

A drop in the company’s credit rating could also prompt other energy traders and producers to
back away from doing business with Enron, luring the company’s sales and profits.

Enron’s credit rating stands several notches above the critical point. But its honds, which are
publicly traded, have fallen 80 low that they are now offering interest rates of almast LO percent,
comparable with many junk bonds, Two of the three major credit-rating agencies, Moody's
Investors Service and Fitch Investors Service, have put Enron's bonds on review for possible
downgrades.

“The sssue that’s in the front of everybody's mind right now is credit," said Mark Gurley, senior
vice president and general manager for trading at Aquila Inc., one of the nation’s largest energy
traders. Aquila is based in Kansas City, Mo.

For now, Aquila ard! other major energy traders and producers, including Reliant Energy, the El
Paso Corporation and Dynegy, are continuing to do besiness with Enron. And Mr. Gurley said
that Enron's own trading in the electricity and natural gas markets did not suggest the sort of
frenzied selling reminiscent of the collapse of Long-Term Capital Management in 1998,

“They haven't dane anything trading-wise that gives me any indication they are closing their
books down,” he said.

Still, some executives at other companies said they were looking more carefully at transactions
with Enron, especially long-term contracts. They also said risk-management and credit officers
were calling cach other regularly to discuss the situation.

Mark Palmer, an Enron spokesman, said on Friday that no energy- trading company had
stopped doing business with Enron. He dectined to say whether any of the company's trading
partners had suspended or altered credit terms. He said the company was continuing to see
normal volumes of business,

Burt the crisis that Enron will face if its credit rating is downgraded is just a symptom of the
bigger problem the company must confront. Por years, the details of Enron's finances have been
2 mystery even to the Wall Street analysts whose job it is to follow the company, and to the
investors whe own its stock and bonds. When Enron's profits were soaring and it was creating
lucrative new markets, sharebolders did not seem 10 care about the impenetrability of is
financial statements.

Now they do. Yet the company seems incapable of offering straight answers to the questions

hitp://dailynews. yahoo.com h/nyt/2001 1028 /s/once-mghty_enron_strains_under_serutiny_... LOM

00200000000586


A vast wave of job cute in November sent the unemployrent
rate up sharply, the government reported.
Rttp: //www. sytiows .com/2001/12/08/business/OBECOM. html? today#headlines

Foundation Deals Setback to Hewlett-Packard's Plans

The family foundation that is the largest shareholder of
Hewlett-Packard, said it would vote agsinst the proposal to

buy Compaq Computer.
http: //wea.nytimes -Gen/2002/22/08/teckhnology/ebusiness/0SHEWL.honl ?tedayaheadlines

Malliburton Battered as Asbestos Verdict Stirs Deep
Anxieties

Inveators frightened by Enron's rapid demise jettisoned

Halliburtern #hares after a etring of asbestos-related

verdicts agalnat the company

http: //wew.nytines. con/2001/12/08/buniness/08HALL. html ?todaysheadlines

MORE BUSINESS NEWS:
bttp: //www. nyt ines .com/pages/business/index. html ttodaysheadline

Sorcerer's Stock

The part of AOL Time Warner that investors seem to buying
the atock for iw, of all volatile things, the movie

operation.
nttp) //wew. mytines .con/2001/12/09/business/yourroney/O9MATC, html ttodaysheadl ines

O.K., O.K., I'm Going Cellular

OR the longeat tine, 1 had designe on being the last New

Yorker without 4 cellphone, I was well on my way. I

survived years of direct marketing campaigns, not to

mention family and peer preagure. I envisioned a 30-seccnd

slot on the

hetp://awe.nytines ,com/2001/12/09/business/yourmoney/ O9MYMY hemi trodayahead| ines

24/7 Service, Sut Mho'# Counting?

REALIZE mow that I've been a bit of a rube when it

cores to understending the comcept of time. And I'd like ta

thask Atst for helping me to better grasp the idea, by

enlightening me to the #pace, time, custorer-service

continuum,

hetp:/ swe. nytimes.com/2001/12/09/technology/O9SLAS. html ttedayabead] iner

, 05159

01000000000230


POLITICS

eeeeeeeeenens
Ashcroft Defe
Foes

eeeseee
Antiterror Plan and Says Criticism may Aid

Astorney General John Ashcroft defended the administration's

array of antiterrorism proposals and even accused sone

eritica of aiding terrorists.
Btta://wew.nytimes.com/2001/12/07 politica /otcrvi html ?todayshead) inea

House Supports Trading Powers Sought by Bush

The Houre paseed legislation that gives the Rush

adniniatraticn a stronger hand to megotiate trade

agreements.
hetpr//www.nytines.com/2001/12/07/politice/O7TRAD. html ttodaysheadlines

Republicans in Senate Win Round on Curbieg Spending

Republicana won two early skirmishes tonight in their effort

to bleck $7.5 billion in additional spending for denmestic

security and $7.5 billion im aid to New York.

http://www. nytines.com/2001/12/07/politics/OTCONG. html reodayshesd lines

MORE POLITICS NEWS:
http: //wew.nytimes.com/pages/politica/ index. htel?todaysheadline

SPORTS

Giambi Deal In Expected, but No One Says When

dagen Glarhi is eventually expected to sigh a seven-year
contract for arcund $17 million a year, but Yankees
officlals and Giambi's agent strees that the agreement ia

not completed.
http://www, nytimes, com/2002/12/07/aports/bazebal 1/O7CANK, html ?todayshead]ines

Putting « Price on the Heignan

Besides determining a tight race among quarterback
cordidates, the big questicn looming for the members of the
Downtown Athletic Club this year ia just how much the

Heisran Trophy is worth.
heep://mew.nytines,com/2001/12/07/sports/ncaafectbal) /oTcoL, html ?todaysheadlines

Selig Defends Contraction to Congress
Commissioner Bud Selig told the House Judiciary Committee

, 05169

01000000000240°


Critics Take Aim at Enron's Board Page 2 of 4

Enron's recent struggles mainly stem from off-balance-sheet financing transactions linked to
former CFO Andrew Fastow. Those financing deals, which involved partnerships amd complex
deals not fully understood by investors, inggered a full-blown investigation by the US.
Securities and Exchange Commission (news - web sites}.

Enron says that 118 board approved the transachons ar was Kept fully informed, but critics
hardly find that reassuring,

“What happened at Enron is just a beeakdown in imermal controls,” said Ralph Ward, publisher
of the Boardroom Insider, an online newsletter. ‘If they (the board) did know, then they are in
really big trouble.”

BREAKDOWN OF INTERNAL CONTROLS

Though blame may not fully rest with the board, critics ask why the directors did mot take a
closer look at the deals,

“If they found no peoblems with these deals, it kind of asks you what sort of judgement they
had,” said Put McGurn, vice president of Institutional Shareholder Services, which advises
major institutional investors on corporate governance. “That's the saddest scenario.”

The composition of Enron's board offers insight on its independence and oversight. Low stock
ownership some directors had in Enron is the most striking aspect, said Ric Marshall, chief
executive of The Corporate Library.

Many companies require their directors to own a minimum amount of stock to ensure they have
a personal interest in the firm's performance — just like shareholders. For example, o#l refiner
and marketer Sunoco Inc, (NYSE:;SUN - news) expects directors to own about $220,000 of
stock, and allows them five years to accumulate a stake equivalent to the required dollar value.

According 10 Enron's proxy statement in March, director Paulo Ferraz Pereira, a Brazilian (news
« web sites) banker, did not own any stock in the firm, though he held 3.195 options, and four
other Enron directors held fewer than 3,000 common shares cach excluding options.

Wendy Gramm, another director who formerly headed the US. Commoxtity Futures Trading
Commission, cited a conflict of interest for not receiving Enron stock options in 2000.

“All of these people are saymg: "We're on this board, bul we're pot investing in it,” said
Marshall, the head of The Corporate Library. “There's no way those directors are going to take

the same interest in the well-being of the company as those who have their own money on the
line."

Academic research has repeatedly shown that stock ownership and a firm's performance are
stromply related, MoGurn, the executive at Institutional Shareholder Services, said.

LONG-TIME DIRECTORS

On the other hand, six directors who have been on the board for at beast 16 years, are among
those with a sizable stake in the firm, Marshall said. For example, Belco Oil & Gas Corp.
(NYSE:BOG - news) Chairman Robert Belfer, who has been on Enron's board 18 years, owned

hops dailynews. yahoo.com/N/nny 2001 L104s/utilities enon board de_1.btml 1501

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pOLitics

Bush Adviser Says Russia Is Warning to U.S. ABM Testa

National Security Adviser Condoleezza Rice says Russia's

leaders are becoming persuaded that missile defense tests

are ‘not actually a threat® to their nation,

https /fewe, nytines,com/2001/10/24/internat ional /I8MISS, btnl?tedsysheadlines

Government Clampa Down om Agency Web Sitea

In the weeks aince the terrorist attacks, governmenc

officiala have been removing information from their

agencies’ Web sites because of security concerns.

betp://wew. cytines.com/2001/10/28/national/ 29 INFO. htrl ttodayshesdl ines

Workers at House Offices Begin Anthrax Treatment

Senator Tom Daschle urged the nation to move quickly to
expand its defenses against bicterrories as workers in
three congressional offices began protective treatment.
http: //wew.nytimes.com/2001/10/28/politice/28ANTH, btnl?tedaysheadlines

MORE POLITICS NEWS:
http: //wew.nytines.com/pages /politics/index, html ?tedsaysheadline

The Diamondbacks blistered Mike Mugsina for five rune in

three innings om their way to a 9-1 victory over che

Yankees aod a 1°0 lead in the World Series.

hetp: // www. oytimes.com/2001/10/28/sporte/baseball/2aYANK, ntl ttodaysheadliner

Yankees Co Up Againat Their Storied Legacy

The Yankees’ lopsided lows in Gare 1 wan an cninaus opening

wtep in the the team's atterpt to extend a legacy that

began eight decades ago.

http://www. nytimes.con/2001/10/28/ sporta/basebal 1/2aRHOO.htel?todaysbead] ines

Cornhuskers Stake Claim to Top Spot on Trick Play

In a memorable gare filled with hard hitcing and one
apectacular play, the Cormhogkers defeated Oklahoma to
remain undefeated and stake 5 claim for the top spot in
the BCS standings.

‘

~— 01900000000608 —


http: //waw-nytines.con/2002/01/1¢/arte/television/14JULI. html? tcdaysheadl ines

When Ken Burns Pilots the Twain Riverboar

There*s © maddening collision between Mark Twsin's ironic

sensibility and Ken Burn: familiar, sentimental style in

this accurentary about the writer.

http: / {sew nytines, con/2002/01/14/arts/television/ 14JAmMg. html ?todaysheadiines

Negotiating the Oarkness, Fortified by Poets' Strength

The events of Sept. 11 nailed home my convictions that lyric
poetry dispenses more relief during catastrophic times than
perhaps any art forn,

bteps//wew. nytimes .cem/2002/01/14/booke/14KARR, html ?tedaysheadl ines

MORE ARTS NEWS)
hetp://«we.nytines .com/pages/arts/ index.html Ptodayaheadline

WY REGION

Kelly Seeks Incentives ta Stem Police Exodus

Cormiagioner Raywond W. Kelly is preparing to ask the .
Legislature to allow Wew York police officers some

retirement benefits while still on the job,

https //wwe. mytimes .com/2002/02/24/nyregion/14COPs. html ?rodaysheadlines

Grand Jury Examines Allegations Tax Assessors Took Bribes

& federal grand jury La investigatisg allegations that some

of the city's tax assessors routinely reduced property tax

billa in the 1990°s in return for bribes.

htep: / /wew.nytii con/2002/01/14/nyregion/1¢TAX. html tcodaysheadlisea

After Sept. 11 Losses, Then a Plre, a New Jersey Cherch
Worships on

Ridgewood, a village sbout 30 miles from New York City, has
seen a great deal of symbolic rain lately, beginning with

the deaths of 32 residents in the Sept. 11 attacks.
beep: //www. nyt ives. com/2002/91/14/nyregion/14RIDG, htrl ?todaysheadlines

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05085

1000000000156


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01000000000508


smoke-free lite. Learn about the latest approaches
in svoking prevention amd treatment. For this
information and more vigie:

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a REDIR_shttps//wew.nytines.com/smoki:

INTERNATIONAL

Pee res

indian General Talks Bluntly of War and a Muclear Threat

In remarks that seemed to aurprine India's ow leadership,

the army chief declared om Priday that the military was

fully prepared for a large-scale war with Pakistan.

http: //waw.nytimes.com/2002/01/12/international/asia/12 INDI. html tredaysheadlines

Pirst ‘Unlawful Combatants’ Seized in Afghaniatan Arrive at
U.S, Base in Cuba

Twenty prisonere from the war in Afghanistan arrived at the

United States Naval station at Guantanamo Bay, Cuba,

on Friday, some of them shackled at the legs.

http: //wwe.cytines .com/2002/01/12/international/asia/l2MIL1. html ?todaysheadl ines

Suspects in Singapore Are Linked to Al Queda and Plana for
Anti-0.8, Attacks

Terroriat suspects arrested last tonth were linked with Al

Queda and planned borb attacks against Weatern targets, the

Singapore government said on itv:

http: //mew.nytines.com/2002/01/12/intermational/asia/12S1N6. html ttodayshead) inea

NORE INTERNATICNAL NEWS:
http://www. oytimes.com/pages/world/ index html Ptodaysheadline

The president of the Enron Corporation repeatedly called
Peter R. Pisher, a senior Treasury Department official,

last fall and sought help arranging bank loans.
http://w. nyt ives .com/2007/01/12/business/12EmRO.htnlttcedaysheadliner

Ford to Out 35,000 Exployees and Shut 5 Plants
The Ford Meter Company announced it# moat aweeping cuthacks
in two decades on Friday, terminating 35,000 workers,

closing five plants and dropping four models.
http://www. oytines,comn/2002/01/12/tusiness/12PORD. html ?todaysheadlines

‘ 05088

01000000000159 —


OP-ED

Anes nn rere Tee eeeseeenene

Nr. T., Mr. G. and Mr. H.

By BILL KELLER

i'd like to begin the new year by bidding farewell to three

fen whose departure will raise the median decency of the

United St Senate.

http://www. nyt Lome .com/2002/01/12/opinion/ 12KELL. html ?todaysheadl ines

When a Glfe fant Right

By LAWRENCE NOBLE

In the case of Senmater Robert G. Torricelli, a consideration

of the difference hetwees legal and illesel gifts to a

federal official may prove useful-

http://www. nytines.com/2002/01/12/epinion/12NORL. html 7todaysheadlines

Bisenhower in Kabul

By DOUGLAS BRIWKLEY

On Dec. 9%, 1959, Dwight D. Eisenhower, while om a goodwill

mission to Central Asia and the Middle East. made a

pligrimage to Kabul.

netp://wwa. oytines.com/2002/01/12/opinicn/12BRIN, html?todsysheadlines

MORE OP-ED NEXS:
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HOM TO CHANGE YOUR WpeCRT ETE

You received these headlines because you requested The New
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1000000000163


Yahoo - TRADE [DEA-Junk rating not likely for Enron Page 2 of 2

Another positive is a precedent the rating agencies set with Kmart Corp. in the mid-1990s, when they
tried to avoid being the cause of a company's financial downfall, GimmeCredit said,

Moody's Investors Service on Monday cut Enron's senior unsecured rating to ‘“Baa2” from “Baal” ax
kept iton review for further downgrade, Moody's said its actions were prompted by deterioration in
Enron's financial flexibility since the company announced significant write-downs and equity charges in
previously undisclosed partnership investments.

Last Thursday, Standard & Poor's revised its outlook on Enron to negative while affirming its “BBB-
plus” long-term rating.

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0200000000594


OP-kD

ORO Re TER ekeeeweeeneennene

Cur Wretched States

By PALL KRUGMAN

States are facing a fiscal crisis. Unfortunately, the state

ef th ten is the shape of national thinga to core,

http: //wwenytines,com/2002/01/21/opinion/LIERUC.ktnl?tedayshead! ines

The Greater Danger

By WICHOLAS D. ERISTOP

Perhaps the moat interesting question today in foreign

policy is not what we do absut Iraq, but what we do abour

Worth Korea.

https //wew nytimes.com/ 2002/01/21 /apinion/21mRTS. html ?todayshead! ines

Bold New Look, Tired Old metaphor

By DAVID GELERNTER

Apple needs to rethink the way computers work, not just how

they look.

bttpi//www. mytimes .com/2002/01/12/opinion/11GELE. html ttodaysheadlines

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ENTERMATICOAL

-aneeee
Militias im South Nearing Siege of Taliban's Last Major
Bastion

Aided by American air power and ground troops, oppesiticn

forces in southern Afghaniatan are on the verge of laying

ziege to the city of Kandahar.

betp: //wew.nytines .com/2001/11/30/international/asia/3OMILI.htrl ?todaysheadlines

tavel of Pood Aid to Afghana Drepa

A crucial bridge into northern Afghanistan remains closed

due to poor security, cutting off the moat prenising avenue

for shipping in relief aid.

hetp:// www. aytines.con/2001/11/30/international/ SORMLI -htrel ttodaysheadiines

Another Arab Bombing Kills 3 Israelis
A Palestinian bomber blew himself up on an intercity bua
nesr Eadera, Israel, on Thureday night, killing three

Teraslio amd wounding nine.
http: //wew.nytimes,com/2001/11/30/internaticansl /30MTDE, html ?todaysheadlines

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BUSINESS
WOR ee anew eee neeneneeenee

Liquidation I# the Trend, as Opposed to Reorganizing
2

— Oo 01000000000444


Senate Rejects $17 Billion Bill to Aid the City

Senate Republicans killed a Democratic plan to provide $17
billien of aid to Mew York, along with a sinilar ancunt

of mooey for various domestic programa te combat terrorism.

http: //wew.nytimes .com/2001/12/08/politics/OscONG. html ttodaysheadlines

Bloomberg Choices for Top Aides Set Inclusive Tone for
Mayoralty

Mayor-elect Michael R, Bloomberg named three Geputy mayors

to his administration, « power triumvirate formed by a

longtime close aide and two men hardly known to the

mayor-elect.

https //wew.nytimes .com/2001/12/08/Hyregion/O8BLOO. html ?tadaysheadlines

NORE NY REGION NEWS:
Attp://wawe.oytimes. con/pages/nyregion/ index html troday#headline

OP-ED

SST PTT STEED Ecce deeeeeene

Confessions of « Traitor

By FRANK RICH

It's no longer just politically incorrect to criticize

George W. Bush or anyone im his adniniatraticn these days

now it's treason.

hetp://www. mytimes, com/2001/12/08/opinion/0&RICH. hem) trodaysheadlines

Bope Againet Hope

By ANTHONY LEWIS

Reliance om force te solve the laraeli-palestinian conflict

is futile and tragic on bork sides.

http: //wew. nytimes.com/2001/12/08/opinion/OBLEW!. ktm] ?tcdayshesdlines

The Afshans Need Averica, and They Know [t

By LAILI ZIXxRTA HELMS

For peace and a just government to take hold, Afghanistan

needs a triumph ef unflinching American reason.

betpe//www. mytimes .com/2001/12/08/opinien/oeueLe html ttodaysheadlines

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CONTRIBUTE TO THE NEEDIEST CASES FUND



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0500000000880



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bttp://waw.nytines, com/pages/ sports/ index.html ?todaysheadline

ARTS

Jokes Aside, It's the Hips That Oo the Job

Sohn Leguizamo wses his intensity to turn comedy club

material about sex into something vital enough to fill a

Broadway house.

https //www.nytimes.com/2001/12/03/arte/theater/ 03584. htm) ?todaysheadLines

Ttaly Plane te Have Private Sector Run Museums

The Italian government plans to take bids and turn over

management of its museums. But it will retain legal

oanership of the properties ond reeain responsible for the

preservation of the art.

http://www nytimes.con/2001/12/03/arta/design/O3MUSE.ntml?redaysheadlines

A Backyard That Belonge to No One and Everyone

"Central Park was built ta make thia city civilized," the

historian Barry Lewis says in thia effervescent valentine

te this “country extate for every Mew Yorker.*

hetp:// www. yt ime com/ 2001/12/03 /arce/television/ OIMERT. heel? tedaysheadlines

MOBE ARTS NEMS»
bttp:/ /wew-nytimes,com/paqee/arte/index.btnl7tcdaysheadline

WY REGION

Postal Center in Comnecticut Shows Traces of Anthrax

Trace amounts of anthrax spores have been found in the

distribution center that sorts the wail for the $4-year-old

woran Gied last month of inhalation anthrax.

http: //«wa. nytimes.com/ 2001/12/03 /nyregion/GIYORK. html ?todayabead] ines

Green Lacka Plan B, but Politica (and Beard) Nay Be Out
When Mark Green spoke recently with Ralph Moder, hie
leagtine friend, he wan azked 4 question that haa heen on

the minds of many New Yorkers: What nexc?
http: //wew.optimes com/2001/12/03/nyregion/ 0IGREE. htm] ?todaysheadlines

Deala, Debte and the Choice for Speaker in Maw Jersey

Out of a maze of deals, allegiances and grudges, a forner
s

01000000000429


POLITICS

saeererenenscsseseenennen
Mining Company Gets Protection in Legi#lation Pushed by
Daschle

Lawmakers agreed to relieve a South Dakota corpsny,

Manestake Mining, of any Jeyai 1 liability far damage done in

@igging gold in the Black Hill

http://www. nytines .com/2002/01/03/politics/O3MINE html *tedayshead)ines

Senate Seeccrate Plan to Subpoena Enron Papera

Senate Democrats plan to subpoena documents fron Enron

executives and to examine the company's high-level

connections to the Bush administration.

bttp:/ /wew nytimes.com/2002/01/03/politica/OIENRO.heml ttodaysheadlines

Jewish Groups Endorse Teugh Security Laws
Jewish erganizations have been silent on or even suppertive

of the Bush administration's counterterroriem legislation.
hetp://wew. nyt imes.con/2002/01/03/politices/osJEWS. html ?tedaysheadl ines

WORE POLITICS NEWS)
http://www. aytises.con/pages/politics/ index.html ?todaysheadline

SPORTS

.
Plorida Rolls in Orange Bowl

Despite starting without Meisnen Trophy runner-up Rex

Grosemsn, Florida shattered the Orange Bowl Claeaic record

far total offense in a lopsided victory over Maryland.

htcp: //mew.nytimes .com/2002/01/03/sporte/ncasfootbal1/030RAN html ttodayabead] inex

Twe Oifferent Approaches to One Prize

‘The Cornhuskers plan to presoure Mismi quarterback Ken

Dorsey, while the Hurricanes will try to combat Nebraska's

Eric Crouch with apeed.

hetpe//www. nyt imes.com/2002/01/03/aports/scaafoctbal l/03ROSE. html ?todayshead! ines

Testaverde Tries to Clear the Air
Vinny Testaverde spoke to Merman Edvarde and offensive
coordinator Paul Backett co clarify controversial comments

he made after Sunday's loss.
Nttp://uwa.nytines,com/2002/01/03/sports/ football /O3 JETS. html ?tedayubead] ines

: 05121

~~ 91000000000192


https //wwe, oytimes.com/2001/11/09/business/O9POWE. html ?todaysheadlines

Does Enron Trust It# New Wurhere? It Doesn't Act Like It

Enron's restatement of earninga did not oa far enoegh to

allow investors to understand all of what went on during

the company's many strange transactions with related

parties.

http://www. cytimes .can/2001/11/09/business/O9NORR btm) ?todaysheadlines

Fewer Cholces for Workers on jenefite
Tens of thovaands of erployees are being forced to drop

their health plans and choose a different one this month.
http://w. nytines.oom/2001/31/09/business/O3CARE, html ?tcdaysheadlines

MORE BUSINESS NEMS)
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TECMNOLOGY
ona enene newer ee eenneuees

After Slower Sales and Miaetepa, Chief Resigns Prom Paln

Miced in a soles slump, Palm Inc., the hand-held computer

vaker id that ite chief executive, Carl J. Yankowaki,

had igned,

http: //wwe.nytines, con/2001/11/09/technology/09PALM. html ?todayshead1 inea

Court Says Prance Can't Censcr Yahoo Sire

@ federal judge ruled that the United States Conscitutlon’s

protectiana of free speech trumped a French order requiring

Yahoo to remove Nazi materiale fron ita Web site.

https //wew.nytimes.com/2001/11/09/technology/OSYAHO. htm] teadayahead] ines

Random House Is Drepping E-Beok Imprint, but Net &-Bcoks
The Randen House Trade droup, one of the first publishers to
announce the creation of a line of purely digital books

last year, became the first to cancel that idea.
hetp:// www. nyt imea.com/2001/12/09/technolegy/09R00K, html ?todaysheadlines

MORE TECHNOLOGY WEWS:
http://www. nytimes.cem/pages/techmology/ index. htal?tedaysheadline

01000000000547_


Device

The award-winning inventor Dean Kamen plane to dencnatrate

hia hotly anticipated mystery creation: 4 two-wheeled,

battery powered device Geaigned for a aingle atanding

rider.

http: //waew.nytimes.com/2001/12/93/technology/ 03THIN. html ?todaysheadlines

fax Portraya « War of Good and Evil, and Many Applaud

Fox, led by Roger Allee, haa pushed television mews where it

hag never gone before: to unabashed and vehement support of

a war effort.

http://www. nytises.cen/2001/12/03/business/O3FOX. html ?todaysheadlines

MORE BUSINESS NEWS:
hetp: //www. oytimes.com/pages/business/index. html ?tedaysheadline

‘TECHNOLOGY

Serereccesecrssssseeseese

An Invenror Unveile Hia Myoteriows Personal Transportation
Device

The award-winning inventor Dean Xanen plane to demonstrate

his hotly anticipated mystery crestion: a two-wheeled,

battery powered device designed for « single standing

rider.

http: / /wew nytimes.com/2001/12/03/technology/O3 THIN. btm] ?tedaysheadlines

Discounts Aid Sales of Mew PC's

‘The reeling personal computer market, whose fortunes turned

sharply downward last holiday season, is showing some signs

of life this season.

http://www, nytimes,.com/2001/12/03/technslogy/CISALE. html ttodayshead) ines

Steve Jobs Rejects Microsoft Plan

Steven P. Jobe says that Microsoft's proporal to settle

antitrust lawsuits would allow it te dig into the education

market, one of the few Microsoft does not dominate.

hetp: //waw. nytimes.com/2001/12/03/technology/ 03APPL. html Ptodaysheadlines

MORK TECHNOLOGY NEMS:
beep: //waw. nyt ines .com/pagea/ technology/ index.html ?todaysheadline

POLITICS

01000000000427


MORE TECHNOLOGY NEWS:
http://w. nytines.com/pages/tecknolegy/ index.html ?todaysheadline

U.S. Saya Thousands of Letters Might Se Tinged with Anthrax

The secretary of Health and Human Services aaid that cone
tens of thousands of letters might have been contaminated,
http: //wew.nytines.con/2001/12/04/politics/0¢ANTH. heal ttodaysheadl ines

White House Issues Alert of New Terrorien Threat

The director of homeland security warned there could be new
terror strikes against the United States in the next

several weeks.
httpi// www. nytimes.coa/2001/12/04/politicn/04ALER. html ttodayahead| ines

Senate Seclines to Take Up Proposed Cloning Moratoriun

It now appeare unlikely that the Senate will emact cloning
legislation this year,
http: //wew.nytimes .com/2001/12/04/politics /04CLON_ html trodayshead) ines

NORE POLITICS MEWS;
http: //waw. nycines.con/pages/politics/index. html ?tedaysbead] ine

sports

Steen renee Te Ee eeeeee eee

Vols Gain Position in 8.C.5,

Tennessee moved up to Mo. 2 in the latest B.C.3,. standings,

but if the Volunteers lese to L.£-U. on Saturday, the

legitimacy of the system will be questlaned.

netp: //waw.nytines, con/2001/12/04/sporte/mcaafostbal 1 /94n0ML, html Ptodaysbeadl ines

PCA Tour Nas Courses for High School Junior

Ac LT, Ty Tryen becane the youngest player ever to earn a

PGA Tour card when he abot a six-under-par 66 during the

fina) round of the tour's Qualifying Tournament.

http://www, nytimes.com/2001/22/04/sports/golf/O4GOLF. html ?todaysheadl ines

Pavre Engineers @ Packer Conmback

Brett Favee threw three touchdown passes ated ran ¢ yards for

the game-winner with 1/30 left to rally Green Bay to a win

over Jacksonville.

http://www. nytines. com/aponline/sporta/AP-rmK-Packers-Jaguars. htrl Ptodayabeadlines

4

7 07000000000414


http://www. cyt ines .con/pages/sporta/ index.html ttodayaheadl ine

ARTE

aneeeeceeeseseseses
George Harrison, ‘Quiet Beatle’ and Lead Guitarist, Dies at
38

George Harrigon, the youngater of the Beatlea who composed
gome of their fost venerated songs, died om Thuraday in Loa

Angeles.
http: //wew.nytimes .com/2001/12/01/obicuaries/OlCEOR. html ?rcdayaheadlines

Break Up Afghanistan? Why Wot?

Some experte believe ethnic groups that have been warring
for generations would be better off in separate naticns.
http: f/waw. nyt ferme com /2001/12/01/arte/OlPROF. htnlrtedaysheadlines

A Black Author Hurls That Word as a Challenge

Randall Kennedy, an African-American echolar at Harvard,

arguea that new uses of “nigger” are helping to exorcise

the word's power as America's paradigmatic ethnic slur.

http: //wew.nytines.con/2003/22/0t/becks/o1B00k. html ttodayshesdlines

MORE ARTS NEWS:
http: //uwe. nyt ivme.com/pager/arte/ index.html ttodaysheadl ine

NY REGION

Teen eee eT een eee eeee

Coanecticut Detecta Anthrax on a Letter Near Victim's Heme

Connecticut officials said that a trace amount of anthrax

bad been discovered on a istter delivered near the hone of

® M-year-old woman who died of the disease Last week,

http: //wew.nytines,com/2001/12/01/nyregion/OLANTH. htel ?todaysheadl ines

Shoplifcing Charge Enda U.S. Manbunt for Real Estate Heir

The nationwide manhunt for Robert A- Durat, the acicn of «
wealthy Manhattan real eetate fanily, ended when he waa

arrested for shoplifting.
https / fwew. nytines, com/2001/12/01/nyregion/O1DURS, html ?todaysheadlines

Bush Picks Virginia Prosecutor for U.8. Attorney
President Bush announced that he would nominate Janes 5.
Comay a# United States attorney for the Southern District

of Wew York to succeed Mary Jo white.
s

01000000000436


feedback@nytimes.cem ao that we can track any reports of problens:
393346 7

Por information on advertising in e-mail newsletters or
other creative advertising opportunities with The New York
Times om the Web, pl contact Alyson Racer at
alyscetnytines.com or visit cur online media kit at

http: //waw.nytines.com/adinfo

05156

— 01000000000227 —


Schweitzer acted, “We wontd like a relationship in which lending is only part of
the process.” In fture policy, dialogue and monitoring might became more
important, and the bank's contribution might be measured by success in these
genes, But if the Bank now caw leolf as a super consultant, i was amare that
it would have to offer good advice. “We're only as good as our ideas,” said
Schwerter.

The news comes a8 Asin Pune reports that the UN's Economic and Social Council
(ECOSOC) will hold & meeting with a number of donor countries and agencies such
88 the IMF and the World Bank to discuss the economic crisis in the Asian

tagion, ECOGOC President Makarim Vébisoro said yesterday. WBisono said he
hoped @ sumer cf fnaece ministers from the UN member states would attend the
meeting scheduled tor Apel 16 at the UN headquarters in New York The meeting
is expected Io produce an agreement conducive to the setiament cf fusding
ifcaities teced by Asian countries, he said.

NIGEMGA SETS UP JUDICIAL INQUIRY INTO CORRUPTION AT STATE CARRIER.

The Nigerian government has set up a judicial commission af inquiry into the
funring of troubled state carier Nigeda Ainemys from 1963 to 1999, AFP raports
Juste Minister Kanu Agabi said yesterday. Agabi, who inaugurated the
teven-member commission on Tuesday, told reporters % was under orders fo “being
to book perpetrators of corruption and ecomemic crimes".

A report by # government pane! of inquiry released last month said corupicn
aed trismacagement at the aitine between 1983 and 1999 had cost Nigeda $180
milion and pexhed up the cartier’s debts to local credlors to $7.7 milion and
‘571.4 milion to foreign creditors. More than $50 milion were “lost” in

“cash payments” while $100 mifion carmarked for the establishment
of Air Nigeria, @ mocted intarmertonal sem of the carier, were unaccoumted for,
the ropert sald.

Agabl said Wednesday the government did mot want the judicial commission to be a
“mera formality". The now civilian government which tock power leet year was
determined to chase dows those invuived is past corruption, he eaid. The
government has also pledged to privatize Nigeria Airways and last year appointed
the IFC as adviser, the story notes.

in other news, Reuters aparts Enron CEO Ken Lay said he was surprised at recent
reports that the World Bank was questioning the fairness of # proposed power
investment dea between Enron and Nigeria. Earon was to provide power ganerating
barges to supply electricity to the city of Lagos while consirecting a

‘SO0-megawatt generating plant but the Bank reportedly has questioned whether
the terms were too favorable for Enron.

“Our people did a negotiated transaction Pat the goverment is very happy with,
so I'm not sure what the Vworld Bank's problem is,” Lay & quoted ae saying.
“The World Gank is act alwys totally enlightened in some of tis. They have
other interests that they bring to the table, but there is « much better
Qovemment in Nigeria than we've seen in # long, long tine,”

WORLD BANK SKEPTICAL OF PRIVATELY RUN IVORIAN COCOA MARKET.
‘The Werld Gank is prepared to offer inchnical support to Che divorn’s cocoa
and cofles feemers in their plans to set up @ new price fixing system, provided
it trvty run by the private sector as proposed, Dow Jones reports a Bank
offical said yesterday. The comments by Jon Mcintire, chief economist for the
World Bank in Abidjan, came the day afer intematonat lenders met with leading
tvortan farmers’ representatwes to discuss their plans for a feed price

a.
WV"?
a Y

0500000000919


Tuchband, Matthew

Fram: The New York Times Direct [nytdiract@gnytines com]

Sent Thursday, January 10, 2002 3:38 AM

To: matthew tuchbanddjdo reas. gov

Subject: Today's Headlines tom NYTimes.com Thursday, January 10, 2002

TOPAY'S HEADLINES
The Mew York Times on the Web
Thureday, January 10, 2002

Yor mews updated throughout che day, visit wey.nytimes.com

QUOTE OF THE DAY

seeneenenecrrresessesesen

“Do we really want to bid for the genres in the future? It's a
valid question. I believe the money ix well epent, it makes

4 great atatement for peace. But ig it a good investment?”

“MITT ROMNEY, president of the Salt Lake City Olympic organizing
committee, on the cost of bolding the Games in the United
States.

http://www. oytines .con/2002/01/10/olympics/LOUTAS. html? tedayakead] ines

BATIOUAL

oeeeeenenenneen
House Seeking to Restore Pood Stam Aid for
NWoncitizens

The Sush adminiatration proposed on Wednesday to restore

food stamps to many legal iemigrants whoee eligibility was

restricted by the 1996 welfare law.

https //wew, nytimes.con/2002/01/20/national/209UDG. btnl?tedaysbeadlines

Bockey Father Takes Stand in Defense of Killing
Themes Junta, the man with charged with manglaughter in the
beating death of another father during a hockey game, teak

the stand on Wednesday.
hecp:// www. nyt lees .com/2007/01/10/national/10B0CK.ntml?todaysheadlines

Justices Chide South Carolina in a Death Sentence, Agsin
The Supreme Court took South Carolina's high court to taek

on Wednesday for the third tine over its sentencing

procedures.
http: //wew.nytimee.com/2002/091/10/national/10SC0T. hemi ttodayaheadlines

NORE NATIONAL NEWS:
hetps//wew, cytimes.com/pages/national/index. html ttedayshead! ine

| beieieeaiinde “««s ADVERTISENENT --------------------- \

WYU Brings Corporate Trainera to the Web
05100

~ 01000000000171


Tuchband, Matthew

From: The New York Times Direct (nytdirecteinytimes corn]

Sent: Wecnesday, November 23. a 3:39 AM

To: Matthew tuchbandhde trees.

Subject: Today's Meadines from NyTines.com Wechnesday, November 28, 2001

TOOAY'S HEADLINES
The New York Tites on the Web
Wednesday, November 26 Bone

Holiday Shopping

Take advantage of special offers and discounts -~ on gifts,
travel and luxury iters from NYTineo.com's premium
advertisera -- with the Holiday Shopping E-Mail.

holida:

http://www. myt ines con: rvices/enail/enai} he
\

QUOTE OF THE DAY

eee ee ceecennseeesceeneeee
“Terrorists and invaders, come to ruin our country. I vender

what they are thinking now.”

"AGHA MUMAMNAD, guarding « caravan of Taliban prisoners, mostly Pakisranla.

hetpi//wew. nytines .com/2001/11/28/ international /asia/2aCcaRA.htel ttodaysheadl ines

WATIONAL

Ashcroft Offers Accounting of 641 Charged or Held

Attorney General John Ashcroft: provided for the first tine

the nares of 91 people chargec with crimes arising trom the
govermrent’s investigation of the Sept. 11 attacks,

http: //wew nyt ines .com/2001/11/24/natianal/24INQU.htrl?todayshesd!| ines

Suprem Cour: Dismisses Challenge in [te Main Affirrative
Action Case

Supreme Court justices dismissed a constitutional challenge

te « federn) highway contracting program and conceded chat

the cage haé been “*inprovidently granted."

hetpe//wew. cytines .com/2001/11/28/national /28s0oT.honl rtodaysheadlines

Student Charged in Plot She Warned About

A Li-year-ald sirl who police say warned a teacher about a
student plot to atage « Columbine-atyle rampace killing at
her high school was charged with comspiracy to cormit

wrurcer.
http: //wew.nytines .com/2001/11/28 /education/28SCHO. html ?tadaysheadlines

01000000000479


http://www. oytiner,con/2002/11/09/mational/o SBORE. html ttodayshesdlines

MORE NATIONAL NEWS:
httpi//wew. nytimes.com/pages/nat ional /index. html ttedaysbhead! ine

fon--ne~s eee eeeseeeee= ADVERTISEMENT -~-~=.«-------------- ‘
John Grishan Is Back - Listen To Skipping Chriatmas Fer Juet $1.95

Dawnlead and listen to Skipping Chriatras, the latest beat seller fron John Grisham, or
select from any title im our stere ~ we have over 20,000 te choose from including the
latest frce Stephen King, Anne Rice and Robert Ludlum. Download and listen to your first
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hetp://ade.nyt,com/th.ad/th-audible?3/audiblel2.9.htmi/?
_AM_REDIR_ehttp: //wwe.audible.con/nyt/special26
ee eee ee Be eee ee eee ee wee eee i

INTERNATIONAL

U.S. Commander, Saying Rebela Need Nelp, Hints More Troopa

Gen. Tomy &. Franke gave his first Washington briefing on

Thureday ag the Northern ALlionce claimed it was close to

capturing the key Afghan city Mazar-i-Sharit.

http://www, nytimes.com/2001/12/09/international/OSNILIherl ?todaysheadl ines

Shackles Off, Russia's Muslims Are Seil] Chafing

In Russia, even in tolerant Tatarstan, che atate reaction to
Islan seena to depend very mach on what form of Islam it

is.
http://w. oytines -con/2001/11/09/international /eurepe/ooRUss. hom ?todayshead] ines

Pakistan Tries to Split Arny Prom Mullahs

Seeking to undercut militant wallabs, Pakistan hao arreated
religious leaders and sidelined officers with ties to

religious parties.
http: //wwa.nytines .com/2001/11/09/international/asia/O9STAN. html ?codaysheadlines

MORE INTERNATIONAL NEMS:
http: //waw.nytines .cen/pages/world/index. html ?tadaysheadline

BUSINESS

Enron A@nita to Overstating Profits by About $600 Million

Enron sliced more than half @ billion dolisrs fron ita
reported profits over the last five years, yet Dynegy still
oppeared to be willing to acquire the anergy corpany.

z

a 01000000000546


General Electric Mluminates the Market's Fuare Page 3 of

AP - Natwark Appience In= COMPUTER Hi:
NO/V260 13.28 14.27 13.09 1216 178783 162 NASDAD

NTAP is up nearly 100% ~

in 6 weeks. But, now

the real fun begins as #

trae to take out thie ~
resistance level, [f you

hove profits, I'd be a seller
now, ewebng further dewelopmernts

meciFocus Inc CONSUMER OURABLES - 5

adi

DFXI has 6 good setup,
but has s tough road ahead.
First it needs te break up from
‘this triangle, and if it di m4
probably mows to this ri
Then ® needs to clear that reottence
to make a new tegh. Ooable, but
St frankty unlikely. In fact, I'd piace —

better odds on a downside breakout
if whech case, I'd get short. bl dy

[GE - Generel Elechic Co CONGLOMERATES -Cerg
1OV26/0) 3824 3898 J7ED IBGE IHS +108 NYSE CG

Wart to plot the future
tha market? Just match and
GE breaks up or down,
bullen, Down = bearish
Can't Be clearer than thet.

itp:www.thestreet.com!_yahoo!funds!gbhs/10003170.heml 13001

00200000000618


(CNN. coe - Nigeria votes 43 billion naire to improve power supply - August 16, 2000

Page | of 3

en Elvides
Pig doring
yiets hums
Caraclects

Chck Here ee .
Piay video
world > africa ; Watch
[CRN Stes By myCN | Video | Audio | Headline News Brief | Free E-mail | Feedback tla
MAINPAGE [CNN Bae

WORLD = Nigeria votes 4.3 billion naira to improve

Satrica su CO
. power supply p=
masia protic epee 6, 2000
Seurope posted at: 12:04 PM EDT (1604 GMT) Ey
outein sess LAGOS, Nigeria (Reuters) ~ The Nigerian will spend about 4.3
us, billion naira ($42 million) to extend electricity swpplies to all rural areas im = WORLD
mashes the West Aftican country, a newspaper reported an Wednesday, Tor stom
Video wnaje
a The independent Thisday the chairman of the techaical committee af | aToae ts
SPACE State power ly NEPA, Liyel Imoke, a3 s#ying Ghat the project was
WEALTH part of President Olusegun pe a plans to tackle poverty m Tums moun
ENTERTAINMENT producing country of over 110 million . senhquaie
POLmics pen nt
Law Imoke said the government had comcduded plans to increase power generation Es
TRAVEL by the National ic Power Avthority (NEPA) to meet the expansion
plan, alee
pQ0D or
ARTS A STYLE wor
BOOKS “Over 2,000 megawatts of electricity will be generated by the end of this
' Amid tregict
MATURE year,” Imoke said. prt oa
INDEPTH focanided fo
ANALYSIS Nigeria currestly generates only 1,400 megawatts of electricity from a
LOCAL — ible Outpet stony 6,000 megawatts duc to broken down units Eoranies
myChN lowing years of neglect by successive military regimes. —
Headine News trief eon
ones cue President Obasanjo’s government has commenced » major rehabilitation icon
dady alnanac programme for the power plants, ahead of NEPA’s privatization towards the TO? STOR!
end of next year. Video image
MULTINEDEA, danuge'
veer Copyright 2000 Reuters. AV rights reserved. This materia! may not be
video arctewe published, broadcast, rewritten, or redistributed. eae.
sudo romnaton
mgtrreca showcase
mare soreces RELATED STORIES: SS Newepecat.
EMail Nigena resumes air Sinks to U years Lederran c
‘Subscribe to one of our August 15, 2000 a 5. after sx ‘nest roster
renern tal. poems vesnae 18 in. Nigeria (MORE)
baleahaia Big of, World Bank face big opposition to West Aftica pipeline
I 8 June 6, 2000 BUSINESS
Computer model sheds ight on African electricity Iracke
January 6, 2000 Waedeg pow
DISCUSSION: a UAors
mewesge beards RELATED SITES: OS HP's roscts
hntpo\wew.can.com/2000'WORL Diaftica 08/1 Glutilities nigeria reut! 81700

00500000000860


Enron: Enron Comp, -- Press Release Page | of 3

Prodacts services press room &
PRESS ROOM mori elenen enren.comhome
Press Release wenn

ENRON REPORTS RECURRING THIRD

QUARTER EARNINGS OF $0.43 PER ot
DILUTED SHARE; REPORTS NON- “oe
RECURRING CHARGES OF $1.01 Bs 2000
BILLION AFTER-TAX; REAFFIRMS
RECURRING EARNINGS ESTIMATES OF
$1.80 FOR 2001 AND $2.15 FOR 2002;
AND EXPANDS FINANCIAL REPORTING

FOR IMMEDIATE RELEASE: Tuesday, October 16, 2001

NOUSTON - Enron Corp, (NYSE - ENE) anncurced today
reourning eernings per Gluted share of $0.43 for the third |
quarter of 2001, compared to $0.34 3 year ago. Total .
recurring net income increased to $393 million, versus

$292 milton a year ago.

