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2002-SE-000322

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oR {6 Pages)

hitp;//fadme.do.treas.gov/Fad/F ADContents.asp?FromPage"0

Page | of 1

W1g/o2

00800000000617


(mailto:Carrie_D_ Lynch@icpmech.navy.mil}
Sent: Monday, January 14, 2002 7:19 AM

To: Heather. Zackal@do.treas.gov
Subject: west wing

Heather,
These people have too much time on their hands, but it is interesting.
Carrie

http: //www.govexec. com/dailyfed/westwing.htm
From: Zackal, Heather

Sent: Priday, January 11, 2002 2:50 PM

To: Pedri, Melissa

Subject: RE: interesting......

Did you send this to gd?

-----Original Message-----
From: Pedri, Melissa
Sent: Priday, January 11, 2002 2:47 PM
To: Zackal, Hea’
Subject: interesting......

PYr

http: //wew.cnn.com/2002/LAW/01/11/enron/index. html
From: Pedri, Melissa

Sent: Friday, January 11, 2002 2:47 PM

To: Zackal, Heather

Subject: interesting......

PYr

http: //www.cnn.com/2002/LAW/01/11/enron/index. html

From: Sharer, James

Sent: Wednesday, January 09, 2002 5:24 AM

To: _DL_Market Group; Andrew D. Sacher; David Griffiths; Eric H. Otto;
Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,
Thomas; wallarjg; wayneea

Subject: Financial Markets Morning Report 1/9/02

{(b)(5)}

01200000001056


((b)(5)}

From: Sharer, James
Sent: Tuesday, January 15, 2002 4:43 PM
To: DL Market Group; Andrew D. Sacher; David Griffiths; Eric H. Otto;

Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,
Thomas; wallarjg; wayneea
Subject: Financial Markets Night Report 1/15/02

((b)(5)]

01200000001052


{(b)(5)]

01200000001061


Turkey — Electric Power Plant Tab 8

[(b)(5)]

00500000000262


{(b)(5)]

From: Sharer, James
Sent: Thursday, November 08, 2003 12:55 PM
To: DL_Market Group; Andrew D. Sacher; David Griffithe; Eric H. Otto;

Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,

Thomas; wallarjg; wayneea
Subject: Financial Markets Noon Report 11/6/01

((b)(5))

01200000001089


{(b)(5))

01200000001071


{(b)(5)]

Prom: Cetina, Jill

Sent: Monday, December 03, 2001 12:48 PM

To: _DL Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;
Hoffman; MegLundsager; Paul Reid; PMalmgren; Wayne

Subject: Market Noon Report.

{((b)(5)]

01200000001069


Prom: Cetina, Jill
Sent: Monday, October 29, 2001 12:27 PM
To: DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;

Hoffman; MegLundsager; Paul Reid; PMalmgren; Wayne
Subject: Financial Market Noon Report, Oct 29th

{(b)(5)]

01200000001075


{(b)(5))

01200000001079


((b)(5)]

Prom: Sharer, James

Sent: Monday, December 03, 2001 5:19 PM
To: bU_Market Group; Andrew D. Sacher; David Griffiths; Eric H, Otto;

Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,

Thomas; wallarjg; wayneea
Subject: Financial Markets Night Report 12/3/01

01200000001067


OR/RE/O2 14-35 FAR 202 328 y95 GOV REF ¥IN Deas

‘The Honorable Pau) H. O'Neill
‘The Honorable Donald L. Evans
Janaary 11, 2002

Page3

their retirement accounts and selling their plummeting Enron stock.’ If Mr, Fleischer's
ropresentations aré accurate, it would appear that no one in the Bush Administration acted on the
knowledge of Enron's rapidly declining financial condition to help employees whose retirement
plan collectively lost an estimated $1 billion.’ The life savings of many Enron employees simply
evaporated dering this period. Moreover, based on the scant information that this Administration
has provided to date, it appears that no one bothered even to usk whether any remedies,
administrative or legislative, were available to help the Enron employees frozen out of their
retirement eccounts.

In fect, some senior Administration officials have publicly expressed surprising
indifference to the fate of Enron employees and shareholders, Secretary O'Neill stated this
morning that “while Enron may be important, . . . in the world that [ live in, with hundreds of
other things going on, this is just another piece of business.""” The President's chief economic
advisor, Larry Lindsey, called the Enron debacle a “tribute to American capitalisen."""