“Our 26 percent increase in recurring earnings per Gluted
share stows the very strong results of our core wholesale
and retall energy busivesses and our natural gas pipelines,”
seed Kenneth L. Lay, Enron cherman and CEO, “The
contewed excellent prospects in these businesses and
Enron's leading market postion make us very confident in
Our Strang earnings outlook.”

Nor-recurring charges totaling $1.01 billion after-tax, or
(1.11) loss per dauted share, were recogrized for the
third quarter of 2001. The total met loss for the quarter,
Including Mon-recurring tems, was $(618) million, or
(0.84) per Qluted share.

“After 6 thorough review of our businesses, we have
Gecided to take these charges to dear away issues that
have clouded the performance and carnings potente! of
our core energy businesses,” said Lay.

Enron also reaffirmed today & & on track to continue strong

earnings growth and achieve its previousty stated targets
of recurring earnings per dikited share of $0.45 for the
fourth quarter 2001, $1.80 for 200% and $2.15 for 2002.

PERFORMANCE SUMMARY

Enron has recently expanded the reporting of its financial
results by both providing additional segments ond
expanding finance! and operating information i the
attached tables. Enron's business segments are as follows:

htipewww caron.convcarp pressroom releases! 200 1 /one/68-3QEarmingsLtr_html 12H

002000000007 16


POLITICS

Putting Name to Bush Juatice Dept.: Kennedy

President Bush reached out tc the nation's most prominent

Democratic political family in a ceremony to name the

duatice Department headquarters in honor of Robert F,

Kennedy.

http: //wew.nytines.com/2001/11/2i/mational /218USiK.heml ttodayshead) ines

Treffinger Enters 2002 Race for Torricelli*s Senate Seat

The Essex County, N.J., executive, James W. Treffinger,

announced in unusually low-key fashion that he was seeking

the Republican nomination.

http://www, oytimes. con/2001/11/21/politics/21SENA, btm] ?todaysbeadl ines

Congressional Visitors Urge Pederal Protection for All
-Plants

The federal government should aggume reapensibility fer

protecting the country's nuclear power plants, a group of

Demacratic merbers of Congress from Mew York said.

http: //waw.nytimes .com/2001/11/21/nyregion/21NUKE- html ?todaysheadlines

MORE POLITICS NEWS)
http: //wew-nytines.com/pagea/politica/index.htm] ttodaysheadline

SPORTS

eveevererrersreres:

In Any Language,

Io A.L.*s Best

Seattle's Ichiro Suzuki hac o knack for making strong firet

ivgressicos, and co Tuesday he becane only the second

rookie to win the Meat Valuable Player award.

Detp: //waw. oytines .cem/2001/11/21/sports/baseball /21MvPP. html ?todaysheadlines

Yankeos Begin Courting Giathi

The Yankees opened talks with Jssom Giambi om Tuesday, the

first day that the free-agent sleager could Giscuss

apecific offers from tears other than Cakland.

hrep://wew nytines .com/2001/11/21/sports/baseball/21YANK html ?codaysheadlines

Rangers Give Roy the Chills
Patrick Roy, «ho was trying to tie the modern-era M.H.L,

record for consecutive shutouts, four, was shelled for five
4

1000000000512


Once-Mighty Enron Strains Under Scrutiny Page 5 of 8

asset sales by the end of next year.

In a conference call on Tuesday, analysts pressed Mr, Lay and other top Enron executives to

reveal more information about the LIM write- down and its other partnerships. Instead, they

offered only vague explanations of the deal, leaving Wall Street worried that more write-offs
might be coming.

David Fleischer, a Goldman, Sachs analyst and @ longtime supporter of the company, was
among those who came away concerned. "If Enron is unable to clarify its off- balance-sheet
transactions and restore confidence im the very near term by assuring investors that no more
surprises are forthcoming that would affect the balance sheet or liquidity position, then the
company will likely lose access to the capital markets.” he wrote in a research note after the
call.

To try to reassure investors, Enron said late Thursday thet EnronOnline, its Internet-based
trading exchange, executed more than 8,400 trades that day, a higher-than-normal volume.

"We know we have our work cut out for us if we are to rebuild our credibility with the
investment community and we're working on that,” Mr. Lay said in a statement. "But in the
meantime, the best evidence of our strength is the willingness of customers to bring their
business 10 Enron.”

But those reassurances apparently are no longer enough for Wall Street, Enron's stock tambled
almast 6 percent Friday, 10 its lowest levels in six years.

Now analysts are scrambling to figure out the extent of Enron's off balance-sheet debt and to
assess the risk that the company will have to issue new shares w make good on its partnership
guarantees.

Carol Coale, an analyst at Prudential Securities in Houston, calculates that Enron may have
close to $9 billion in off-hulance-sheet debt. She said that Enron had for two years been trying
to sell about $6 billion in foreign assets including propertics in Latin America and a power plant
in India embroiled im a dispute with the state government and she worries about those prospects
for sale in light of Enron's problems and the souring economy.

“As Engon is forced to sell assets to keop the ratings agencies off their backs, they may have to
wnite those assets down," Ms. Coale said, On Wednesday, she downgraded ber rating on Enron
lo “sell” from “neutral.”

“The bottom line ts, it’s really difficult to recommend an investment when management does not
disclose the facts," Ms. Coale said.

Short-scllers, who attacked Enron's accounting even before the company disclosed the write-off,
say the company's problems may nun even deeper than analysts fear. Enron may bave used the
partnerships mot just to finance money-losing investments but to hide losses in its core wading
business, they say.

“The company sill isn't disclosing enough to know whether the core business, the trading
business, ts profitable,” sax Mark Roberts, director of research at Off Wall Street, which
recommended shorting Enron's stock on May 7, when it stood a1 $59.43, "The issue remains:

hilp:/dailynews yahoo.com hinyt/2001 1028/bs‘once-mighty_enron_strains_under_scrutiny_... LQ’ MO0L

0200000000588


POLITICS

Bush Seeks Hew Volunteer Force for Civil Defense

Preaident Bush called for the creation of a new volunteer

elvil defense service snd asked for dorestic citizen

Participation in the war on terrorian.

netp: // www. nytines .com/2001/11/09/nationsl /O9BUSH, html ?todaysheadl ines

Derocrats' Recovery Plan Moves Forward in Senate

Derocrate pushed their economic recovery plan through the

Senate Finance Committee, setting out their nagetiating

position on sn issue that has left the two parcies

bitterly divided.

https //wew, nytimes.com/2001/11/09/politics/O9STIM.heml ttodayahead) ines

Voting Syaten Overhaul Plan Moves Ahead

Rouse Republicans and Democrats have reached agreement on a
bill to overhaul the nation's election system.
http: //wwe. aytines,con/2001/11/09/politics/OSVOTE. html ?todaysheadlines

MORE POLITICS UES;
Detp://www.aytines.com/pages/politice/ index, html ?todaysheadline

SPORTS

Rangers Enjoy Bringing Islanders Back to Earth

The Rangera shook off a torpid etart to hand the Islanders

thelr first regulation home losa of the season, a decisive

victory before a selleut crowd at Nassau Colisewn.

hetp://wwe nyt imes.com/2001/11/09/sports/hockey/ OSRANG_heml trodayahead) ines

Kidd's Unlikely Shot Lifts Amazing Nets

Launching an off-balance #het ae ha wae turbling to the

floor and ac his sneaker waa about te pop off, Jason Kidd

banked in a basket that helped lead the Mets over Seattle.

http://www. nytines.com/2001/21/09/sporta/baseball /O9WETS .htmi ttodayshesdlines

Legacy Passed Prom Legend to Legend at Grambling

N.P.L. legerd Doug Williens has the daunting task of

replacing Eddie Robingen, whe woe 408 gases and crested a

shismering history of leadership coach of GrarblingTMs

feotball tear.

Detp:/ (www. cyt ime con/2001/11/09/aperte/ncasfootbal 1/O9GRAM. html? todaysheadl ines

1000000000548


January 24, 2001

The Economic Times Online
Printed from www.economictimes.com > home -> back

+ ee — a

CCEA to take up Earon’s Dhabolll on Wed

NEW DELHI

THE GOVERNMENT is likely to consider the Rs 1,083-crore foreign equity
restructuring proposal of USbased energy giant Enron Corporation for phase-II of Dhabol
power project on Wednesday.

The Cabinet Committee on Economic Affairs, headed by Prime Minister Atal Bihari
Vajpayee, is likely to deliberate on Enron's equity restructuring proposal which has
already been approved by the Foreign Investment Promotion Board, official sources said.

Equity restructuring of the $1,87-billion phase-II Dhabol power project at Guhagar in
Maharashtra has been necessitated after MSEB expressed its inability to invest its 30 per
cent share, worth $128 million, in the project, sources said.

While Enron has decided to pick half of MSEB"s designated equity, taking its total stake
in phasell of the gas-based power project to 65 per cent, the Huston-based energy giant

has appointed international financial consultants Credit Suisse First Boston to look for a
fifth partner who would be offloaded MSEB's 15 per cent equity. PTI

© The Economic Times Online. All rights reserved.

The Economic Times Online
Printed from www.economictimes.com -> home.-> bask

Enron puts pipetine project on back-burner

Bodhisatva Ganguli

MUMBAI

ENRON'S travails seem to be multiplying by the day. The US energy and broadband major
is reportedly in the process of scaling back its plans to build a pipeline to transport LNG
frorn its terminal at Dabhol.

According to sources familiar with events, around 15 empboyees associated with MetGus, the
Enron subsidiary which was to operate the LNG terminal and pipeline and market the LNG,
were informed on Saturday that their services would no longer be required. Only a small
team has been kept in place,

0500000000045


http: //wws.nytines .com/2001/22/08/nyregion/0SMAYO. html Ttodayshead] ines
McGreevey Worns of Toagh Fiscal Future in New Jersey

While New Jersey Governor-elect James EB. MoGreevey thanked

voters for thelr support, he warned that the state is

facing a tough fiseal situation.
hteg: //www.nyeimes.com/2001/11/08/nyregion/O4JERS. html ttodayaheadlinea

MORE NY REGION NEMS»
http: //waw.nytines.con/pages/nyregion/ index.html ?todayshesdline

OP-ED

To the Crawford Summit

By WILLIAM SAPIRE

Agerica's national travail bas enabled Vladimir Durin to

Speed a rapprochement, but we #hculd nor forget that once

upon its hind legs, the Russian bear will growl in.

http: //wew.nytines,com/2001/21/08/opinion/0SSAPI html ttodaysheadlines

Mark Green'o Problen

By SOB HERBERT

Mark Green's biggest problem «as eat that he made

mistakes, but that he never learned from bis mistakes.

http //wee.nytimes .cen/2001/11/08/opinion/0SHERB. htel ttodayahead! ines

No Strings, No Leyaliate

Ry ANDREM WHITE

Michael Bloomberg's chaliecoge is to blend a dome of humility

amd inclusiveness with the projection of competence and

clarity of goals.

http: //wew. nytines.con/2001/11/08/epinion/ OSAHIT. html ?todayshead] ines

WORE OP-ED WEWS:
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HOW TO CHANGE YOUR SUBSCRIPTION

You received theae headlines because you requested The New
York Timea Direct e-mail service, To cancel delivery,
ehange delivery fons, change your @-mail addreas or sign
up for other newsletters, see http://www. nytimes.com/enail,
Check or uncheck the beadlines you would like to receive
and renenher to go te the bottom of the page and click on
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6

01000000000561


Yahoo - Fitch cuts ratings on Enron debt Page 2 of 2

Enron lined up $1 billion of new credit last week but may still have to sell assets to bead off a credit
Squeeze and restore investor conflence, according to investment bankers.

In ils third-quarter results report last month, Enron said it expected over a billion dollars of write-offs
related to soured investments, It also announced an extra $1.2 billion write-down of shareholder equity
related to investments that were not recorded on its balance sheet,

Enron's 6.4 percent notes due in 2006, bid at about 80 cents on the dollar a week ago, were bid at 73
cents on the dollar on Monday, a strategist said,

Enron shares were up 40 cents, or 3.55 percent, at $11.67 in madday trade on the New York Stock
Exchange, The shares have been in free-fall for two weeks.

Email this story - Most-ernailed articles ~ Most-vaewed articles

More Quotes and News: Enron Corp (NYSE:! NI. - news)
Related News Categories: oil/cnergy, US Market News, utilities

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Coagtt ©200) Yahoo! inc. All ephts reserved. Prvmecy Pobcy - Terre cf Sendos
(Cagyng'! © 2007 autos Lirmbad. Af nights reserved Mazebication or rectuirbution ot Rmuers content maqrwedy protect witout the ana ATEN
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hitp:/biz.yahoo,comyrf1 | 105/n0S261812_1 htm) TLSMOL

00200000000569


Enron: Enron Corp. -- Press Release Page 2 of 3

© Wholessle Services
© Amnerkas

© Europe and Cther Commodity Markets

Retail Services

© Transportation and Distribution
© Natural Ges Pipelines
© Portland General
© Global Assets

© Broadband Services

© Corporate and Other

Wholesale Services: Total income before irterest, minority
interests and taxes (IGIT) increased 28 percent to $754
mifinn an the third cuseter nf 2001. comnared tr 4689
eng, LP ROOE Ere ey, A eee

Pepe emer ke tre es Re oe Re as eee

British thermal urvts equivalent per day (Tbtue/d) In the
recent quarter.

Americas - This segment consists of Enron's gas and power
Market-making operations end merchant energy activities
in North and South America. [BIT from this segrnent grew
Fi percere to $701 milhon in the recent quarter from $536
frallion @ year ago, driven by strong results from the North
America natural gas and power businesses, Natural gas
volumes increased 6 percert to 26.7 Thtu/d, and power
volumes increased 77 percent to 290 million megawatt-
hours (Muh),

Europe and Other Commocity Markets ~ This segment
includes Enron's European gas and power operations anc
Enron's other commodity businesses, such as metals, coal,
crude and Squits, weather, forest products and steel. For
the third quarter of 2001, IBIT for the segment remained
unchanged at $S3 million as compared ta last year.
Although physical volumes imcressed for each commodhy in
the segment, the low level of volatility im the gas and
power markets caused profitability to remain fat,

Retail Services: Enron’s Retail Services product offerings
inckade pricing and delivery of natural gas and power, as
wel as Gemanc side management services to minimeze
energy costs for business consumers in North America and
Europe. In the third quarter of 2001, Retail Services
generated IBIT of $71 million, compared to $27 million a
year ago. Retail Services continues to successfully
penetrate markets with standerd, scalable products to
reduce consumers’ total energy costs. Enron recently added
new business with large consumers, mcluding Wal-Mart,

hups'www .crron.comycorp/pressroony releases!200 1 ‘ene/68-3QEamingsLtr.htm 1/24

00200000000717


Sprecher said, “Our volumes are just soaring.” Traffic on the ICE system has doubled im the past two
weeks, and, Mr. Sprecher added, "I'd attribute all that to Enron's problems.”

as financial-services partners include Goldman, Morgan Stanley, Deutsche Bank and Societe
erale.

Although Morgan and Goldman have both fielded calls from parties that traded with Enron and want
to shift some of their activity to those firms, an executive of one of the firms said the possibility of a
bankruptcy-law filing had deterred dealers from taking over any of Enron's trading books or assets.
That is because any such transactions could be disrupted or canceled in the course of a bankruptcy

proceeding - a step Enron took Sunday.

Enron's retations with Wall Street firms had shifted in recent years from that of a favored client to a
fivairy as well, as Enron's trading ambitions grew and @ began treading more and more on Wall
Street's turf. Enron moved from trading securities closely related to its natural-gas business into oil
derivatives and then to instruments closer to Wall Street's core, such as credit derivatives and
Packaging securities,

One securities firm that won't benefit as much as some might believe is the Salomon Smith Bamey
unit of Citigroup Inc. Although Salomon used to engage in more sizable energy-trading activity
through its Phibro commodities arm, the firm has wound Gown much of those activities, and doesnt
have anywhere near the market presence of Gokiman or Morgan Stanley.

~ Stephen Parker contributed to this articke.

00200000000723


protesting President Bush's order to establiah military
tribunals for foreign terrorist suspects.
http://www. nytines,com/2001/12/08/national/ceTeis. html ?tedayshead! ines

http: //waw.nytines.com/pages/national/ index.html ?todsyshesdl ine

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INTERNATIONAL

Streets of Kandahar Are Chaotic os Victorious Factions Clash

Taliban forcea on Friday abandoned their last stronghold in

Kandahar, while U.S. officials admitted they did not know

the exact whereabauta of the Taliban leader.

http: //waw.nytimes.com/2001/12/08/international/asia/O8APQH. html ttadayshead] ines

Dakiatan Ended Aid to Taliban Only Hesitantly

Qne month after Pakistan agreed ta end ite support of the

Taliban, ste intelligence agency waa still providing then

with safe peseage and arms.

http: //waw.nytines com/2001/12/08/ international /asia/OSSTAN. htm] ttodayshesdlines

In Spat Over Rusgia in NATO, Rurefeld Lowen Out to Powell

A proposal to expand Russia's role in NATO decision-making
fan afoul of = clash of views between Colin Powell and

Donald Rurafeld, Western diplomats say.

hetp:// www. sytines .com/2001/12/08/international /europe/OSNATO. hon] ttodayaheadlines

WORE INTERNATIONAL NEWE:
http: //mew nyt ines .con/pages/world/ index. html? rodaysheadline

Unemployment Rate Jumped Last Month on Surge of Layoffa

‘ 05158

: 01000000000229


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01000000000551


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INTERMATIONAL
eee UT TET ETS e eee ee eee

Taliban Withdrawing From Kabul as Rebels “ove Toward Capital

As the Taliban headed escuthward to their heartland, Nerthern
Alliance commanders appeared to be holding their forces

cuteide the Afghan capital.
http: //uwa.nytimes.com/2001/11/14/Lnternational/asia/13MILI. html ?todayshead)] ines

Powell Gays Muslim Mations Should Be Pescekeepers in Kabul

The secretary of state said that Turkey, Bangladesh and

Indonesia have offered forces for an operaticn that would

prepare the ground for an interim goverceent.
Dttp://wwe.nytines,com/2001/11/13/international/asia/13DIPL. html ?todaysheadlines

Putin, Starting U.S. Trip, Predicts Missile Accord
Amid bish hopes for arma talks, President Vladimir ¥. Putin

of Russia arrived on his flrat official visit to the United

Statea on Monday.
http://www nytines.com/2001/11/13/ international /eurcpe/13PREX. html ?todaysheadlines

MORE INTERNATIONAL NEWS:
bttp://waw.nytines.con/pages/world/ index.html tcodaysheed)ine

BUSINESS

“
Crauh Inflicts Heavy Blow on Preapects of American

Before Flight $87 crashed, Anerican Airlines was seen aa one
of the carriers best pasiticned to weather the drastic
downturn, But now American could find itself in mach deeper
trouble.

2

01000000000525


IssucAlerts email Page 2 of 4

remained at a low ebb after it reported its first quarterly loss in over four years. The
energy giant's stock was off $3.32 of 11,45 percent at $25.68 per share at mid-day trade on Oct.
19, making 2 curnulative loss of 28 percent for a week in which it reported a third-quarter loss of
$638 million. As of early morning trading on Oct. 22, Enron shares were priced at $21.99, =
reflection of new developments (including a new Securities and Exchange inquiry) that have caused
uncertainty about the company among investors.

Anatysis: Enron's first financial report since the departure of former CEO Jeffrey Skilling in August
has nat done much to once again instill investor confidence in the company, which has experianced
one of its most turbulent years in recent memory. While Skilling cited personal reasons for his
deperture, many analysts suspected that a significant drop in Enron's share price and financial
losses in its diversified businesses also played a role. At the time of Skiling's departure, Enron's
stock had tumbled to a 52-week low, However, based on the new 3Q report, it naw appears that
Enron's downward tura may be continuing despite the return of Kenneth Lay to the company's top
spot. In essence, Enron's financial problems have been caused by businesses that the company has
established as a way to diversity fram Its core focus on wholesale power sales, It appears that
Enron is learning a costly lesson—namely that investors are not responding favorably to the
company's innovation, especially if bottom line performance is in any way compromised. The road
ahead may remain uncertain for Enron, as 4 good number of unresolved issues and 4 new
Securities and Exchange Commission (SEC) inquiry into financial dealings of its chief financial
officer continue to overshadow the company.

Let's first establish the financial losses that Enron has reported in the third quarter. As noted, as a
whole the company reported $638 million in losses, after taking $1.01 billion in charges associated
with several of Its non-core businesses. When we break down the losses, it becomes clear that
Enron is struggling with its operations in three businesses: water, broadband and the retail power
market. Specifically, Enron reported $287 million in charges from Azurix, its water and wastewater
business; $180 million in charges related to the downsizing of its broadband operations (including
severance costs and losses on inventory sales and customer contracts); and $544 million in what
the company és calling “investment losses.” Evidently, sbout half of the $544-million figure is
related to Enron's investment in NewPower Company, the retail electricity and natural-gas provider
that Enron launched about two years ago with partners America Online and IBM. Enron owns 45
percent of NewPower, In addition, Enron's debt to total capitalization ratio reportedly will increase
te about 50 percent, although Lay says that pending asset sales may reduce that amount to 40
percent by the end of 2002, However, it is important to note that Enron's 3Q recurring net incorne
(before the write-offs) did increase 3 percent to $393 million, or 43 cents a diluted share, and
revenue in the quarter rose to $47.6 billion from $30 Billion in 3Q 2000.

The losses associated with NewPower are particularly interesting. As one of the leading investors in
the company, Enron drove NewPower's aggressive business focus on retail reskential power sales,
despite ongoing concerns about the development of retail competition across the United States.
NewPower went public last year at an opening price of $21, and in the early days of its initial public
offering was trading above that price. However, the company’s stock has experienced a
devastating drop in value, and is currently priced at $1.25. NewPower is not scheduled to release
its own 3Q financial statement until early November, but it Is expected that the company wal
continue to incur significant lasses for the foreseeable future. Specifically, NewPower recently
reiterated its earlier expectations of a 3Q loss of $65 million to $70 million, of $1.12 to $1.20 2
share. Third-quarter revenue reportedly will be slightly lower than the $60 million to $65 million
that the company had forecast in August.

In analyzing NewPower's 2Q financial losses (see IssueAlert from 8/8/01 at
www.scientech,com/rci), | argued that the company is really struggling from @ mix of positive and
negative factors in its efforts to becorne the leading retail energy provider in residential and small
business markets in the United States. On the positive side, NewPower has recently secured @ large
number of new customer accounts, mast significantly from its purchase of custorners and related

filev(C:AWINDOWS\Temporary%20[nternct%20Files\OLK301 larticle2. htm 01/17/2002

0200000000254


http://www. nytinescom/2001/11/13/Businesa/tJANER. html ?todaysheadl ines

Credit Suiese Trims Compensation of More Top Bankers

John J. Mack, the new chief executive of Credit Suiese First

Boston, has done away with special, lucrative compensation

deals for rany aenicr investment bankers.

http://www. oytimes .com/2001/12/13/business/13NALL. btn] ?tedayakeadl ines

Qac Pipeline Ia Prominent 0 Dynegy Seeks Enron

As part of its planned acquisition of Enron, Dynegy will get

the right to acquire Wortherr Natural Ges, a potentially

lucrative pipeline systen,

netp:/ www. cyt ines com/2001/11/13/business/13PLAC. html ?tedayahead] ines

WORE BUSINESS NEWS:
http: //wew. nytines .com/pages/busineses/ index. htnl?todaysheadline

TECHNOLOGY

Buropesan Union Set te Vete on Data Law

furopean Union lawmakers are expected to approve a

data-protection law they are drafting to allow the

authorities greater sccess to information about telephone

Calls and [nternet messages,

http://www. nytimes.con/ 200% /21/13/technology/13NET. html Stodaysheadlinen

dusiper to Buy Pacific Broadband for §200 Millica

Juniper Networks said it would buy privately held Pacific
Broadband Communications for abeut $200 millicn in stock in
erder to conzect its optical equipment with hers and office
cable systems.

http: //wew.nytines.com/reuters/technology/tech-telecoms- juniper. henl ttedayshead! ines

‘Traffic Kite Web Sites After Crash

An anxious public flocded the Internet for news immediately
after Monday's American Airlines crash, forcing some news
sites to take special measures to meet the demand.

http: //wew.aytimes.com/apon! ine/technology/AP-Craah-Internet .htrel ttodaysheadi ines

NORE TECHNOLOGY NEWS:
netp://awa.nytimes,com/pages/technology/ index html ttodaysheadtine

01000000000526


nea

Sponsor Profile -

Thames Water

[4 thar reguiztory comcermm, the imepect on credit ravings ard legal
jevore plainly theow up sock axthodslogical coeceren Ober
qounpanies in Che wecnnt are noting at mack moves. For cxamipke,
Ageas Argeerinas, partally owned by Tharrer rival Sucz
Lyemunaise des Kass, is carrying cus a $100 million sscurkzacon
bewd on kx water operarions on Argestina’s capital Beeson
Ailsts, Addt Kernery, “clearly we have tm concider off balance
dhoet type strectares where we oan ~ if lr mabes sense.”

Becuisie of the high cove involved le operating 4 concemina,
| companies sat fund deal on « limated o¢ aeerrecqares Basis.
| This & sct « peoblem whes concesmicens are epersied in captral
cases, whent dhe project is backed by the national government,
which can provide a soverciga guacuzice.

Bet for waner, hrwever, the many im mack im providing services
oe reamncipalises, which ae cbviowily erale: and lew cred
worthy than astima gowrementa And
prec: financing is coc abwaye com-

eperading them so meet health and eadery requircreests is forcing
srentcipelties to book gredgingly 09 posse eperaroes, ta these
tera, adds Kernen, “the US con be plawsibty described as an
Seth of E'Tewn, Thame is abe celging into the Lar
Ametkan water marke: Agais, mtiveind by 4 seed to balance
aad divecily its giebeal purtisko of epersting amet, Thane &
Securing eethurmascally on areas rach at Chile, Brad and Pera.
We ace a let of epportenity in Latin Arserica and we now
Aare an allinnce with Eleccricidade de Portagal, signed last year, |
wo bid oe Lati= Amencas warer projets.” Chile's orpulatory |
greimee in possibly the monet advanced and is in scene expects
coenparable to che UK. "We're trying t focus om 2 member of
acres whens we feel we can bring in expertise,” uxys Kersexy. |
Ber the ierefamitie Enpeoverests brought 90 cantcenere by |
pewate wecna: operazars have uscally been
sooompunied by an increame in |
|

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revenue wil become moce acste. And a re dealing COR Take “ae tere co be wry cheer at dhe
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woe ste de dekand fe tank © ifs have oo exaure char the sani in atinedable
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Thames, faced with s mneeed and that the tariff is Tee tndastria! sown of iarar the locale
regelsed marker ar borne, ix for Thames” recent inlet inen Turkey. And |
ver wanting fon tolintaclen theanghs mama affordable from the the compaey’s 15 year coneracs +2 supply |
fey reepemrelyharg a Wye outset, to guarantee the su th epon s  by soe |
face eareings growth, derued peivanhy run waar
regelasory price capping at beers, will of sewerage indumery la che courery.
ticelp come from im bnemaionsl inflation-finked tariff Thames, cogether with Terkish and
Vharees’ seceat acquisition of aparece parmers, complied the deal 12
the E'Tewn water atiiry is New jersey increases” batld the bigger prixavely financed waner

frached a price tag of £3467.9 mditina plas
2206.7 alton of debe, and marks the Leonch of Theres”
peaposed Amencan pattern

Incend, the US warner induerry ix highhy fragmenred! and fit Sor
consnidarion. Aboer $3,000 compares provade waner services.
sly abost 500 of those saree populations grater thas 102/000.
Magy are menicipally owned and lack the Francial streagh te
fisaace the high levels of iyvemreent coquired te coergily with
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racer nncreamng demand Sor clean warcr and wastr arrears.

US andesery extimanes eoggert thar $1.58 billion will need to be
spere 08 warer sappy wervices ard another $140 billion on
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billioe are forecast 22 geow by a further $16 billion by 1003.

"We me a bor of pooetial in thr Scares,” Kersexy confiress
“Tr Torwn is nporrane as 4 brkige far ies te bedld mm cher wares,
Irs ap lenporrane velerence base, The bine is ve achieve a subecsn-
| wal US besines And we eee cas as a Galance to mene other
projects we hewe in the creeping marker pipelines.”

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a7 00 plea 00 use @ project Finance surucrere so fund ether cn
| purchase or future sequinitions. Bust. at the big Buropear: players
| team iano the Amencas market, it i reasonable m0 expect the
| actival of seeeceare: arnilar te thone esed to finance Eeropean
| water projects, wach at Stirling. “The types of senacnunes we wee
| will depend oe wither i's a orpuiated or nomrrgpalited hesiness
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| rutin. Bur these will be a loc of fexibiicy in gaing forward to
| qewectare corpocass ownenbip of warer erilues in dhe Stam,”
saps Kemeny.
| Howrec:, finding acquisition targes is difficull. Maey mestict-

i | pain ce rebar mo reengeth owrnenip of uch al th

rrscrere. Hat the premise of marmaning ailing spHnns o

plant io Torker in L998, The bighty
complex 5900 million Enanciag foe the project comueed of 15%
cquity and 85% beans, bead arsanged by Chase breverrens Bark,
Societe Generale, Samaorno Rawk, Greerwich Nar'Wee and Pep
Bask, A Minsal-Sumiieeve joie wenmare furniaed the ecpainy and
supplied \ewabasble commruction mamcal. Comrecan Kemeny,
“the Land achenne ts unecpae bn chat at's the larger acherne in che
word, fr amracesd an indirect guaranees fron the Republic of
Torey which erabled the coemortiam tm anract subuarial
Veeeiges ine wermecs.”

‘Yet despre the Rnavit achieversent, fruncier sti! mas become |
convinced that poojems cam prowrane wafficiene and dependable |
reorient 00 reece inmvmmenn, archer, peblic iuiesrrucrure
deals, och as laneks, hawe craditionally been secered by Turkiak |
ueeiury gearannces, bor Sheer ba lnk oo che neenber of guaran
tres Trrlery can afford 10 inton,

Nevertheless, Thennet’ sorkiwide operations demoaarane
that privane warer operators cas otvance the qualty and ax the
conta of indavtructare traditionally operaneé by che wate.

‘This axioes is again borne ont by Tharnes’ prcently ermepoe- |
aed concmmion connect with Jakarta. Thamws establicted the |
comorsan PT Thacees PAM in 1997 ro replace the chen pablic |
water sepply authority in Jukara on 4 25 year concenion,
ccreering tae camera ball of the ciny, The com parry plans 00 invert
$200 mallicn & discrdvssi0n facdiniet in the region.

‘Ofearve also Thames’ receetty tigned agreement with Multi
Ver Reserces atd Nilairas Coep to ceutuslly sake part it
werer and sewerage epportenitic: m Malaysia The new joni
‘vteure, Pear Breas Sdn Bl, with enough instil paid up capicel,

‘Kead wich che ever-growing ghibal dersasd fur weperion waier
andeestrerere, expect Thames to urge

“ July 2000 Prejectfiaanes

0500000000858


Repoeaentative Marge Roukema, the @laer stateswonan of New

Jeraey's Congressional delesation, announced that she

would mot seek re-election next year.

httpi//wea nytimes.conm/2001/*1/09/pelities/ogRETI. html?todayshead! inea

WORE NY REGION NEWS:
bttpi//wew.nytimes.com/pages/ayregion/ index. htal ?todaysheadline

ooeene
Reware of Iceberg!
By TWOMAS L. FRIEDMAN

te win the war in Afghanistan, we will have to savigate

alliances where what you see on the surface is only a

Sliver of what you might get.

beep: //waw.nytines.com/2001/13/09/opinion/09FRIE. html ?todaysheadl ines

it's Still # Safe World for Microsoft

By LAWRENCE LESSIG

While the core idea ef thia proposed Microestt settlement is

4@ good one, the execution plainly ia not.

Betps (swe. mytimes.com/200./11/ 0S /epinion/ooLess. html ?tcdsyshesd!l ines

Why the Chicanery in Connecticut?

By COLIN MerNROR

Three political scandals bave shocked a state accustomed to

gravitas.

http: //wwe.nytimes,com/2001/11/09/opinion/ 09MCEN. html ?tedayaheadl ines

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1000000000550


power-trading industry, a mix of U.S, and European companies are poised to scoop up Enron's
business,

Who gets what slice will depend on each company’s heft, its trading sophistication and the strength
of each business's assets in different regions, say analysts and company executives.

“Because of this meltdown, you will sae companies move in that have assets in the area” to expand
their trading activities, says Steve Malcolm, president and chief operating officer at Williams. While
companies are prohibited from sharing information between their marketing and imerstate-pipeline
affiliates, "clearly you are looking to gain and extract intelligence from the marketplace to allow you to
take more well-thought-out positions,” he said.

E! Paso will likely expand its natural-gas trading on the West Coast, where it owns significant pipeline
assets, and in the Northeast. Duke and Reliant, already big traders on the West Coast, could grab
even bigger chunks there, where they own generating capacity, Dynegy would likely be able to pump
up in the Midwest, where it already is a strong power marketer and generator. In the Mid-Atiantic,
American Electric's power-generation facilities would give it an edge.

American Electric, which has muscled up into the second-biggest trader of power and natural gas
behind Enron, is viewed as a major beneficiary of Enron's decline. The company is the nation's top
generator, with slightly less than 40,000 megawatts of capacity, Enron was trading about twice as
much combined gas and power as AEP, "We are going to be one of the firms that picks up the
slack,” says Eric van der Walde, AEP"s executive vice president of trading and marketing.

Asset-rich companies with plenty of cash to take on big trading positions include E! Paso, which has
the largest interstate pipeline in the country. E! Paso also is one of the top five producers of natural
gas in the U.S. and has contracted a huge amount of pipeline storage capacity on other people's
lines, particularly in the West. Dynegy, which had most closely mirrored Enron's asset-light approach,
has been adding generating assets and has a sizable pipeline capacity. El Paso and Williams have
the biggest contract positions in natural-gas storage.

Williams is more focused on long-term risk-management contracts with producers and end-users
seeking to hedge their exposure to volatile commodity pricas. The company, which already has the
second-largest pipeline system in the U.S., will spend about $5 billion on pipeline projects through
2004

While company executives say configently that any gains in market share wll easily counteract any
losses resulting from uncollected money owed by Enron, some analysts say the Enron debacle may
continue to depress the stocks of companies with big trading businesses.

Across the Atlantic, U.S, firms such as AEP and Duke, which have small operations in Europe, are
likely to face stiff competition from Europeans such as RWE Trading GmbH, a unit of German power
giant RWE, Belgium's Electrabel and Innogy PLC, the second-largest generator of electricity in
England and Wales.

Most of Innogy's trading is in the United Kingdom, but the demise of Enron might spur it to expand its
operations more quickly in Europe, said Binan Senior, Innogy's director of trading and asset
management.

RWE Trading, barely one year old, is considered the most-aggressive European player, with trading
activities In London and Essen, Germany, it plans to open an operation in Houston early next year.

0200000000721


The classical-music critice of The Times provide a backdrop

for seversl upcoming Strauge events by listing their

favorite Strauss recordinga.

hetpi//wwe oytines .con/ 2002 /01/o4/arte/music/ STRA. ntml ?todayshead] ines

The bower of the Pot

A look at worka made from a single material -- in thie case

pottery -- at the Metropolitan Musewn of Art, yields a

partial timeline in the ferm af a whirlwind tour.
hetp://wwa.nytines.com/2002/01/04/arta/deaign/04SMIT, html ?todaysheadlinea

Film Portrayala to Stir the Soul

Here is a checkliat of acme recent films (with special note

made of outstanding performances) aleog with audience

advisories.

hetps //wew, nytines.com/2002/01/04/movien/O4GRRA, html ?todaysheadl ines

MORE ARTS HENS:
http: //wew nytines.com/pagea/arta/index html ttodaynsheadl ine

uY REGTOW
COUNT REE eee ee eee

City Paces Challenge to Close Widest Budget Gap Since 70's

Bew York is facing the problen of closing a $3 billics ta $5

billion budget gay coming in July, the largest since the

1970's.

httpi//wew nytimes.cea/2002/01/04/nyregion/04BUDG. html ttodayshead) ines

Charges Ruled Cut as U.S, Concludes Torricelli Inquiry
The federal criminal investigation inte the financial
dealings of Senator Robert G. Torricelli of Mew Jersey

officially ended om Thursday.
https //www. nyt ines cer/2002/01/04/politics/O4TORC. hun] ttodaysheadlines

Bleombers Vision for Ground Zero: Memorial and More

Mayor Michael R. Bloomberg and the head of the Lower

Monhattan Redevelopment Corporation want the former Morld

Trade Center site to be used for more than just a

memorial.

beep: //www. nyt imea .con/2o02/03/04/nyregion/d4BUIL. html ?tedaysheadlines

MORE WY REGION NEMS)

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emdane Ade dia/]

anso0000000854


THE DEAL MAKER

Enron's major cushomnors for eetal energy services,

Under 1D year conmracts. ve vauus
COMPANY AMOUNTED — (P8 MELLIONS)
Owens Hines m0 $2,200
‘umon Property, 09 $1.90
Quebecer Work 7000 $1,000
Owes Coming ne $1,000
ioe 7000 wi
(Chase Menai ao oth]
Pilkington Mort) Amerna = 2001 $00

Source fewon Coup 1 Lavan Ceasgy Server subsictory

Enron Corp.'s commercial and industrial customers, including some big manufacturers, technology
firms and hotel chains, are scrambling to line up alternative suppliers in case the collapsed energy
company isn't able to supply power or meet other obligations under its long-term contracts.

A sense of urgency spread last week among corporate customers of Enron, which filed Sunday for
Chapter 11 bankruptcy-court protection, Some customers of Enron, Houston, are scouring their
contracts for language they are hoping may allow them to legally break those pacts, energy
consultants said. Customers who signed long-term accords at pnces above current market also have
an economic incentive to drop them, the advisers added.

A spokeswoman for the Enron subsidiary that serves commercial and industrial companies, Enron
Energy Services, which was one of the Enron units that also fied Chapter 11, declined to discuss its
customers’ intentions, She said she wasn't aware of one that has recently switched to a nval supplier,
and she said there haven't been any service interruptions. “The customers are calling, and we're
calling them, We're doing everything possible to assure that they receive power and gas, and it's a
very difficult situation,” she sakd.

Enron Energy Services offers a broad spectrum of energy-management services, and can take over
nearly all aspects of a customer's energy-related activities, This "outsourcing" role includes
monitoring power meters, paying energy bills, installing efficient air-conditioning, heating and lighting
systems and even designing and constructing energy infrastructure projects.

Enron Energy Services is known as an innovator that has grown rapidly since it began operations in
1997. The Enron unt was “an icebreaker into the executive suite of corporate America to show how
they could unlock the value of energy expenditures,” said Craig Sieben, chief executive of Sieben
Energy Associates, a management consulting firm in Chicago. Enron doesn't disclose how many
customers it has, but says the total value of Its long-term contracts has mushroomed to about $50
bition.

Nobody knows what is going to happen to all those contracts in the wake of the bankruptcy filing.
“What the clients are heanng from everybody, including us, i that if you have any other options, look
at them,” Mr. Sieben said,

"We're monitoring the situation very closely. We do have contingency plans in place if we need to

use them,” said a spokesman for PepsiCo Inc.’s Quaker Oats Co. unit, which recently entered into a
10-year energy management agreement with Enron. A spokeswoman for another major customer,
*

00200000000732


reatricted by the 1996 welfare law.
http: //wwe.nytines.com/2002/01/20/national/10BUDG, htnl?todayakeadl ines

G.0.P. Chief Says We'll Quit Lobbying

Merc Racico-, the new head of the Republican Party, sald on
Mednesday that he would halt lobbying, but concerns remain

in the party over who «ill pay Kix salary,

http: / /wew nytimes .com/2002/01/10/national/ 191085. html ?tedaysheadl ines

Bush Returns to Politics, om Behalf of His Brother

President Bush returned to fund-raising Wednesday, appearing

at an event that was expected to raise over $1 million for

the carpsign of Gov. Jeb Bush of Florida.

http: //wew.nytimes.com/2002/01/10/naticnal/10BUSH, html ttodayshead! inea

MORE POLITICS NEWE:
http://w. oytines.com/pages/politica/index.htnlttedaysheadline

SPORTS

Abraham Is the Olamond in the Jets! Pass Rush

Join Abraham hae become so effective as a defenaive and that
coaches now have to plan to account for him on every Gown.
hetpe//www, nytines .com/ 2002/02 /10/sporte/ football /10JETS. html ttodaysheadlines

The Knicks! Sorry Seasce In Not a Laughing Natter

As the Knicks (14-20) prepare for Thureday's sane at

Dallas, there is little reason to believe they will avoid

their first losing season since 1990-91.

http://www. nytines .con/2002/01/10/sports/basketball/1onnICc. html ?todaysheadlines

Hicme Holds Ho Answers for hangers

ith no offense from their moribund power play on Wedneaday
might, the Rangers dropped their fifth consecutive game

te the Los Angeles Kings.
http: // Maw nytimes.com/2002/01/10/sporte/nockey/ ORANG. html ?tedayabead] ines

MORE SPORTS NEWS:
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05106

9100000000017


General Electric Iluminates the Market's Purare Page 5 of 5

cer OMS FREE HandsoringTM

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hutp:wwwthestreet.com/_yahoo/funds'gbs/10003 170.html La

00200000000620


General Electric Muminates the Market's Future Page 1 of 5

TheSeeet con = AralMorey con = Professional Preducts ica in ee, Byars

"“Chctes ° Personal Finance ; Gary B Smith a om
Search Si ae General Electric Iluminates the Market's
Future

o
: |
Scottrade BY 7A Rene nem

10/30/2004 08:02 AM EST

Market Briefing Editor's Note: Gary B. Smith's column ruris axciusively an RealMoney com: this
fauipat Actors 42 @ special free look at his calunn. For a free trial subscription to

Latest Wire Stertes RealMoney.com and Gary 8. Smith five days a week. click here, This article
Latest TSC Stories = was published first om RealMoney an Oct 29.

Rate “What do you think wil happen to the market?*

Yeah, right there, that's the No. 1 question I'm

B we ff Re S|

Commentary getting these days. (No. 2: "What happened to your
Personal France Goll gare, Gary?") | have my opinions. of course,
Company News _ Nd you can see then on display nearly every dey in +. ae Hore wo Sign Up!

{___§" this coumn
Eamings Repors But dot act on them? Rarely. | always let the specific trades I'm sesing dictate
Eeonermc Calendar how Oullish oF bearish fm going to be. That's right, | might tink the Nasdaq is
PO Catendur going to Zero, but if | keep coming up with Nasdag long trades instead of
‘Shook Spits shorts, then [keep betting an “up” rather than “down.”

1. Of course, this might be viewed as # blatant sales pitch for The Chartman'’s Top
ReutTiera Portico Stocks, but | hope it's more than that. The real message? Your apinions are
Tracker fine. But make sure you also ha relable methodology for telling you
Risk Asatysis Tools whether to be long, shart or aven out of the market Over fe years, it's that
Gowsary mathodkiogy — not what | think wil happen — that's made me money.

‘Stock Alerta

|__.~«..—' Today, the Nasdaq. Schlumberger (SLENYSE - news - commentary -

MET cesar - analysis), Enron (ENE:NYSE - news - commentary - repeareh -
RealMoney Free Tria = analysis), Network Appliance (NTAP Nasdag - news - commentary » research
Ere ot Valow eTop analy Direct Focus (DEX Nasdaq - pews - commentary » research «
ew _ onalysis), General Electric (GE-NYSE - news - commantary - tamarch -

‘Action Alects PLUS analysis} and Lucent (LUNYSE - news - commentary « research - analysis).

Equity Researcs

TSC Conferencos ——
httpywww.thestreet.cony’_yahoo! funds! ghs! 10003 1 7).btm) 1O3@01

00200000000616


Yahoo - Enron's India lenders to discuss $2.9 bin project Page 2 of 2

An Enron spokesman said he was unable to comment.

But in August, Houston-based Enron said i and ots forcign partners were ready to sell their stakes in
Dabhol for no less than $1.0 billion, an amount said to be sufficient to cover their costs amd direct
financial investment in the project.

Enron's deteriorating position, including a drop of almost 70 percent it is share price in less than a
month, has close watchers of the company saying it will probably have to break itself up if it is to stay
independern.

Analysts say that while Enron had lined up $1 billion in credit last Thursday, it may have to sell power
plants, pipelines and some of its energy trading assets. The company coukl also be the object of a
takeover bid,

BITTER DISPUTE

The first phase of the comroversial 2,184 MW Dabho! Power Plant, India’s largest foreign direct
investment, bas been completed. But work on the second phase was abruptly stopped in June following
a bitter dispute between Enron and the plant's sole buyer, a loss-making Indian utitity,

The mecting in Singapore will take place a few days before the expiry of Enron's six-month nobee to the
utility expressing its intention to terminate the power purchase agreement.

This coetract governs the terms of Ihe sale of power by Dabho! to the state-run Maharashtra State
Electricity Board (MSEB), the nearly bankrupt power distribution monoply in the state where the plant
is located.

After November 19, Enron will be entitled -- under the terms of the contract -- to submit the dispute to
binding arbitration by the International Court of Arbitration in London.

U.S. conglomerate General Electric (NYSE:GE - news) and construction firm Bechtel Corp cach own 10
percent in the project, with the remaining 13 percent held by MSEB.

Email this story - Most-emailed articles - Most-vjewed articles

More Quotes and News: Enron Corp (NYSE: ENE - news)
Related News Categories: oienergy. US Market News, unlities

i __Searen news | hep

Coppront © 2001 Yano! ine As hgres reserved. Pospty Pescy « Terms of Servier
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‘Guesbors or Comrrerty?

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0200000000578


deoperate pre-holiday price alashing enticed consumers to
spend.
btea://waw.nytimes.com/2001/12/07/Dusiness/O?SHOP. btm] ?tcdaysbeadlines

Japanese Congunera Revel in Deflation’s Silver Lining

As long as prices keep falling, experte say, many Japanese

will hoard their cash and postpone purchases on all but

essentials, making the current recession even worse,

hetp://ww4. wytines.con/2001/12/07/business/worldbusiness/ 07CHEA. html ttodayahead) ines

2 Enron Roles Raise Questions of Allegiance

As many investors were ecrambling to sell Enron stock,

Alliance Capital Management was aggressively buying. And

gitting on Enren's board wan « senior executive and

director of Alliance.

https //wew. nytimes.com/2001/12/07 business / OT PLD. heel ttodaysheadlines

MORE BUSINESS NEWS:
bttp://wew. nytines.com/pages/buginess/ index henl ttodaysheadline

TECMNOLOGY
SUPT O enn eee eam eee ne enen

AOL's Problems Go Beyond Even Harry Potter*® Magic

When ADL and Time Warner merged a year ago, thelr hopes were

pegged to the magic of the Internet, Today the brightest

apat for the company is the wizardry of Barry Potter.

hetp://www. yt ines .con/2001/12/07/husinees/media/O7TAOL, btml?tedaysheadlines

2 Big Chip Makers Raise Forecasts

Intel and Advanced Micro Devices raised their financial

forecasts for the current quarter, seying that their

microproceasora that power personal computers were selling

better than expected.

hetpi//wew nytimes.com/2001/22/07/technology/ 0? TECH. html? tedayalead] ines

Deal for COR Continues Merger Trend in Blotech

Millennium Pharmaceuticals aaid that it would buy Cor

Therapeutics, the maker of the heart drug Integrilin, for

about $2 billion in stock.

https //wew. nytines.com/2001/12/07/technology/07BIOT. html ?todaysheadlines

MORE TRCENOLOGY NEWS;
http://www. nytines.cen/pages/technology/ index.html ttodaysheadline

; 05168

01000000000239


Yahoo - DAILY BRIEFING -- Enrom Needs to Fix Its Shomt-Circuits Page 3 of 3

FIRST MOVER. By the time the nation’s electricity markets began opening to competition in the carly
1990s, Enron already knew how to capitalize on deregulated markets because it accumulated valuable
experience when the natural-gas industry underwent 2 similar transformation a decade earlier. When
clectric-power deregulation finally hit, Enroa had the first-mover advantage and was off und running,
while many of its peers still were trying te get their boundaries.

Strategies aside, many on Wall Street also are rightly urging Enron to come clean as quickly as possible
about any other surprise write-offs that might show up on future financial stuternents. “There really 1 a
need for much more disclosure,” said David Fleischer, who covers the stock for Gokiman Sachs & Co,,
during a conference call on Oct. 23 with management.

“There's an appearance you're hiding something,” Fleischer, said to Lay on the call. The Enron CEO
said be’s aware of the concerns and that the company would offer updates using its Web site and
possibly host additional calls in the future. He empbasezed that Enron is limited im the information it can
release given the ongoing dealings with the SEC,

A year ago when Enron's stock was riding high, the company could do no wrong. With Skilling
promoting the company’s broadband investments as worh $30 a share alone -- investors amd many

analysts were content with the limited amount of financial details the company offered. But that has
changed. perhaps for good.

Go fo www. hesinessweck. cow to see all of our larest stories

Email this story - Most-cmailed arti¢hes - Most-viewed articles

More Quotes and News: Enron Corp (NYSE:ENE « news)
Retated News Categories: oil cnengy. ubilities

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Copyrgrt S 2001 Huprens View AB igtre nnearved

Cusehera or Corererta?

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00200000000607


MORE NATIONAL NEWS =
bttp://waw.nytines.com/pages/national /index.ntml?todayshead] ine

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INTERNATIONAL

U.S, to Press Iraq to Tat U.N. Inepect for Manned Arne

A State Department official said om Priday that President
Bush intended to force rad to open its borders to United

Nations weapons inspec
http://www. nytimes. Fon/2001/12/01/internat ional /niddleeast/02DIPL. henl?todayshesadlines

Muah Admialstration Say# [t'a Teo Barly to Deploy
taternatlonal Peacekeepers

Calling conditions on the ground too dangerous, the Bush
a@ministration said on Priday that it was too soon to send

Peacekeepers to Afghanistan.
https //wew, nytimes.com/2001/12/01/international/O1MILI, htel?todaysbeadlines

Marines Dig In, but They Find Little to Battle

Hundreds of marines have turned a compound in the Afghan

desert into a heavily fortified base intended to intensify

military preseure on the Taliban.

hetp://www. nyt ines .com/2001/12/01/ internacional/asla/O1MARI.html?todaysheadlines

MORE INTERNATIONAL NEWS:
http: //waw.nytimes .com/pages/world/ index. htmittodaysheadline

faren Scrambles for Punds to Base Way Into Bankruptcy
The fallout from Enron's collapse continued on Friday as the

company struggled to line up financing.
hetp: //ww«.nytimes.com/2001/12/01/business/O1ewnc. btmlttodayskhead] ines

2

01000000000433


Tuchband, Matthew

Fron: ‘The New York Times Direct [nytcrectiinytimes.com)

Sent: Tuesday, November 13, 2001 535 AM

To: mathew tuchbandi3 do. treas gov

Subject: Today's Headlines from NYTimes.com Tuesday, November 13, 2001

TODAY'S NEADLINES
The Wew York Tisma oa the Mab
Tuesday, November 13, 2001

foaseneee ee eee--+--Alao Prom NY¥Tlmas.com------------------ +7
Holiday Shopping
Take advantage of special offers and discounts

travel and luxury items from NYTimes.conm's p:
advertisers -- with the Holiday Shopping E-Mail.

ervices/enail/emsil, btmlaholiday

https / Jew nytines
4

QUOTE OF THE DAY

"It could not have happened a= a worse place. This is like
the aftershock of an earthqua @ust vhen you're getting
confortable, another plane falls cut of the sky."
“ANTHONY D. WEINER, « Queene ccmgreaann.

btce://waw.nytlmes coms 2001/11/23/nyregion/_13CRAS-heml rrodayaheaclines

WATIONAL

Fliers Take Solace in Absence of Apparent Ties to Terrorism

More than ever, passengera relied on the comforting, aturdy
voices of pilors.
hetp: // www. nytimes.com/2001/11/13/national/13ACRP. hemi ?todaysheadlines

Experts Divided on New Antiterror Policy That Scuttles
Lavyer-Client Confidentiality

Legal experts differ on the Juatice Department policy of

monitoring cormunicationa between peaple suspected of

terrorism and their la .

bttpi //www. nytimes.con/2001/11/13/national/13L5GA. html ?todaysheadiines

Drought Holds much ef EZast in Ics Grip; Fires Spread
An East Coast drought has fueled brush fires. lowered
veserveira and brought appeals to conserve water.

http://www nytimes.com/ 2001/11/23 /national/L3DRO0. html ?todayshead! ines

1000000000524


Yahoo « Enron's Stock Slides to New Lows Page | of 2

“YAHIOOLFINANCE 211! =o yros vis AFD Associated

[ Latest Headlines | Market Overview | News Alerts ]

29,10:
Monday October 29, 10:19 pin Eastern Thee Related Quote

Enron's Stock Slides to New Lows “e a

delayed 20 mins ~ disclaimer
Quote Data provided by Reewers

Enron's Stock Continues Slide After Downgrade Duc to a Get Quotes

Credit Problems

HOUSTON (AP) -- Enron Corp.'s (NYSE:ENE + news) stock slid to new lows on Monday, pushed
down in part by Moody's Investors Service’s downgrade of the company’s long-term debt and warming of
possible further downgrades

The downgrade came a3 Enron negotiates with banks to establish new credit lines as the nation's largest
natural yas and power marketing company struggles to bounce back from disappointing third quarter
earnings amd a scandal over losses stemming from parinerships managed by the company's former chief
financial officer

“Moody's analysis of the developing situation will focus on management's suecess in lining up further
liquidity support,” Moody's said im a statement.’ This will be critical to enable Enron's wholesale
business Co sustain its earnings ard cash Mow generation in order to support significant balance sheet
obligations.”

Moody's initially placed Enron's long-term debt ratings om review on October 1fth_ On Monday.
Mooxly’s sak! Enron's shon-term credit rating is also under review.

In trading Monday om the New York Stock Exchange, Enron shares fell more than 10 percent, of $1.59 4

share, to close at $13.81 -- their lowest level in nearly seven years. A year ago, Enron stock sold at
nearty $85 a share.

Enron's efforts to acquire nore credit came alter the Houston-based company last week decided to cash
in about $3 billion in revolving credit 1 has with various banks to shore up investor confidence.

We are in discussions about mew credit lines." Enron spokeswoman Karen Denne said Monday.
We're laking action to restore investor and market confidence.”

Denne would not disclose bow much eredit the company was secking, But The Wall Street Journal

quoted unidentified sources who said the amount is between $1 billion and $2 billion and that the deal is
close to being completed.

hitp:/biz_yahoo.com/aph0! |02%encon_wees_3.html 1301

0200000000611


ge

From: The New York Times Direct [nyidirect@nytimes com)

Sent: Monday, December 03, 2001 3:33 AM

To: matthew tuchnand ico teas. gov

Subject: Tocky's Haadines fron NYTimes.com Morxtay, December 3. 2001

TODAY'S HEADLINES
The New York Times on the Web
menday, December 3, 2002

Por news updated throughout the day, visit wee. nytimes.com

fowseee see eeeeeesesAleo From NYTimes .con------------------ ‘
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QUOTE OF Th DAY

Serr crrrrrecseeesesesesse

“This ig a moment where the advocates for peace in the Middle
Bast muat rige up and fight terror.*

~PRESIDENT BUSH

hetp: //wew, oytines.com/2001/12/03/ international /middleeast /O4NIDE_htrl ttodayshesdlinees

Terror Anthrax Linked to type Made by U.S.

The powder used in the anthrax attecks ie virtually

indistinguiahable from that produced by the United States

military, according to federal scientiata.

bttp: //mew nytines.com/2001/12/03/national/ 03 POW). heml?tedayshead]lines

Demanding a Diagnosis, and Gutwitting Anthrax

The medical odyssey of Leroy Richmond, a postal worker in

Washington, has rewrittem the book om the treatment, and
survivability, of anthrax.

hetp: //wee, nyt ines. con/2001/12/03/nationsl/03LERO. html Ptodaysheadlines

Shah's San Salists Exiles in U.S. in Push to Change Iran

The tight-knit and wealthy [Iranian population in Sauthern

California has found iteelf at the center of a new push to

replace the current government in Tehran.

http: //wew nytimes .com/2001/12/03/natlonal/O3SHAH. html ttedaysheadlines

BO 01000000000425


Gabilondo, Jose

From: Carleton, Norman
Sent: Manday, December 03, 2001 12:12 PM
To: Bair, Shels, Berardi, Stwe, Bitsberger, Timothy, Cetna, Ji; Eichner, Matthew, Gablondo,

Jose, Gross, Jerect, Hammer, Viva Lori Sanstamorena (E-mail); Nickalot, Peter, Novey,
Michael; Pietrangeli, Fred, Roseboro, Grier, Schutheiss, Hekilynne; Snarer, James; Whaley,
dear, Wiedman, Mark

‘Subject: WSJ: Energy Traders Scramite to Pick Up Market Share After Enrar’'s Collapse

December 3, 2001

Energy Traders Scramble to Pick Up
Market Share After Enron's Collapse

By ALEXEI BARRIONUEVO and SILVIA ASCARELLI
Staff Reponers of The WAL STRECT JOURNAL

A half dozen of Enron Corp.'s biggest former rivals are gearing up to grab chunks of the dominant
share the energy concern held in the natural gas and power-trading markets.

But, the benefits could flow more slowly than those companies hope, analysts say, because Enron's
demise likely will put the brakes on the fast-growing energy-trading industry and make some big
energy customers more reluctant to rely on trading firms to guarantee supply and manage risks.
Energy-trading companies play the role of middleman between producers and wholesale purchasers,
moving and delivering commodities and managing price risks for customers.

“Eventually there will be winners, but unté then, you will have a lot of turmod,” says Michael Barbis, an
analyst at research and brokerage house Fulcrum Global Partners LLC. “A lot of players, such as
utilities and hospitals, will be reluctant to sign long-term contracts with these trading companies, after
seeing the best-capitalized player go out of the market,”

Enron became a marketing colossus without spending on such hard assets as power plants or
pipelines, instead, it mostly relied on locking up contracts with other parlies for supply, capacity and
storage that it would use for its trading operations, Now, the companies most likely to benefit from
Enron's collapse will be those that have strong asset bases, putting investors, customers and
Creditors more at ease,

“Right now, the name of the game is credit-quality,” says Paul Patterson, an analyst with Dutch
investment bank ABIN-Amro. "A balance sheet that is based upon assets is easier for creditors and
investors to value than one based on intangibles.”

When the Enron dust settles, top marketing firms such as American Electric Power Inc, of
Columbus, Ohio; Duke Energy Corp., of Charlotte, N.C,; Williams Cos., of Tulsa, Oxla., and Enron's
crosstown neighbors in Houston — El Paso Corp., Dynegy Carp. and Reliant Energy Inc. -- are best-
positioned to grab pieces of Enron's 20% to 25% share of energytrading volume.

In Europe, where Enron was considered one of the two biggest players in the Continent's nascent
!

00200000000720


Tuchband, Matthew

From: The New York Times Direct [nyidirectggnytimes. com]

Sant: Thursday, Nowernber 22, 2001 3:38 Ant

Ta: fuchbend Gado Jreas.gov

Subject: Yotaye) Heodines NYTimes.com Thursday, November 22, 2001

TOOAT'S HEADLINES
The Naw York Times on the Meb
Thoraday, Novenber 22, 2002

For news updated throughout the day, visit umw.nytines.com

Foeceere cree cee es eee, ‘Algo Prom NY¥Times.con----~ sweensereeeel
Woliday Shopping

Take advantease of special offers and discounts -- on gifts,
travel amd luxury itens fron *Y¥Times.con's premium
advertlaera -- with the Holiday Shoppins E-Mail.

fie. cytinea con/servicen/enasl/enait. htmlftholiday

het
4-

QUOTE CF THE DAY
sseeewevnerernrsssesseses

*I think there ia going ta be seme heartburn on the part of

police chiefe to take om this role because chis ia not how

we usually do business. *

“KEN YARBROUGH, police chief of Richardson, Tex., om Attorney General John
Asheroft*s request for belp interviewing 5,900 Middle

Eastern men.

hetp://wew.nytimes.com/2001/11/22/national/22P0Lr .html ?todayshesdlines

MATIONAL

Police Are Split om Questioning of Mideast Men

Police chlefa are concerned that Attorney General John

Ashcroft's requeat that they help interview thousands of

Middle Eastern men seems like racial profiling.

http: //waw nytimes.com/2001/11/22/nstionsl/22POLI. html ?todaysheadlines

Hints of an Alzheimer’a Aid in Anci-Inflamsatery Druga

Middle-age and elderly people who took anti-inflanmmatory

drugs like ibuprefen or naproxen for at least tuo years

were apparently protected from Alzheimer’s dloeage.

http: //wew, oytines.con/2001/11/22/heslth/22ALZH. html ttodaysheadiines

One Maryland County Moves to Regulate In-Home Smoking

A&A guburban Maryland county has approved a strict antismoking
Meacire that would impose $7S¢ fines again reaidents if

the odor of their smoking irritates neighbors.
http: / /wew.nytines.com/2001/12/22/mationsl/226MOK. html ?todaysheadlines

1

oe 01000000000802


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~~ 91000000000515


Microsoft Makes Software Safety a Top Goal

Microgoft's chairman, Bill Gates, diatributed a companywide

memoranden to call on employees to put more esphasis on

making the company's products ‘trustworthy. *

hetp://ave.aytines ,con/2002/01/17/eechasl ogy/17SECU. html Ptodaysheadlines

MORE BUSINESS NEWS:
hetpi //wew. nyt ines .cer/pages/business/ index.html ?tedayahead] ine

Microsoft Makes Software Safety « Top Goal

Microsoft's chairman, Bill Gates, distributed a corpanywide

renorandum to call on enployees to put more emphasis on

faking the company's products ‘trustworthy, *

betp://wwe, mytines.com/2002/01/17/technology/17SECU. html ?tedayahead] ines

Apple's Retail Stores Show Positive Data om Customers

Apple Computer said that 40 percent of the people who bought
computers at the 27 retail atore# it has opened in recent

montha were first-time users of Macintosh machines,

bttp://awa. nytines, com/2002/01/17/technalogy/17APPL, html ?todaysheadl ines

Intel Names Heir Apparent for Chief Executive Position

Intel named a 28-year exployee as president and chief
eperating officer, grocaing him to take over the company as
chief executive when Craig R. Barrett retires within three

years.
hetp://wew.nytimes.ceom/2002/01/17/technology/2?CHIP. htm] ?todaysheadtines

WORE TECHNOLOGY NEMS,
http: //waw. nyt imea.con/pages/technology/ index. htnl?tedayshead]ine

POLITICS

White House Says Economica Adviser Saw Little Risk on Enron

The White House said President Bush's top economic adviser

concluded that » potential collapse of tron posed little

risk to the American economy.

hetp:// wow. nyt ies cem/2002 /03/27/business/17BUSH. html ttedaysheadlines

Kennedy Calis for Delaying Tax Outs to Help Pay for Drug
3

05047

Oo a ~-91000000000118


cre

panel has recommended changes to an eccord between the Lages Sate
and US company Enron that would Sring an $300 sificn investment,

NIGERIAN GOVT PANEL URGES CHANGES TO POWER PLANT ACCORD: REPORT. A Nigerlan ar |

Sam viv

AFP says # local report said yesterday. The commitise urged a renegotiation of \'
N

-
the Power Purchase Agreement (PPA) signed test year by Lagos State. the

tate-tun National Electric Power Authority (NEPA), and US group Enron, the
newspaper This Day said.

‘The committee recommended hat the deal under which Enron late best year shippos
2. SO-megewat! fosing power plant to Nigeria should be expanded to iIncesse
capecty to 270 megawatts, the paper said. However, the second part of the
agreement, under which Enron would butld an $800 million 540-megewalt permanent
power plant of ie cy, shondd be pu up for osmpetiive tendering, the

paper

‘The committee also said there should be further renegotation on the unk
pricing terre of the deal penalty clauses for poor performance and contract .
terminsfon arrangements. The recommendations come after the World Bank last
week expressed doubts about the agreement signed to boost the currently
Radegeale pone suppaes mretatts to Rn commis stoner carta and aot

‘The Financial Times (p.6) also reports, noting that the World Bank has its
‘concema: Esrom can “charge a high price for fuel used in the power plant; does
‘vot fully camry the plant competition risks that are under ts control; benefits

from generous arrangements far payment securty, anc woud receive excessive
contract taeminaton payments.” There are also questions about how the deal was
secured, the story says, notng tat te World Bank has joined cther Nigerian
regions in questioning te privileged access of Lagcs to a federal subsidy.

THAILAND: CITY'S REWARD POR SOLUTION ON POLLUTION, Bangkok is to be designated

‘The meeting wil foous on best practces on air quality control. The World Bank
president wil lator declare Bangtot wt Asia's Model City for Air Pofution

Management,

Bank because of the BMA's three-year efforts to ecive its air polution menace.
The BMA has engaged several measures to curb ait polluson in the metropolis,
including arresting motorists for vehicular pollution, demarcation of
pollution-tree roads and requesting the gevermmant to announce te BMA's
pollution management scheme as @ national agenda, reports the piece,

Separately, the IMF yesterday commended Thailand for ts economic recovery and
retue to financial stabilty, but warned that 4 sustained rebound requires

faster structural reform and the contnued application of supportive
maccoscotomic policies, reports AFP.

0500000000918


Enron Lines Up Cash to Soothe Wall Street Page 4of4

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0200000000573


aid, the largest group to face the federal cutoff.
http: //wew.nytimes.com/2001/11/30/nyregion/3OWELF. hel tecdaysheadlines

Schumer Backs Bush Choice for U.S. Attorney

Sesater Charles &, Scharer offered a strong endorsement of
the federal prosecutor who in President Qush's likely
choice for United States attorney in the Southern District

of New York.
beep: //www, cytimes.com/2001/11/30/nyregion/30ATTO. html? tedayabeadl inee

WORE NY REGION NEWS:
http: //wew-nytines.com/pagea/nyregian/index.henlttedaysheadline

Pay Attention

By THOMAS L. FRIEDMAN

Forging a strategic partnership with Russia is far more

important than building a missile shield,
Bttp://www.nytines.com/2001/11/30/opinion/30FRIE. html ?todaysheadlines

Wake Up, Anerica

By ANTHOUY Lewrs

President Sush's military tribunala represent the broadest

move in Awerican history to sweep aside comscirutional

protections.

http: //wex. nytimes,com/2001/11/30/opinion/J0LEWI .html?todaysheadlines

Hankrupt Analysis

By ADAM LASHINSKY

‘The Enran debacle ig emblematic of a problem that has become

@ll too evident in the last few years: Wall Street's loss

of objectiviry.
hetp://www.oytines.com/2001/11/30/opinion/30LASH. html trodayshead? ines

MORE OP-ED NEMS:
bttpi//wew. nytimes. com/pages/opinion/ index. html ttodaysheadiine

HOW TO CHANGE YOUR SuBscRL er Ton

You received these headlines because you requested The New
York Times Direct e-mail service. To cancel delivery,
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Check or uncheck the headlines you would like to receive

6

01000000000448


NIGERIA SEEKS TO WIN OVER PARIS CLUB DONORS,

Nigerian Presiden Ofssegen Obasanjo will try to patch up differences wit the
Paris Clu cf Giiwteesl creditors and overcome remaining obetacies to an
agreement with Me IMF during a vist to France this week, reports the Financial iw?
‘Times (p. 10). His visit follows efforts by the Fund to soften the position of

he Paris Club, which may be owed aa much as $27 bilon of a total extemal

abt of $34 billion, according to the latest IMF estimates.

‘As 2 condition for restructuring. officials may Parte Club members waet Nigeria OF \a\'
to begin payieg off arrears on servicing debts to biulert creditors, which now

|mourtt to almost two-thirds of the total debt stock. Some creditor governments

are pushing Nigeria to doubly edgeted payments this yea to $3 bifon in line

wth improvements in the world price of of, which accourtts for more than 0

pervert of Rs expert revenues.

Sut an overal leap in payments looks unikely, the story says. Obasanjo argues
‘Pat uniess resources are freed towards poverty alleviation programs, social
Instability wil reverse the fragile democratic gains of the past year.

(Obasanjo found sympathy for his appeals for Nigeria's debt bercen to be lowered
on a visit to France yesterday, but sources dose to the Paris Club of creditor
countries wamed no reduction was beminent reports AFP, “France is frying to
convince the IMF and the Pats Club of conciior rations that 4 mutually
acceptable solution must be found,” French Prime Minister Lionel Jospin is
quoted as saying to Obasanjo.

But 9 source close to the Paris Club said no discussions on he country’s
position would take place this week, Discussions on restrecturing Nigeria's
abt repayments wil begin when the IMF has passed judgement on te country’s
‘eccromic reform program, the source said,

Meamatile, notes the FT, the IMF is keen to avoid being seen as the dott
collector, a8 meet Nigerians blame structural adjustment reforms of the late
1980a mare than military rsisrule for dectning itving standards.

In other news, the Werld Bank has raised questions over the teens of an

agreement signed last year between the Lagos State government and a private US.
‘company that includes art $800 mition lvestment as part of # acters to suppty

iociciy to the cly grid, AFP ways ins separate report Nigerisen and Wort

Bank officials confirmed @ report in the local newspaper, This Day, which sakt

‘he Bank had expressed dowbts about the des! signed lest year betwwen Lagos

‘State, the Nigerian state-run electricity operator NEPA, and US power group

‘Soon after the dea was agreed, says the story, officials in NEPA began raising
objections saying he price set by Enron per unit of electicty supplied was

too high and & would have been cheaper for Nigeria to have built ts own plant.
Last weok, Nosir ab-Rutal, head of the Burmau of Public Enterprises, admitted
that the dea! was under review by World Bank officials called in by he
Qovemment The officials aegued the teers were too faworabile to Enron and had
been concluded improperly. Reuters also reports,

00500000000920


Moody's downgrades Enron's debt Page 4 of 4

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0200000000615


IssueAlerts email Page 4 of 5

Enron has mot been completely forthcoming about its practices.

The Enron questions of the moment are: How much further can the company's
stock fall before Enron's business model is significantly restructured? Will Enron
incur additional losses beyond the allegedly non-recurring losses It claimed in the
thirc quarter? Will Enron remain a takeover target, and if so which company would
be likely to make @ bid for the company? What will be the outcome of the SEC
investigation and potential credit downgrades fram agencies such as Moody's?

Some of these questions are impossidle to answer at this juncture, without the
benefit of @ crystal ball. Clearly, the sudden lack of investor confidance in Enron has
rattled the compeny's executives, which undoubtedly prompted the ousting of its
former CFO. 1 would think that this lack of confidence would also lead Enron to
consider fundamental changes im its business model. However, it may be too late to
@vert additional! losses in non-core businesses such as broadband, water and retail,
into which Enron sunk large sums of capital but which have yet to produce
measurable returns,

If Enron's stock remains in the basement, takeower rumors will undoubtedly
continue. However, Enron is challenged ot this point to undertake a substantial
modification of its business model, which may Include the complete divestiture of
él! of its non-core businesses outside of the energy trading core. If a takeover were
to take place, it would probably occur scon (while Enron's stock remains low and its
core business remains strong) and with a buyer that seeks a large trading
operation and experience in risk management. None of the companies mentioned
as possible buyers at this time completely fall under thts description, but given
Shall's strong interest in wholesale markets I would contend that this potential
partnership makes the most sense. However, any company that makes 4 serious
bed for Enron would have to be very risk tolerant, considering the ongoing
uncertainty surrounding the company with regard to pending lawsuits and the SEC
investigation.

In addition, & is significant that Enron is pursuing additional financing, which
indicates that the company intends to bolster its financial position and avoid any
takeover attempts. Nevertheless, various credit rating agencies such as Moody's
are in the process of evaluating the company for potential credit downgrades. A
credit rating downgrade would raise Enron's cost of borrowing, which in turn could
Cut inte the profitability of the company's business as a whole. The end result is
that, if Enron's financial position does not improve substantiaay in the near term, it
will remain in a very vulnerable pasition and a very real target for various takeover
measures.

An archive list of previous IssucA/ert articles is available at
www.scientech.com

We encourage our readers to contact us with their comments. We look forward to
hearing from you. Nancy Spring

Reach thousands of utiity analysts and decision makers every day. Your company
can schedule a sponsorship of IssweA/ert by contacting Jane Pelz at
$05.244.7650. Advertising opportunities are atso available on our Website.

FilesC:\ WINDOWS Temporary 420Intemet%20Files\OLK301 Liarticlebtm OE 7/2002

0200000000251


The images in "Hidden Trutka: mlcedy Sunday 1972" at the

International Center of Photography are prosecution

witnesses called to testify on the event.

bttp://waw.syt ines. com/2002/01/11/arta/design/11COTT. heml Ptodaysheadlinea

From Truffaut's Centines, a Mealth of Inspiration

The director of "The Royal Tenenbaums* watches the most
uipretentiows movie he can inagine, Francois

Truffaut's ‘Small Change.*

http: //wnw.nytines.com/2002/01/11/movies/11MATC. htel ptodaysheadlinea

Old Wew York Visited Anew

My 12-year-old ac came wp with the whimsical idea of

touring the New York he knows now as seen throagh che

manory of the child I once wae.

Betp:/ swe, oytimes.con/2002/01/i1/arta/11CoLm. html rrodaysheadlines

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https //wew.nytines.com/pages/arta/index.btrl?todaysheadl ine

WY REGION

Mayor Sete Freer Tone, at Least at the Outset

Early indications suggest that Mayor Michael R. Bleemberg

will set a different tone in City Hall than his

predecessor,

http //wew, nytimes.com/2002/01/21/nyregion/115L00. html ?todayaheadl ines

Studies Will Take Sept. Li's Measure in Health ffiects

Public health researchers ore attempting to track pecple who

were in the vicinity of the World Trade Center when it fell

on Sept. 11.

http: //wew.nytimes.com/2002/51/11/nyregion/12LAR. btml?todaysheadlines

Pilot Safe After Fighter Jet Crashes in Woods

A Bew Jergey Air National Quard fighter jet crashed inte a

wooded area near the Garden State Parkway during training

on Thureday norning.

http: / maw. nyt treme. com/2002/01/11/nyregion/1iPLAN. html rtodaysheadlines

MORE NY REGICN NEMS;
https //ww. nytines.con/pages/nyregicn/ index.html Ptodayaheadline

5

05097

‘01000000000168


Tuchband, Matthew . ——

From: The New York Tines Direct [nyidirect@nytimes com]

Sent: Tuesday, December 18, 2001 3:37 AM

To: matihew.tuchbandijido.trgas gov

Subject: Today's Headings trom NYTimes.com Tuesday, Dacamber 18, 2001

TODAY'S HEADLINES
The Wew York Times om the Web
Tuesday, December 18, 2001

fort eee wenn ween ene Sponsored Feature ~««««««------------ \
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hen

QUOTE OF THE DAY

06 e6 eee ee eeenweeeeseeeen=

"We feel like we're seeing a lot more firgt-tine
scared te-death homeless. And we're looking at working
homeless, not just welfare honelees,”

-LIAWE RAMIREZ, whe works with families in Sacramento.

http: //maw.nytimes.com/2001/12/28/national/1éHoMe.htel7tedaysheadlines

NATIONAL

New Mave of the Homele. 2 “pleoda Cities’ Shelters

With unerployment rising amd houging costa #til} hich,

cities around the country are experiencing « sudden ware of
heneleaanenn .

brtp://wew.nytimes .com/2001/12/28/national/18B0ME. html ttedayahead] ines

U.S. Approves Timber Sale, Prompting Court Challenge
The Gush administration cleared the way for a gigantic sale

of trees, prompting environmental groups to ge te court.
hetp:/ wwe. sytines,com/2001/12/18/politics/18PORE-html tredaysheadlines

Elephant Trainer on Trial in an Abuse Case

Ome of che biggest atare of the Ringling Brothers circus
went on trial on charges that he abused an elephant.
http i //wew. nytimes .com/2001/12/26/national/LOELEP, btm) ?todaysheadlines

05129

oO ~-01000000000200


Anerica West Revises Loan to Offer U.S. 10% of Airline

America Meet Airlines, seeking to win « federal loan

quarantes, said that it had amended its application to give

the government an option to buy 10 percent of the airline,
hetp://wwa.cytines.con/2001/12/11/business/11AI® .henlrtodsysheadlines

Viacom Unites UP ané Cas; Executive Quite

Viacom expanded the power of Lealie Moceves, the president

of CHS, while prompting the resignation of the executive in

charge of UPN.

http: //wer,nytimes.com/2001/12/11/buainess/wedia/21PARA, btm] ?todaysheadl ines

MORK BUSINESS NEMS +
beep: //wew.nyt imes.con/pages /business/index. html? todaysahead] ine

TECHEOLOCY

Ce errr es

Phone Giants in Europe Shift Focus

Two new deals show how European telecommunications companies

ave ae@arching for ways to squeeze revenue growth fron their

existing assets.

beeps //wew. nyt imes.com/2001/12/12/bua inesa/worldbusiness/11TELE. html ?tedayshead) ines

More Hurdles for SchoStar-DirecTV Plan
EchoStar Communications knew it was going to have a tough
task getting government approval for its planned 932

billion takeover of OiracT¥. Just how bard is now clear.
http://www. nytimes.cam/2001/22/21/technelogy/11DISH, html ?todaysheadlines

Chiet-Designate at ADL Aske Turner to Stay

AOL Tine Warner's Richard D. Parsons, who io know as the

consummate diplomat and reconciler, wants Ted Turner to

renew hia contract and remsin in the fold.

http://www. nytines.com/2001/12/11/besiness/media/l1A0L. html ?todaysheadl ines

MORE TECHNOLOGY NEMS:
beep: //wew.nytines.com/pages/technology/index.btml?tedayzhead] ine

POLITICS

‘ 05152

01000000000223 —


OP-ED

scenneeenenncrtremesssees

Silencing the Alarn

By 808 knageT

Not only were Enron employees deliberately left in the

dark, but Enron had many of thee lecked ints rules that

prohibited then from selling their stakes in the company.

http. //wew.nytines, con/2002/01/14/opinion/14HERS. btml?tedaysbeadlines

Andersengate

By WILLIAM SAFIRE

The scandal I see in the Baron debacle is senpolitical,

it's professional.

http: //wew. nytimes .com/2002/91/14/opinion/ 14a"! htrlttodayshead) ines

The Fiscal State of the States

By WILLIAM T. POUND

Legislatures in 39 atates will begin their regular sessions

this month facing fiscal challenges unseen in at least a

decade.

httpe//wew. oytines. com/2002/01/14/opinton/14POUN. html trodaysheadlines

MORE OF-ED MEWS:
http / /wew.nytimes. com/pages/opinica/ index.html ?todaysheadl ine

BOW TO CHANGE YOUR SuUNScRIPTION

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01000000000157


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002000000007 12


Once-Mighty Enron Strains Under Scrutiny Page 4 of 8

investors ask.

To others in the industry, the opaqueness of the company's financial statements parallels Enron's
efforts to keep its energy-trading business lightly regulated and free of disclosure requirements.
Though they do not expect Enron vo crumbte like Long-Term Capital Management, they say
that, like the giant hedge fund, Enron uses a lot of debt, regulatory oversight is timited and
outsiders have a difficult time figuring out its finances.

The most pressing concems are a series of partnerships and trusts Enron created to move some
of its assets and debt off its balance sheet. With names like Marlin and Osprey, the partnerships
have at least $3.3 billion in bords outstanding, backed by assets like a stake in Azurix, Enron's
water company subsidiary. Enron has promssed that of the partnerships’ debts exceed the value
of their assets, Enron will tssue enough new shares to make up the difference.

DEALS with partnerships formed by Mr. Fastow, who was chief financial officer wher they
were organized, led to the $1,2 billion write-off in sharcholders’ equity that Enron announced
last week. The company has offered only skimpy details of its transactions with those

partnerships,

Enron ended ils relationships with those partnerships in the last quarter, after being criticized by
sharcholders. In Ihe process, i wrote off a promissory note that it had cared an its books,
reducing its sharcholders’ equity by $1.2 billion, Bur, because of complex accounting rules, the
transaction was not apparent in Enron's quarterly camings report,

The transaction disturbs investors because it suggests that Enron may have found a way to hide
losses, throwing the accuracy of its financial statements into question. When Enron released
third-quarter carnings on Oct. 16, it reported a loss from $1 billion in write-offs on failed
investments, The camings statement did not mention the additional $1.2 billion equily write-
down. But the company said its core business had been solidly profitable, and its shares rose.

In a conference call with analysts after the announcement, Mr. Lay, Enron's chairman, abso
disclosed the reduction in sharcholder equity. The reference was a brief one, however, and some
listeners did not catch it. Those analysts were angered when they found out the next day what
Enron had done, and many were confused by the accounting procedure. Enron's stock began to
slide, and investors clamored for more information about the write-off, But so far, the
company's efforts to clear up the situation have further unnerved investors.

Mr. Lay has met with investors during the last wo weeks to try 10 explain the deals, but some
on Wall Street say they have come away with doubts about Mr, Lay’s grasp of the situation,
They say that the two people at Enron who appear to have been most knowledgeable about the
deals Mr. Skilling and Mr. Fastow have both left the company.

In an imerview in late August, Mr. Lay said he did not know some details about the deals
invelying Mr. Fastow. In response to one question about them, be said, "You're gelting way
over my head.”

Mr. Palmer of Enron disputed any suggestion that Mr. Lay did not have a grasp of the
investments at issue, saying Mr. Lay was handicapped in talking about them because of the

S_E.C. investigation. "There is not a whole bot we can say, or should say, about them,” Mr.
Palmer said. He also said the company expected to generate about $3 billion in cash through

hatps/dailynews. yahoo.com lynyl/ 2001 1028 /s/once-mighty_enron_strains_under_serutiny .. L301

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002000000007 10


Tuchband, Matthew

From: The New York Times Diract Inytcirecad nytimes.com]

Sent: Wednesday, January 16, 2002 3:38 AM

To: matthew. tucht trems gow

Subject: Today's Headlines NYTimes.com Wednesday, January 16, 2002

TODAY'S HEADLINES
The New York Times on the Web
Wedneaday, January 16, 2002

For news updated threaghout the day, visit wav. nytimes.com

QUOTE OF THE DAY

seen weeeeeeesesenenes
"We may mever know why he turned his back on cur country and

our values, but we cannot ignore that hedid.*

-JOHN ASHCROFT, attorney general, om filing criminal chargea against Jotn
Malker,

Beep: //www. nytimes.com 2002/01/16/politics/16MALK. html ?todayshead]lines

WATIONAL

SESSESESSee see eseeeeweece

Justices Limit Reach of Arbitration Law

The Supreme Court ruled that « federal agency may sue an

employer for discrimination on an employees behalf even if

the worker had waived hie right to sue.

herp: // wwe. aytines.com/2007/01/16/nationsl /165C0T htm) ?todsyshesdlines

Georgia Finds Itself in Jeblesa Benefits Bind

Georgia legislators may have to choose between restoring the

atate’s unenployrment insurance tax and making the benefits

even smaller.

http: //waw.nytimes.com/2002/01/16/national/16J08L.htal?todaysheadlines

Death of Deaor Halts Sone Transplants

Mount Sinai Bospital in Manhattan said that after the death
of a man who donated part of his liver to his brother, it
had temporarily halted such transplants. halted

operations
hetp://www. nytines,com/2002/01/16/health/1éLIve, htnl?todaysheadlines

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INTERNATIONAL

CUNO ee ede eeeenmeneeeees

Strategic Site Would Provide Link to Uzbekistan

Forces opposed to the Taliban have captured the key northern

city of Mazar-i-Sharif after daya of borbing, both rebel

and Taliban officiala said en Saturday.

http://www. nytimes.con/2002/11/10/international/10MILI.htel?todaysheadlines

Pakistani Leader Seeks ‘Gestures’ for Backing U.S.

General Musharraf said he has come to the United States in

search of major gestures from the Bush administration,

including the release of American P-1é fighters.

hetp: //wew-nytines.com/2001/11/10/internat ional /16DIPL. html ttadayshead]ines

Iran‘*s Leader Says Mualina Reject bin Laden's ‘fzlan"

President Mohammad Khatami of [ran said Osama bin Laden‘a
version of Islam does mot represent the majority of the

world's 1.2 billion Muslics
betp://wew. nytines .com/2001/11/20/ international /10KHAT. html?todaysheadlines

MORE INTERNATIONAL NEKS:
http: //wew.nytimes.cen/ pages /world/ index herl trodayshead) ine

Rival to Muy Bnergy Trader After Dizzying Financial Pall

With ite stock pluaging and ite finances in dowbt, the Enron
Corporation agreed to be acqu:red by the rival Dynegy Inc.

for abaut $9 billion in stock.

http: / /wew-nytimes.com/2001/11/10/businers/ LOPOME. html ?todaysheadlines

a 1000000000539


Yahoo - Enron made $35 min purchase from co run by officer -WSJ Page | of |

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NEW YORK, Now $ (Reuters) - Enron Corp, (NYSE:ENE - « )
made a $35 million purchase from an entity run hy a company off
financial dealings with its management, the Wall Street Journal reported in
Monday

ficer, raisi

8 online ¢

The report comes as the former Wall Street high flyer
faces @ full-scale probe by U.S. regulators into

questionable financial dealings and as the con
market value has fallen by more than $17 biltion in

pany’s

138 three weeks

The Journal said the Enron officer involved in the
+] Kopper, a former managp
Enron North America unit,

transaction was Mich

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ie es Es eee) | oid that Kopper was an associate of Andrew
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who has been Linke:

o transactions now under

investigalion by government regulators

In 1999, the two set up a privat
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partnership known as LJM2 Co-Investment LP, which was involved in

»f transactions with Enron, according to private-partnership documents and company

per said

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Cromy Capitalianm, ¥.5.A,

By PAUL KROGMAN

The Bush adminiatration fears, and the press suspects, that

the latest revelations in the Enron affair will raise the

lid on crony capitalien, American etyle.

hetp://www. nytines.com/2002/01/15/opinion/1SKRUG. heel? todsysbeadl ines

Putting an End to Warlerd Government

By BARNETT R. RUBIN

The elimination of the Taliban regime made possible the
eatablishrent of a new administration, but at the price

of empowering some corrupt and brutal figures.

hetp://www. sytines .com/2002/01/15/opinion/1SRUSI html rtcdaysheadlines

Private Sector, Public Doubts

By OAVID CALLARAN

The emerging story of Enron's collapse is about an abuse

of corporate power.

http://www. nytines.com/2002/01/15/opinion/1LSCALL. html ?today#headlines

NORE OP-ED Mis:
netp://www. nyt ines .com/pages/opinion/ index.html Prodaysheadline

HOW TO CMANGE YOUR SUBSCRIPTION

You received these headlines because you requested The Hew
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1000000000151


MORE SPORTS NEWS:
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ARTS

Ueoking for the Light in Cabaret Senge

Pop atandarde evoke a comforting continuity between now and
then, a6 asaurance that in a climate overwhelmingly devoted
to disposable novelty, some things are made to last.
http: // maw. nyt lem. com/2001/12/06/arte/music/O6CABA, html ?todaysheadlines

How van Gogh Would've Painted, if He'd Been on TV

"Rolf on Art” is an idiosyncratic BSC series that lo a9 much

about ite host, a jovial Australian with a triangular

beard, aa it $8 about the artists he discusses.

hetp://www. aytines.com/2001/12/06/srte/television/06ARTS.html] ?todaysheadlines

De Mire Plans « Film Festival in TriBeCa

Robert De Hire and the film producer Jane Rosenthal essy they

intend to bring some econesic and emotional relief to the
beleaguered southern tip of Nanhatean.

https / wee, nytimes.com/2001/12/06/movies/OSPEST. html? tedayakeadl ines

MORE ARTS NEWS:
bttp://wew.nytines.con/pages/arts/ index. html? tedaysheadline

Convicted of Price Pixing

A. Alfred Taubman, principal cuner of Sotheby's, was

convicted of comapiring with sival Christie's to fix fees

charged to auction house sellers.

http://www, rytimes.con/2001/12/06/arts/06SO0TH. html? tedaysheadlines

Indictments Wane 73 Linked to the Gencveae Crime Fanily
Federal prosecutors announced sweeping indictments of dozens
of people they called leaders and associates of the

Genovese crine family.
http: / /wew.nytines .con/2001/12/06/ayregion/O6MOB. html ?todaysheadlines

Private Security's Gain Ie Public Safety's Lore, Police Say

, 05179

a 01000000000250


General Electric Iluminates the Market's Future Page 2 of 5

COMPUS - Nasdaq Camposte Index
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002000000006 17


POLITICS

War om Terrorism Brings Plan to Cut Smithsonian Financing

In a aign of ite intention te pare spending to pay for

the war on terrorism, the Bush administration has proposed

substantial cute in the Smithsonian Inetitution's budget

http: / faew.nytimes,com/2001/12/06/pelitice/ossPEn, html 7tedaysbead) ines

Vote om Spending Bill Im Riuky for Republicans
President Bush threatened to veto a military spending bill

if it included money he had mot sought.
https //wwe, nyt ines .com/2001/12/06/politica/06coNc. html ttodayshesdlines

$25 Billion to Aid the Jobless Ia Backed by House G.0.?.
Leadera

Heuse Republican leaders offered to spend about $25 billion

to ald the unemployed as major issues before Congress

merged in furious end-of-session horse trading.
bttp://wew.nytimes.com/2001/12/06/politics/O6TRAD. html ?todaysheadlines

MORE POLITICS NEWS:
http: //www.nytines.cem/pages /politics/index.ntml ?todayshead! ine

Baseball Teare Lost Half a Billion, Selig Says

Najor League Baseball] will claim that it lost more than a

Nalf-billiom dollara last season in a report that

Commissioner Bud Selig will unveil in testimony before the

House Judiciary Committee on Thursday.

https //wew. mytines.com/2001/12/96/sporte/bareball/OGHASE. htm) trodaysheadlines

Kidd Gets Pirst Laugh in Marbury's Return
dasen Kidd outplayed the player he was traded for last
@umrer, the Suna" point guard Stephon Marbury, and lifted

the Nets to an exultant romp over Phoenix.
brtp:/ /waw.nytimes .com/2001/12/06/sports/basketball/O6NETS, html? todaysheadl ines

Tenneasee's Defense Usew flement of Surprise
With a new defensive strategy called Prowler, Tennesece
sowed fresh confusion and resped new success at Florida

last week.
http: //mew_nytines .cea/2061/12/06/sports/ncaafoothall /O6COLL. html ?todsysheadlines

05178

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Critics Take Aim at Enron's Board Page 3 of 4

more than § million common shares at the time of the March proxy filing.

Such longevity on the board combined with voting power may have allowed a group to
dominate meetings without enoagh vigilance from the other outside directors, Marshall said.

Finally, the board, which had 17 memsbers last year and 14 currently, may have been bloated,
say experts. The ideal size of a board is between eight and 10, they said.

“ht may indicate that the board may not be taken seriously -- more like a favor to somebody,"
said B. Espen Eckbo, director of the Center for Corporate Governance at Dartmouth College.
“Seventeen is more like a chatting club.”

Further, one of the directors, Hong-Kong based Ronnie Chan, chairman of the Hang Lung
Group, missed more than 25 percent of is meetings, according to a proxy fling.

INSIDER TRADING REVEALING

The volume of trading by msiders in the last year is also a worrying sign for mvestors, said
Jackie Cook, an independent consultam who does corporate governance research,

For example, in the past 12 months, Chairman Kenneth Lay sold about $34 million worth of
sock and former CEO Jeff Skilling sokl $27.5 million, according to her calculations.

“They've actually sold a hell of a bot,” she said. ‘Insider trading is an important signal for
investors. It shows the level of confidence those with the best knowledge of the firm have in the
firm."

To be sure, Enron has taken steps to restore confidence by appointing University of Texas dean
William Powers Jr. to the board and named him to head a special committee to examine the
company’s dealings.

When asked about the board's independence and oversight, a company spokeswoman said the

committee would have the power to take action, including disciplinary action, aver the related-
party transactions.

But the board has a long way to go before it can clear its name, say experts.

In a sign the pressure is building for changes on the board, the labor union umbretla group AFL-
CIO, whech sponsors benefit funds that hold an estimated 3.1 million Enron shares, urged the
board to adopt a stricter definition of director independence und disclose director conflicts of
independence

“Clearly this crisis does raise 2 lot of isswes about the independence of the board,” MeGum
said. “And one way or the other, at the end of the day, there’s going be some changes at the
board."

(Additional reporting by Cal Mankowski)

Email this story - ew most popular | Privier-Fiendly format

hiupedailynews.yahoo.com/hinny2001 L1O4/bs/utilities_emron_board_de_1.btml 1vs01

00200000000583


the schedule.
http: //wew.nytimes,com/2002/01/17/arte/music/17JAZ2 hel ttodaysheadlines

From Cubs, With Rhythe, Taking Jazz by Storm

There is # spall tradition of Cuban drummers who hit New

York like asteroids, Dafnis Prieto, from Santa Clara, Cuba,

ia the peweat one,

beep: / fwaw. nyt ieee com/2002/02/17/arte/music/L7DRUM. btml?todaysheadl ines

93 Years After Dying, Mahler Hits His Stride

Today, after the 20th century's world ware and mass

slaughters, Gustav Makler'a mugic touches many more souls

than it did when it was written.

http://www. nytimes.com/2002/01/17/arta/mugic/1IARTS. heel ttodayahead) ines

MORE ARTS NEMS;
beep: //waw.nyt iemacon/pages/arte/ index.html trodaysheadline

NY REGION

New Mayer, Mew Focus

Moyor Michael R. Bloomberg is showing a different approach

than his predecessor, Rudolph W. Giuliani, with a focus on

the poor,

beep: //www. nyt ines .com/2002/03/27/nyregion/17aL00, html ?tedsysheadlines

A Major Health Measure, Passed Without a Second Thought

The passage of a multibillion-dollar health care bill wene
through Albany so fast that nobody was able to digest it

fully.
http://www nyt ines .ceom/2002/01/17/nyregion/17ALMA. html ttodayshesdlines

Welfare Molla Graw in City Late Laat Year

A rise in New York City's welfare rolls added to growing

concerns that the country's revamped welfare system may be

Caught ahort.

beep: //www. nyt ines .con/2002/01/27/nyregion/27NELF. btml?tcdaysheadl ines

MORE NY REGION MEWS:
http: //wew.nytines.con/pages/nyregion/ index.html? tedaysheadline

05049

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times greater than those of neighbor Argentina and the same as Britain's. They wil surpass
Germany's in five years.

The key to Enron's ambitions was 3 1,870 mile, $2 billion pipeline to bring natural gas from Bolivia to
Brazil's industrial heartland. Rebecca Mark, then president of Enron's international unit, crisscrossed
South America trying to gain approvals for the pipeline and for a string of naw power projects that it
would feed. Enron bought stakes in power plants, natural gas distributors and in 1998, Elektro,

Enron's problems were, from the start, almost as big as its ambitions. A $550 million project in the
central Brazilian state of Mato Grosso to build three power plants fed by Bolivian gas overran fs
budget by $200 million and its construction deadline by two years. The 400-mile pipeline needed for
the project was held up when Brazilian environmental officials forced a 62 mile diversion so as not to
disturb a rare species of bat. What's more, only one of the three power plants is operating and until
September had to run on more expensive diesel fuel unté the natural gas pipeline was finshed.

Brazil's volat#e economy also hurt Enron, as well as other foreign energy investors. Elektro
distributes electricity to about 40% of Sao Paulo, Brazil's largest and wealthiest state. But the
devaluation of the Brazilian currency in 1999 has been a blow to Elektro. The government controls
electricity rates and has resisted companies’ pleas to pass on dollar-based costs, including corporate
debt, to consumers. Electricity rates in Brazil are half as much as those in neighboring Argentina, for
example, industry officials say. Making matters worse, Brazil imposed energy rationing in June,
reducing Elektro’s revenue by 20%, said an energy specialist who advised Enron in Brazil,

The Brazil-to-Botivia pipeline, in which Enron has a minority stake alongside state companies, hasnt
turned out to be much of a salvation for energy starved Brazil either, Few of the power plants that @
was to feed have been built due to investor concerns about the regulatory environment As a result,
demand for gas from the pipeline is less than expected.

Even the more opportunistic moves by Enron haven't worked out. Earlier this year, the company built,
in just six months, a $300 million natural gas power plant outside Ric de Janiero to capitalize on the
country's acute energy shortages. But the jocal spot market for energy remains plagued by
operational and financial-settlement problems. So far, Enron hasn't received a cent for the energy it
has sold from the plant, What was supposed to be a "cash cow” has turned out to be "a disaster,”
Says an Enron executive.

Enron has found a buyer, so far, only for its 25% and 34% stakes, respectively, in Companhia
Estadual de Gas and Companhia Estadual de Gas-Rio de Janeiro, two gas-distribution companies

serving the city and state of Rio. Enron and Brazilian state oll company Petroleo Brasileiro SA signed
a deal on April 30. Closure is imminent, Enron says.

“They have been shopping around for a while and not found the prices they wanted,” says UBS

Warburg energy analyst Ronald J. Barone of Enron's Brazilian assets. “The fact that the situation is
dire now means ... they will get low-Dall bids because people know they are desperate.”

Write to Miriam Jordan at miriam jordangws|.com <mailto:minamjordaniwsi com>

Southern Exposure

00200000000730


pOLITICS

BEE Skeeeeeeseeenenerstees

Putin, Gtarting U.S. Trip, Predicts Missile Accord

Amid high hopes for arma talks, President Vladimir V. Purin

of Rusia arrived on his first official visit to the United

States on Monday.

http://www. nytines¢om/2091/11/13/international/europe/13PREX. htrl ?todaysheadl ines

Divided Senate Takes Up Stimulus 8111 Today

The Senate plans to take up a Democratic econanic recovery

package on Tusscay that has left the two parties bitterly

divided.

http: //wwa. nytines,.con/2001/11/13/politics/13STIN.htnl7tcdaysbesad! ines

A Test for Pledgling Disaster Responses Network

The jet crash eet off a real-time test of how the nation's
ascent homeland defense system would work in the aftermath

of Sept. 11.
http // mew. nytimes.com/2001/21/14/pelitics/130EFE html ?todaysheadlines

MORE POLITICS ueus:
http: //waw. nyt ines .con/pages/politica/index, html ?todaysheadline

SPORTS

Pitino Rebu-lda in touierville

Last spring, Rick Pitimo was at loose enda. Now he's at
Louisville, back in the state of Kentucky, Chanks to «
friend who waa killed on Sept. 11 in the Morld Trade

Center.
beeps //wew. nytimes.com/2001/11/14/sports/acmabasketbsl1/13RICK, html ?todayshead] Laws

Por McGwire, the End Cane Too Soon

Mark McQwire'a Career ia over prematurely after 15 years of

slugging 563 home runa fifth co the career list and

recovering from injuries.

netp://www. eyt ines .com/2001/11/13/sports/baseball /L3IMARK.html?tedaysheadlines

Pujols and Suzuki Win Rockie Avarda
Albert Pujols of the St. Louis Cardinals was unanimously
selected the &.L.'s coskie of the year, and Ichiro guzuki

of the Seattle Mariners teck the A.L. hemor,
hetp: // www. nytimes.com/2003/21/13/aporte/beseball/13R00K. html ?todaysheadlines

4

a a 01000000000527


http: //wwa.cytines .com/2001/11/259/national/29°0Rn. htmi7todaysheadlines

MORE MATICAL MENS)
bttp: //waw.nytines, com/pages/national/ index. hem] ttcdaysheadline

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INTERNATIONAL

aoe= wtEsesesas.
U.S. Eatabliah
Pressure on the Taliban

ire Afghan Basen to Intensity

Gen. Tommy R. Franks said Wednesday that the United states
might establish more makeshift bases ingide Afghaniatean,
beep: //wew.nytimes,com/2001/11/29/international /29m1L1.htnl ?tedaysheadl ines

At Bite of Quelled Prigemer nevelt, Afghan Fort's Walls Tell
* Tale of Death

Northern Alliance acldiers on Wednesday picked over the
bodies of more than 150 Taliban priscmers “ho were killed

in an uprising againat their captors.
http: f/wew. nytimes.com/2001/11/29/ internat tonal /amia/29MAZA, html ?todaysheadl ines

Where's Bin Laden? Here's One Hunch

American forces have enliated commanders in eastern

Afghenistan co belp search for Osama bin Laden in iaclated

Mountain hide-cuts south of Jalalabad.

hetp:// wwe. nytines.com/2001/11/29/ international /asia/29BAST. html ttodaywheadl ines

MORK INTERNATIONAL MEMS -
http://www nytines,com/pages/world/index. ntml?todayshead] ine

BUSINESS

ae aeeeeeeeeeeenertessusEs

Enron Collapses as Suitor Cancela Plane for Mercer

Enron, the champion of enersy Geregulation, imploded after «
rival backed out of a deal to buy it and many big trading
partners stopped doing business with it.

2

o1000000000464


Ford [# Said to Be Cutting Up to 15,000 More Workers

The Ford Noter Company's board agreed cn a plan to cut ite
work force by up to 15,000 hourly workers, in addition ta
the 5,000 adlaried workers it gaid it would cut last year.
betps/ (www. nyt ines .com/2002/01/11/business/1 AUTO. html ?rodaysheadlines

MORE BUSINESS NEMS:
http //wwe.nytines .com/pages/business/ index. henl?tedsysheadline

one Shares Cooling with Slower Growth in America

Shares of the Vodafone Group, a wireless favorite ameng

investors, have now given back nearly all the gains accrued

in @ rally that began last fall.

http: //mewnytimes, com/2002/02/11/technology/11WIRE.htnl?tedayshead!] ines

Divining the Puture of Law and Technology

What are the 2-3 majer Internet law and policy isaues that

are likely to crop up in 20027 & group of legal experts

took up that challenge.

http://www. nytimes, com/2002/01/11/technology/11CYBERLAW. html ttadaysheadlines

Mataushite Plans an Gverhaul to Reduce Costs

Facing huge losses this year, the sprawling Mateyshita

Blectric Induatesal Company announced a plas ta overhaul

iteelt in the next three years.

http i/ mew nytimes.com/2902/01/11/business/worldbueinese/11MATS. html ?tedaysheadlines

MORE TECHBOLOGY NEWE:
btep: f/waw. aye ines .con/pages/technology/ index. htnl ttodaysheadline

POLITICS

TARTU RE eee ween

Enron Contacted 2 Cabinet Officers Before Collapsing

The White House disclesed Thursdsy that the chief executive
of Enrom contacted two Cabinet members weeks before the

cerpany's collapse.
http: //wew.nytimes .com/2002/0t/12/buainens/11ENRO.bonl ?todayaheadlines

& Faniliar Capital Seript

; 05095

; ; ~ 91000000000166


Yahoo - Enron shares continue slide Page | of |

“YAHOOIFINANCE 2 free tome Yorso'-Hee REUTERS B

| Latest Headlines | Market Overview | News Alerts

Tuesday October M), 10:01 am Eastern Time Rel ;

. ENE ns 2.32
Enron shares continue slide delayed 20 mins - disctaime

‘Quote Data provided By Rewers

Get Quotes

NEW YORK, Oct ¥) (Reuters) - Shares of Enron Corp. (NYSE:EN

ews) on Tuesday dropped to their lowest level in more than cight
years, a day afler the energy wiant said it was lobbying banks fora
new credit line and a rating agency downgraded the company’s senior unsecured debt to two notches
abowe junk status.

Enroe’s stock was down $1.06, or 7.68 percent, to $12 nearly an eight-year low, in carly trading on
the New York Stock Exchange, The last time the shares fell below $13 was in February 1993

After cutting Enron's ratrng, Moody's Investors Service warned that it coukl lower the rating even
further, a3 well as cut Enron's shorl-term debt status.

/ Houston-based Enron has lost about $15 billion in market capitalization amid a series of negative
disclosures about off-balance-sheet deals with two partnershaps. Investors looking for answers have
abandoned Enron, which has firmly declined to provide details

Email this story - Most-cnsiled articles - Most-viewed articles

aron Corp {N ENE « news)
oiVenergy, US Market N

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0200000000604


high credit rating. At the same time, it was tempting for many parties to offer that insurance. The
business seemed an easy way to eam fees, only if Enron defaulted would the seller have to make
any payments. And, given Enron's longstanding investment-grade status and $62 billion in assets,
default seemed a remote possibility

There are other ways in which Enron cast a huge shadow in this market. For example, Enron’s own
debt was 2 big piece of the many packages of securities others assembled and sold to investors.
Now, the credit of the whole package becomes weaker. Moreover, Enron packaged secunties itself,
through special-purpose vehicles on which it provided guarantees, as part of its ambitions to be a
financial powerhouse.

To be sure, the market has already had some experience with defaults. Three years ago, there was
the Russian debt crisis; this year the market has already absorbed such shocks as the Chapter 11
filings of Pacific Gas & Electric Co, and financial-services company Conseco Inc. and the collapse of
Swissa Group. But the three combined don't begin to approach the magnitude of an Enron.

Part of the problem is the uncertainty, nobody yet knows the full scale of Enron's involvement in the
market or how much insurance was written against a default by Enron, Because credit derivatives
aren't exchange-traded, and the deals are off-balance-sheet, the market is relatively opaque.
Standard & Poor's put out an analysis Friday suggesting various Enron exposures in the credit-
derivatives market could amount to more than $6 billion, But that number just reflects the securities
that happen to have been rated; Nik Khakee, who heads S&P's structured Finance Derivatives group,
concedes that those secunties are a small part of the total. "If the recovery value is zero, there will be
huge losses for investors," Mr. Khakee says.

Write to Henny Sender at he

0200000000725


Tuchband, Matthew

From: The New York Times Direct (rytdirecti@rytimes com]

‘Sent: Tuesday, December 04, 2001 3:38 AM

Ta: mathew. tuchbancigido tress. gov

Subject: Today's Headlines from NYTimes.com Tueaday, December 4, 2001

TODAY'S HEADLINES
The New York Times on the Web
Tuesday, December 4, 2001

For news updated throughout the day, visit www.nytimes.com

Jrccoc esse eee eseeessAlgo From NYTimes .com------------------ \
Exomine the World of J. R. R. Tolkien

The New York Times and New Line Cinema have tesmed up to
explore the world of J. &. R. Tolkien, This sponsored feature
includes articles fron the New York Times archives, slide
ahowa of Tolkia: artwork, altimedia presentations from
Mew Line Cinema, weekly trivia quizzes and nore,

hetp://www. nytines .com/specials/advertieing/movies/tolkien/ index.html

QUOTE OF THE DAY

eae ewesceesceenceseseess
"A war bas been forced upon ws ao war of terror.”
-ARIEL SHARON, Israeli prine minister,

http: //mew.nytinem,com/2001/22/04/international/nicdleeast/04MIDE, html ?todaysbeadlines

NATIONAL

H.N,O,*s Plee Medicare Despite Rise in Payments
increasing payvents to H.M.G,'s in hope of persuading then
to atay in Medicare haz largely been « failure,

investigators said.
hetp: //wew. oytimes.con/2001/12/04/politics/04MEDI. html ttodaysheadlines

U.8. Is Said to Criticlze Music Industry on Marketing

Companies have not done enough to curb inappropriate
faterial aimed at young acdiencea, atcarding te « F.T.C.

study.

bttpi //wew. nyt imes.com/2001/12/04/politics/o4LYRI, html ?todaysheadlines
Judicial Candidates* Speech to Be Reviewed by Justices

The question in a case the court accepted is, when do

limitations on what judicial candidates may say crose the

line?
http://www. oytines.com/2001/12/04/national/O4SCOT. hon] tcodaysheadlines

1

01000000000411


MORE SPORTS NEMS-
http: //wew.nytices.com/pages/sports/ index.htm] ?todaysheadline

ARTS

At Least for the Moment. a Cooling Off in the Culture Wars

Nat only have the squirmishes subsided between Mashington

and Hollywood, but a first empt haa heen wade to forge a

tole for the entertainrent industry in the sation's war

effort.

http://www. nytimes.com/2001/11/13/arta/13TRUC.htel?todayshead! ines

A Cable Chasnel Focused on the Past Turns to the Present

After 15 Gays, according to the History Channel, news turns

into bistory. It has used this demarcation in making

decisions for airing programs related te rorien.

http: //sew.nytimes.com/2001/12/13/arts/television/13NOTE, html ?tcdaysheadl ines

Very Piret Feminist’s Eerie Revenge om Men

Oebcrah Drettell has earned much good will among artiste,

staff amd, it would appear, audiences, so it ia

disappointing to report on her opera's score.

bttp://waw. nye lee com/2001/11/13/arte/music/13LILI.keml?tedaysheadlines

MORE ARTS NEWS:
http://www. nytimes.con/pages/arts/index. html ttodaysbeadline

NY REGION

Jet Crashes Near Kennedy; Recorder Ix Found

An American Airlines jetliner bound from Mew York to Santo

Beringo plunged into a meighberhood in Queens minutes after

takeoff.

hetp://www. fytines.com/2001/11/13/nyregion/_23CRAS. html ?cedayshead]l ines

Grief Echoea From Mew York to Santo Domingo
At 9:37 a.nm., Mashington Heights and the Oeminican Republic,
joined by culture, family and commerce, suddenly had grief

to share, tee.
https //wew nytines.com/2001/12/13/nyregion/13VICT. html ?todaysheadlines

7 01000000000528


http: //wew.nytimes.ceom/2001/11/29/ business /29ENRO. hteltodaysheadlines

A Sig fall evoking Nasty Old Memories of « Run on a Bank

The final collapes of Enron amounted to gomthing that few

living Americana have ever seen: a bank run like those in

the days before deposit insurance,

https //wew.nytimes .com/2001/11/29/business/2SPLAC. heml eodayeheadlines

White House Says it Expecta at Least 3 Years of Deficits

The expected budget deficits confirmed that the recession

and the costs of fighting cerroriam had combined to wipe

out projected surpluses.

http: //maw-nyt imes,com/2001/11/25/business/29Econ_ html 7todayeheadlines

MORE BUSINESS Mis;
http://www. nyt ineecom/pages/bueinens/index nen ttedaysaheadLine

odneenneceeecees
Justices Revieit the Issue of Child Protectien in the Age of
Internet Pornography

Supreme Court justices considered whether the federal

Qevermrent's efforts to shield children fram pornography on

the Internet could pass Pirst Amendment muster.

http: / /waw nyt deme .com/2001/11/29/mational /2900RN.htmi ttodayshesdlines

2 Cepyright Cases Decided in Paver of Enterteinnent Industry

‘The entertainment industry won two cleaely watched cases

that pit cwners of copyrighted works againgt the people who

develop technologies that can be used to copy those works.

beep: //wew. nyt ines con/2001/11/29/technology/29DVB. html? tedayabead| ines

Im the Bresx, an Gunce of Connection

Anew children's howpital in the Brenx ix trying to make
technology part of the cure.

http://www. nytimes .com/2003/11/239/technology/circulta/2onos> - html ?todaysheadlines

WORE TECHNOLOGY KEWS:
http://w. nyt ines .com/pages/technolegy/ index, html ?todaysheadline

01000000000465


hetp://wwe.nytimes.com/adinfs

; 05099

01000000000170


Tuchband, Matthew

From: The New York Times Direct [nytdirectnytimes com]

Sent: Thursday, December 13,2001 3:40 AM

To: marttew.tuc! o.treas gov

‘Subject: Today's Headlines NYTimes.com Thursday, December 13, 2001

TODAY'S HEADLINES
‘The Wew York Times on the Web
Thuraday, December 13, 2001

Yeaterday we erienced a disruption in the delivery of
Today's Weadlines. As a result, a nurber of our readera
did mot receive their regulerly scheduled e-mail. We

apologize for che incosven:

Jeeeseee-----0------ Sponsored Feature ----------+++++= =s\
Examine the World of J. R. R. Tolkien

Thie sponsored feature includes articles from the New
York Ti srchives, slide shows of Tolkien's artwork,
multimedia presentations from Bew Line Cinema, weekly
trivia quizzes and more.

ACtp: //wew. aytines.com/specials/advert ining/movies/tolkien/ index.html

QUOTE OF THE DAY

were dragging our feet on getting it finished. The 11th
nade me realize that you're more vulnerable than you
thought. And you can't control the circwrstances."

-MARK GENENDER, 37, om preparing « will after Sept. 11,

http: //wew, nytimes,com/2001/12/13/nyregion/13WILL. html trodaysheadlines

NATIONAL

U.S. Recently Produced Anthrax in a Highly Lethal Powder
Form

Government officials have acknowledged that Army sclentiata

in recent years have meade anthrax in 3 powdered form that

could be used a weapon.

httpi//wew. nytimes com/2001/12/13/mational/1SANTH. biel rtedayshead] ines

2 Meld in Plot to Attack Mosque and Congressman
The chairman and another menber of the Jewinh Defense League
were charged in a plet to bemb « Low Angeles mosque and the

office of a congressman of Middle Eastern deacent .
hetp) //www. mytimes.com/2001/12/13/national/ 1330MB_heml ttodaysheadlines

05143

~ ; ~ 91000000000214 —


MORE SPORTS NEMS:
http: //wew.nytines.com/pages/sports/ index html ?tedaysheadline

Fron Virginia to Louisiana, a Building Boom for Museuns

New arc museum, or large additions to existing ones, are

belng planned, built and opened in more than a dozen

Southern cities.
htcp://waw.nytines.com/2001/12/18/arts/design/1aNUSE_ hel teodaysheadlines

Enron's Fall Reverberates in Houston's Arts World
The spectacular collapse of fnron has derailed an ambitious

effort to create a major corporate art collection.
beeps //wew nytimes .com/2001/12/18/arta/design/18cOLL.htnl ?todaysheadlines

Finally, a Pusg for Prekefiev, foth Uptown and Down
Prokofiev appears to have become the poor relation among

the great 20th-century Russian composers.
betp: (swe. mytines. con/2001/12/18/arte/masic/1aPROK- html rtodaysheadlines

MORE ARTS WEMS-
httpi//wew. nytimes. com/pages/arte/ index _heml trodaysheadline

NY REGION

seeeenenccnescensenerrnts

Church Lawsuit Tries to Stop Police Fran Ejecting Homeless
Twenty fe 30 pecple sleep at the Pifth Avenue Presbyterian

Church amid expensive stores and hotels.
http: / fwew. nyt ime com/2001/12/18/myregion/LECHUR. html ?todayaead] ines

Rloonbers Is Changing Strategies on Us. aid
The mayor-elect is Icbbying for financial aid, but the

current mayor said Wew York doesn't need more money.
bttps//wew.sytines,com/2001/12/18/nyregion/ 1@8L00. html ttodaysheadlines

Hospital Layoffs Loom in Nassau After a Budget Vote
About 400 workera will be laid off under the budget adopred

by the Wassau Health Cara Corporation.
http://www. nytines.com/2001/12/18/nyregion/18NaAss btn] ?todaysheadlines

. 05133

01000000000204


Enron Shares Drop w Eight-Year Lows Page 2 of 2

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lutp://dailynews. yahoo, com hn 2001 1030bs/utilities_enron_shares_dGe_2 html LOL

00200000000623


Tuchband, Matthew

From: The New York Times Direct [rytdirectgierytimes com)

Sent: Friday, November 30, 2007 3:36 AM

To: iekiieny change ete gre

‘Subject: Today's Headlines from NYTimes.com Friday, Nowember 30, 2001

TODAY'S NEADLINES
The New York Times on the Web
Pelday, November 30, 2001

Heliday Shopping

Take advantage of special offers and discounta -- on gifta,
travel and luxury items from WYTimes.com's preniun
advertisers -- with the Holiday Shopping &-Mail.

mall. neml$holiday

QUOTE OF THE DAY
notte ean ane cena eeeneneees

“It was really something to see « Fire Departwent funeral,

for one guy, on ome day. But aad to gay, you're starting to

hear « lot of the same things. Sad to say, they're almost

like routine now. *

JOSEPH CIOFFI, a flrefighter whose Manhattan firehouse lost 10 serbera on
Sept. 11.

hetp://www. nytimes.can/2001/11/30/nyregion/ 30 FUNK. html ttodaysheadlines

MATIONAL
Peer retetr rer tii

Immigrants Offered Incentives to Help U.S, Fight Terroriem

Poreigners who provide useful informaticn about terrorian

may get a fant track to United States citizenship, the

attorney general said.
netp://www.oytines.com/2001/11/30/national/200UST. heal trodaysheadl ines

Boyn, 12 and 33, Accused of Killing Father

A th-year-eld boy and his 12-year-old brother, both

Gescribed as *good studentes,* have been charged with

bludgeoning their father to death.

https //wew. nyt ines .com/2001/21/30/national/30F7LOR. html ?todaysheadlines

F.B.I. Identifies Suspect for rake Anthrax Mallings to
Abortion Clinica

Attorney General John Asboroft ssid that 4 man who ia on the
F.B.I.'s 10 Moet Wanted Liat is the primary suspect in the
nailing of anthrax threats to hundreds of abortion clinics.

01000000000443 —


Gabilondo, Jose

From: Cartetor, Noman
Sent: Monday, December 03, 2001 12:02 PM
Te: Bar, Shei: Berarch, Steve; Bisberger, Timothy. Celina, At. Eichner, Matthew, Gabilondo,

Jose; Gross, Jered; Hammer, Vive; Lor’ Sanatamorens (E-msi). Nickoboll, Peter, Novey,
Michest, Pietrangell, Fred; Roseboro, Brian; Schuthess, Heiditynne, Sharer, James, Wineiey,
Jean, Wiedman, Mark

‘Subject DJ: An Energy Giant Falte Recap Of Dow Jones’ Enron Coverage

December 3, 2001

An Energy Giant Falls: Recap Of Dow Jones’ Enron Coverage

Dow Jones Newswires

Enron Corp. (ENE) ended days of speculation and filed for Chapter 11 protection from creditors
Sunday. the biggest such filing in U.S, history. Simultaneously, the Houston-based energy firm sued
Dynegy Inc. (DYN) for "not less than $10 billion,” accusing it of wrongfully terminating a merger deal
last week that the two firms had reached just two weeks earlier.

Dow Jones Newswires coverage of this fast-moving story can be found under the stock symbol ENE.

Dynegy CED Says Enron Lawauit Is “Without Merit"

Dynegy said Enron's lawsuit against it “has no merit whatsoever in law or in fact.” calling the suit "one
more example of Enron's failure to take responsibility for its demise.”

Private Illinois Firm Claire To Maske Tender Offer Por Enron

Standard Power & Light Inc., a privately held company that buys and develops power plants, plans
to hold a tender offer to acquire at least a majority stake in bankrupt Enron. Standard Power said it
expects the tender offering price to be less than $1 a share, depending on several issues, including
the final result of Enron's failed merger with Dynegy Inc.

NYSE Reviews Enron‘s« Continued Listing Status, Cites
Bankruptcy Filing

The New York Stock Exchange is reviewing Enron's continued listing status. The Big Board plans to
continue trading Enron's stock, as the company stil meets NYSE quantitative listing standards, but
the exchange isn’t limited by those standards and can seek a stock delisting if it believes continued
fisting is “not advisable.”

Enron Corp.'# DIP Financing Expected Monday

Enron expects to receive debtor-4in-possession financing as early a8 Monday, according to a person
familiar with the matter, Enron said it is in “active discussions and expects to complete these
discussions shortly.”

Enron Bankruptcy Wouldn’t Push S&P To Cut Energy Co Ratings
1

00200000000726


MORE MATIONAL NEMS:
btcp i /fwew cytimes com/pages/mat ional /index html ttodaysheadline

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4Prod_Nanme-Happy_Syen_Ploor_Lanpénit
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Taliban and jaeda Leaders Said te Une Cerpound Bit by U.8.

deerican warplanes borbed a c umd southeast of Kandahar

on Tuesaday that the Pentagom caid was used by leadera of

the Tallban and al '

http: //wew.nytioms.com/2001/11/28/intermational/asia/26MI1LI. html? tedayshesd] ines

Alliance Declares Revole Is Crushed
Merthern Alliance soldiers described a deadly final battle

in which they drove the rebels from their last atranghold.
netp://www. cyt ines .con/2901/11/28/international/agia/28MAZA.htnl ttodayshead! ines

A Lenely Crusade Warming Africans of AIDS

Dr. Weil £&. Jargensen has brought the rate of H.I.V. in a

small South African town to 28 percent, well below the

region's 36 percent.

hetp://wwa. nytines,com/2001/21/28/health/ 28AIDS heel ttodaysbead! ines

MORE INTERNATIONAL WEWE:
http: //wew. nytimes.com pages/world/ index. hon ?todaysheadline

BUSINESS

TONE Ree enenn ee eeeeeeen

Trying te heaters Confidence in Enron to Salvage a Merger

Enron and Dynegy worked te find waya to bolster confidence
in Enron's energy-trading business as the companies'
megotiaters continued talks om revising the terwmw of their
merger.

2

01000000000460


Horror Arrives in a Serene Haven

Into the sleepy rhythms of a Soliday morning, human bedies

cane hurtling from @ jet fueelage onto a quiet residential

street.

http://www. nytimes.com/2001/11/13/myregion/136CEN. html? tedayaheadlines

WORE NY RSGION NEWS:
http: //waw. nytimes.con/pages/nyregion/ index.html ?todaysheadline

OP- Bb

Avene nee e ees eeeeeeeeeese

In Pakiatan, tt'e Jihad 101

By THOMAS L. FRIEDMAN

The real war for peace in Pakistan is in the schools.

https //waw. nytimescem/2001/12/13/epinion/1LIPRIE. html?todaysheadl ineo

Can Bush and Putin Control Russia's Arsenal?

By CHRISTOPHER 2. BORD and CHUCK HAGEL

President Bugh and President Vladimir Putin meed to work

together to keep Rua#ia's nuclear material out of the hands

of terrorists.

bttp://wew, mytines.com/2001/11/13/opiniou/tspono. html ?tcdsysheadlines

A Homeland in Search of Security

By DANIEL BENJANIN and STEVEN SIMON

Homeland defense must te based on = identifying our

vulnerabilities amd reducing then.

hetps//www. mytimes.cam/2001/21/13/epinion/i3BEM), html ?todaysheadl ines

MORE OP-RD NEMS»
heep://maw.nytimes .com/pages/opinion/index, html ?todaysiseadline

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01000000000611


government panel has recommended changes to an accord beeween the Lagos State
government and US company Enron tat would bring an $300 milicn investment,

NIGERIAN GOVT PANEL URGES CHANGES TO POWER PLANT ACCORD: REPORT. A Nigerian  ftyy
AFP says a local report said yesterday. The comities ueyed a renegotiation of

—
the Power Purchase Agreement (PPA) signed last year by Lagos Stain, the
‘slate-run National Electric Power Authority (NEPA), and US group finron, he
Newspaper This Day said.

‘The committee recommended that the deal under which Enron tate inet year shipped
2 90-megawatt floating power plant to Nigeria should be expanded to hcease
Capacity to 270 megawatts, the paper said. However, the second part of the

agreement, under which Enron would build am $800 milion 540-megewalt permanent

power plant north of the city, should be put up for competitive tendering, the
paper sad.

‘The committee also said there should be further renegotiation on the unit

pricing teera of the deal, penalty Causes for poor performance and contract
termination arrangenerts. The recommesdations come after the World Bank last
week expressed doutes about the agreesrent signed to boost the currenty
aan ag nu rnre weetetle to Ge county ecorannis explal rel ment
popullous city.

‘The Financial Times (p.8} also reports, noting that the World Bank has fs
concems: Enron can “charge a high price for fuel umed is the power plant: does
not fully carry the plant competifion risks that are under its controt besefts

from generous arrangements for payment security; and would recetve excessive
contract termination payments" There are alse questions about how the deal was
secured, the story says, noting that the World Bank has joived ether Nigerian
regions in questioning the privieged access of Lages to a federal subsidy,

THALAND: CITY'S REWARD FOR SOLUTION ON POLLUTION. Bangkok is to be designated
Sen eeranehe apeie dopey bck ne nding ofr petation, 09
Nason (Bangkok) reports caputy Bangkok governor announced yesterday. Bangkok
deputy gowernce Mahin Tanbusphoem said Bangkok Metropolitan Administration (BMA)
will hast # consultative meeting between World Bank President James YWolfensohn,
mayors from ASEAN countries, Thal provincial governors and mayors and BMA
executive menbers at its headquarters next Tuesday

The meeting wil focus on bes! practices on sit quality control. The Word Bank
President wil later declare Bangkok as Asia's Model City for Alt Polon
Management, said Matin. Manin said tet Bangkok has been hailed by Se World
Bank because of the BMA's three-year efforts to solve Its air pollution menace.
‘The BMA has engaged several measures to curd air pollution in the metropolis,
includieg arresting motorists for vehicular pollufion, demarcation of
potuton-tes roads sand requesting the goverment to announce the BMA's
PolAon Maragement scheme as # national agenda, reports the piece,

‘Separsiety, the IMF yesterday Commended Thailand for Its economic recovery and
Tetum to financial stability, but warmed that 2 sustained rsbound requires

fester structural reform and the continued appication of supportive
macroeconomic policies, reports AFP.

0500000000896


MORE SPORTS NEWS:
bttp: //www. nytines.con/pages/sporte/ index, html ?todaysheadline

ARTS

=
A Tempest at Shakespeare Ghrine: Plan to Raze Theater Is
debated

Even the most zealous partisans of the Royal Shakespeare

Theater, tlt in 1932 a@ a ahowease for the Art Deco style

then in vogue, are well aware of ita drawbacks.

http://w, nytines .com/2002/01/03/arte/theater/osmorA. html ttodaysheadl ines

Mayor's Concern and a Departure Cloud the Lincoln Cenrer'a
Project

A possible hold om Lincoln Center's $1,2 billion

redevelopment plan and the departure of its interin

executive director dealt two heavy blows oo the

institution.

bteps//wwe. nytimes .com/2002/01/03/arta/O3Ltuc. html rkodaysheadlines

Best of the Obecure Among 2003's Albums

In thie annual roundup, the pop and jazz critics of The

Me« York Times choose thelr favorites among the underdes

albune of 2001.

ACtp: (/wwe.mytines,con/2002/01/03/arte/music/03IPOPL. heal ttodaysheadlines

MORE ARTS NEWS:
http: //wew.nytimes.com/pages/arts/index.hrnl tredaysheadline

NY REGION

seercssscezeses

Bloceberg Asks 0:

On his firat day in office, Mayor Michael R, Bloomberg

warned city commissioners and labor leadere sbout budget

cuts and tough tines ahead.

bttpi/ sew. nyt ines. com/2002/01/03/nyregion/O38L00.htalttodaysheadlines

ciale to Flan for Budget Cuts

Mayor's Concern and a Departure Cloud the Linecels Center's
Project

A possible hold om Lincoln Center's $1.2 billion

redevelopment plan and the departure of its interin

executive director dealt two heavy Dlows om the

inacitution.

Detp://www. aytines,com/2002/01/03/arte/O3LINC html ?todaysheadlines

, 05122

01000000000193


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Yahoo + Lenders to meet over Enron's Dabhol on Nov 3 Page tof 3

VARHOOL FINANCE pie! § 0% Home Yonne! = Helo REUTERS 9

GOT A MINUTE?

{ Latest Heaxllines | Market Overview | News Alerts |

Saturday October 27, 10:01 am Eastern Time

Related Quotes
* BAC a0
Lenders to meet over Enron's Dabhol on c 45.10
ov3 mTM uo
deferyed 20 mins - disclaimer
BOMBAY, Oct 27 (Reuters) - Lenders to power plant m India Quote Data provided by Rewters

majority owned by Enron Corp (NYSEVENE - ses) have called a [7 ___ Gat Quotes

mecting next week in London to discuss ways of reviving the
beleaguered project, 2 banking source said on Saturday

RT SEMENT

They will examine offers that two Indian companies
have put forward for buying the U.S, energy giant’s 63
percemt stake, and those of two other U.S. firms, in
Dabhol Power Company (DPC), which is building the
comroversial propeet, the source told Reuters.

The meeting of lenders, who include multinational
banks such as Citibank (NYSB:C - news), Bank of
America (NYSE; BAC - news), will be held on
November 3, the source added.

At stake is not just the fate of the $2.9 billion, 2,184
MW project, which is India's largest foreign direct
investment, but also the over S600 million investment
of Enron, General Electric Co (NYSE:GE - news) and

Bechtel.

All three companies are founders of DPC, which in 1995 got permission from Lndia's Maharashtra state
government to set up the plant on its coast

The plant's first phase of 74 MW was completed in 1999, but work on the secorx! phase of 1,444 MW,
whoch is 97 percent complete, was abeuptly stopped in June this year following a blazing row with cash-
strapped state utility MSEB

MSEB, which agreed in 1995 to take the plant's entire output, said it can no longer do so because
Dabbol’s power is too costly

Dabbol, in turn, accused MSEB of defaulting on its monthly payments and served a preliminary notice
Io lerminale the power purchase contract

https/hér.yahoo.com/ TPN! 1027/bam243465_ 1h 130/01

00200000000591


POLITICS

onan en ew eeeseseeeeeeeneee
After Asking for Volunteers, Covernment Tries to Determine
What They W:1l Do

After President Bush asked for volunteers to help the war on

terror on the bomefront, his administration began trying to

figure out how to mobilize auch « vast force.

Bttp: //waw. nyt Semee .com/2001/11/10/mat ional /i0HOME.heml trodayshead]lines

Bush Chidee Some in Coalition for Imaction

President Bush expressed impatience on Friday with nations
that he esid hac done little in the war against terrorisn

beyond offering condolences.
https //wve, nytimes.com/2001/11/10/ international /10PREX.htrl?todayshead|ines

Benefics Panel Plana Array of Choloes for solvency

The co-chairmen of President Bush's Social Security
comission intend to set cut alternative plang for creating
personal investment accounts rather than present a single

proposal.
bttp://wew. cytimes.com/2061/11/10/naticnsl/LOSOCI. html ?todaysheadlines

MORE POLITICS NENS)
htte://wew.nytines,com/peges/politics/ index.html ttodaysheadline

SPORTS

Knicks Lead, No Surprise, Doesn*t Last

The Knicke fell apart on the read again, squandering «

20-point cushion in an abyamal leas to the Indiana Pacers.

http://www. yt imes.com/2001/11/10/sports/basketball /10KNIC. html ?todayshead? ines

Reconstructed Arizona Stuns sod Surprises

With one of the nation’s toe palat guards in Jason Gardner

and timely acoring frem forward Rick Anderson, Arizona hung

on for an upset victory over Florids in the Ikon Classic.

bttp i //wwy. nytimes.com/2001/1./10/aporta/ncaabarketbal ]/10Wc0P .btelrtedaysheadlines

Just Bow Are 5-3 Jets Doing It?

The Jeta are an inpresaive §-3, and no one knows how or why.
The West Coast offense is no juggernaut and the defense is

no Steel Curtain,
http: //wew-nytines,com/2001/11/10/aparta/foatball/10RHOD. heal ?todaysheadlines

a 01000000000841


A Cloud Over Sundance, but the Parties Ge On

“There's a future which is predictable." Thia kernel of

reflection from the documentary “Derrida* summarizea the

fare at the 20th annual Sundance Pilm Festival.

Http://www nytines,com/2002/01/1S5/mavies/I5DERR. htel?todaysheadlines

Tn an 1882 Sallet, Optimism as It Used to Be

Today a ballet that confidently portrays Light defeating
Obscurantion can at magt etir nostalgia for a paradise

lost.
http: //wew.nytimes.com/2002/01/15/arte/dance/1SARTS, html ?tcdaysheadl ines

MORE ARTS NEWS:
bttp) //www. nytimes .com/pages/arte/index.btnl?todsysheadline

=
New Jersey Trocpers Avoid Jail in Case That Highlighred
Profiling

Nearly four years after they shot three unarmed men during a

traffic stop, two troopers pleaded guilty to misdemeanor

charges.

http: / (maw. nyt See .con/2002/01/15/nyregion/15TROO.himl?tedaynbead] ines

Gisliani Loosened Ball Clubs’ Leases Saya Sefore Exiting

Rudolph W. Giuliani gave the Yankees the right to leave the

city an 60 days’ notice if the team does not get a new

stadiun.

http://www. syt ines. con/2002/01/15/nyregion/ 1SSTAD- html ttodaysheadlines

Wealth Bill In Rejected in Aggerbly
‘The Democratic majority in the State Aseenbly rejected Gav.
George BE. Pataki's request to pees « complex health care

bill.
hetp://wwe, nytimes.com/2002/01/15/nyregion/1SHEAL html ttodayshesdlines

MORE NY REGION NEWS:
http://w nytines.con/pages/nyregion/index. html ttodaysheadlins

OP-ED

, 05079

1000000000150


workforce,
het of fewa aytines .com/2002/02/10/business/10WALL. html? tedayabead] ines

History Shows First 5 Days Can Put Bulle om Right Path

One of Wall Street's most noted indicators the first five

trading days of January has sent its signal. And ict says

that this will be # gsod year for the stock market.

http //wwe. nyt ines. com/2002/01/20/business/10PLAC. html ?todaysaheadl ines

MORE BUSINESS WEWs:
http //wew. nytimes. com/pagen/business/ index. html ?todayshead] ine

TECHNOLOGY

Wanted, Virtually Dead

Tn a number of new military simulatien video games, armchair

Green Berets are being offered a chance to hunt Ceams bin

Laden.
hetp://wwa.nytines.con/2002/01/20/technology/circuite/1OPLAY. html ?todaysheadlines

The Many Futures ef Music, Maybe Cre of Then Real

The main question at the second annual future of Music

Dolley Summit: How will musicians make a living in the

Internet age, preferably without a day job?

https //wew. nytimes.com/2002/01/10/arte/misic/1000NF. html ?tedaysheadl ines

Challenge Year Ahead for the Chief-to-Be at AOL

tf AOL Time Warner is ta generate growth in the middle of
ite projected range for this year 10 percent then it
ust come up with about $925 million in additional cash

flow.
http: //wew.nytimes.com/2002/01/10/business/media/20act.. html 7todaysheadlines

MORE TECHNOLOGY NEMS:
bttpe//wew. nytines.com/pages/technology/ index.html ?todaysbeadline

PoLItTics

White
Noncitizens

store Food Stamp Aid for

‘The Suah administration proposed on Wednesday to reatore
food stampa to many legal immigrants «hose eligibilicy was

‘ 05102

— ~ 91000000000173 —


IssueAlerts email Page 4 of 4

continues to watch the developments at Enron, which ts clearly & cornpany in the midst of another
wave of change.

An archive list of previous IssucAlerts is available at
www.scientech.com

We encourage our readers to contact ws with their comments. We loak forward to hearing
from you. Nancy Spring

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Our staff is comprised of leading energy experts with diverse backgrounds in utility
generation, transmission & distribution, retail markets, new technologies, L/T, renewable
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Copyright 2001, SCIENTECH, Inc. All rights reserved.

AWINDOWS \Temporary%420Lntermet%20Files\OLK301 l\article2.bim OL/L 7/2002

00200000000256


WORE MATIONAL NEWS;
http: // wow. nytises.con/pages/national/index.ktenl?tedaysheadline

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TNTERBATIONAL

Tors Bora Attack Advances in Towgh Fighting

Bven an the fight against Al Geeda fighters in Tora Bora

intensifies, local Afghans leaders cautioned om Saturday

that the campaign for Osama bin Laden could drag out.

beep: //wew nytimes.com/2001/12/16/internationsl/asia/16STRA. herl ttedaynheadlines

U.S. Believes It Baa Recorded Radic Messages Prom bin Laden

The United States has intercepted communications that

officials said appeared to record Osama bin Laden giving

orders to Al Qaeda troops in Tors Bora.

http. //www. nyt imes coms 2001/13 /26/ international /16CALL. html? tedaysbeadl ines

Cnima, 14 Mareh Crackdown, Executes Muslin Separatiste

A fertile strip of western China is the only place in the

country where pecple regularly put to death for

political offenses.

hetp://wwe, nytimes.com/2001/12/16/international/asia/16CHIN html ?tedayahead| ines

MORE INTERNATIOAL NEMS -
http: //wew.nyt ines .con/pages/world/ index.html ?codayaheadline

At 63, Ted Turmer May Yet Roar Again

Richard 0. Parsons's elevation to chief executive ever AOL's
Robert W. Pittman could sugur a comeback for Ted Turner,
the bed boy of business.

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MORE SPORTS NEWE:
hetp://wae, nytimes.con/pages/sports/ index.html ?tedaysheadline

aeaneees
ge Allow Sotheby's and Christie's to Hold First
Saleg on French Turf

Sotheby's will make histery thie week «hen it becomes the

first foreign auction house to hold a public sale in

France. Christie's, its main competitor, will fallew

auit next week,

hetp://waw.syt ines. com/2001/11/28/arte/design/28AUCT. html Srodayaheadlines

Asserbling Scattered Works by the Cognoecenti'a Painter

The American painter Louis M. Eilshenius was so varied in

atyle, f@wling and ambition that he catches viewers out

whenever they think they have him pinned to the ground.
hetp://wew.nytimes. con/2001/11/28/arta/dealqn/aenuss. html ?todaysheadlines

® Conductor's Met Debut and « Soprano's Role Debut

Christoph Eschenbach made an impressive Metropolitan Opera

Gebut and Renee Fleming gave her firat Met performance

of the title role in Strausa'a “Arabella” on Monday.

httpi//wew. nytimes.com/2001/11/28/arte/muaic/2earan_htrl ttodaysheadlines

MORE ARTS NEWS:
hetp://ww.wytines.com/pages/arte/index.htnl ?todaysheadline

uY REGION

Serres

Man's Death tot Related to Anthrax, Governor Says

Gov. John G, Rowland defused rumors that the death of an
84-year-old Connecticut man woe caused by anthrax.
http://www. nytines.com/2001/11/28/nyregion/28AN7H, htnlPtodaysheadlines

Error Puts Body of One Firefighter in Grave of a Firehouse
Colleague

& Hew York firefighter who wax killed in the World Trade

Center collapse was buried in the wrong grave, mach to the

Sisnay of the Pire Department.

bttp://wew. nyt imes.com/2001/11/28/nyregion/2S8obY . htm] rrodayshead) ines
s

01000000000483


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IDTERNATIONAL

U.S,-Philippine Command Mey Signal War's Next Phase

American and Philippine military officials agreed to form a

joint command to stamp out @ Mualin extremist group linked

te Al Qaeda in the southern Philippines,

bttp //wew, nytimes .com/2002/02/26/international/asia/16MILI. heel ttodaysheadlines

2 Civilians Prom Israel Killed in Palestinian Militant
Attacks

The killings were the first of civilians by Palestinian

militants since Yasir Arafat, the Palestinian leader,

cabled for a halt to all attacks on Dec. 16.

Bttp: //www. nytimes.com 2002/01/16/ international /middleeast /16MIDE. btm] ?tedayszheadlines

Powell Embarks on Miasion to South Asian Tinderbox

The secretary of state io embarking on an extraordinarily

delicate diplomatic misaies: preasing India and Pakistan to

defuse their confrontation over Kashwir.

http://www, oytimes .con/2002/01/26/international/asia/16DIPL. html ?todayshead] ines

MORE INTERNATICUAL NEMS:
http: //wew. nytines.com/pages/world/ index html ttodaysheadiine

SUSINESS

Arthur

Yires an Executive for Enron Orders

Arthur Andersen fired ita partner in charge of auditing

Baron, saying be had ordered the destruction of documents

and @-nail after learning that the §.8.C. had begun an

investigation.
netp://www.nytimes.com/2007/01/16/business/16ENRO. html?todayaheadl ines

Citigroup Names New President Amid Talk of More Acquisitions
Citigroup filled the long-vacant job of president with
Robert B. Willumeted, who has overseen the company's

consumer business.
httpi//wew.nytimes .com/2002/02/1¢/business/16PLAC. html ?todaysheadlinea

‘ 05056

- "1000000000127 —



Tm increasing nurbere, the New York Police Department ia
losing personnel ta the private security industry.
hetpe//wwe. mytines.com/2003/22/06/nyregion/O6ShCU, html ?todaysheadlines

MORE NY REGION NEMS:
http://www. nytines, com/pages/nyregion/index.btnl?tedayshead] ine

OP-ED

By WILLTAM SAPIRE
Military tribunals are beginning to be recognized by ccoler

heads in the White House, Defense department and ¢.0.a. aa

more than a bit excessive.

http://www. nytimes .con/2901/22/06/opinion/O6SAFI.btnl?tedaysheadlines

Yesterday
By Boe MkRAERT

George waa only 58 when he died, still a young man, which

cella ae that 1964 was both s long time ago and) only

yesterday.

http://www. nytimes.con/2001/12/06/opinion/ O6HERB. html? todayabeadlines

Rooting Out Terrorists Just Became Harder
By JAMES ORENSTEIN
Military tribunals may actually make it harder to prevent

and punish terrorism.
https //wew, mytines.com/2001/12/06/opinion/ o6aReN.herl ttodayshesdlines

MORE OP-ED MEWS:
http://www nytines.com/pages/opinion/ index html ttodaysheadline

CONTRIBUTE TO THE NEEDIEST Cases ruwo

Make an online donation this Holiday Season to The New York
Times Weediest Cases Punc to help thousands of people,
wieit: http://www. mytimes.con/neediestcases

HOW TO CHANGE YOUR SUBECRIPTION

You received these headlines because you requested The New
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‘ 05180

a ~ — 1000000000251 ~



Qeala in the Rangers’! win over Colorade.

http: //wew. nytines.com/2001/21/21/sparta/hockey/21RANG. html ?todaysbeadlines

NORE SPORTS NEMS;
http://www. nytives,con/pages/sporte/index. htnl ?tedaysheadl ine

Poundation Starts $59 Million Mund for Arts Groupe Hurt by
Terrorisn

The Andrew W. Mellon Foundation ia creating « fund for

cultural institutions affected by repercusgicns of the

Sept. 11 atcacks, as well as for parks where people

congregated after the disaster.

http: //wew. nyt imen.com/2001/11/a2/arte/21MELL, html ?todaysheadlines

& Friendship Tested as the Cold War Thaws

Tony Scott's sew movie, which tracks the 24 howrs before

a Maverick C.I.A. agent retirea, haz the pointless,

thrilling kinetician of a aporta car commercial.

http: // wwe. nytimes .con/2001/11/21/movies/212b¥ html trodaysheadlines

‘Monsters, Inc,' and 'Shrek" Are Likely Foes for New Oscar

The hottest race for an Academy Award is in a newly created
category: best animated feature.
bttp://wew. nytimes.com/2001/11/21/movies/2108CA_heml ttodayaheadl ines

MORE ARTS WEN)
http: //aww.nytines,com/pagen/arte/ index.html 7todaysheadline

NY REGION
SS ESR SS Rk eRe e eee em een ene

Inhalaticn Anthrax Is Diagnosed in Connecticut Woman, 94

A 94-year-old Comnecticut woman appears to have contracted

the inhaled form of anthrax, officials asic, She was

boapitalized in critical condition.
betp://wew.nytines.com/2001/11/21/nyregion/ 21 ANTH.heml?tedayabeadl ines

Toll Prom Attack at Trade Center Is Down Sharply

The official count of the dead and missing haa fallen below
3,900 nearly 3,000 fewer than the susher officials
originally feared had perished.

01000000000513


Getalla and to apply today!

beep: fieda- nyt com/th-ad/th-mboad/mbnath1,.15.htmi/?
BY. Rs

Key Militia Leader Dies in Bomb Bl

After the head of # militia affiliated with Yasir Arafat's

Fatah faction was killed on Monday, Palestinian gunmen

killed an Israeli soldier.

beep: //www. nyt inee com/2002/02/15/ international /middleeast/15MIDE, html? todaysheadlines

1,439 Being Held in Pakistan as Part of Terror Crackdown

As part of a widening crackdonm on extremiata ordered by the

president, Pakistan hag detained 1,430 people and sealed

390 offices of militant groups

hetpi/ fwww, nytines.con/2002/01/15/international/asia/1587AN. honl ?todaysheadi ines

U.U. Pleada for More Aid for Afghaniatan's New Government

With Afghanistan's interim government unable to pay ita

workers, the United Nations made an impagsioned plea for

nations to increase their financial donations.

http://www. nytines.com/2002/01/15/international/asia/1S5MILI.heml?tcodaysbeadl ines

MORE INTERNATIONAL NEMS:
http / fwew, nytimes, con/pages/world/ index. htm! ?todaysheadline

BUSINESS

Enron's Chairman Received Warning About Accounting

An Enrom executive told the chairman in Aogust that improper
accounting threatened te bring down the company,

Congressional investigators said.

bttp) //wew. nytimes.com 2002/01/15/politice/LSBNRO, html?todaysheadiines

Chief Used Steck to Repay Enron Loan, Lawyer Saye

A lawyer for Enron said that Kenneth L. Lay used his company

stock to repay a loan sometime last year, an indication

that Mr, Lay had shed more of his holdings than had

previcusly been disclosed,

http: //wew.nytines.com/2002/01/15/businean/ ISLAY. btn] ttodsyshesd] ines

U.S. Lomes Trade Case to Europeans ca Offshore Tax Havens

‘ 05076

1000000000147



Caat the Deciding Vote

George “, Bush would have wen even £€ the Supreme Court had
allowed the statewide manual recount that the Florida court

had ordered to go forward.
bttpi//wew. nytimes.com/2001/12/122/peliticn/12V0TE, ntml? todaysheadiines

Honoring Lent Lives From Some #0 Nations in Nemerial for
World

Sunday's @ervice at the site of the World Trade Center

collapae, which marked the two-month anniversary of the

attacks, was a memorial for the world,

http://www. nytimes.cem/2001/112/12/ international /12PREX. html ?todaysheadlises

O11 Drilling in Aretic Called Departure Fron Past Policy

The Gemeral Accounting Office says that if Consress approves
the drilling, it will be breaking with goverrment practice

of the last 35 years.
Btepr//www cytines.com/2001/21/12/politica/12aacr-htel ttodaysheadlines

MORE POLITICS wEWS:
hetp:// www. nytines.con/pagea/pol itice/index, html ?tedaysheadl ine

SPORTS

MoGwire Retires te Help the Cards

The St. Louis Cardinals’ Mark NcQwire, who waa the first

Major league player to hit 70 home runs, announced hia

fretlrement aon Sunday night.

http: //wwa.nytimes.com/2001/11/12/sporte/baseball/12MARK. khenltradayaheadlines

Jete' Martin Leads Rout of Chiefs

Curtls Martia scored three touchdowns and the defense had

shree sacks and forced four turnevers in an overwhelming

Jets victory over Kangaa City.

http: //wew.nytimes.com/2001/11/12/sports/ football /i2ceTs. html ?todaysheadlines

Barber Shows Old Form in Glants Win

Tiki Barber played by far his beet game of the season as the

Giants escaped Arizona with « much-needed win over the

Cardinals.

http: //waw nytimes.com/2002/21/12/sparta/foothall/12GIAN. html ?todayshead! ines

01000000000534


Yahoo - DAILY BRIEFING -- Enron Needs to Fix Its Short-Circuits Page 2 of 3

$15 a share, 82% off its $2-week high of nearly $85 hit last December. ‘The decision by senior
management and the board to allow the CFO to have a personal stake in a related party that was doing
transactions with Enron was just poor judgement,” says Andre Meade, an analyst who follows Enron at
Commerzbank Securities.

New concerns are mounting about Enrow’s liquidity ~- a shocking tum for this once blue-chip cnergy
company. On Oct, 25, it drew down its credit lines to provide cash liquidity ‘in excess of $1 billion,”
according to a company statement. “’ We are making it clear Enron has the support of its banks and more
than adequate liquidity to assure our customers that we can fulfill our commitments in the ordinary
course of business,” newly appointed CFO Jeff McMahon saad in 2 statement.

It's the first crucial step Enron must take to forcefully restore the confidence of investors, Wall Street,
and the energy community. The liquidity issue is crucial for 2 company that relies heavily on ils credit
lines to conduct billions in dollars worth of trading deals on a daily basis. On Oct. 24 alone, Baron
conducted $4 billion in transactions through its trading unit BnronOnline, a system widely used by
energy traders.

A CREDIT CRUNCH? “Enron has been pivotal in developing the market over the past 10 years,
They're just a large player in the market, and you can’t stop trading with them, But everyday we're
watching the developments.” says Jeffrey Foose, managing director of trading at PSEG, a New Jerscy-
based parent of utility PSE&G.

The risk of a credit crunch developing woukl be a major blow not only to Enron but potentially to the
entire energy market because Enron is such a big player. ‘Lf Enron can't play in the market because at
can't access credit, what happens to the markets? That's scary,” says Glen Hilton, a San Francisco-based
portfolio manager for the Montgomery New Power Fund, who holds a position in Enron,

However, that possibility has been raised, So far, credit-rating agency Fitch has placed Enron on a
possible downgrade. Standard & Poor's changed Enran’s credit outlook to negative from stable, And
Moody's Investors Service has said it's looking at a possible downgrade,

ADMITTING MISSTEPS. In addition to restoring confidence, Enron also must refocus aggressively on
its core competencies, analysts say -- its wholesale trading and retail energy operations. Just in the first
quarter of 2001, volume growth in Enron's wholesale business was up 65% compared to the sume period
a year earlier, Also during the first quarer, Enroe’s retail energy-serviers unit recorded a peofit of $40
million, excluding various charges, compared to $6 million in restated results for the same quarter in
2000,

“ Whas they did best was trading and marketing energy commodities, and they tried to transfer these
skills, and they haven't panned out." Meade adds. In the past several months, Enron haa acknowledged
missteps in its broadband unit, technical glitcbes at its Dahbol power plant in India, and a multimillion-
dollar write-off resulting from is investment in Azurix Corp. a waler company Enron spun off and then
repurchased, [t also made costly bets on energy markets in Latin America that so far haven't delivered
the anticipated rate of retum, the analysis say.

“(CEO Lay] is under the gun. He's back defending the company that he by and large built,” says Hilton.
Indeed. It was Lay who together with former CEO Jeffrey Skilling transformed Enron from a regional

nalural-gas pipeline company into the world’s Largest energy-trading company. (Skilling resigned
unexpectedly on Aug. 14 for undisclosed “personal reasons” afier only six months at the belm.]

http./biz. yahoo.com bizwk'D1 L0304ovpknhmveh3thgacechiw_ | btml Laaanl

00200000000606


Tuchband, Matth

From: The New York Times Direct [nyteirect{irytimes com]

Sent: Wednesday, Oecember 05, 2007 3:36 AM

Tor matthew. tuchbandido.treas gow

Subject: Today's Headlines trom NYTimes.com Wednesday, December §, 2001

TODAY'S MEADLINES
The New York Tinea on the Web
Medresday, December 5, 2001

Yor news updated throughout the day, visit «w4.oytines.com
Yesterday we experienced a disruption in the delivery of
Today's Headlines. As a result, a number of cur readers
did not receive their regularly acheduled e-mail. We
apologize for the inconvenience.

forene reece ns sseeeee Sponsored Feature ------------------- ‘
Examine the World of J. R. R. Tolkien

The New York Times and New Line Cinera have teamed up to
explore the world of J. ®. R- Tolkien. This sponsored feature
includes articles from the New York Times archives, slide
show: of Tolkien'# artwork, multimedia presentations fron
ew Line Cinesa, weekly trivia quizzes and nore.

beep: //mew.nytines.com/specials/advertining/moviea/tolkien/index. html

oc en ne cee e nn nn nn ene een ee nnn et eee een e nn eeee nnn nf

*A war hae been forced upom us a war of terror."
“ARIEL SHANNON, Israel! prime cinister.

bttp://wew.nytines,com/2002/32/0¢/international/O4MIDE, html? tedayabeadl ines

NATIONAL

eeeeaceeenenesnsseseeenees
Likeness Seen Between Anthrax Sent to Senators and to
Florida

Experts believe the pattern in which anthrax spread around

the office of a Plorida publisher i# much like the behavior

of the anthrax mailed to two senators.
btep://waw.nytimes.con/2001/12/05/aatlonal/0SANTH. html? todsyshead! ines

Duatices Kear Case on the Disabilities Act and Seniority

The Suprene Court wreatled with the meaning of the
"reasonable accomecdation* that the law obliges employers
to offer to workers who could sat otherwise revain om the

jab.
https //wew. nyt imen.com/2001/12/05/national/osscoT.htelttedaysheadlines

Safety of Nuclear Plants Again Raiaea Concerns
:

05183

01000000000254 _


POLItics

Navy Migaile Defense Plan Is Canceled by the Pentagon

The Pentagon has canceled a Navy program intended tc shoot
down short-range ballistic missiles,
httpi//mew nytines.cem/2001/12/16/palitice/16NAVY. html teedayshead] ines

Government Fiddles and the Economy Burna

Ag they confront this economic downturn, Demecrate and

Republicansa are facing the lixelihocd that the hopeful

possibilicies of recent years may have vanished.

http://www. nyt lies .com/2001/12/16/weekinreview/1éS8TEV. htm) ttodaysheadlines

Thig Time, Siswent Stops at the White House Door

President Bush's White Mouse is rewarkably devoid of

infighting and more disciplined and loyal than any

administration in decades.

beeps //www nytimes.com/2001/12/26/weekinreview/16BERK. html ?todaysheadlines

MORE POLITICS wEWS:
https //wew. nytimes.com/pages/politics/ index.html ?todaysheadline

SPORTS

Giants Still Breathing After Rally

The Glanta’ victory over Arizona was lifeless and unakilled

for all but the final five minutes of play, when the Giants

suddenly came to life ard rallied for 4 win.

http://w. nytines .con/2001/13/16/sparte/football/16GTAN. html trodayaheadl ines

Quarterbacks Top the Lineups of Bowl Games
Quarterbacks are the focus of this year's bowl games, as
they were for the Belanan Trophy and are likely to be in

next yoar's .F.L. drafc.
http: / fwew.nytimes ,com/2001/12/16/sports/ncaafcotball/16COLL-htal ?todaysheadl ines

Jets’ Seasen Ia Now Only Pour Gares Long
The Jets' season, once floating em a cloud of confidence,
has been reduced to the equivalent of scrounging through

your packet to get enough change to buy a cup of coffers.
bttp://waw. nyt imes .com/2001/12/16/sports/ football /i6JeTs .ktnl7todaysheadlines

05139

01000000000210


The New York Times Orect {rpetrectedentimes. com]

Saturday, December 08, 2001 338 AM

matthew. tuchbandgtdo. treas gow

Today's Headlines from NYTines.com Ssturday, December 8, 2001

TODAY'S HEADLINES
The New York Times on the Web
Saturday, December 8, 2001

Pe an we «++ Spossored Peature ------------------- ‘\
Exenine the World of J. BR. R. Tolkien

The New York Times and Wew Line Cinema have teamed up to
explore the world of J. &. RB. Tolkien. This sponecred feature
includes articles from the New York Times archives, alide
showa of Tolkien's artwork, maltimedia presentations from
New Line Cinema, weekly trivia quizzes and nore,

bttp i //mew. nytimes.con/spectals/advertising/movies/telkien/index. html

@ Navy are the children and
grandchildren of the generation that fought and wen the
Second World War. Now your calling hag cone.”
-PRESIDENT BUSH, om the aircraft carrier Enterprise.

beep: //waw nyt imes .com/2001/12/08/politics/OSBUSE. html ?rodaysheadlines

WATIONAL

Fed Building Ia Untainted by Anthrax

Pederai authorities said that they bad found no evidence of

anthrax contamination at the Federal Reserve's headquarters

a doy after s batch of mail there tested positive for the

diseare.

http: //waw, nytines.con/2001/12/08/national /G6INQU. hen] ttodaysheadlines

. Away Permite Pllet'a Burial

The secretary of the Army granted fell barial rights at
Arlington National Cemetery for the captain of Arerican
Airliner Plight 77 when it crashed into the Pentagon ca
Sept. 21.

http://www. nytines .com/2002/12/00/national/OSBURI, html?todaysheadl ines

In Letter, 300 Law Professors Cppose Tribunals Flan

More than 300 law professors from around the country are

' 05157

01000000000228


IssueAlerts email Page 3 of 4

assets fron AES Corp. and DTE Energy. These purchases prompted an impressive growth spurt for
NewPower, and the company reportedly now has 4 customer base in 22 markets in 10 states,
However, the bad news for NewPower is that its losses continue to widen, apparently resulting
from @ combination of weather factors and financial hits absorbed in several of the states in which
the company operates, This dichotomy does not appear to be getting any better, and the
company's stock has continued to drop as a result,

In an effort to alleviate sorne of its financial woes, NewPower recently revised an existing master
netting agreement with Enron Corp. and several of its subsidiaries, The revised agreement
essentially lowers the amount of cash collateral that NewPower is required to post to the Enron
Subsidiaries through Jan, 4, 2002. With the lowered financial obligations that it must make to
Enron, NewPower believes that it wlll have sufficient financial resources to conduct its business in
the near term until it secures ongoing asset-based financing,

However, from Enron's perspective, the losses associated with NewPower (and, by the same token,
the losses in water and broadband) have contributed to a steady drop in @s own stock price. The
message is clear: The businesses that Enron plunged into as a way to diversify have tamted the
company 45 4 whole. Further, what sore analysts perceived a3 brash hubris on Enron's part hes
not translated into measurable profits, and consequently Wall Street has reacted by sending
Enron's stock to a level that is about hal of where it was a year ago, The individual sectors that
Enron has pursued are all unique, but they share the common denominator of taking Enran away
from what was a successful core business. Further, they are similar in that Enron aggressively sunk
large sums of capital into new business lines for which it arguably had unrealistic expectations for
growth. The problem with Enron's bandwidth unit is that the company has faced an unanticipated
excess of fiber-optic lines, which has prevented the demand for the divistan's services fram
materializing as anticipated. The problem with Azurix, which has been losing money since its
formation in 1998, is that privatization of the water sector has not matertalized as quickly as Enron
and other companies anticipated. In addition to these problem areas, Enron also faces challenges
related to its investrnents in India (where it is locked into 8 legal battle with the state government)
and California (from which Enron has yet to receive full payment for previous power sales).

In addition to the losses outlined in the 3Q report, there are new issues that are brewing at the
start of this week. First, the SEC has requested that Enron provide information regarding “certain
related party transactions.” Not much additional information ts presently available about this
inquiry. However, it is probably commected to earlier reports about concerns related to the dealings
of Enron's Chief Financial Officer Andrew Fastow, who up until very recently had run a limited
partnership that bought assets from Enron. Ken Lay has sead thet Enron will cooperate fully with
the SEC's request. In a separate development, several mutual funds (including AIM Constellation
that once held large posions in Enron) have either Squidated or reduced their holdings in the
company, which has further weakened Enron’s stock value, Portfolio managers of the mutual funds
have cited concerns about Enron's ability to balance its new businesses with its core strength as an
energy trader.

The present challenge for Enron is to convince imvestors that the company remains on solid ground
Gespite the losses. Thus, Lay has been quick to reiterate that earnings from the company's energy
and gas-pipeline business are still strong. Further, Lay says that the charges regorted in the third
quarter should be seen as a way to “clear away issues that have clouded the performance and
earnings potential of our core energy businesses.” Nevertheless, the fact remains that Enron has
invested huge amounts of money toward its diversification effort, and in addition to water and
broadband the company has invested into the steel and pulp and paper sectors as well. Thus,
several questions remain at this juncture. Are the losses reported in the third quarter anly a
temporary setback for Enron that will clear the way for the company to return to 2 primary focus
on its core business of energy trading? Or, will the losses continue into the fourth quarter and
2002? Moving forward, will Enron once again reshape its business model and eliminate the various
businesses to which investors have reacted less than favorably? Only time will tell as the industry

filev(C:\WINDOWS \Temporary%420Internet%20Files\OLK301 l\article2.hum O1/17/2002

00200000000255


Tuchband, Matthi

From: The New York Times Direct rectiinytimes.com)

Sent: Thursday, December 06, 2001 3:38 AM

To: aera ata aba

Subject: Today's Haadlings NYTimes.com Thursday, December 6, 2001

TODAY'S HEADLINES
‘The New York Times on the Web
Thuraday, Secember 6, 2001

faneecensnennse ewes Sponsored Peature ------------------- \
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http: //wew.nytines,com/speciale/advertising/movies/tolkien/index. html

QUOTE OF THE DAY

o een enn nneneneeeentnr sere

"I feel him kicking and { feel happy and then I feel sad.*

-PAULIWA DEL CARMEN CARDOA, on her baby, due four months after ber husband
killed at the World Trade Center.

hrep:// maw nyt ines .com/2001/12/05/nyregion/OSBABI _ html *rodaysheadlines

Justice Dept. Bare Use of Gun Checks in Terror Inquiry

The Justice Department hag refused to let the F.m.t, check

its records to determine whether any people detained after

the Sept. 11 attacks had bought guns.

Retp://vaw. pyt ines .com/2001/12/06/national /Q6QUNS. htm] ?tedaysheadlines

Man Is Arrested in Threats Mailed ts Abortion Clinics

The Eugitive sought in a nationwide wave cf hundreda of
anthrax thr @ againat abortion clinica, was srrested by
federsl agents after an erployee at a photecepy store

recognized hin,
hetp://wa.cytines.com/2001/12/06/national/O6ROAX. html? tedayabeadlines

Rebertaon Resigns From Christian Coslition

Pat Robertson, the widely televised evargelixt, resigned as
president of the Christian Coalition, the grasa-rocts
ergenizetion he made one of the most powerful political

, Jose, was

, 05175

1000000000246


Yahoo - Enron Goes Begging Page 1 of 2

"YAHOOLFFINANCE -f0! Poms tore vowe te — Rorbe:

ee CSO

| Latest Headlines | Market Overview | News Alerts }

Monday October 29, 11:40 am Eastern Time

Morgan
Forbes.com nei oe
Enron Goes Begging

delayed 20 mine - disclaimer
Enron said thes morning that it is in talks with banks for additional Quote Data provided by Rewens
credit, as declining investor confidence sent its stock 10 4 six-year low rc Get Quotes |
and several large energy groups put their dealings with Enron on
bok. Last Thursday, the energy trader drew down about $3 billion
from a credit line, causing its bonds 10 fall shanply on Friday

Enron bas been scrambling lo reassure investors and business partners since Oct. 16—alter the company
reported its first quarterly loss in more than four years, The $638 million loss included $1.01 billion in
charges on ill-fated investments. A week later, it disclosed that the U.S, Securities and Exchange
Commission had asked for information on partnerships run by Chief Financial Officer Andrew Fustow
and olber executives. Fastow was forced to step down from the company Last week.

The turmoil makes it clearer than ever that Enron's problems weren't solved by the recent departure of
Chief Executive Jeflrey Skilling.

Related Links at Forbes.com

© Slick And Dangerous
@ Hires And Pires: Oct, 22-26, 2001

Gao to www forhey, con ro see all of our farest stories, or Subserthe to Forbes Magazine

Email this story - Most-cmaike! articles - Most-viewed articles

More Quotes and News: Enron Corp (NYSE-ENE = news)
Related News Categories: oil /eneryy, utilities

Starts Nern | te

httpy/bie. yahoo.com fo | 1029'1029enren_1 hum! 163900)

00200000000600


Dynegy's Rushed Gamble on Enron Carries Sate Sig Rinks

The acquisition af Enron by Dynegy, an energy marketer and

trader based in Houston, may be a §9 billion shotgun

wedding.

bttp://wwe. myt ies .cen/2001/13/12/business/1250R0.btnl?tadaysheadlines

The Toy War for Holiday Novica

Three upcoming children's movies illustrate how the alliance
between Bollywood and toys has Deon anduring and lucrative.
http: //wwa. nytimes.com/200L/11/12/business/12MARR. html 7?tedayshead! ines

MORE GUSIWESS NEWS:
http://wew.nytines, com/pages/business/index.btnl?tedaysheadline

Complaints That Chinese Companies Supply Regue Nations

China hao been reg ive to efforts to cet up @ system of

expert controls, ich are crucial now that China haa

joined the World Trade Organization,

btep: //waw. nyt imes .com/2001/11/12/technology/12CKIN. html ?todaysheadlines

Aedy Grove's Tale of a Boyhood in Wartine

Andrew 8. Grove, tntel’s chairman, bas published a memoir

that tella of the experiences he faced growing up in

Hungary through a fascist regir=s, a Nazi invasion and o

Soviet occupation.

Atty: //wee. mytines.com/2001/11/22/technelogy/ebusiness/iLZANDY btm)? todaysheadlines

Online Privacy Expert Shifta Focus to Security

Richard M. Smith, a vocal authority om data privacy, is

turning his attention to studying whether the public is

sufficiently secure.

hetp://wew_nytimes .com/2001/11/12/technology/12R1CH, html ?todaysieadlines

MORK TECHROLOGY MEMS:
http: //waw.nytioms.com/pages/technology/ index.html ?todaysheadline

PoLitics
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Study of Dispuced Flerida Gallota Pinds Justices Did Wot
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BUSINESS

CORE REN e eee ee een ne

leut From Enron Continues to Take Toll on Power Sector

The power companies that not long ago were criticized an

*profiteera" respomsible for California's energy crigia are

mow reeling fron Enron's collapse.

http://www. nyt ines .cem/2001/12/13/business/ 13ENER. html ?todaysheadl ines

Skepticiam in Senate Panel Over Accord With Microsoft

Demecrata and Republicans on the Senate Judiciary Comittee

voiced Pp ekepticien sbout the Bush administration's

proposed settlement of the antitrust case againsc

Microsoft -

http: //waw.nytimes com/2001/12/13/technology/1380PT. html ?tedayshead| ines

Drugs to Spur New Cella, and Witheut the Politics

Aa debate again heats up over cloning amd sten cell

veral biotechnology companies are trying te

develop a far lesa controversial approsch to cell

regeneration.

http://www. mytines.com/2001/12/13/buelnese/13CKLL. html ttodaysheadlines

MORE BUSINESS NEWS:
http: //wew. nytt -Con/pagea/business/ index, html ?todaysbeadline

TECHMOLOSY

Maturalists Share Their Findings Online

The latest technological inmovation for the trarpera of
woods and fields is the interactive online database.
http://www. nyt imme. com/2001/12/13/technology/circuite/1IBIRD. hon] ttcdaysheadlines

Skepticism in Senate Panel Over Accord With Microroft

Dancerats and Republicans on the Senate Judiciary Committees

voiced Geep skepticism about the Bush administration's

proposed settlement of the antitrust case against

Microsoft,

http: //waw.nytimes.com/2001/12/13/technology/13S0FT. html ?tedaysbead] ines

Digital Menentos of Terror's Victins

Mony of those invelved in the events of Sept. 11 have done

whatever they can to preserve voice mail and e-mail and

even instant messages from people who were last.

http://www. mytimes.com/2001/12/13/technolegy/elreuits/13ARCH. htrl ttodaysheadl ines

05145

01000000000216


Yahoo - Enron to Exit India Power Project Page | of 2

YAHOO! FINANCE -'! Se 20% - Finance Home - Yorn! - Hota Ap Asso
———— ress
{ Latest Headlines | Market Overview | News Alerts }

Monday November §, 10:09 am Exsters Ties

Enron to Exit India Power Project

Enron's Power Company in ladia Makes First Formal Quoce Dain provided by Reuters
Step Toward Leaving $2.3 Billion Project f Get Quotes

NEW DELHL, India (AP) - Enron Cogp.'s (NYSE:ENE » sews) Dabbol Power Project has served an
asect transfer motice to its sole customer, the Maharashtra State Electricity Board, the first formal step
toward the U.S, energy company’s exit from the $2.3 billion project.

‘The notice starts the valuation process of assets of the Dabhol Power Co., Enron said in a stalement
Monday,

Enron's decision to exit came afler a prolonged payment dispute with the electricity board, the
government owned power utility that mast bay power from the Dabhol project. Enron holds 65 percemt
stake in the project, the biggest ever foreign investment in the country,

The dispute forced the Houston-based company to shut operation of Dabhot plant in May.

The transfer notice ... is necessary t0 protect the interest of Dabhol's sponsors, lenders and other stake
holders,” the company statement said,

General Electric Co, and Bechtel Group Ine. of the United States hold 10 percent stake cach in the
company.

Enron has gone to a London coun for intemational arbitration, but says it would preferred a negotiated
seltlement with the federal government and the government of western Maharashtra state,

The company still prefers a negotiated purchase of the project by the Indian government and Indian term
lending bodies which have funded the equity of foreign sponsors, the statement said.

“However, ongoing discussions between DPC and the government of India are yielding no significant
progress.” the slalement said.

Thas has forced the company to serve the asset tranafer notice, which will lead to final termination of the
power purchase agreement with the federal government and the Maharashtra state, and ultimate recovery
of damages caused to Enron, the stuternent added

Email this story - Most-emailed articles - Most-viewed articles

More Quotes =e Enron Com (NYSE:E NE - news)

hups/biz.yahoo.com/apf01 | 10S/india_enron_t.heml Lys

0200000000579


Tuchband, Matthew a

From: The New York Times Direct [nyidirect@nytimes. com]

Sent: Thursday, November 08, 2001 3:54 Al

Ta: matthew.tuchbandg§do.treas gov

Subject: Today's Headlines trom NYTimes.com Thursday, November 8, 2001

TODAY'S HEADLINES
The New York Times on the Neb
Thureday, November 8, 2001

For pews updated throughout the day, visit www.nytires.con

Jreeeeeeeeeneen-----Alag From MYTines.com------------------ ‘
Holiday Shopping

Take advantage of special offers and discounts -- om gifts,
travel and luxury items fron NTTines.com's preniun
Advertisers -» with the Heliday Shepping &-Mail.

http: //wew.nytimes.con/services/email/enail.henl Wel iday

QUOTE OF THE DAY

"I refused to help Green, and by anyone's estimation ic hure

bin. But there's nothing the party can do to me. What can

they da to cet"

THE REV. AL SHARPTON, on Mark Green's loan in the Mew York mayoral race.

http //wew.nytines.com/2001/11/08/nyregion/0SMAYO_html trodaysheadl ines

WATIONAL

Worker Who Dled Suspected Anthrax Was Root of Illness

Nourse before be died last month from inhalation anthrax, a

postal worker called 911 and, clearly afraid, told the

energency operator he suspected he had the disease.

Retp://www. nytines .cem/2001/11/08/national /O8ANTH. btnl?tedayshesdlines

U.S. Explorer Indicting a Fossible Member of the Hijackers’
Squad

Federal prosecutora are weighing whether to aaek a

conspiracy iadict it against 2 man in custody in New York

who the authorities suspect wax the 20th muicide hijacker

in the Sept. 11 terror attacks.

hetpi//wew, nytimes.com/2001/11/08/national/ 0aSUSP_hrml ?todaysheadlines

4 Oregon Patients Seeking Suicide Sue U.&.

The United States Justice Department authorized federal drug

agenca te take action against any dector in Oregon wo

prescribed lethal medication.

http://www. nytimescom/2001/11/08/national/ossurtc.btnl7tedsyshesdlines

1

01000000000556


Yahoo - Enron could be forced into major asset sales Page | of 4

“YAHOO! FINANCE -! Site Map MeTM - Finance Home - ¥ rool - +?) REUTERS

AlDfund

for America
LUCK 19 DONATE ONLINE

[ Latest Headlines | Market Overview | News Alerts |

Related Quote |

Sunday November 4, 4:54 pm Eastern Time

. . ENE 11.08 10.68
Enron could be forced into major asset delayed 20 mins «dioslaimer
sales Quote Data provided by Resters

T Get Quotes |

By Arindam Nag

NEW YORK, Nov 2 (Reuters) - Struggling emeryy giant Enron Corp. (NYSE: ENE. + ows) may have to
sell power plants, pipelines and even some of its energy trading assets as it secks to bead off a credit
crunch and restore investor confidence, investment bankers suid,

ADVERTISEMENT

While Houston-based Enron tined up $1 billion of new
credit last Thursday, it still suffered a second credit
rating cut amad concerns about questionable financial
Iransachons thal have Inggered an invesiigabon by the
U.S. Securities and Exchange Commission.

The deteriorating picture, including a drop of almost
70 percent in its share price in less than a month, bas
close watchers of the company saying it will probably
have to break itself up if it is to stay independent.

Is will have to refocus on its core strengths and get
out of other businesses,” said one investment banker
close to Enron

There is also the possiblity of a full bid for the company given ils market value has now sunk bo jess
than 89 bilhon. On Sunday, Brtain's Independent reported that energy giant Royal Dutch’/Shell Group

(qwore frost Vakoo! 8 de frelon’: SHELL) enay mount an $11 billion bed for Enron

Still, most bankers think such an opportunistic bid is unlikely given the questions hanging over Enron's
balance sheet

During us third-quarter results announcement Last month, the company said it expected over a billion
dollars of writeo!!s related to several soured investments, including broadband communications and

waker UTINITY mnterests,

ft also annownced an extra $1.2 billion writedown of sharcholder equity related to investments that were

Intp: “biz.yahoo, conv rf 11 04'n02350287_ | tent 11/501

00200000000574


(ssueAlerts email Page 5 of

Our staff is comprised of leading energy experts with Clverse backgrounds in utility
generation, transmission & distribution, retail markets, new technologies, L/T,
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Capyright 2001, SCIENTECH, Inc. Al rights reserved.

filevCAWINDOWS\Temporary%20Imemet®20F iles\OLK301 larticle. btm o1/17/2002

‘ooz00000000252


the Power Purchase Agreement (PPA) signed last yaar by Lagos State, he
‘#tate-Tun National Electric Power Authority (NEPA), and US group Eero, the
newspaper This Day sald.

‘The cammitioe recommended that the dew under which Enron late lact year shipped
a 9D-megawat! fasting power plamt to Nigeria should be expanded to increase
capacity to 270 mogawats, the paper said, However, the second part of the
agreement. under which Enron would build an $800 millon 540-magewult permanent
Bower lant carta of ha chy, ehocdd be put up for enmpetive tendering, the
paper said.

‘The comméteo also said there should be further renegotiation on the unt

pricing terms of the deal, penalty clauses for poor performance and comiract
termination arraegemerts, The recommendations come after the World Bank last
week expressed doubts about te agreement signed to boost the currentty
inadequate power supplies available to the country’s economic capital and most
populous city.

‘The Financist Times (p.6) also reports, noting that the World Bank has ts
concerns: Enron car “charge a high price tor fust used in the power

not fully carry he plant competifien dacs that are under ts controt besefits

trom gecerous wrangements for payeem secunty, and would receive excessive
contact termination payments.” There are alto questions about how the cea! was
secured, the story says, noting that the World Bank has joined other Nigerian
regions in questioning the privileged access of Lagos to a federal subsity.

THAILAND: CITY'S REWARD FOR SOLUTION ON POLLUTION. Bangkok is to be designated
by the Weed Bank os Asia's model city for ite tackling of air pollution, te

Nason (Bangkok) reports deputy Bangkok governor announced yesterday, Bangkait

deputy gowemor Matin Tarbunphorn said Bangkok Metropolitan Adeinistration (BMA)

wil host a consultative meeting between World dank President James Woelfenschn,

mayors from AS@AN courtries, That peovincial governors and mayors and BMA.

executive members at its headquarters next Tuesday.

The meeting will focus on best practoes on air quality control. The Word Bank
president wil later declare Bangkok as Asia's Model City for Air Pollution
Managerent, said Manin. Mahin said that Bangkok has been hailed by the World
Gark because of the BMMs three-year efforts te solve is alr pollution menace.
‘The BMA has engaged several memsures to curd air pofuton in the metropolis,
including aemesting motorists for vehicular pclition, demarcation ot

pelution-tree rads and requesting the goversment to announce the BMA's
polution management scheme #8 8 rational agenda reports he piece,

, the IMF yesterday commended Thailand for Its economic recovery and
fetum to fnancial stablty, but warned that @ sustained rebouns requires
faster structural reform and the continued application of supportive
macsoeconomc policies, reports AFP,

IME WRAPS UP CTE D'IVOIRE VISIT WITH AUSTERITY PROPOSALS. A visiting IMF team

delegation handed an “aide-memaire” to the post-coup goverment
Installed by Gerwral Robert Guai as the fnancal experts on Viednesday evening
wound up an assessment mission which began on February 2.

The aide-remotre, which was published by local newspapers, exticnaied that the
overall deficit shown in a study of the public accounts for 1996 was some $300
milton, which was tice the gum set as an objective by custed president Henn
Koran Bedé.

‘The IME, which like the Véorld Bank had suspended tvs with the west African
country in December 1993 on grounds of “bad governance”, also caled on he
government to engage on the repayment of debt cbigatiars which cannot be
reschadues" and t begin cutting debt arrears, the story notes, Other

0500000000913


Reyalators Struggle With a Marketplace Crested by Enron

Regulators are still atruggling te gramp the complexities
treated by Enron's drive to deregulate the nation’s natural

gas anc electricity businesses.
hetp://wwa.oytines.com/2001/21/10/businesa/10R8GS, html ?todaysheadl ines

Change Ahead as Taiwan Enters W.T.0.

Under the terma of Taiwan's membership in the World Trade

Organization, the govermrent met dismantle the monopoly

that has controlled pricea of battles of rice wine.

https //wwe, nytimes.com/2001/11/10/business/worldtusiness/10TAIW. html ttodayahoad| ines

MORE BUSINESS NEWS:
bttpi//wew.nytines. com/pages /buainesa/ index.html ?todaysheadl ine

TECHNOLOGY

Europe Moving Teward Dan on Internet Hate Speech

The Council of Europe is trying to ban raciat and hate
speech from the Internet by adding a protecsl te ite
cybercrime convention, which was stamped for ratification

on Thursday.
https // ew. nytimes.com/2001/11/10/technology/ 1OCYBE, html ?todaysheadlines

Email Provider Receives $95 Million Boost

Expattled email provider Critical Path announced a 695
million investment that managerent said will keep the

company afloat until it becomes profitable.
Btepi//wew. nytimes.com/apontine/technology/AP-Critical-Path-Infusion. html ?todaysheadl ines

Jodge Sets Microsoft Case Schedule

The judge in the Microsofc antitrust trial eet the case to

proceed early next year for the nine states that rejected «

settlement with the software giant and the Justice

Department.

Retp://wew. nyt imen. com/aponline/technology/AD-Microsoft html rtoday#headlinen

MORE TECHNOLOGY NEWS)
http: //wew.aytines.com/pages/technolesy/ index.html ?todaysheadline

a ee 01000000000540


The White House Steps in to Quell a Struggle Over a New
Prosecutor

The White House atepped in with its ow candidate for United

States attorney, possibly averting « showdown between Gov.

George E. Pataki and Senater Charles &. Schuser,

http: //wew.nytimes.com/2001/11/28/nyregian/2exonr html ?todaysheadlines

MORE WY RECION NEWS:
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OP-ED

Seen ee eeeceneeneertrsss:

Bunks and Srutes

By MAUREEN DOWD

Tf the United States can borb a path ta victory for the

Morthern Alliance, we cam lay down some terre for what

woren can attain in the new Afghanistan.

hetp://wwe, mytimes.com/2001/11/28/opinion/28D0KD html ttodaysheadlines

How Secure Is Pakistan's Plutoniun?

By MANSOOR [JAZ and R. JAMES MOOLSEY

The United sta whould export ite methods for guarding

nuclear materiala.

bttp://wew.nytines .con/2001/11/28/opinion/20400L, html ?tedaysheadlines

What ew York Will Bave to dive Up

By STEVEN RATINER

An onerous $49 billion debt load Limite what Mew York can do

to address the budget deficit.

http://www. nytimes.cem/2001/11/28/apinien/28RATT. html ?todayshead) ines

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01000000000484


St ee

AKeguLarOry revision, moribund IMMTastruccure abe = SHUN EE AS eee
have encouraged a flood of global water privatizations in recent years, with
many more to come. Thames Water is one of the first into the deal pool.
By Taimur Ahmad.

Waterworld

marr secre,
Now, the task facing Linds Kemeny and the Thames scan is 10
replicane i arreory of financing rructure in moet lew deweloped

cookic-cumer approach 9 financing wae projects, since cach

water peoject we have looked at is dilfierear from the next”
Until mon, prefect finance in the warer sector has been limuned

to 0 few Scortich PFI deals, mow mocably leet year’s Stisling Wane

Seafield Finance project
‘Although the exe of project boeds co fund UK PFI deals has
been on the epuwing recenthy, maarks a fie, The comer-

"The sarme team of manages: lnusched the loner Esk-bawd £29
iillion baad in December, Paancing was alo backed by £14,
stilion in seb-debe, and £4.95 millon in ecpaity.

Opring for « mosolins wrap, the spemoms deparad somewiss
from standard practioe: bebered that by having the
inmarance wrap we were achieving a lower margin above the com
of funding chan we would otherwise have achieved,” explains
Kemeny, “Also, we delt that the pricing we were offered throwgh

‘This dorm of financing afierr a made! by which other govers-

smears cravelling dhe PPP roere can work. Deiphlesd of Hofané

interesed parry, and Thamnes hopes char che pence: can

ako be applied to its ocher global Given the
wal expeceed in wate: inxdesertes laver chis pear, the model is
to pick up momar

‘With the renewed conbdenct in bood werues, then, the challenge
ie vo replicate the Scilling mode! chewhere. Says Kemeny, “The
Stirting model will certainly travel tar. b's 2 developed cearker
mended which requires the amarante of inwesroee We've talked to
the monokne inserers about moving into ceber markens over the
next couple of paar, particabely in emenging markers with single
A rarangs ar the sovereign lewel. There ia subseaential opyporrersty is
Excope, whece we may see the type of scerarin we've abeady sees
for weapped bonds for PFT projects & the UK.”

Stirling, Kemeny angus, it « beackmart for devciuped marker
projects. “Ir secoreded in part because |t was cared out is as
cotablished market with highly condit wordhy clients,” she says.
"We were able 00 use the capital markers oo atiract long torn
floance which was crucial wo maineaining the peice the warer
authority warned to me.”

The Siding lemon teaches that capital markets can be weed in
a simeilar way to # bemk facdity. Further, Thames’ experience
demonstrenes the willingness of bond inverors Lo partkipenr
the water market.

‘Asser securitizxanice and separation, which w being considered

beniness « whole, as oppoud to breaking up in the war char
others are considering.” if

Joly 2000 Projectfimance =

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0200000000709


http: //wew. nytimes.con/2001/12/ 16/tuniness/yourmeney/16TURM. hen] ?todayshead!] ines

Visions of a Brand-Name Office Mpire

fven as the real estate market weakens and as “all Street

analyata question hig deals, Gam Zell gaya he ie writing

a few chapter in real estate history.

http: //wew.nytimes,com/2001/12/16/business/yourmoney/ 16ZELL. html ?todayshead! ines

Enron Board Comes Under a Storm of Criticism

As more questions emerge aver the Enron board's independence
ond role in the collapse of the compa ite outside

directors are coming under sharp eritici
httpi//wew.nytimes. com/2001/12/16/bus inesa/yourmoney/ 16B0AR. html ?todaysheadlines

MORE BUSINESS NEMS:
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TECHHOLGCY

Sree ee eewn ree n ne eeeeeeeee

Problems and Promise for Perscnal Corputers

Kimberly Alexy, an analyst at Prudential Securities who

followa computer makers, took some time last week to talk

about the industry and what sile it,

https //wow nyt imes .¢em/2001/12/26/buziness/yourmoney/1éINSI. html ttodaysheadlines

TV¥'a, OVO's: Al] Yours, But First Do the Math

While President fosh bas urged consurers to spend more of
their money, Rent-a-Center offers an important reminder
that some kinds ef spending can do more long-term harm than

short-term good.
bttp: / swe, nytimes.com/2001/22/16/business/ yourmoney/1EVEEN, htm) ?todaysheadlines

Miniature Movie Screens for Small Critics
Many parents have turned to in-car video systema providing

distractions and serving as built-in backseat

baby-sitters.
http://www, nytimes.com/2001/12/16/automobiles/i6VIDE. html? tedayshead] ines

MORK TECHROLOGY NEMS:
http: //wew.nytines.con/pages/technology/ index. html ?todayaheadline

05138

ee 7 1900000000209


Once-Mighty Enron Strains Under Scrutiny

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Sunday October 28 03207 PM EST

Once-Mighty Enron Strains Under

Scrutiny

By ALEX BERENSON and RICHARD A. OPPEL Jv. The New York Tims

At the beginning of this year, the Faron Corporation
(NYSE:ENE - news) appeared unstoppable, Now the energy
company's stock is plunging, and questions about its finances

are mounting.

The New Hork Fimes
+ Wirrring Jet Contract to
Boon to Lockheed
+ Once-Mighty Enron
Strains Unciee Sensiny

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shareholders. whose stock would soar as the company profited from creatmg new markets. t

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delayed 20 mus - disclaimer

IS time running out for Enron?

At the beginning of this year, the Enron Corporation, the world's
dominant energy trader, appeared unstoppable, The company's
decade-long effort to persuade lawmakers to deregulate electricity
markets had succeeded from California to New York. Its ties to the
Bush administration assured that its views would be beard in
Washington. [is sales, profits and stack were soaring.

in
And under the leadership of Jeffrey K. Skilling, its chief executive, fs d
Enron's arrogance had grown even more quickly.

Ya
Pip
Vise

The company, based in Houston, dripped contenapt for the
regulatoes and consumer groups that stood between it and fully
deregulated markets for clectncity, water and everything else.
Everyone would win under deregulation, Enron said especially its

"We are on the side of angels,” Mr. Skilling said in March, dismissing those who saw the
company 4s a profiteer in California's energy crisis. "People want 1o have open, competitive r
markets. They want fair competition, It's the American way,” 1
But less than a year later, everybody seems to have lost, especially Enron's investors, Enron's ee
stock is plunging, and questions about its finances are mounting

Some experts in the energy industry worry that if the crisis at the company worsens, trading in
natural gas and electmcity coukl be seriously disrupted and energy prices could grow more

hitp://dailynews. yahoo.com h/nyt/2001 1028/bs‘once«mighty_enron_strains_under_scrutiny_... LMPOL

0200000000584


Plan and Child Care

Senator Edward M, Kennedy called for postponing $300 billion
worth of last year's tax cuts.
http://www. oytines.con/2002/01/17/politicas/17paMs. html ?todsysheadlines

Bush Declares Free Markets Are Essential for Americas
President Bush invited Central American nations on Wedheaday

night to ateike a trade accord with the United states.
https //wew. nytimes .cem/2002/01/17/international/17FREX.htel ?todayshead)ines

http //www. nytines .com/pages/politices/ index. html ?todaysheadline

Jordan Just Palle Away

In a clinic full of alley-cop dunks, backdoor cuts and

3-pointers, the Nets embarrassed the Wizards and Michael

Jordan to win thelr 26th game of the season.

http://w. nytimes.com/2002/02/27/sporte/basketbal]/17NETS, html Ptodaysheadlines

Owners Give Approval to Sale of Red Sox

With the threat of another legal headache behind then, Major

League Baseboll owners approved the $660 million sale of

the Boston Red Sox to a group led by Johan Henry.

brep://wew. oytimes.com/2002/01/17/sparts/baseball/17Hast. html 7todaysheadlines

Top Five Men Vanish in Australian Surer

Andy Roddick retired early in hia second-round match due to

injury, becoming the latest star player to fall at the

Australian Open.
hetp://wew.nytimes.com/2002/01/17/sporte/tennis/1L7TENN. html ?tedaysheadliner

MORE SPORTS NEMS:
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Mew Director at Carnegie Eliminates Ite Jazz Band

When Carnegie Hall announced ite 2002-3 season on
Wednesday, the hall's 16-member jazz band was nowhere on

; 05048

010000000001 19


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05172

01000000000243


Enron Lines Up Cash to Soothe Wall Street MM COiny Baa, Page | of 4
SP

Home Top Stories Susre Tech Politics Word Local Entertainment Sports OpEd Science Healt! Full!
Business - Reuters - updated 10.06 AMET Now 5 o"
Reuters | AP | The New York Times | Motiey Foo! | TheStreet.com | @Videos | Forpes.com | More
Thursday November 1 9:51 PM ET

Enron Lines Up Cash to Soothe Wall Related Quotes €
t 40m io Ave
Street DIA 9066.23 14250
PSE 635.81 +1
AudioVideo By Jeff Franks JEM 09
- ENE 12.01 7
Ennce pets $1 billion ux 17.4 <i
in financing HOUSTON (Reuters) - Enron Corp., S&P S00 1105.6 1K 14
(ON24) gathering moncy to soothe a worried Wall NASDAQ 1789.6 4) 51
Street, lined up $1 billion of new credit on rc
Thursday, then saw its credit rating cut for a second time this week
as the nation’s largest energy trader struggled to restore investor Get Quotes |
confidence shaken by questionable financial transactions. delayed 20 mums - disclauner

Shares in the Houston-based company, whose dealings are under investigation by the U.S.
Securities and Exchange Commission (news - web sites}, wmbled $1.91, of 13,7 percent, to
$11.99 us the market continued a two-week-long pummeling of the stock.

AL issue are off-the-bulance sheet deals with limited partnerships, run by then-chief financial
officer Andrew Fastow, which contributed to a $1 billion charge agains! third quarter earnings
and a $1.2 billion reduction in sharchokler equity announced on Oct. 16. Angry investors say
Enron has not fully explained the transactions or whether it faces more liabilities,

The company, taking the tack that an having abundance of money available would ease fears
about its financial stability, said om Thursday it got $1 billion in ereciit lines from J.P. Morgan
Chase & Co.(NYSEJPM + news) and Salomon Smith Barney Inc., the investment banking arm
of Citigroup [ned NYSE: - news)

The new credit, which comes on top of $3.3 billion in lines that Enron (NYSE:ENE ~ news)
tapped last week, came wath the proviso that the company’s gas and pipeline assets be put up as

collateral, a measure usually reserved for firma with “junk” credit ratings. 4
ALLAY FEARS BRO
AM)

But a grateful Ken Lay, Enron's chairman and chief executive, thanked the two Wall Street
institutions for their support and said the credit infusion should help allay investors’ fears.

“We very much appreciate the support of two of our long-standing banking partners,” be said in
a statement, With more than $1 billion in cash currently on our balance sheet, this additional

hitp://dailynews. yahoo.com h/nm/ 20011 101eenergy earon_de_2.htm) 1s

0200000000570


perfect for a variety of indcor activities.

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U.S, Says Tribal Leadera walk at Aiding Search for Taliban

Pashtun tribal leaders in eastern Afghanietan have refused

to cooperate with American forces in the hunt for Al Qaeda

and Taliban fichters.

http://w. nyt imes .com/2002/01/17/ international/agia/iINILt hewn} 7todayshesdlines

Powell Lauds Pakiatan's Efforts Against Extremists

Secretary of State Colin &. Powell emerged from a meeting on

Mednesday with Pakistani President Pervez Mushorrat

praising bis efforts to crack dows on extremists in

Pakistan,

http: //wew.nytimes.com/2002/01/17/ international /asia/17DIPL. html ?todaysheadlines

U.S, Traces Iran's Tieg to Terrer Through « Lebanese

One of the world's most wanted men has been operating for

years with the protection and backing of the Iranian

intelligence services,

btcp://www. sytines.con/2002/01/17/international /middleeast/17INTE. html ?todayshesdlines

MORE INTERNATIONAL NEWS:
https //wew, nytimes .com/pages/world/ index. bemlttcdayshesdline

Warning om Enron Five Months Ago

Arthur Andersen knew in mid-Aeguat of a senior Enron

employee's concerns about improprieties in the energy

company’s accounting practices.

http: //mew.nytimes .com/2002/01/17/business/17EuRO. btn] ?tedayshead] ines

Enron Letter Suggests §1.3 Billion More Down the Drain

A letter that an Enron executive sent to the chairwan of the

company vaises the po: ality that the company might have

to reduce its past @arninga by $1.3 billion more than it

already has,

http: //waw.nytimes .com/2002/01/17/business/17LETT. html ttedaysheadlines

05046

~-01000000000117



Tuchband, Matthew ——$—<——<$———

From: The New York Times Direct ([nyidirectignytimes com]

Sent: Friday, Nowemmer 09, 2001 4:01 AM

To: matthew tuctisan reas. gov

Subject: Today's Headines NYTimes.com Friday, November 9, 2001

TORAY'S HEADLINES
The New York Times on the Web
Priday, Neverber 9, 2001

Por news updated throughout the day, visit ww.eytines.con

fee et eennnns enn n een Also From NYTimes, COM-----~+ eee w enn wnn \
Holiday Shopping

Take advantage of apecial cffera and discounts -- on gifts
travel and luxury items from WYTimes.com's preniun
advertisers -- with the Holiday Shopping &-*ail.

http: //wwa, nytimes.con/services/emsil/enail nimi #heliday
\ “/

ananeneesesereee=
*Let me just say this, they really are go off base that

it's a ain. And I mean that in 4 moral sense. What

they're dolng i# sinful. the «effort ere in to try to

recover ao many human remains as posible. They have

absolutely no monopoly on caring about the pecple there."

-RUDOLFH %, GIULIANI, on fire union officiala’ criticiam of new rules at ground
zero.

Netp://wea.oytines.con/7002/11/09/nyregion/OSRUDY. html ?todaysheadl ines

BATIOWAL

The Leader in Airport Security, and in Lapses

Those who wast to federslize airport security point to the

security problema and high turnover rate at Argenbrisht,

the nation’s largest alrport-security firn.

http: / /wew.nytimes,.com/2001/11/09/business/09S5cU_ html trodayaheadlines

im Anthrax Inquiry, Some Gee Missteps and Migsed Chances

Criminal inveatigatora may have missed cpportunities to

gather valuable evidence in the anthrax attacks because of

a@ lnck of scientific understanding.

http: //wew. nytines.con/2001/11/09/national/OSINQU.kenlttedaysheadlines

Aakeroft Plan Mould Recast Justice Dept. in a War Mode

Attorney General Jonn Asheroft hag begue te Tevarp the
duat-ce Department's priorities under a plan in which
employees would work in am antiterror capacity.

t

01000000000845


193346
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to startling guccega thie season with a systen that is rich
in minutiae but by no omens passive.
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ARTS

Elaine Stritch in the Role of a Lifetine

She is tall and blonde, with skyscraper lege and

klieg-light eyes, and she han the approximate energy

quotient ef a auperneva in nidexplowion. And she is 76,
http://www. nytimes.com/2001/11/08/arte/OSsTR! .brnlrtcéayshead] ines

‘Wax Bickford’ Struggles to Barn Television Tenure

“The Education of Max Bickford,* a high-profile CBS series

about o college professor facing a midlife crisis, is

heading for some major adjustments.

http: //waw. nytimes.com 2001/11/08/arte/televieion/OBBICK, html? todaysheadlines

Small Sale at sotheby’s Cools Fever of Bidders

After overheated auctions at Phillips and Christie's this

week, reality bit Wednesday night at Sctheby's sale of
Impreagioniat and modern art.

http://www. oytimes.can/2001/ 11/08 /arta/OBAUCT. htm) teadayehead] ines

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hetp: //www. nyt ines. con/pagen/arta/ index. ktm) ttodaysheadline

eonterg Era Beging

Mayor-elect Michael R. Blocmberg haw given no indication of

whether Mayor Rudolph W. Giuliani's top aldea will carry

over into the new administration.

hetpi//www, nytimes.com/2001/11/08/nyregion/ 0STRAN. html Ptodaysheadlines

Conquered Party Bitterly Divided Acroga the City
In 5 day of recriminations, New York Democrars batrled over
who was to blame for Mark Green's loss to Michael &.

Bloomberg in the mayor's race.
5

01000000000560


Tuchband, Matthew ———

From: ‘The New York Tines Direct (nyidrecti3nytimes. com]

Sent: Friday, Jerwary 04, 2002 3:37 AM

Te: mathew. tuc! ees gov

Subject: Today's Headlines fom N¥Times.cam Friday, January 4, 2002

TODAY'S MEADLINES
Tne New York Times on the Web
Priday, Jamuary 4, 2002

“There are too many people who come here for food. All of
them need rice and other things. what should I do?*
ABDUL MASTR BASIRAT, Red Crescent Society supervisor in Jalalabad, Afghanistan.

netp://wwa.nytines,com/2002/01/04/internat ional /asia/O4AID. homl ttodaysheadlines

RATIONAL

TESST Skee eee eee e enn ne

Snow Nits an Unpracticed South and Shute It Down

The largest anowstorm in a decade iced the South, causing
hundreds of traffic accidents and nine deaths.
http://www. nytiaws,com/2002/01/04/national/a4sToOR. html ?todaysheadlines

Black Scholar Mending » Rift With Harvard

Narvard University President Lawrence . Summers mended

fences with Cornel West, senior professor of the school’s
Afro-American studies department .
hetp://wew.aytines,com/2002/01/04/education/o¢mARV. html ?todaysheadl inea

Trial to Be Set in '63 Bombing

A® jadge ruled that Bobby Frank Cherry is mentally competent
to stand trial om gurder charoes in the 1963 Birminghen

church bombing.
hetpi//wew. nytimes.cem/2002/01/04/nations!/04CHUR. html tadaysheadlines

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OP-ED
eeeneecescerncen ruses
The Sadness Within
By B06 HERBERT

TE you stay away from Ground Zero, which remaing a

landacape cut of Dante, the city can seen pretty normal.

But beneath the aurface, the sorrow contiques,

http: //wew.aytimes.com/2001/21/12/cpinion/12"ERR. htm) ?todayshesdlines

Prague Connection

By WILLIAM SAPIRE

A peeting hatween Mohamed Atta and Abwed al-Ani, the Iraqi

consul in Prague, links Saddam Wussein to Osama bin Laden.

bttp: //waw. nyt imes .con/2001/11/12/opinion/1235AFI. html ?todaysheadlines

Lost Jobs, Ragged Safety Wer

by ROBERT B. RETCH

‘The economic fallout fron terrorism is hardest on those uho

earn the leaat.
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01000000000836


Once-Mighty Enron Strains Under Scrutiny Puge 6 of 8

why are they doing these transactions? Our theory has been that the core operations aren't that
profitable.”

James Chanos, a leading short- seller who has bet that Enron’s stock will fall, said, "Ls Enron
booking gains when it has real profits, but hiding the losses when deals go against it” Mr.
Palmer of Enron said the company stood by its reported energy-trading profits,

Even traders at other energy companies say they do not have a clear picture of Enron's
positions. Enron maintains that it is in no danger of being wiped owt by a sharp move in
electricity or gas prices because i! keeps its trading book balanced meaning the energy it has
agreed to sell is offset, in roughly equivalent aenounts, by energy i has agreed to buy.

“With these guys, they tefl ws and all you've got is their word that they're hedged," said Mr.
Verleger, the economist,

IN fact, Enron has lobbied forcefully over the years to limit regulation and disclosure of its
trading operations, Last year, the company successfully lobbied Congress to effectively ensure
that is Internet- trading platform woukl be exempted from regulation by the Commodity
Futures Trading Commission,

Enron and other power traders do file limited information in reports to the Federal Energy
Regulatory Commission, the agency that oversees wholesale electricity and natural gas markets,
But the commission does not keep track of specific transactions and prices.

Large-scale energy trading has existed for only about 2 half-dozen years. Enron pioneered the
business, and now dominates i, accounting for about one-quarter of all trading in the United
States,

Before Congress and federal regulators opened up the market for wholesale electricity, a
process that began in earnest a decade ago, the power business was 2 simpler affair. Utilities
were given areas of monopoly service, and their rates and ability to deliver enough electricity
were overseen by state regulators. But with the move to deregulate the business, independent
and unregulated generators and iraders have flourished, providing an ever-growing portion of
the nation’s power.

Beginning in the 1980's, the sale and transportation of natural gas was also deregulated,
spurring Enron, which used to be primarily @ gas-pipcline company, to move into the trading
business.

The company’s shift to trading pas and electricity accelerated in the mid-1990's, with the
ascension of Mr. Skilling, who became chief executive in February, just six months before his
unexpected resignation. Underscoring the change in direction, in securities filings this year
Enron described its princspal business as “security brokers, dealers and flotation." Before, it had
said it was in the business of "wholesale-petroleum amd petroleum products.”

For most of its ascent, Enron reparted outstanding profit figures and Wall Street accepted them
with pleasure. A year ago, when it disclosed the first transactions with partnerships led by Mr_

Fastow, the company's former chief financial officer, analysts who asked questions were told
that the deals were routine and were being disclosed only because of Mr. Fastow’s involwement.

hitp://dailynews. yahoo.com lnyt/2001 1028/hs'once-mighty_enron_strains_under_scrutiny_... LQ01

00200000000589


Greenspan Sounds Note of Caution on Econany

The Federal Reserve chairman said om Priday that the econcny

is net yet out of danger, contrasting a growing consensus

that a recovery is imminent.

http: / (maw. nyt imen.com/2002/01/12/business/12FED.htnl?tedayahead] ines

MORE BUSINESS NEWS:
htep: //wwe. nytines. con/pages/businesa/ index. btnl?tedayshead]ine

TECHNOLOGY

Federal Judge Deals Setback to Micreweft in Private Suite

Microsoft suffered a setback in ite recent campaign te

resolve ita legal problems, when « federal judge rejected a

Proposed settlement of more than 100 private class-action

Suits against che company.
httpe//www.nytines.com/2002/61/12/technolegy/12S50FT. html ?todaysheadlines

DaimlerChrysler Speeds Sale of Stake in Software Venture

PaimlerChrysier has forced Deutsche Telekon to buy cut its

interest in Debis Systemhaus, a software joint venture, for

$4.1 billion, two years earlier than planned.
hetp://ww-aytines.con/2002/01/12/technology/12TELE. html ?todaysheadlines

Anthrax Deug Sold Online Leads to Suit

The attorneys general of Plerida and Washington Stace filed
suit against an online pharwacy and a Florida physician who

prescribed Cipro.
http: //wew nytines. com/2002/01/12/health/12CIPR_heml trodayshead! inea

MORE TECHNOLOGY NEWS:
hetp) //wew. nytimes. com/pages/technology/ index. btnl?tedaysheadline

POLITICS

Enron Sought Aid of Treasury Sept. to Get Bank Loans

The president of the Enron Corporation repeatedly called

Peter R. Fisher, « senior Treasury Department official,

last fall and seught help arranging bank loans,

http: // mew. nyt imeg com/ 2002/02 /22/buaineas/1zMKRO.btml?tedsyshesdlines

05089

— 4000000000160 ©


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Times on the Web, please contact Alyson Racer at
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01000000000438 _


Sharee Gain on Drefit Cutlook Despite Economic pata

Technology stecks wade strong gains Thuraday, with the

Nasdag composite index rising more than 3 percent, as hopes

for a@ quick recovery in profits grew deapite mixed reports

on the economy.

http://www. nyt imes.con/2002/01/04/businesa/oasTox. html ?todaysheadlines

MORE BUSINESS WRWS)
http://www. nytines,com/pages/business/index.htel?tedaysheadline

Comcast Copes With Internet Froblens

Sore Comcast customers in New Jersey say the company has

played down the extent of the technical problems that

caused Internet ond e-mail digruptione in the last 10 days.

http://www. nytines.com/2002/01/06/technolegy/ D4CoMC, html ?todaysheadlines

On the Front Lines, Cashiers Propel] the Buro's Advance

At supermarkets and stores in Europe, the overal) pattern on

the second business day after comvergion ta the euro was

one of almost seamless transition.

http: //mew.aytines.com/2002/01/04/intermatianal /eurcpe/OABURO, html ?todaysheadl inew

Moody's May Cut Xerex Ratings

Meody's Investors Service warned it may cut ite "junk" debt

ratings for Xerox and its units, warning that the office

equipment maker will be challenged to improve

profitabilicy.

http: //waw. nyt meg. con/ rauters/technolegy/tech-tech-xerox-moodya html ttodaysheadlines

MORE TECHHOLOCY NEWS:
hetpe/ swe. oytines.con/pages/technology/index. html ?todaysheadline

POLITICS

Daschle Speech Will Begin Democratic Offensive on mesnomy
Worried about President Suah*s popularity, Democrats are
beginning # concerted election year drive to criticize his

stewardahip of the economy.
http://www. sytines.com/2002/01/04/politics/O4DEKS. html ttedaysbead] ines

_ 2 05113

Oo a 01000000000184


POLITICS

seewneneweensess Sad

Spesding War With White House Focuses cn Countering
Terrorism

Derocrats in Congreaa vowed to defy President Bush's threat

ta veta legislation that provides additional

cousterterrorigm funding.

http://www. nytimes .com/2001/21/09/naticnal/oacces html ttodayaheadlines

Ridge Offers Hope of End to the Anthrax Attacks, but Inquiry
Is Still Stallea

As President Bush prepared to make a major address on the

dorestic wartime effort, his director of howeland security

tried to reagsure the public.

http://www. nytimes .com/2001/11/08/naticnal/09RIDG-htrl ttodaysheadiines

House Panel Approves Bill te Ald Insurance Industry

A Howse committee voted to promise insurera billiona of

dollars in leans in the event of any large terrorist

attacks next year.
hecp://wa.nytimes.com/2001/11/00/business/o8iNsU. hrm] ?codaysheadlines

MORE POLITICS NEWS:
http: //wwa.nytimes.con/pages/politica/ index. heml trodaysheadline

sports

Baseball Now Waiting for the Sale of Two Tears

As intriguing as baseball's decision to eliminate two teans,

no are the ongoing negotiations for the aale of tac other

teans, oo of them to an owner whose team is Me. 2 om che

contraction ligt.

http://www. nytimes.com/2001/11/00/aperta/baseball/08BASE, htnl7?todaysheadl ines

Por Knicks, Even Victory Over Cava Feela Good
Reeling free three straight cefests, the Knicka found that
even a win over the woeful Cleveland Cavaliers felt just

fine.
https) swew, nytimes.com/2002/11/08/sporte/basketbal 1/OORNIC. hem. ?todaysheadlines

Surging Islanders Pind Little Things Do Add Up

Peter Laviolette, the Islanders' new coach, has led the team
4

1000000000559


Report Offera Conflicting Signals on Recovery of the Econcay

The ecoscay shrank significantly more this sumer than the

government initially estimsted, the Commerce Department

@aid on Friday.

http: //waw. nyt ines .com/2001/12/01/business/O1ZCON. html? redayahead] ines

Creditors’ Move Duta Excitestione's Service at Riek

A judge ruled on Priday that Excite@Home could sever its

contracts with cable companies, meaning that about 3.7

million subecribere could lowe fnternet access.

hetp://ww0. oytines .com/2001/12/01/technology/oINET, btm) ?todsysheadlines

MORK BUSIWESS NEMS»
bttp: //wew.nytimes,com/pages/businees/ index.html ?todaysheadline

TECHNOLOGY

Creditors’ Move Puts Excite@Home's Service at Risk

A judge culed an Pridsy that Excite@Hore could sever its

contracts with cable companiea, meaning that about 3,7

million subscribers could lose Internet access.

http //wew. nytimes.com/2001/12/01/technology/O1NET. nem! trodayaheadlines

Cable and Wireless Bidding Por Assets of Web Operator
Cable and Wireless made a bid om Peiday to becaore the

biggest manager of Web gites in che United States.
https / /wew. nytines.com/2001/12/01/ technology /01CABL. html trodayaheadlines

Apple Offers More Than an Update to Ita Syater
Sonatines engineers fix software mistakes; other times the

task falla te 1 irs.
http://www. nytimes.com/2001/12/01/technolegy/ D1APPL. htal?tcdaysheadlines

MORE TECHNOLOGY NEWS:
http://www. nytimes.con/pages/techmology/ index. htnl?todaysheadline

POLITICS

G.0.P.'s Mational Chairman to Resign After Brief Term

3

~ 01000000000434


193346
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01000000000431


construction along with a $494 million LNG gasification unit (also under installation).

MSEB has taken a 30 per cent share in Phase-I, where Enron has a 50 per cent stake and
General Electric and Bechtel hold a 10 per cent stake cach.

While the first phase uses naphtha as feed stock, the entire project wil! shift to liquefied
natural gas once the second phase is commissioned by December end.

Enron, which is setting up a five million tonne LNG import terminal at Dhabol, would
import about two million tonnes of LNG for the power plant from Middle-East for the
project, - PTI

© The Economic Times Online. All rights reserved.

=>

0500000000049


Tuchband, Matthew -

From: The New York Times Direct [rytcirectiinytimes. com]

Sant: Thursday, January 17, 2002 3:37 AM

To: matthew tuchband, Areas. Gow

Subject: Today's Headines from NYTimes.com Thursday, January 17, 2002

TOOAY'S MRADLIWES
The Hew York Times on the Web
Thursday, January 17, 2002

1 ft can say i
-DR. JON OPSAHL, after former mombera of the Synbionese Liberation Arny vere
charged with murder for a 1975 bank rebbery in which his

mother war shot to death.

bttp://wwe.nytines.com/2002/01/17/national/1 JARRE. html ttodsyshesdlines

Justices Ho Rearing in Case Concerning Patients’ Rights

The Supreme Court heard argumente on whether states nay

require medical reviews of a hesith maintenance

organization's refusal to pay for covered service.

beeps //www. mytimes .com/2002/01/17/national /17SC0T. html ?tedaysheadlines

3 Slein at Law School; Student ta eld

A law school student, apparently distraught at the prospect

of failing, went on a shooting rampage at a western

Virginia law echeel.

http: //wew.nytimes.cem/2002/01/17/mational/175H00. html ?tedaysheadl ines

Al Qaeda Trained Bombing Suspect, Indictment Says

A federal indictment said Richard Reid, accused of trying to
gown an airliner with explosives in his ghoes, use a

Oseda-trained terrorist.
https //wew.nytimes.com/2002/01/17/national/i7INQU. html ttodayshead! ines

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010000000001 16


Rete: //www.cytines.com/2001/11/28/business/29PLAC. html ?todaysheadlines

Microsoft Move May Hasten Settlement of Burcpean Cane

Offering o stromg signal that it wants to sertle ics

antitrust case in Europe, Microsoft has told the European

Commission shat it will forgo ite right to 5 hearing next

month.

hetp: //www. oytimes.con/2001/11/28/technolegy/2asorr_htrl rrodaysheadlinee

Vehicle Sales Reasin Robust This Month

Auto aalea have remained surprisingly etrong this month,

@aging Che recession - and poesibly shortening it -

ecomomigts say.

http: //www.nytimes.com/2001/11/28/buainess/28AUTO, html ?tedsysheadlines

MORE BUSINESS ums:
http://www. nytimes.con/peges/business/ index.html ?todaysheadline

en Settlement of Rurspean Case

Offering a stromg aignal that Le wants te settle ite

antitrust case in Europe, Microsoft has told the Eurcpean

Commission that it will forgo its right to a hearing next

month.

https //wee, nytines.com/2001/11/28/techmology/28S0PT. html? todaysheadlinea

Belgian Hope in Software Sells Assets at Auction

The speech technology empire that Lernout & Havepie bad

cabled together was dismantled in a somber bankruptcy

auction at a law office in Lower Manhattan.

http: //waw. nytimes .com/2001/11/28/technology/28LERN. html ?todayshead1 ines

Nokia Seea Weak Sales Into 3002

Nokia reduced estimates for the number of handsets it

expects consumers to buy in 2091, and said the market would

continue te shrink through the early part of next year.

DCtp: //www. mytines.com/2003/21/28/technslogy/2PHON, htrl?todaysheadlines

MORE TECHNOLOGY NEWS:
http: / /wew.nyt ines .com/pages/technology/index, htrl?todaysheadl ine

01000000000481


Enron's Latin American assets and interests include:
= Elektro (Brazil); Power distribution company in Sao Paulo.
~ Gaspart (Brazil): Significant stake in the gas distribution companies of seven coastal states,

~ CEG and CEGRIO (Brazil): Equity interest in both gas distribution companies which were
previously government-owned.

~ Cuiaba (Brazil): A 480 megawatt (MW), combined-cycle natural gas power plant in Cuiaba

-- Bolivia-Brazil Pipeline: Partnership in the 3,000-km pipeline stretching from Santa Cruz ée la
Sterra, Bolivia to Porto Alegre, Brazil

+ Eletrobolt (Brazil): A 380 MW natural gas power plant located near the city of Rio de Janeiro.

~ Transportadora de Gas del Sur (Argentina): An ownership imerest in the 6,604-km pipeline
system, the largest pipeline system in South America.

~ Central Termica Modesto Maranzana (Argentina): A thermal power plant, located im the city of
Rio Cuario, province of Cordoba,

Source: The company

Gabilondo, Jose

From: Carteton, Norman
Sent: Monday, December 03, 2001 1220 PM
Te: Bar, Shefe Berard, Steve; Bitsberger, Timothy, Cetins, Ait Gichner, Matthew, Gabilondo,

Jose; Gross, Jared; Hamener, Viva; Lori Sanatamorena (E-mail) Nickoloff, Peter: Novey,
Michad, Pietrangel, Fred; Roseboro, Brian; Schutthess, Heidiynne; Sharer, James; Whaley,
Jean; Wiedman, Mark

Subject WS; Enron Customers Seek Backup, Check Contracts for Out Gauses

December 3, 2001

Enron Customers Seek Backup,
Check Contracts for Out Clauses

By RHONDA L. RUNDLE
Stat! Reporter of THE WaLL Stretet JOURNAL

00200000000731


http: //aww-nytimes,com/2001/11/21/nyregion/21NUNS html ?todayshead! ines
Terror Attacks Have Left Chimatown's Eeonery Battered
Chinatown iw still reeling financially and ia perhaps the

hardest hit neighborhood outside the red zone.
beep: //waw.ayt ines. com/2001/11/21/nyregion/21CHIN. html ttedayshead! ines

MORE XY REGION NEWS:
http: //wew.nytines.com/pages/nyregion/ index .benl ttedaysheadline

Bush definitely nas a talent for holding opposed
ideas in his mind,
http: / swe. nytines.con/2001/11/21/epinion/21D0W0.htnl ?tedayabeadlines

The 55-Cent Solution

Sy PAUL KRUGMAN

George W. Bush has backed off his personal pledge ta

provide aid ca « battered New York City.

http: /fwew nytises.com/2001/11/21/opinion/21KRUG. html *todayaheadl ines

Help Iraqis Take Their Country Back

Ry KANAN MAKIYA

If the challenge represented by the attacks of Sept. 11 is

going to be met, then overthrowing Gaddan Hugsein by

reaching out to the people of Irag ie where it hag to

begin.

http) //sew nytimes .com/2001/15/21/opinian/22MaKi html ?rodaysheadlines

MORE OP-ED WENS:
hetp//wew. nytimes.com/pages/opinion/ index hel todaysheadiine

HOW TO CHANGE YOUR SUBSCRIPTION

You received these headlines because you requested The Mew
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6

01000000000514


Tuchband, Matthew pS

From: The New York Times Direct nytctirechai nytimes,

Sent: Tuescay, December 11, 2001 3:33 AM com

To matthew Juchban (ress Qow

‘Subject; Today's Headines NYTimes.com Tussday, December 11, 2007

TODAY'S BEADLIWES
The New York Times on the Web
Tuesday, December 11, 2001

For mews updated throughout the day, visit wew.nytinea.cen

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QUOTE OF THE DAY

SSE Ses dame en ere nwer sree

To then we sre like bubbles. They know if they turn away and

ignere ua, we will soon pop and be gone.*

ne YAH, on how officials in China's Chengguan township regard those
with AIDS.

http: //wew.nytimes.com/2001/12/11/healeh/11ArDS, html ?tedaysheadl inea

NATIONAL
U.S. Reports Disease Link to Gulf War

Military officiala aaid veterans of the conflict were nearly
twice ss likely ag other soldiers to evffer from Lou

Gehrig's disesse.
http: //wew.nytimes.com/2001/12/11/health/anatemy/1LiGULF. htm) ?todaysheadlines

Sus Company Tm Accused of Traffic in Illegal Aliens
The Justice Dept. amd the I.9.5. announced the indictment of
32 anmployees that they said moved thousands of illesal

allen.
betp: //waw.nytines .con/2001/12/11/national/11SM0c_htrl ttodaysheadlines

New Pentagon Debate Over Stealth Plase

A struggle is under way among senior Pentagon officials over
whether to restart production of the B-2 stealth bonber.
hetps //www.nytimes .cem/2001/12/12/pelities/1150NB. html ?todaysheadlines

05150

01000000000221


hetp://wwe.nytines. Com/ 2602/01/03 /business/worldbusiness/O32UR0.htnl?tedaysheadlines

Analyst Talke of Bankruptey, and Kmart Takes a Plunge

A Wall Street analyst's negative report sent the price of

Kmart'a shares plunging 13.2 percent, to $4.74, in heavy

trading Wednesday.

httpi//wew. nytlnes.com/2002/01/93/business/93PLAC. html ?todaysheadl ines

Ruling Eases Restrictions om Tax Shelters for Companies

& federal appeals court has issued a ruling in a case

involving Compaq Computer that tax experts say will ake it

@uch more difficult for the I.R.8. to demolish many

corporate tax shelters,

http: //wew.nytines.com/2002/01/03/business/031RS.html?todaysheadlines

MORE BUSINESS NEWS:
httpe//wwe, nyt ines .com/pages/buainesa/index html 7todaysbeadl ine

TECHNOLOGY

Toy Story: Looking for Lessons
Do the new generation of sultinedia playthings teach, or do

they just pacity nervous parents?
Retp: (/wwe.nytimes,con/2002/01/03/technology/circulta/O2TOY.henl?todayabead]ines

Computerized Control Is Next for Artificial Limba

New high-tech prosthetic limbs sre, in effect, wearable

computers. Thage whe wear then say that they perforn

impressively, but auch electronic appendages don't come

cheap.

https //wew. nytines. com/2002/01/03/technelogy/circuite/O3KNEE, html ?codaysheadi ines

Microsoft's Hometown Seex Cause for Optinien
In Redmond Mssh,, Microsoft employees said they were

grateful to hold what appeared to be very steady

enploywent .
https //wew.nytines.com/2002/01/03/national/03Rf0M htnl ttodayshead|ines

MORE TECHNOLOCY NEWS:
https //wwe. myt ines. con/pages/technology/ index. htel?tedaynsheadline

‘ 05120

a 01000000000191


Tuchband, Matthew

From: The New York Times Orect [nytcirectPrytimes.com}

Sent: Sunday, October 28, 2001 3:58 AM

To: ervsAdo. trans. gov

Subject: Todays Heat NYTimes.com Sunday. October 28, 2001

TODAY'S HEADLINES
The Gew York Times on the Web
Sunday, October 26, 2001

Own a Classic Piece of New York Baseball Hiatery for Just $9.55.

Get « glimpse into an unforgettable era in baseball history
a2 Glory Daya of Basebsl) brings to life the mythical period
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Times articles and photes available for the firet time in
digital for.

Quote oF Tir pAY
snececeesensaeees
“Obviously, if we're getting all these bemh threate and
anthrax calle that we normally wouldn't get, it's going to
take us longer to get to other calls.*

-UT, BORACE E. PRANK, a Los Angeles Police Department spokesman

http: //aww nytines,oom/2003/20/28/national /28C0PS, html? tedaysheadl ines

NATIONAL

= Perera

Jubilant Calle on Sept, 11 Led to F-8.5. Arrests

Within hours of the Sepr. 21 attacks, F.8.1. agente

intercepted telephone calla in which suspected asacciates

of Al Qaeds were overheard celebrating.

http://www. nytines.com/2001/10/28/national /28ATTA. html ?todaysheadlines

Pocus om Terror Creates Burden for the Police

Forced to responce repeatedly to anthrax reporte and bomb

gcarea, the police are now rethinking how much tine anc

efttort they cam spend om the tactice that reduce crime.

http: //wew-nytimes.com/2001/10/20/national/28C0PS.h=nl?tedaysheadlines

Workers at House Offices Begir Anthrax Treatment
Senater Tam Daschle urged tre sation to move quickly to
expard ite defenses ageinat bioterroriam as workers in

three congressional offices began protective treatment.
http://www, nytines.con/2001/10/28/politics/28ANTH.homl ?tadaysheadlines

1

1900000000605


Enron Lines Lip Cash to Soothe Wall Street Page 2 of 4

credit capacity will further solidify Enron's standing as the leading market maker in wholesale
energy markets."

‘The good news was tempered later in the day by Standard & Poor's armouncement that it had
cut Enron's credit rating and could do so again if the situation worsens.

‘The rating agency cut Enron's conporate credit and senior unsecured debt ratings to "BBB," two
notches above junk status, from ' BRB-ples,” its subordinated debt rating 10 '' BBB-minus”
from “BBB,” and its commercial paper rating to ~~ A-3" from "A-2."

i

Tt also downgraded ratings for several Enron share trusts.

Downgrades could make it harder for Enron to issue debt and run its day-to-day business as
fellow marketers and traders demand more collateral. If the ratings fall to junk, or below
investment-grade, Enron could he forced to issue more shares, analysts saad_

S&P said it cut the ratings because of questions about whether Enron was taking sufficient
action to fully restore its credit quality.

“The company's financial flexibility has continued to diminish. This crisis of investor
confidence can be traced ._. directly to the company’s inability to calm investors that are unsure
about the strength of Enron's core energy marketing business and the viability of the company’s
plan to restore its credit profile,” i said.

FULL DISCLOSURE

“A full, frank disclosure and discussion of the business and financial issues facing the company
and its plans to acldress theen will be necessary before investors will be able to confidently
evaluate the merits of investing in Enron securities,” the agency added.

S&P nevertheless said Enron's liquidity position is “adequate” to see the company through its
current problems amd that Enron was unlikely to see its position as the industry's top energy
marketer endangered as long as it operated transparently.

On Monday, Mooxly’s Investors Service ewt Enron's long-term debt to “*Baa2," also two notches
above junk, and warned it may cut that rating and Enron's '’ Prime-2" commercial paper rating.

Enron was once a Wall Street darling lauded for its ability to create new [nternet-hased
commodity markets that produced soaring profits and a stock price that seemed to defy gravity.

But setbacks in its bandwidth business and overseas investments, plus problems arising from the
California power crisis hurt its do-mo-wrong image. And in August, former Chief Executive Jeff
Skilling shocked the financial world by resigning after just six months on the job, caling
personal reasons.

The stock, whose year-high was $84, begun to sink, then fell off a cliff after the company’s Oct.
16 announcement, That day, shares closed at $33.54,

Trying to shore up its credibility, Enron replaced Pastow last week with another Enron
executive, Jeff McMahon.

hup:/dailynews. yahoo, com/hynm/2001 1101)0s‘energy_enron_de_2.ttml 1Vvs01

0200000000571


Bhatnagar is the third high official to quit Enron within the last six months, The first to
quit was Rebecca Mark, former CEO and chairman of Enron Intemational, followed by
Joseph Sutton, who took over from her. (PTI)

Ths Economis Times Online
Printed from www sconomictimes.com -> home -> hack
Cabinet clears hike in Enron's Dhabol stake

NEW DELHI

THE CABINET Committee on Economic Affairs on Wednesday permitted US power
company Enron to pick up an additional 30 per cent stake in the Dhabol Power Project
Phase-II for $685.75 million in the wake of MSEB's inability to take its equity share,
parliamentary affairs minister Pramod Mahajan said.

This enhances Enron Development's equity investment from $886.9 million to $1119.9
million in the projecs,

In this foreign equity participation of Enron, $434.2 million would be for Phase I of the
power project and $685.75 million would be for Phase II, he saad.

Enron presently has a 30 per cent stake in the $1.87 billion Dihabo! Phase II, while the
remaining is with Bechtel Enterprise and General Electric.

As per the decision MSEB would have the option to pick up the 30 per equity at a later stage
at a mutually agreed price, he said.

With the enhancement of the equity of Enron, the share of MSEB holding has been ditluted
to below 30 per cent,

Mahajan said the government had earlier allowed Enron to invest up to 100 per cent but
under the renegotiated agreement it was decided that MSEB would pick up 0) per cent stake
in both Phase I and Phase IT of the power project.

While MSEB picked wp 30 per cem stake in Phase | it has expressed its inability to do so for -
Phase II.

The foreign equity of $1119.9 million will be comtribused through Enron Mauritius, a
wholly-owned subsidiary of Enron International.

Enron was issued an approval to set up, own and operate a natural gas fired combined cycle
power station with a capacity of 1920 mw expandable to 2550 mw.

Enron is setting up $2.8 billion 2,184-mw plant in two phases, the second phase is still under

0500000000048


Charges Ruled Out as U.$. Concludes Torricelli Inquiry

The federal criminal investigation into the financial
dealings of Senator Robert G. Torricelli of Mew Jersey

offticlally ended on Thursday.
http: //wew.nytimes ,com/2002/01/04/politics/O4TORC. htm! ?todaysheadlines

Powder Sent to Daschle; Hoax la Seen

An envelope containing 4 threatening letcer and a suspicious

powder waa found in the Capitol office of Senator Tom

Daschle.

http://w. nytimes .com/2002/01/04/polirics/O4INQu. html ttedaysheadlines

MORE POLITICS WEWS:
http: / /wew-nytines ,con/pages/politicn/index, html ?todaysheadline

SPORTS

stew wen eee

Miami Rolis to National Title

Miami dominated an overmatched Webraska tean in the Rose

Bowl to become the undisputed national champions of college

football.

http //wew.nytimes.com/2002/01/04/sports/ncaafcotball/0eROSE html tteodayaheadl ines

Keicka Rewrite the Disaster Script

Instead of suffering ancther heart-wrenching leas, the

Knicks captured a potentially galvanizing victory,

outscoring Dallas by 14-7 in overtime.

hetpi//wew. nytimes. con/2002/01/04/ sports/basketball/O4EWIC.html?todaysheadlines

Phillips till Trying to Upgrade Mets

Wets General Manager Steve Phillips is working in several)

directions, negotiating for Bubba Trammell, Juan Gonzalez

or possibly Jeromy Burnicz.

https //wew.nytimes .com/2002/01/04/aports/baseball/04METS html trodaysheadlines

MORE SPORTS NEWS:
https (swe, oytines.con/pages/sporte/ index html ?todaysheadline

ARTS

Harvesting the Riches of Strauss

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http://www. nytines,con/pages/ sports / index.html ?todaysheadline

oo ————one

N. G. Sebald Combines Memoir, Novel and EBesay and Adds
Photaa

Sven without reading ¥. G. Sebald'a bocks, you con see at 4

glance that they are idicayneratic. Hia latest novel,

“Austerlitz,* ig no excepticn.

http://www. nytimes.cem/2001/12/11/beake/11AkTS.html?tcdaysheadlines

Latin Stars Unite in Benefit Concert With Radia Reot=

From acrcas the hemisphere Latin pop singers gathered at

Madigon Square Garden on Susmday night for = benefit

concert, Hispanos Unides por New York.

bttpis/wew. nytimes .com/2001/12/11/arts/music/11HISp. html rredayshead) ines

Did Hubby Really Have to Go? He's Such a Nice Guy

Though you senae a real composer at work, Tobias Picker's
score does not de the job.
netp://www. oytines .can/2001/12/11/arta/music/;1DALL. btml?tedsysheadlines

MORE ARTS NEMS:
bttpi //waw nytimes.com/pages/arte/ index.html ttodayabead] ine

NY REGION

et ete eee e ener eneeennenee

Green Aide Calle Finances in Race Unfair

The chairman of Mark Green's unsuccessful mayoral campaign

said the city’s campsign finance program “failed

completely. *

httpe//www. oytimes .com/2001/12/21/nyregion/metrccampaigna/1irtMA.htrl ttodaysbeadl ines

2001 Semugew om Wall] Street Decline 30%, tc $10 Billion

The $4.3 billion decline bas implications for city

government amd for # let of people whose jobs are far fron

Wall Street.

http://www. nytines.com/2001/12/11/nyregion/ 113000. html ftodaysheadlines

Biggest Union of Teachers in Archdiocese Reaches Accord
The union representing most Roman Catholic schools in New

York City has accepted a three-year contract vith an 11
percent raise.

05154

01000000000225 ©



Tuchband, Matthew

From: The New Yark Times Orect [mytdirectinytimes cam}

Sent: Wednesday, November 21, 2001 3:38 AM

To: mannew, Luchbendi do. tress gov

‘Subject: Today's Headlines from NYTimes.com Wechesday, Nowernber 21, 2001

TODAY'S MEADLINES
The Mew York Timea on the Neb
Wednesday, Novernber 21, 2021

Holiday Shopping

Take advantage of apecial offera and diacounta -- on gifts,
travel and luxury itena from NYTimes.con's prenius
advertisers «» with che Holiday Shopping E-Mail.

beep iffwew.rytines,con/services/ersil/ensil .btmla@holiday

QUOTE OF THE DAY

“You don't decide need based on an arbitrary line. A line

makes it easy for administration, but not for the people

who have to suffer through the poin every day.”

-DOW LEE, on the part of Chinatown that “as designated for financial
oid,

http: //wwa.aytimes.con/2001/11/21/nyregion/21CHIN. btn] ?todaysheadlines

NATIONAL
Oe nene seen eneueneeeeeees
In Utah, @ Government Hater Selis a Germ-Warfare Book

A Webraska entrepreneur has been selling copies of hie
selt-published book which includes directions for making

*mail-delivered” anthrax.
http://www. nyt ines .com/2001/11/21/national /21800%. html trodaysheadl ines

A Police Porce Rebuffs F.8.2. on Querying Mideast Men

The Portland, Ore,, police will mot cocperate with the

Federal Hureau ef Inveatigation in its efforts to interview

$,000 young Middle Eastern men because such questioning

violates state law,

http: //waw-nytimes.com/2001/11/21/mat ional /21DORT. html Prodaysheadlines

Boat Found, but 30 Cubana Are Missing

Cosst Guard officials found a caprized mpeedbost that they

believe wae carrying 30 Cubans whoa were being smuggled to

the United States.
hetp://wwe.nytines.com/2001/11/21/national/2150AT. html ?tedaysheadlines

01000000000509 _


ARTS

IEEEeseeeeenee
Hew Interest in Florida Paintings by a Croup of Black
Artiste

Por decacea following World War II, Plorida landacapea

shaped the state's popular image, but few knew that they

were largely the creation: of self-taught, African-American

artiete.

hetpe//wwe. nytines.com/2001/12/27/arta/desion/27ARTS. html ?todaysheadl ines

Audience Standa Up te Cheer a Stand-In

Though not technically flavlesa, Vercnica Villarroel's

affecting performance in the title role of "Madama

Buttertly*® is vocally distinguished and unerringly honest.

https //wwe. aytimes.com/ 2001/11/27 /arta/music/27BUTT, html ?tedaysheadl ines

The Panic of 1837; Those Mere the Days!

"The Streets of Mew York" ia almort 150 years old and

strikes just the right note for late 2001, midway between

laughable sentimentality and sincere philanctkrepic

syrpathy.
hetp://wwenytines.com/2eol/t1/27/arte/theater/27STRE. html ttedayshead] ines

MORE ARTS NEWS:
http: //wew. nytimes.com/pages/arts/ index html ttodayshead] ine

ers a Choice for Prosecutor

Jones 8, Comey, a native New Yorker whe won acclaim for

prosecuting gun violence, is <n line to be the next U.5.

attorney in Manhattan.

netp://wew. cyt ines .com/2001/1_/27/nyregion/27ATIO. html trodaysheadlines

Maseau Democrats Form Plan to Cut Spending and Raine Taxes

The County Legi#lature is facing a Wednesday deadline to
balance the budget or riak a atate fiaeal takeover,
http: //wew. nytines. com/2001/11/27/nyregion/27mAss. html ?tedaysbead] ines

Bloomberg, in Dominican fepublic, Meeta With Crash Victims’
Relatives

The mayor-elect of Mew York met with about 25 Dominicans

whose loved ones were killed im the crash of Flight 547.

http: //wew.nytimes.com/2001/11/27/nyreglan/27sLo0. html ttodaysheadlines
5

1000000000490


POLITICS

Lebby Groupe Find Congress in Giving Mood

Congress is diapenaing last-minute favors before it
adjourns, and lebbyiats ® lined up with requests.
https //wew. nytimes .com/2001/12/18/pelitice/7Lope, html ?todaysheadlines

Move in Congress Would Relax a New Disclosure Law

Representative Bill Thomas is trying to loosen requirements
intended te shed light on certain tax-exempt groups.
beep: //www. nyt ieee com/2001/12/18/politics/18DOWA. html ?tedayahead] ines

Parties Press Effort to Pass Stimulus Plan

Republicans and Democrats headed into the final steps of
thelr negotiations over an economic recovery package.
hetpi//wew.nytimes .com/2002/12/18/politics/18STIM, html ?todaysheadlines

WORE POLITICS NEMS;
http: //sew.nyt ines .con/pages/politica/index.html?tedaysheadl ine

Sports

sone e nee
Rang Earn

The St, Louts Rams defeated the New Orleans Saints with deep

throws from Kurt Warmer, nifty runs by Marshall Faulk and

big hite on defense,

beep: //waw. nyt isms .com/2001/12/18/sporte/ football /1SRANS. htm) ?cadaysheadlines

Yanks Sign White and Mull Wells Bid

The Yankees signed Romdell White to a tworyear, $10-millian

deal that was formally completed on Monday. They continue

to talk with the free-agent David Wells,

netp: //wwa.nytines .com/2001/12/10/sporte/bosebal 1/18YANK. html? todaysheadlines

Heuston Arena Manager Senda Apology ta Knight

The Houstes: arena manager who accused Texas Tech Coach Bobby

Mmight of abusive behavier apolegized for confronting

Knight .

hetp: //wew. nytines.com/2001/12/18/sports /ncaabasketball/i9RoRa, html? todaysheadlines

05132

01000000000203 _


MORE NATIONAL NEMS:
https //wwe. oytines.cen/pages/national ‘index, btm]? tedaysheadline

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INTERNATIONAL

Beene eee n neem eeennr eres

A Smocth Debut Lifts Buro's Value in Money markets

Europeans in 22 nations have begun using a compen currency

with no significant problems, a surprising amount of

enthusiasm and even a slight rise in ite value.

http://www. nytimes.cenm/2002/01/03/business/worldbusiness/ 03EURO- hte] ttedaysheadl ines

Marines Complete Sweep of Al Qaeda Corpound

Marines recovered only small amounts ef weapons and

documesta belonging to Al Qaeda in a deserted terroriat

training camp in southern Afghanistan.

https //wwe.oytimescom/2002/07/03/ intermat ional /O3APCH. html ttoday#head) ines

Atter Black Teenager fa Slain, Norway Peers Into a Mirror

The case of Benjamin Hermansen, a 1$-year-old
African-Borwegian boy who was killed by neo-Nazis, has

offered a dimturbing challenge to Norway's viaice of

itself.

http: //wwa.nytinea.con/2002/01/03/ internacional /ewrope/O3NORW. hen! ttodaysheadl ines

MORE INTESHATIONAL wmMs:
been: //waw-nytimes,com/pages/world/ index html ttedaysheadline

th Debut Lifts Buro's Value in Money Markets
Europeana in 12 nations have begun La i a common currency

with no significant problens, a surprising amount of
enthusiasn and even « alight rise in ite value.

, 05119

~~ 91000000000190


NIGERIA SEEKS TO VIN OVER PARIS CLUB DONORS.

Nigerian President Olusegun Obasanjo will try to patch up cifterences with the
Paris Club of biwteral creditors and overcome remaining obstacies to an
‘agreement with he IMF during « visit to France this week reports the Financial pw?
‘Times (p.10). His vist follows efforts by the Fund to soften the position of

he Paris Club, which may be owed as much ss $27 bition of a total extemal

debt of $34 bélton, according to the latest IMP estimates, oY %
As @ condition for restructuring, officials say Paria Club members want Nigeria \3\
to bagin paying off arrears on servicing debts to bilateral Geciiors, which now %Y

‘amount to alerost two-thieds of the total debt stock. Some creditor governments
‘are puthing Nigeria to double budgeted payments this year to $3 tillon in ine
with improvements in the werld price of ofl, which accounts for more thar 80
percent of ite export revecues.

But an overal leap in payments looks unlikely, the story says. Obasanjo argues
that unless resources are freed lowesrcts poverty alleviation programs, sociat
instatilty wil reverse the fragie democratic gains of the past year.

Obasanjo found sympathy for his appesis for Nigaria's debt burden to be lowered
Cn & vest to France yesterday, but sources close to the Parts Chub of creditor
counties wamed mo reducton was imminent, reports APP. “France is tying to
convines the IMF and the Paris Club of creditor nations that # mutually

Solution must be found,” French Prime Mirveter Licnedl Joapin is

accuptable
quoted as saying to Obasanjo.

But a source close to the Paris Club said no discussions on the country’s
pesifion would take place tis week. Discussions on restructuring Nigeria's
Gebt repayments wil begin when the IMF has passed judgement on the country’s
economic reform program, the source said.

Meanmtile, notes the FT, the IM is keen to avoid being seen as the debt
collector, as most Nigerians biame sructural adjustment reforms of the late
1980s more than military rrisrule for decining living standards.

In other news. the World Bank has raised quesfons over the tecms of an

agreement signed lust year between te Lagos State government aud 8 private US:
company that inches sn $300 milion investment as part of # scheme to supply

cuchcly to fie city ged, AFP saya in a separate report. Migeran and Works

Bank officals confirmed a rapert in the local newspaper, This Dey, which anid

the Blank Pec eccprecend doutits sbout the deal signed last year between Lagos

State, the Nigerian state-run electicly cpemmor NEPA, and US power group

Scon after the deat was agreed, says the story, officials In NEPA began raising
objections saying te price set by Enron per unit of electricity supplied was

too high and f would have been cheaper for Nigeria to have built its own plart.
Last week, Nasir af-Rutai, head of the Bureau of Public Enterprises, adeited
that the deal wes under review by Word Bank officials called in try te
government. The officiate argued the terms were too favorable to Enron and had
been concluded improperty. Reuters also reports.

0500000000883


EFET
PRESS RELEASE 28 February 2001

The European Federation of Energy Traders (“EFETTM) is a group of more than
48 energy trading companies from fourteen European countries dedicated to
stimulate and promote cnergy trading throughout Europe. EFET is designed to
improve conditions for energy trading in Europe,

EFET can be characterized by strict impartiality, pan European geographic
focus, lack of commercial interest, transparency and equality in third party
communication, high quality and efficiency, providing service to trading
organizations and an effective discussion partner for other organizations,

The Board of the European Federation of Energy Traders in its meeting on February
23, 2001 have discussed the proposal of the Transit Working Group of the Energy
Charter Conference to develop public international lw in the area of cross-border

cnergy swaps.

By a cross-border energy swap is understood the exchange of energy by two players
in two different jurisdictions based on a mutually beneficial sharing of energy price
differentials.

With the exception of the Commodity Futures Markets Regulators” Conference’,
there is no currently ongoing multilatcral initiative in the area of energy derivatives.
The prevalence of cross-border energy swaps is expected to increase in the future asa
consequence of energy market integration and interconnection in Europe and Central
Asia. The flexibility of swap agreements make such transactions preferred in the
early development of a natural gas or crude oil producing area, compared to the
construction of new or additional transportation and/or transit facilities.

The Board noted the opportunity provided by cross-border energy swaps to create
mutually beneficial economic transactions involving different jurisdictions and
cnergy players in Europe and Central Asia.

The Energy Charter Transit Protocol currently being negotiated by 5] European and
Central Asian states, including the member states of the Buropean Unpon, the Russian
Federation, the Commonwealth of Independent States and Japan, is expected 10
comain public imerational law provisions encouraging the removal of any obstacles
to the execution of cross-border energy swaps, This important energy policy
imitiahve is expected to facilitate secure, efficient, uninterrupted and unimpeded

“The follersing signatories tn the Energy Charter Treaty uaypeet the Corrmmadity Futaros Morkets Repukence’
Conference: Austratia, Fravoe, Germany. Hungary. Naly, Japan, the Netertands and UK.

00200000000637


by announcing that he would retire in May.
hetpi//wew. nytines.com/2001/12/06/business/media/O6A0L. html ?todaysheadlines

Surge in Stocks Arouses Vieions of a New Bull Market

Steck# ahot sharply higher Wednesday on growing optimism

that the economy would quickly rebound. Are millions of

investors are jumping to « comclusion tco soon?

http //wew. nytimes. com/2001/12/06/business/ 06 PLAC. html ?todaysheadlines

Enron Paid Out ‘Retention’ Benuses Before Bankruptcy Filing

Just days before Enron filed for bankruptey and laid off
4,000 people, it paid our $55 million in banuwes to about

500 enployees.
bttp://wew. nytimes.con/2001/12/06/bualness/O¢kNRO.htnl7?todsyshead! ines

MORE BUSINESS NEWS)
http://www. nytines.com/pages/businers/ index.html ?todaysheadline

TECHNOLOGY
PUR TE SEE TET e SEs eesewwene

Levin to Retire as Chief Executive of AOL Time Warner

AOL Time Warner @aid that ite chief, Gerald Levin, will

retire in May an@ would be succeeded by Richard Parsons,

the company's co-chief operating officer.

https //wew. nytimes.com/2001/12/05/businegs/sedia/oscup-AOL. html 7todaysheadlines

The Web Turns Conversation Into a Trivia Contest
Trivia debates are now easily and definitively settled with

the help of che Web.
betps (swe. nytimes.com/2001/12/ 06 /rechnology/cireuita/Oeract.htnl ?tedsyshesdlines

Sizing Up Camcordera Made Svall
Thie year, JVC, Canon and Sony introduced spectacularly tiny

catcorders, but those who buy then must make some severe

comprorices,
http://www nyt ime coms 2001/12 /06/technology/circuite/O6STAT. ntml?todaysheadlines

MORE TECHNOLOGY NEWS:
http://www. nytines .cem/pagea/technology/ index. hemlttedaysheadline

1000000000248


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£307 ating suOUsoNe) pays Kuanhosy worry

002000000007 11


https //wew.nytimes.cee/2001/12/148/buniness/16FARS. html ?todayshead] ines

U.S. Criticizes Trans-Atlastic Air Alliance

The Justice Department urged transportation officials to

reject * proposed alliance between American Airlines and

Seitiah Airways unless the two carriers sell some landing

and takeoff rights.
bttp://waw.nytimes.cerm/2001/12/18/business/LGAIR, htrl todayshead! ines

When Pailure Paves the Way for Succeas

So far this year, the Nasdaq 100-stock index bas fallen 30
percent. But the number of QQ) shares outetanding has

leaped 41 percent.
http: //wew. nyt ines .com/2001/12/18/businese/28PLAc.btel?tedaysheadlines

MORE BUSINESS NEWS:
http: //wwe.nytines,con/pages/business/ index.html ?tadaysheadl ine

TECHROLOSY

When Failure Paves the Way for Success

So far this year, the Nasdaq 100-stock index has fallen 36

percent. But the number of 0090 shares outstanding has

leaped 41 percent.

http: //wew.nytimes.cem/2001/12/18/beainess/19PLAC. html ?todaysheadlines

Angen-(nrunex Deal Spurs Porecaste About Others

frgen's §16 billiom acquisition of Immnex is the largest of

@ spate of acquisitions sweeping the blotechnolegy industry

and portending a change in the structure of the industry.

beep: //waw. yt ines .com/2001/12/18/business/1LSB00T. html ?todaysheadlines

Priceline and AOL Porm Alliance

Priceline.com, the name-your-own-price Internet company,

eftered inte « travel marketing alliance with America

Online.

http: //wwe,nytimes.com/aponline/technology/AP- Price] inecon-Anerica-Cnline html?
todayeheadlines

MORE TECHNOLOGY MEWS:
http) //sew.nytimes com/pages/technology/ index. kenl ttedayshesdline

, 05131

an ~ 91900000000202


bttp: //www.nytimes.econm/2001/11/22/business/Z2RETI.ntml ?tedayabeadl ines

Circling the Wagons Around Erron

Officiala of Oynesy weighed wnether to seek to renegotiate

the terga of the company’s acreement to acquire Enron,

while Enron and its bankers sought tc shore up the

company’s finances.

btep: //www.cytimes.com/2001/11/22/business/22ENR0. html? todayshead! ines

Reports Suggest Recovery Scorn, but Net Exactly « Robust One

The economy remaing weak but reporte suggest it is no longer
worsening, giving weight to the increasingly popular view

that a recovery is only a few months away.

http://www. nytines,con/2001/11/22/business/22ECON. html ttodaysheadlines

MORE BUSINESS WEMS+
http: //wew.nytimes. com/pages/business/ index.html Ptodaysheadline

TECHNOLOGY

What Did You Do Before the War?

New fears ond new data tools are yielding a boom in
Background checks even after your hired.

http://www. nytines.con/2001/11/22/technology/circuits/22CHEC.html?todaysheadlines

Wicrceoft's Top Lawyer Sets Retirement

On the heels of two major settlements, Willian H. Keukom,

the legal field general in Microsoft's antitrust conflicts,

seid that be would retire next year.

http: //wew. nytimes.com/2001/11/22/cechnolegy/22509rT. htel ttodaysheadlines

& Thernometer That Squawks When the Bird Is Done
By providing remote readoute, digital meat thermoretere are

Gesigned to take the worry and the guesswork out of cocking
the holiday turkey.

bttpi //wew.nytimes .com/2001/15/22/rechnelogy/eircuita/22No“N. html trodayshead) ines

NORE TECHNOLOGY NEWS:
hetp: //www.nytines.com/paces/technolegy/ index. html ?todaysheadline

01000000000504


From: The New York Times Direct eciganytines com]

Seni Seturday, Nowernber 10, 2001 3:57 AM

To: matthew tuchbandgida tress. gov

Subject: Today's Headines from NYTimes.com Saturday, Novamber 10, 2001

TODAY'S HEADLINES
The Xe« York Times on the #ab

Por news updated throughout the day, vieilt wav.nytimes.con

| tae e«e=--Aleo From MYTimes.com-+«+=«+-----------4
Neliday Shopping

Take advantage of special offers and diaceunts -- on gifts,
travel and luxury itens from HYTimes.con’a premiun
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enail/email.ntml$holida

QUOTE OF THE DAY

‘It's tea alow, but it's sate, Well, it's w little bit
sater*
-ENRIQUE GALINDO, on Greyhound ve. air travel.

hetps //wwe, mytimes.cem/2001/11/20/ nat ional/l0BUS html trodayaheadl ines

HATIONAL

Single Letter With Anthrax I# Discoanted

Postal investigators said that other mail containing snthrax

bacteria waz probably sent to Washington last month in

addition te the letter sent to the office of Senator Tom

Daschle.
hetp://www.eytinem.com/2001/11/10/national/LoANTH. html 7todaysheadlines

Shake-Up at Largest Provider of Security for U.S, Airports

Acgenbright Security, the nation's largest alrport aecurity

company. appointed a mew chief executive to replace ita

founder and overhaul its management and policies.

netp: // www. oytimes .com/2002/11/30/business/10SECU. html rtedaysheadlines

Longer Visa Waits for Arabs; Stir Over U.S. Zaveadropping

The State Department said tiat it would slow the process for

Sranting visas to young men from Arab and Muslim nmationa in

an effart to prevent future terroriat attacks.

http: //awew.nytimes,com/2001/11/10/national/iovISA, html? todaysheadlinea

ee _ 01000000000538


Yahoo ~ Enron could be forced into major asset sales Page 3 of 4

fetch Enron about $6.5 billion.

These assets include power plunts and transpostation services in Brazil, Argentina, Australia, and also
Europe. Collectively, they are contributing an average of 15 percent returns on equity for Enron and up
to $700 miflion of armual earnings.

WHEN WILL IT NEED THE CASH?

Some industry analysts say that if Enron's financial crisis worsens and rating agencies continue to
downgrade the company's debt, it may even take a close book at its trading businesses.

One investment banker said the company should be able to get rid of its international trading and non-
chergy commodity trading operations, which account for about a quarter of its total trading revenues, at

areasonably good price.

Enron is the leading player in the UK's spot gas trading market, and is also a Jeader in liberalizing
electricity and gas markets in mainland Europe. It also has some metals, coal, forest products and steel
trading interests,

However, some analysts question whether a break-up of Enron could diminish the value of the assets.

“The whole does add up to more than the sum-of-the parts,” says Ed Krapels, a consultant with ESAL, a
Boston independent research firm specializing in energy trading.

Most are also in the dark regarding the timing of Enron's need for cash.

The speed of any asset sales program will depend on how much Enron's customers and creditors squeeze
tbe energy trading giarit

‘Further deterioration in Enron's share price and credit standing would require Enron to post larger cash
deposits with many of its coumerparties,” says Krapels,

If the demands for cash deposits surge, then Enron could be forced into a fire sale rather than a slower
and more deliberate offloading of certain assets,

“The additonal deposit requirement could exceed Enron's credit lines and the schedule al whach i can
sel) assets to raise cash,” Krapels said,

Email this story - Most-emailed articles - Most-viewed articles

More Quotes and News: Enron Corp (NYSE:E NE» news)
Related News Categories: oil/cnergy. US Market News, ulilities

rer Search News | etn

Sopragne © 2001 \eneel ne Ad ropes reserond Pasaay Police - Terms of Serwce
Copyrgtt © 2001 Riuters Livmed. Al regis reserene Reputherhoy oF sebstiasin of Renters content @ eapeeeiy profiling witeas the pict writen

hip. /biz.vahoo.com'rf'01 L1D4)n02330287_1.btml 1s

00200000000576


&-3 Communications plans to announce that it has agreed to

soquire a military equipment subsidiary of Raytheon for

$1.13 billion in cash, beating out bigger rivals,

http://w. nyt ines, com/2002/01/14/businese/14RAYT, html ?todaysheadlines

MORE BUSINESS WEWS:
http: //www.nytines,con/pages/business/ index. html ?todaysheadline

TECHNOLOGY
osocewersscszs

Signs of o Rebound Appear in the High-Tech Heartland

The nation's high-technolegy heartland is in its deepest

recession in recent memory, but sore longtimers believe

that the region is posed for a revival.

hetp: //www. sytines.com/2002/01/14/technology/14¥ALL. btm] 7todaysheadlines

Consultant May Decide Hewlett Deal

The next arena in the fight for the future of
Hewlett-Packard is an unlikely one -- the offices # proxy

voting consultant .

http://www. ayeines ,con/2002/01/14/technology/ebueiness/14HEML. html ?todayahead| ines

Hiding Sensitive Data Can be Tough in « Digits! age

The issue of the destruction and possible retrieval of
electronic data burst back into the news last week.
http //wew.nytimes.cem/2002/01/14/technology/ebusiness/ 1400L&. hemi ?todaysheadiines

WORE TECHNOLOGY MENS:
httpi//wew. nytimes.con/pagea/technology/ index.html ?tedaysheadline

POLITICS

TNS eed deeenesenereeescess
Seeking Edge on Bush, Democrata Nay Advance Dates of
Primaries

The Derecratic Party ig expected to approve an overhaul of

the presidential primary schedule that would make the 2004

primar: even earlier than in the past.

https //wew.nytines.com/2002/01/14/politics/16DEMS. html ?todayabeadl ines

Bush Paints at White House

President Bush fainted briefly on Sunday after choking on a
pretzel, according to the White Seuse physician, Me. Bush

, 05083

- 01000000000154


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05163

01000000000234


http: //wew.nytimes.com/2001/11/08/susiness/08POuE. html Ptodaysheadlines

Pakistanis Urge U.S. to Suspend Textile Tariffs

A two-thirds decline in business from United States

companies is forcing apparel and textile comcerne in

Pakiatan tc lay off Chowsands of people and could soon

close numercua factories.

beep: //www.nytimes.cee/2001/11/08/business/vorldbusinese/08P IRE. html ?tedayshead) ines

Suit Contends Lost Millions Weren't

*Lost'
Three executives of a currency firm with offices in the twin
towers plotted ta cover up $195 million that vas missing

from the fim, according te a lawault filed Wednesdsy.
http //wew cptimes. com/2001/11/08/business/O8GINE.btnlTtocayshendlines

WORE BUSINESS NEWS:
http: //mew.nytines.con/pages/businesa/ index .btmltradaysheadline

“.
1 Between Hewlett-Packard and Compaq

Relatives May Spo.

With David W. Packard joining the opposition to the prepoged

merger of Hewlett-Packard with Compaq, executives of both

carganier were scrambling to rescue the deal.

http: //waw nyt lees .com/2001/11/08/bua iness/OSPLAC. html ?todaysheadlines

A Paternity Dispute Divides Net Picneere

A dispore ls churning around credic for a sodern acientific

breakthrough: packet awitching. Few people have heard of

packet switching, much less its origins, but the Internec

wouldn't work without it.

http: (/wwe. nyt ines. con/2001/11/08/technology/circuits/0&NETT_ html Stodayshead! ines

Paletop Makers Take Aim at the Military Market

The hand-held computer is usirg off-che-shelf software

teated by the rosd warriors of the Susiness world as well

a5 applications designed specifically for the arred forces,

http: //wew.nytimes.com/2001/11/08/tecknolegy/circuits/OOmMILI .btnl ?tedayshesdlines

MORE TECHNOLOGY NEMS:
http://www. nytimes.con/pages/ technology /index. html teodayabead] ine
5

a —_ 01000000000658


Christopulos, Greg

From: owe. nun 23 B55 AM

To: Ran Geena Mite. Marshal. Sempliver, Gary: Christopulas, Greg: Clapp, Gene
Ce: Racelet, Stove

‘Subject: RE: inda/Dabdhal Meeting

Pirase note the folowing article from this morning's press summary:
US Envoy: India's Enron Project Key To Foreign Investment

BOMBAY (AP}--U.S. Ambassader to India Richard Celeste warned Monday thal
foreign investment in india would falter because of political pressures that
threatened fo derail the $3 bition Enron Corp. (ENE) power project.

“It regrettably feeds the concern among American and other foreign investors
‘That India remains a kes3-than-reliadle destination for their lwestment
doters.” Celeste told an sucience of business leaders, politicians anc
mengoverenant ayancias a Bombay, India’s financial hub.

tergest-ever investment has bees in Fouble since December

share werent of Maharashtra state, in which Bombay is situated, said

ew 8 Dower purchase agreement wih US. energy giant Enron Carp.
"Wlannenahen olaiiecs tes none'ranse bung charged are exormitant,

The soreemenc e ac in 1995 detaits the rate at which Enron's Indian
subsidiary, the Power Co.. wil sell electricity to he state,

The project's first phase, 8 power pie of 740 megawatts, aready nas been
commeasioned, whie the second phase of 1,444 megawatts is schecwec for
completion By end 2001.

Cepreciation of the indian rupee anc high cost of naphtha used to generate
alectricity caused the generated by the Enron project to touch 7 rupees &
Hen ee RTE MINRT agreed on when the deal was signed six years ago

TINRSS.

Enron has said it saw no current need to renegotiate the tanff and maintained that a transition from raphtha to liquefied
natural gas would reduce the tartf.

Celeste, an appointee of former U.S, Preskjent Bil Cilnton, said he hopec

beth sides would fine 3 solution in Gecussions. Out caéoned Tat
pareptions 5 American and ivastore wil be affected by the
ralenge © and how ils resolved.”

eirs wre way of re covauen a incl pressure ae eee us.
investors were wary of India because af p pressures at the feceral

state level that Nac slowed the econome-+eforn

Stresting the need to business ties idle, Coleate focused on
he Ewer projedd end os asked _ The Dati power plank remain a syeticd of
Successful American investment in India and not @ symbol of the impediments that
stil hinder even greater foreign Girect investment.”

Copryrighn (c) 2007 Dow Jonge end Comper . HG.
Received iy NewsEOCEare 11220 Oy PM

roots

From: Geetha

Sent. Mond , Jan Zz. 2001 3.01 PM

To: Grewe, Marshal; Sampliner, Gary; Christopulos,

Greg: Clapp, Gere
ela!, Steve

Subject: PW: india/Dedhol Meeting

Attached is background material for the Enron meeting on Wednesday. Fis, note Mr, John Hardy will alsa be attending

-——O1 | Me
Fram: mn Wiggs Genron.com [meilto:Tom.Briggsdenron com

1

0500000000050


Critics Take Aim at Enron's Board Page | of 4

YRHOO! NEWS @ "soe ree My Yaron!

Help REUTER

as

Hame Top Stories Tech Politics World (ex eelginment Sports Scounce Healt Frsl
Business - Reuters - updated 10:06 AM ET Nov 5 @*
Reuters | AP | The New York Times | Motley Foo! | TheStreet com = Videos Fores cow More

Sunday November 4 4:23 PM ET

Critics Take Aim at Enron's Board Related Quotes

127.82 449

By Deepa Babington ENE

NEW YORK (Reuters) e makeup and work: of the board
of Enron Corp. (NYSE:E? jew 5) Suggest that the stunning fall

from grace of the er trading gaant may have been an accident

waiting to happen, corporate govemance experts said

As investors come to grips with more than $17 ballion mm

sharchokler wealth stripped from the company’s market value in

less than three 5, a lack of ov uht is

i by some us

having played no small pari in Enron's woes

st energy trading company in North
averted, or mitigated, if the board had been 1
group of longline directors, they said

merica is mired in a crisis that might have

pen to dominance by a

Whoever set up the board was not making it easy fc

prevent the kind of problems they're
ch group The Corporate Library

fighting right now,” said Nell Minow, editor of busine c
which does extensive corporate governance work and gathers and analyzes information or
boards from proxy filings

In the pasts

k. US. regulators launched a full-scale probe into questionable financial
rodit agencies cut their ratings on Enron dels, and exec
¢ unable to halt a stock plunge

transactions by the company, twe

trying to restore investor confidence we

Critics point to a core group of long-timer 2a pasition to dominate t

ake in the firm to 4

her, both blocks of directors paint the pecture

amd newer members who had almost no fir
f about 2 tum

of a company that was hes

and therefore less reaso

be cor

BRO
AM

the Houston-based firm sole
min

Insider trading statistics showin: vi GOT

in Enron over the past year were anothe s they might have, that the sellers

lacked confidence in Enron's fut

hitp://dailynews. yahoo.com) hyn /20011104/bs/utilities enon board de_ 1 html 1s01

00200000000581


Enron in Talks for New Credit Line Page 2 of 3

Industry sources on Monday said several large coergy companics in Europe are shying away
from trading with Enron amid concems about the company’s credit status,

SIGN OF WEAKNESS

Enron shares have tumbled since the company reported its first-quarterly loss in more than four
years on Oct, 16, The company also wrote down $1.2 billion in equity, including transactions
with partnerships formerly run by its chief financial officer who was forced to step down from
Enron last week.

The sell-off was sparked by investor concern about the transparency of the transactions, which
ibe Securities and Exchange Commission (news - web sites) is examining. Enron last week
replaced CFO Andrew Fastow as part of efforts to restore investor confidence.

The Wall Street Jounal reported Monday the size of the credit line Enron is negotiating is
between $1 billion to $2 billion. Enron said it drew Gown about $3 billion in credit lines last
week, and has a net cash liquid position in excess of $1 billion.

However, many industry observes sce the request by Enron, which has about $63.4 billion in
energy assets, for an additional credit as a sign of weakness.

“Clearly, both the stock and bond market view Enron as being in dire straits,” suid independent
research firm Gimme Credit analyst Carol Levenson, who specializes in high grade corporate
bonds.

“We are not of the opinion that drawing down all of one’s backup bank lines is a demonstration
of financial strength, but instead it's an act of desperation.”

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002000000006 10


In response to a query from ET, a statement from Enron said that an "intemal reorganisation”
bad been carried out. "We bave made an internal reorganisation of same personnel who were
working on developing the MetGas project. A small core team will continu to develop this
project and explore opportunities in India’s gas sector. The impacted employees are being
redeployed both within and outside the company”, the statement saad_

According to sources, the US energy major was frustrated at delays in securing government
approvals in building the pipeline.

While the process of issuing public notice for inviting objections for land acquisition and
replying to objections had been completed, the company was yet to receive the actual
permission from the central government to start the process of building the pipeline.

This involves paying compensation to landowners through whose land the pipeline will pass
and a host of other clearances.

The personnel who had been asked to put in their papers were associated with the land

survey and other aspects of the pipeline project. The pipeline was supposed to supply LNG to
industries in Maharashtra and Gujarat,

Enron had earlier closed its office in Gujarat. The Gujarat office was scouting for operations
in the oil and gas sector of that state but had achieved little success.

‘The statement by Enron says the company is "continuing to develop the project and are
currently focused on obtaining permits and clearances from the state and central
government”. Enron had signed an MoU with Rashtriya Chemicals and Fertilisers for supply
of LNG.

‘The LNG terminal being built at Dabhol has a capacity of five million tonnes. Of this two
million tonnes of LNG, which is to be sourced from Abu Dhabi and Quatar, would be used to
fire the 2,100 MW Dabhol Power Project, which is the combined capacity of the first and

second phases.
‘The remaining three million tonnes, which is to be sourced ftom Malaysia, was to have been
transported via pipeline and marketed to industries in Maharashtra and Gujarat. This part of

the project seems to have put on the back-burner. The total pipeline length is in the region of
400 km.

The LNG terminal and the power plant itself is almost 80 per cent complete. However if the
pipeline is delayed or does mot get built it is not clear bow the entire LING facility will be
used.

© The Economic Times Online. All rights reserved.

o>

00500000000046


Auction Houses Are Set Back by Price-Fixing Conviction

After the conviction of Sotheby's former chairman, A. Alfred

Taubman, for hia pivotal role in the conspiracy, the

economic gituation for Sotheby's and Christie's looks

many times worse.

http: //wew.nytimes.cee/2001/12/07/arte/design/07S0TH. html? todayubeadl iner

MORE NY RESIGN NEWS;
http://www. nyt ines .com/pages/nyresion/ index.html ?todaysheadline

OP-ED

senenecceessccesensersses

Hitting the Trifecta

By PAUL KRUGMAN

President Bush and Enron used the same strategy) Use cooked

nunbers to justify big giveawaya at the top. Then, if

things don't work out, let ordinary workers pay the price.

https //www. mytimes .com/2001/12/07/epinion/oTKRUG, html ?todaysheadlines

Welcome to Kabul

By NICHOLAS 0. KRISTOF

America needs to deploy diplomata im Afghanistan an well os

trocpa.
hetp://wwa.aytimes,com/2001/12/07/opinion/O7ERIS. ken] ttcdaysheadlines

The Peacemaker of the Pashtun

Past
By KARL BE, MEYER
Paabtuna are thought of as warriors, but they also produced
one of the moat remarkable pacifist moverents of the 20ch

century.
https //wew. nytimes .com/2001/12/07/opinion/o?mern html ?tedaysheadlines

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01000000000242


Yahoo - TRADE IDEA-Junk rating not likely for Enron Page 1 of 2

“YAHOO! FINANCE -! Finance Home - |

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See Terms & Condithoes
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TRADE IDEA-Junk rating not likely for vows sj niny ctvcomne

Enron Quote Data proved by Rewer

Gel Quotes
NEW YORK, Oct 29 (Reuters) - A collapse of market confidence

could hurt the credit quality of energy trading giant Enron Corp.{NYSE:ENE + news), but its bonds are
not likely to end up in junk territory, fixed-income research service GimmeCredit said on Monday.

ALERT SENENT
Moreover, Enron’s bonds could be undervalued if the
company's ofbalamce-sheet obligations amount to no
more than $3 billion, as reported, GimmeCredit sand.

Worst case, Enron doesn't look like a junk credit,”
GimmeCredit analyst Carol Levenson said. “But
perception is all, and clearly both the stock amd band
markets view Enron as being in dire straits.”

Enron's bonds fell sharply on Friday afler the energy
giam drew down about $3 billion from a credit line
and said it was in talks with is banks to obtain a new
multibillion-dollar credit line:

The company’s stock has lost more than half of its
value in the Last two weeks as investors questioned off-balance-sheet transactions between the company
and two limited partnerships run by former Chief Financial Officer Andrew Fastow. The U.S. Securities

and Exchange Comimisson is looking into those transactions for possible conflicts of interest

We admit management's financial disclosure remains woefully inadequate,” GimmeCredit said,
However, botched investor communication does pot necessarily equate to illegal or fraudulent
behavior”

Sill, Enron's move lust week to draw down all of its backup bank lines was “‘an act of desperation,”
GimmeCredit said, The move eventually may lead 10 renegotiated bank agreements, whech could be
more expensive and restrictive and could also subordinate the position of bondholders, it said

On the plus side is our belief that management will do everything in their power to preserve the
company's invesiment-grade ratings,” the firm said

https baz. yahoo.com/r PD! 1029/n29393249_ 1 html 103001

0200000000593


Ask the most prominent strategic thinkers areund, and they

will all agree that pretty much every cheriahed notion

about Atwrica's role in the world gust be revised,

http: //sew.nytimes.com/2002/01/12/arte/12WoRL. htnl rtodaysheadlines

Por Big Mistory, the Past Begins at the Seginning

Over the last few decades, historical research has becore

more and more speclalized. However, one professor is urging

bie colleagues to think big very big.
bttpe//wew.nytimes,com/2002/01/12/arte/12uteT. hte Prodaysheadlines

The Modern Relecates Its Film Stills Amid Protests

Film historians, critics and festival publicists argue that

an archive of four million atill photegraphe in of little

worth if it ie kept far fre@ the public that gees it.

https //wwe.mytines.com/2002/01/22/meviea/12STtL.htrl prodaysheadlines

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RY REGION

Video Captures Sepe. 11 Horror in Raw Replay
A 30-minute videotape of the Sept. 11 attack circulating

aspong firefighters caprures the event in graphic detail.
hetp://wew.nytimes.com/2002/01/12/nyregian/12TAPE. html ?todaysheadlines

Pataki Pushes Plan to Spend in Mealth Care

Gov. George BE. Pataki is calling for a wide array of new
spending. program cuts and taxes in the new health care
bu:

http: //waw.nytimes.com/2002/01/12/nyregicn/t2ALea.btnl7todsysheadlines
Dilan te Close Pord Plant Means Upheaval for Many

The phasing cut of the Ford Motor Co. plant in Edison, N.J.,

will represent a major upheaval im che lives surrounding

at.
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; 05091

: - 01000000000162 —



Bloomberg Puts Egga in « Banket: Giuliani's

Moyor Rudolph W. Giuliani's endorsement of Michael FR.

Bloomberg provides Mr. Bloceberg with perhape hin greatest

bope for victory in che lagt daya of what bas been called a

troubled carpalgn.

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OP-ED

Peer eee nee

Can Sush Qushkazxi?

By MAUREEX bouD

After one of the worst weeks in the capital's history, the

question was suspended like « spore in the autwrn air: Are

we quagulring ourselves again?
hetp://ww4.nytines.con/2001/10/28/epinion/29D0MD. html Ptodaysheadlines

Taking Care of Business

By PAUL KRUOMAN

Cynice tell us that big corporations basically bought

themselves 0 government that will serve their interests.

They may be right.

hetp://wew nytines.com/2001/10/28/apinion/2aKRUG. html ttodaysheadiines

Can Democrats Still Play the Game?

By JZFFREY TOOBIN

One year after the recount in Florida, the post-Clinton

Demecratic Party continues » policy of accormodatica

betp://www. eytines.con/2001/10/28/epinion/ 287003. html? todaysbead} ines

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010000000006 10


‘Schweitzer added, "Wie would lies # relationship in which lending is only part of

importam, and the bank's combuton might be seasured by success im these
areas. fut if the Bank now saw iteelf as @ super consultant, was mene thet
nmanid have to offer goad aticn, “We're only as good as our ideas,” said

The news comes aa Asia Pulse reports that he UN's Economic and Social Counch
(ECOSOC) wil Ack @ meeting wih a number of donor countries and agencies such
a5 the IMF and the Werld Bank to discuss the economic crisis in the Asan

region, ECOSOC President Makarim Wittsono said yesterday. VWibisone said he
hoped a number of Enance ministers form fe UN member states would atiend Pa
meeting scheduled for Apel 18 st the UN headquarters in New York. ‘The meeting
is expected to produce an agreement conducive to the satiement of funding
Giffculies faced by Asian counties, he ssid.

NIGERIA SETS UP JUDICIAL INQUIRY INTO CORRUPTION AT STATE CARRIER.

The Nigerian government has set up 2 jadicial commission of inquiry into the
running of troubled state carrer Nigeria Aieways fom 1963 to 1000, AFP reports
Justice Minister Kanu Agabl said yeeterday. Agadi, who insugerated the
seves-menber commission on Tesaday, told reporters it was under orders fo “bring
to book perpetrators of corruption and economic crimesTM,

A report by @ government panel of inquiry released tant month said comuption
and mismanagement at the srline Between 1BE3 ans ‘1808 hed cast Nigeria $100
@ilion and pushed up the camier's debts to loca creditors to $7.7 milton and
$71.4 mifon to foenign creditees, More than $50 milion were “lost” in
usexplained "cash payments” while $100 milton earmarked for the estabtehment
of Air Nigeria, # mooted imematonal arm of the carrier, ware unaccounted for,
‘the report sad,

Agabi said Wednesday the government did act want the jucicias commission to be 3
"mere formality”. The new civilian government which took power lest year was
determined to chase down those involved in past corruption, he said, The
government has also pledged to peivatize Nigeria Aways ard tes! year appoiried
the °C as adviser, he story notes.

tn offer news, Reuters reports Enron CEO Ken Lay said he was sumprised of recent
eeperts that the Works Bank was questioning the ferness of a peoposed power
investmeet deal between Enron and Nigeria. Enron was $0 provide power generating
barges to supply stectricity to the city of Lagos while consinacting a

560-megawet gecersting plant, but the Bank reportedly has questioned whether
the terms were too faworabie for Enron.

“Our people did # negofiaied transaction that the government is very happy with,
‘#0 I'm nat sure woat fe World Bank's problem ix.” Lay is quoted as saying.
“The World Bank is not always totaly enlightened in some of tis. They have
other imerests hat fey bring to the table, but Pere is a much better
government In Nigesst an we've seen in # long, long time.”

WORLD BANK SKEPTICAL OF PRIVATELY RUN IVORIAN COCOA MARKET.
‘The World Sank is prepared to offer technical support to Cie d'ivoire’s cocot
and cotioe farmers in Mair plans to sat up a new price fhing syste, provided
is truly run by the prime sector as proposed, Dow Jones reports » Bank
official said yesterday. The comments by Jon Meintire, chief economés! for the
Werld Bank in Abidjan, came the day afier international lenders met with leading
Ivorian farmers’ representatives to dascuss their plans for a fired price

0500000000914


Yahoo « Enron's India lenders to ¢ s $2.9 bin project Page | of 2

YAHOO! FINANCE - ©

REUTERS ‘}

Map ME! . Finance Horne « Y o! « Help REUTERS

exciting changes

| Latest Headlines | Market Overview | News Alerts ]

Monday November $, 4:02 am Eastern Time
- Related Quote

. ‘ : ENE 11 0.65
Enron's India lenders to discuss $2.9 bin Aclayed 201

project Quote Data peor

BOMBAY, Noy 5 (Reuters) « Lenders to an Indian power plunt that is
Tapority-owned by trowbled Enron Conp (NYSE VE ~ news) will meet in Sing
energy giant to discuss the $2.9 billion project, a banking source said om Mordd

'DVDs
FOR ge

plus chipping & handling

gapore with the U.S.

fouston-based Enron is seckin

crunch art re

fore investor confi

ies credit rat was cut and US.

investigating its financial transactions

The meeting in Singapore this weekend will examine
offers in companies have p d to
buy Enron's 65 percent stake in Dabt
Company (DPC), which is buildi

forw

two Ind

the controversial

project. the banking source tokl F lers
The meeting will gauge the interest of the two
A bidders,” the source said
tv com fom Comenbie House
Enron has been in talks with Tata Power , India’s

largest pevate electricity firm, and BSES Ltd about selling the stake, a deal in the works well before the

recent crisis of confxlence

BSES and Tata Power officials were not immediately available for comment
Enron's assets in Dabhol are estimated to be worth S870 millon, analysts saad.
WHO BLINKS FIRST

gotiations. “But given Enron's

first,” said one banker familiar with the ni
them to sell al a substantial discount.”

It is a matter of who blin
recent roubles, we exp

Sources at the lending banks told Reuters Enron was willing to sell its holding in Dabhol Power at a 10
0 15 percent discoum
itp.) hiz_yahoo.convr MOL | LOS/bom290743_1.himl IVS4

00200000000577


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01000000000485


Enron Shares Drop w Eight-Year Lows Page 1 of 2

YAHOO! NEWS @ News Home - Yahoo! - My Yahoo! - News Alerts - Help REUTEF

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Home Top Stories Tech Palitics Work! Local Entertainment Sports Op/Ed Science Health Ful

Business - Reuters - updated 11:13 AM ET Oct 30 O°
Reuters | AP | The New York Times | Motley Foo! | TheStreet.com | @Videos | Forbes.com | More
Tuesday October 30 112908 AM EY

Enron Shares Drop to Eight-Year Lows Related Quotes
1X 087 1
AudioVideo NEW YORK (Reuters) - Shares of Enron ESE INES a
@ ON fhe Close Corp. (NYSE:ENE - new s) om Tuesday NASDAQ 1665 344
Markets funge inthe dropped to their lowest level in more than = pyr

ed, BA an ENE eight yours, a day aller the energy giant PSE
be fll (OND) said it was lobbying banks for a new credit
line and a rating agency cut the company’s

senior unsecured deht to two matches Get Quotes

delayed 20 mains - disclasmnes

above junk status.

Enre tock was down $2.21, or 16 percent, to $11.60 in moming trading on the New York

Stock Exchange (news ~ web sites). The last time the shares were below $12 was in January
1993

Afler cutting Enron's raling on Monday, Moody's Investors Service warned that it could lower
the rating even further, as well as cut Enron's short-term debt status.

Houston-based Enron has lost more than $15 billion in market capitalization in the past two
weeks amid a series of disclosures about off-balance-shect deals with partnerships run by its
former chief financial officer

Emeil this story - View most poy

var | Printer-fiencly format

Earlier Stories

Enron Shares Continue Downward Spiral (Qciber 20)

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00200000000622


Mnigzions

The preaident of Yale University wants his and other

Selective colleges to abandon the frenzied process of

@arly-decision adnissicns.

Attpe//www. cyt imes .com/2001/12/13/education/1IYALR. html ?todaysheadlines

2 Suspects Found on Train Probably Are Mot Linked to Attack,
Officials Say

Two nen from Jersey City faded ae suspects in the Sepr. 11

attacks and are unlikely to be charged with any crimes.
http://w. sytines .com/2001/12/13/nyregion/1308TA. hteml?todaysheadlines

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Making the City Whole

By 808 WKRBERT

Is the federal government willing to make genuine national

commitment to provide meaningful assistance ta Mew York as

it makes its comeback?

http://www. oycimes .com/2001 /12/23/opinion/1L3IHERB. html ttadaysheadlines

The Center Can Hold

By MILLIAM SAPIRE

In three key areas, politicans are meeting in the middle:

Missile defense, economic stimulus and the prosecution of

suspected terroriate.

hetps //wew. nytimes .com/2002/12/13/opinion/135API.html?tedaysheadlines

Is Government the Good Guy?

By JOHN D. DOWAHUE

After 50 years of market ascendancy, governnent may be

Poised ta reclaim ite role as an integral and admirable

Part of Arerican life.

https //wew.nytimes.cen/2001/32/13/opinion/1300NA. ktnl?tedaysheadlines

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CONTRIBUTE TO THE NEEDIEST CASES FUND

, 05148

~ 91000000000219


NIGERIA SEEKS TO WIN OVER PARIS CLUB DONORS.

Nigerian President Olusegun Obasanjo wil try to patch up differences with the
Paris Club of blateral credors and overcome remaining obstacles to an
agreement with the IMF during a visit to France this week, reports the Financial
Tienes (p.10). His visit follows efforte by the Fund to soften the position of
the Paris Club, which may be owed as much as $27 bilion of a total extemal
debt of $24 billion, according to the latest IMF estimates,

As 8 condition for restructuring, officials say Paris Club members want Nigeria
to begin paying off arrears on servicing debts to bilateral creditors. which now
‘amount to almost two-thirds of the total debt stock, Some creditor governments
are pushing Nigeria to double budgeted payments this year to $3 billion in line
with improvements in the world price of of, which accounts for more than 90
percent of its export revenues.

But an overall leap in payments looks uritkely, the story says. Obasanjo argues
that unless resources are freed towards poverty alleviation programs, social
instability will reverse the fragile democratic gains of the past year,

Obasanjo found sympathy for his appeals for Nigeria's debt burden to be lowered
‘On @ viail bo France yesterday, bul sources close to the Paris Club of creditor
countries warmed no reduction was imminent, reports AFP. "France is trying to
convince the IMF and the Pari Club of creditor nations that a mutually
‘acceptable solution must be found,” French Prime Minister Lionel Jospin is
quoted as saying to Obasanjo.

Bul a source chose to the Paris Club said no discussions on the country’s
position would take place this week. Discussions on restructuring Nigeria's
abt repayments will begin when the IMF has passed judgement on the county's
economic reform program, the source said.

Meanwhile, notes the FT, the IMF is keen to avold being sean as the debt
collector, as most Nigerians blame structural adjustment reforms of the late
1980s more than military misnule for declining ling standards.

In other news, the Work Banik has raised questons over the terme of an
agreement signed last year between the Lagos State govemment and a private US
company that includes an $600 million investment a¢ part of scheme to supply
tlectricity to the city gid, AFP says in a separate report. Nigerian and World

Bark officials confirmed a report in the local newspaper, This Day, which said

the Bank had expressed doubts about the deal signed last year between Lagos
State, the Nigerian state-run electricity operator NEPA, and US power group
Enron.

Soon after the deal was agreed, says the story, officials in NEPA began raising
objections saying the price set by Enron per unit of electricity suppiled was:

too high and it would have been cheaper for Nigeria to have Duill its own plant.
Last week, Nasir al-Rutai, head of the Bureau of Public Enterprises, admitted
that the deal was under review by World Bank officials called in by the
government. The officials argued the terms were too favorable to Enron and had
been concluded improperly. Reuters also reports.

00500000000911


From: Geotrey Gotied

To: StewartEK
Date; TAS00 7:41pm
‘Subject: Enron signs Geat im Niger Fy!

NIGERIA HIT BY STRIKES AND CIVIL UNREST. industrial unrest has spread across

Nigeria fer the second time in 5 month arid doubts about President Olusegue
Obasanjo's ability to peach an early agreement on economic reform with the IMF,
he FT (75, p.&) reports.

John Oden, secretary genera! of the Nigerian Labor Congress, said puble: sector
workers in a turd of the country’s 35 states had joined striking civil servants

in the commercal capital Lagos, demanding payment of a new minimum wage, The
strikes coincides with the fest visit to Africa of Horst Koler which started on
Monday in Nigers. (MF officials said afer mecting Obasanjo that there wane

‘stil obstacies to a planned $ibiban standby agreement which is a vital slop

to relief on the country’s $31 billom-ples extemal debt, adds the story.

In a déferent report, AFP (7/3) notes the head of the IMF said Monday tat
Nigeria's economic reform program is om track to win Nigeria a one telion
dollar standby toan, which could help secure crucial debt reset from
intamatonal credtors

AFP (6/90) also reports that the Nigerian government has signed # multi-eallion
dollee agreement with US engineering firm Enron to boos! power auppies in the
economic capital Lages, officials said Freday. The government frst signad a
dent wth Enron leet year bet & was halted ater objections mace ty fe Word
Gack and government officials over the prong per unt of electricity.

i # rotated story, AFP (7/4) reports thet the Véerid Bank has sent a team of
tectricly sector experts to Nigeria to advise the goversmeant on ways of
overhauling the nation’s crumbling power system, officials said here yesterday.

Meanmtilo, the Work Bank Mondey appointed @ new country director for Nigeria.
naming Mark Tomfieson, upgrading its mission in Africa's most popwows country
AFP (7/3) reports, The bank said @at with the naming of Tombneon, the
organization's efforts would now be directed trom Abus. and mo longer trom
Washington.

0500000000862


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1000000000449


NIGERIAN GOVT PANEL URGES CHANGES TO POWER PLANT ACCORD: REPORT. A Nigerian
goverment pane! has recommended changes to an accord betenen the Lagos State

gevemment and US company Enron that would bring an $800 milion bwestmort,

AFP says a local report said yesterday. The committee urged # seregotaton of

+
the Power Purchase Agnement (PPA) signed last year by Lagos Stain, he

state-run National Bectric Power Authority (NEPA), and US group Enron, fe
newspaper This Oay said.

‘The comnmitiee recommended that the deal under which Enron late inst year shipped
2 S0-magewet! flaating power plart to Niger thoud be expanded to incraase
capacty to 270 megawatts, the paper said. However, the second part of the
agreement, under which Enron would build an $800 millon 540-megawatt peemanent
Dower plant nth of the ely, shouls be put up for compartve tender,

paper

‘The commitive also said there should be further renegotiation on the unit
pricing tnerns of the deal, penalty clauses tor poor pertormance and contact
tecminaton arrangements. The recommendations come after the Works Bak last
week expressed doubts about the agreement signed to boost the currentty
inadequate power suppee eretests io Gm ceunby's eennorsiveaghal aad mast
populous cty

‘The Pinancal Times (p.8) also reports, noting that the World Bank hes its
concerns: fercr can “charge @ high price for fuel used in the power plant does
not fully carry the plant competition risks that are under Its controt, benefits

from generous arrangements for payment socurty; and would receive excessive
contact ieeminstios payments.” These are also questons about how the dea was
secured, the story aay, noting that the World Bank has joined other Nigerian
regions in questioning fe privileged access of Lagos to # federal subsicy.

THAILAND: CITY'S REWARD FOR SOLUTION ON POLLUTION, Bangkok is to be designates

mayors from ASEAN countries, Thai provinciat governers and mayors and BMA
exncuthe members at Is headquarters next Tuesday,

The meeting wil fecus on best practices on ai quality control. The World Bank
president will later declare Bangkok as Asia's Model City for Air Poltution
Management said Matin, Mahin said that Bangkok has bees hailed by the Viortd
Bank because of the BMA's three-yoar efforts to solve its air pcfuficn menace.
‘The BMA has engaged seweral measures to curb air polkson in te metropolis,
incuding sresting motorists for vehvoular pollution, demarcation of

poltion-bee roads and requesting the govammant to announce he BMA's
potion management scheme as a national agenda, reports he pecs,

Separately, the IMF yesterday commended Thailand for its economic recovery and
retum to Gnanciat stabifty, but warned that a sustsined rebound requires

faster eructeral reform and fe coninued apptcation of supportive
macroeconomic policies, reports AFP.

0500000000881


Jason Glarhi would provide the Yankees precisely what they

need: An experienced and accorpliahed hitter who reaches

base in almost half of his plate appearances

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ARTS

oneeeee Seeeeeeneeee

The Art of Ishabiting Secondhand Roles

There's nothing ignable about replacing another acter in «
hit musical. But there's act much glory in it, either.
hetpi//www, nytines.com/2001/21/20/arte/theater/30MARK. html ?tedaysheadl ines

You Wever Get Over Yankee Doodle Fever

"Yankee Dcodie Dandy," a movie about the legendary George MN.

Cohan, haw been dear to John Travolta gince he was a little

boy dreaming about a life on the stage.
hetp://aww-aytimes,com/2001/11/30/movies/30WATC. html ttodaysheadlines

Time Reveala the Delicacy in Playful Fop

Two shows of Roy Licktenstein's paintings reveal work that

ia ast anonymous but particular, even strangely

vulnerable.

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WY REGION

Mew York Police Officera Face Counseling on Sept. 11 Bvents

The Wew York Police Department bas ordered all $5,000

employees to attend mental health counseling to relieve the

nd strain imposed by the Sept. 12 attack.

Wan .nytines .com/2001/11/30/nyregion/30CaPS .btnl?todaysheadlines

Pirat New Yorkers Pace Welfare Limit and Yncertain Fate

Beginning Friday, tens of thousands of families in New York
will reach a five-year lifetime limit on federal welfare

a _ — 01000000000447


The Sept. 12 terror attacks have raised new concerns about
the safety of communities situated near nuclear planta.
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INTERNATIONAL

Israelis Attack Arafat's Compound and 7 Other Sites

Iarael launched the most wide-ranging attack on Palestinian

areas in 14 montha of conflict, killing at lwast two

Palestinians and injuring scores.

http://www. nyt ieme cons 2002/12/05) international /middleeast/OsMIDE. html ttedaysheadlines

Marines Advonce Toward Kandahar to Prepare Siege
United States marines are scouting enemy moverents from
helicopters and armored vehicles, and sealing the roads to

Kandahar, Pentagon officials said.
https //wew. nytimes.com/2001/12/0S/ international /asia/OSMILI. html? todaysheadlines

China Resiata Bffortea to Make Donation of Organs Feasible
In Chima, the legal question surrounding organ donation

turns on precisely when to declare a potential donor dead.
https //wwa. nytimes.com/2001/12/05/international/asia/OSDOwO. html ?todayshead! ines

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BUSINESS

A New Health Plan May Raise Expenses for Sickest Workers

, 05184

1000000000255


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ARTS

Where Old Fianos Go to Live

Unlike moat museums, thie important collection of historic
1Sth-century pianos is meant to be used.
http: //www.nytimes.cam/2001/11/22/arte/design/2271aN. html? todaysheadlines

Ballet as Balm in a Tribute to a City on che Mend

It was certainly not your usual opening of a winter season
by the New York City Ballet.
bttp //vewe. nytimes com/2001/11/22/arts/dance/220ALA.brel?tedayaheadl ines

Catching the World in the Act of Changing

The man who recorded the events of Sept. 11, Evan Fairbanks,
haa mace @ Zapreder film for our tine.
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NY REGION

sasenene= .
Connecticut Wona Te ritth te Die From tnhalaticn
Anthrax

Medical investigators began searching for clues as to how a

widew who rarely left her house had become the country’s

fifth recent anthrax fatality.

hetp: //wwe.nytines,com/2091/21/22/nyregion/22ANTH, html ?todaysheadlines

Some Wonder Where Pataki Has Been During Uphill Pighe for
Billions

Gov. George E. Daraki remained curiously silent while
York politicians spoke up as the White House and Congresa

trieé to clamp dewn on federal aid for New York,

nttp:/ /wew.nytimes .com/2001/11/22/nyregion/22AtD. html ttodaynheed) ines

Developer Briefs Blossberg on Plana to Rebuild Towers

Larry A, Sliverstein, the developer who holds che lease on
s

01000000000506


IssucAlerts email Page | of 4

Subject: FW; Enron's Ocparture from Core Business Takes a Toll on Performance

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Enron's Departure from Core Business
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News item from Reuters] Enron Corp, (NYSE: ENE) stock sustained further heavy
. asses on October 19 as investor confidence in the former Wall Street favorite
file(CAWINDOWS\Temporary%20Interset%20Files\OLK301 l\article2.btm 1/17/2002

00200000000253


Starwood Hotels & Resorts Worldwide Inc., said the hotelier is watching the situation, but doesnt
expect to be affected.

{Table}

California's universities and state colleges, which signed 2 high-profile agreement with Enron in 1998,
are in negotiations to extend that contract beyond its expiration in March. But as Enron's financial
picture has worsened, the talks have lagged, said Pat Drohan, an assistant vice chancellor at the
State college system. “We are looking at alternatives to try and counteract any unfortunate collapse
at Enron,” he said. In addition to providing electricity, Enron is the prime contractor on construction of
@ new heating system at a facility in Stockton, Calif, he said,

One complication for Enron's California customers is that the state passed a law this summer that
prohibits new "direct access” contracts between power companies and commercial users, And in the
time since Enron signed many of its contracts in the state, power prices have risen by 40% to 80%,
raising the prospect that if Enron customers are forced to rely anew on the state's ulilities, they
suddenly will be paying much higher prices. In other states, the situation is almost the opposite:
Customers abandoned by Enron might now find they can buy power more cheaply given the drop in
the price of natural gas, which fuels many U.S. power plants.

Arthur Gelber & Associates has been contacted by at least eight of Enron's customers, but “we
havent assumed any contracts,” said Mr. Gelber, owner of the Houston-based advisory and
consulting fern, which is a smaller Enron competitor. Each contract is unique and different, but “some
I've reviewed have an ‘adverse material change’ clause and may be terminated,” he said. He
declined to identify any of the customers or contracts.

Other rivals in the management business are getting calls from Enron's customers. "Have our phones
been ringing more recently? Yes, of course they have," said Bob Dickerman, president of Sempra

Energy Solutions, 3 unit of San Diego-based Sempra Energy. “But this isn't a simple business. It
involves credit risk for the customer. You don't switch a customer with a phone call,” he said.

Write to Rhonda L. Rundle st rhonda rundle@wsi.com <mailto:rhonda.rundieG)ws).com>

0200000000733


Yahoo - Wechsler Harwood Halebian & Feffer LLP Announces Class Periods - DQE, EN... Page | of 2

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Related Quotes
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SOURCE: Wecksler Harwood Halehian & Feffer Quose Dera oovaded by Reutess

[Get Quetes |

Wechsler Harwood Halebian & Feffer LLP
Announces Class Periods - DQE, ENE

NEW YORK, Oct. 29, 2001 (PRIMEZONE) «= Notice to persons who transacted in the following
securilies amd respective class periods:

CORPORATION CLASS PEX ovE OATE
=uRoK, rc 01/18/00-10/17/01 12/21/01
(8YSE | ENE

DOE, ic 12/06/909-9

(WYSE : DOE news.

Wechsler Harwood Halebian & Feffer LLP (‘Wechsler Harwood") (wvew.whhlcom) has been retained
10 investigate claims o¢ fled class action complaints involving the securiies of the above companies on
behalf of investors.

Wechsler Harwood has extensive experience representing sharcholders in class actions arxl has served as

lead counsel om behalf of shareholders in many such actions. The reputation and expertise of this firm in
shareholder and other class actions has repeatedly been recognized by the courts.

If you wish lo discuss these actions, or have any questions conceming this notice or your nights or
inerests with respect to these matters, please contact Wechsler Harwood Halchian & Feffer LLP, 483
Madison Avenue, New York, New York 10022, by calling toll free 877-935-7400 or by contacting:

Craig Lowther, Wechsler Harwood Shareholder Relations Department; DOE, Inc:
clowthera.4 bhfcom

Ramon Pinon, ['V, Wechsler Harwood Shareholder Relations Department: Enron, Inc.:
mpinonivaiwhhfcom

hatpsbiz. yahoo.com p24 102921149. html 1agant

oo200000000598


Tuchband, Matth:

From: The New York Times Direct [nytdrectfinysmes.com]

Sent: Monday, January 14, 2002 3:37 AM

To: matthew, tuchbanciDdo, tress .qav

Subject: Today's Headlines from NYTimes.com Monday, January 14, 2002

TODAY'S HEADLINES
The New York Times an the web
Yondoy, January 14, 2002

Por newt updated throughout the day, visit waw.nytines.con

QUOTE OF THE Say
*Compani
capitali
-PMUL O'NEILL, treasury @ecretary, on the collapse of Enron.

go. It's part of the genius of

http://www, nytimes.com/2002/01/14/national/i4REAC.Atml?tedaysheadlines

NATIONAL

ane eee nee e en enenewerres

States Face Hard Choices on Medicaid Cura

Medicaid, the insurance program for 44 million low-incers

people, is in a fiscal crisis, forcing state legislatures

te losk for ways to cut bemefits and reduce paymenta.

http://www. nytimes.com/2002/01/14/national/14MEDI. html rtcdaysheadl ines

Under the Counter, Grocer Provided Ismigrant Workers
tn the largest impigrant-smuggling case against an Awerican
corporation, « man pleaded guilty last week to supplying

Tyson Food with sore than 7,000 illegal workers.
http://www. nytimes.com/2002/61/14/national /14TYS0. html ?todayshead! ines

Bush Recovera After Fainting at White House
President Bush fainted briefly on Sunday after choking on a
pretzel, according to the White House physician. wr. Bush

quickly recovered and is doing well.
http: //wew.nytines.com/aponline/national/AP-Bush-Health.nemlttedayahead] ines

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bttpr//wwe. mytimes.com/pages/national/ index htm) ttodayshead) ine

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Tuchband, Matthew

From: The New York Times Direct [nyldirectrytimes com)

Sent: Thursday, November 29, 2001 3:38 AM

To: matthew §uctbend@do tees. gov

Subject: Today's Headines NYTimes.com Thursday, Nowveenber 29, 2001

TODAY'S MEADLINES
The Hew York Times on the Meb
Thuraday, Xovenber 29, 2001

For news updated throughout the day, visit wee. nytines.com

Holiday Shopping

Take advantage of special offers and discounts -- om gifta,
travel and luxury items from NYTines.com's premium
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ffewe cytimes.com/services/emall/enail btemlitholiday

QUOTE OF THE bay

sane eeeeenewneeneneeeeee

“The game compasaicn that caused w= to root for the New York
Yankees for the firat time in 51 years makes me think it

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-B1L4 OWENS, governor of Colorado, on the idea of holding the 2904
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beep: //wew. nytimes.com) 2001 /12/29/national /29POL8. html ?tedaysheadlines

BATIONAL
TOP TOTO Ree eUeeedeseeeeees

C.I.A. Maren Agent Killed in Fortress

Johnny Michael Spann, 32, wax the firet American combat
death in Afghanistan since the campaign began,
https // www. mytimes.cam/2001/11/29/natienel /291NTE. html ?todaysheadlines

Al Qaeda Link Seen im Only a Mandful of 1.2090 Detainees

The nationwide search for terrorists after Sept. 11 hae

reaultad in the arrests of more than 1,200 people, but

officials believe only a #mall number have any links to

terrorisn,

http: /fmew.nytimes,com/2001/11/29/national/25DETA.htn] ?rodayshead] ines

Justices Revisit the Isgue of Child Pratection in the Age of
internet Pornography

Supreme Court justices consicered whether the federal
government's effarte to shield children from pornography on
the Internet could pase Firat Amendment muster,

01000000000463


BUSINESS ry T FAX TRANSMITTAL [ream 2
[ ua ca = Coots |
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even more taureadc, partly becircse hey
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become devalued

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Microrel as. name Soe a wireless nerwork,
he thought ix was terstble and suggested
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Enron in India

Generation gaps

Enron’s Maharashers power project comsiues te spark cantroverry

syct itheoncepnon nesrly a decade ags,
the Deishol power press in the Indiam
mame of Maharishes has generared more
problems than sewer. Dabhol and its main
Stacthelder, Enron Corp, based in Texas.
were accused of bribing Indian oScigls in
onder wo get the popes approved. and of tal-
Sling podce brutabty to get it beilt. changes
Enron, tarps were diarmissed by the courte
This week issole cusvomer,the Mohacarhrs
Start Electristy Seord (mses), came clase 2
default on La bikes supest (S33m) of bills
wed 12 Dabhe! since ast Ocnaber.
Carantrophe wes averted oF langary 9h
when (he inte came up with the moner io
Meet the bil, put the cruis & mat ower. Dab-
holt power will become even move expen-
uve when aseson’ phase ofthe provect goes
ito Cperason lacer thes year. It it hard te ory
which is thebigger mimyrhe burton
natachers of a power plant the! it carseat
ford, or the damage that would be sore
India’s repwarsan ar a destination far for-
NEN westment were the ciate wo defur

sn

freon'’s interes in India wes sup-
posed no flamer beth India Gberlved
toonerny in 299t and Enron looked beawe for
patetring Soren ivertrant in the con
try} power semor. Bur the Dabhol seasecton
ihe Malabar coast, carwsed so much como
‘versy thar subsequent elections it helped
oo defeat due state goreerrersent that hed ap-
prowed it
The World Sank refised  Anance it,
saying that Metarashtra could not absor>
the addinonal power ac dhe price which
Cabbal would charge Ure in nee the new,
onersitly ant-Dabhol gevesrment ap-
Ee Tae megewast phere coming $11 ba-
on that were ine operation In May 1999
$ Phase One") anda second taao-megawat
plant cotnng $.9 bho which # &o% Baik
Phase Teen") “india had no experiance in
segotetng” sys a top indian government
oficial dealing with cecni cry, "Enron. wane
Savvy tegonener.” The process was secies
deepeurg mipciont
Thaw One supphes champagne power

*> a Cusromer whose bedget Coes not ever
extend beer. Ar inca mesirved, its fuel
maphcha, whith unesperedy deubied in,
peice after Ge agreemers war negotiated.
drwing wp the variable component of Dab-
hols mevT. see is also obliged t> pay a fised
“eapacity charge” of aor ratesss mont—
covering Get. fixed running cosu, and the
profes of Enos and over shartholders—
even if it takes no elettrcity Bom Dabhal,
Even when the plant is operating at chose ©
Full capacity. nt elecikciny is more expensive
than that fom other soerces available tp
aera, aptly ole coal-fired and hydro-elsce
ic plants. The state's elecuricey cogelater
has ordered saree co frvcur cheaper sources
of supply:the ceiuliegdsop in Dabhel eos
pulsnakes cach unit scicucuily expensive,

Nophrha peces have again receded, x0
variable cont should drop soon, Bun with the
mpéng of copacty, Dabro! wil swatch rer
haphita to fiquefed sasaral ger, This is 2
cheaper ud. but ris bough: undere no-pear
contact. Dabho's éwed chacge mo mses wil
Gesefore soar, The weerted state gover-
ent hal se! ap a commatter to remew the

watst Enancal elit & rect entirely
Dabhol’s faul As inorher stares, Matarau:-
teas polncian: oblige thetlecttcity bated co
ly Power 21 beicw coat sc Grmen and
FAWORTES COMMUITHES, MOPSOVES, MILE

THE AS Senet fare Te ame

0500000000051


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ee a ‘Capptahd © 2001 Yahoo! ac Al rh renaroed. Ptenay.Paicy - Tera ol Service
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