In addition, accounts of your early conversations with Mr. Lay raise concerns about
whether advance notice of Enton's desperate financial condition was taken into account as the
Administration formulated positions on important mamers of public policy. For example,
throughout the month of November, you continued te advocate for retroactive repeal of the
alternative minimum tax,"* This begislation wovld beve had dramatic implications for Earon, 2
it would have gven the company a govermment-funded infusion of S254 million.

Given the magnitude of the financial harm caused by Enron's collapse, and the close ties

"Fair Shares? Why Company Stock ts @ Burden for Many, Wall Street Journal (Nov. 27,
2001).

"See Enron Employees Enraged Over Losses, Business Insurance (Dec. 10, 2001).
"Transcript ef Good Morning America (Jan. 11, 2002).
"“Inrerview with Lewrence Lindsey, Fox News Sunday Roundtable (Jan. 6, 2007),

"See Deal Breaker, New Republic (Nov. 29, 2001); U.S. Pane! Says that Recession
Officially Began in March, Business Day (Nov. 28, 2001); Economie Aid Stalled Amid
Recassion, Newsday (Nov. 27, 2001); US. Department of the Treasury, O Neill Urges Senate to
Act Quickly on 2 Bipartisan Economic Stimulus Bill (Nov. 8, 2001) (press release).

“Ciizens for Tax Justice, Howse GOP "Stimulus" Bill Offers 16 Large, Low-Tax
Corporations $7.4 Billion in Instant Tax Rebates (Oct. 16, 2001, updated Oct. 26, 2001).

00800000000621


{(b)(5)]

From: Byrne, Kathleen

Sent: Tuesday, December 18, 2001 8:05 AM

Tor _DL_Market Group; Andrew D. Sacher (E-mail); David Griffiths; B.A.
Wayne; Enrique Perez (E-mail); Eric H. Otto (E-mail); J.P. Reid; Jay
Hoffman; Meq Lundsager; Philippa Malmgren; T.J. Shevlin

Subject: AM Global Financial Markets - December 18, 2001

((b)(5)}

01200000001057


{(6)(5)]

01200000001088


01/11/02 _16:35_FAX 202 225 8185 GOV REF MIN @oos

The Honorable Paul H. O'Neill

The Honorable Donald L. Evans
January 11, 2002
Page 4

between the company and the Bush Administration, the public deserves to know what
Administration officials knew and when they knew it about the situation of Enron and its
employees. Therefore, I request that the two of you individually respond to the following
questions:

(i) Please provide details regarding your conversations with Mr. Lay of October 28, October
29, and November 8. Please provide any written or electronic materials held by your
Department that relate to this question.

{2) Please provide details regarding Undersecretary Fisher's conversations with Mr. Whalley
in October and November. Please provide any written or electronic materials held by
your Department that relate to this question.

G) Did you, any other person in your Department, or to your knowledge any other official in
the Administration have any other communications with Mr. Lay or any other Enron
officials or representatives in 2001, beyond those referred to in questions 1 and 2? If so,
please provide names, dates, form of communication, and information exchanged or
matters discussed.

(4) Upon receiving the information regarding Enron's financial situation in October, did you
convey information about Enron's financial condition to any person, apart from
Undersecretary Fisher? If so, please provide the names, dates, form of communication,
and the information exchanged, including copies of any written or electronic materials,

(5) Did you, any other person in your Department, or to your knowledge any other official in
the Administration convey this information to any person within the Vice President's
office or any of the advisors to the President? If so, please provide the names, dates, form
of communication, and the information exchanged, including copies of any written or
electronic materials.

(6) Please provide details about Undersecretary Fisher's review. For example, over what
time period did Undersecretary Fisher explore the financial implications of a potential
Enron bankruptcy? What was the scope of the exploration? Did the Department of the
Treasury or the Department of Commerce examine the impact of Enron’s potential
bankruptcy on the employees of the corporation? On the shareholders of the corporation?
On other creditors of the corporation? What were your respective departments’s
conclusions regarding the impacts of an Enron bankruptcy on each of these groups? On
the energy sector? On the financial sector? On the economy at large? Please provide any
written or electronic materials held by your respective departments that relate to any of
these questions.

00100000000359


{(b)(5)]

From: Cetina, Jill
Sent: Wednesday, November 21, 2001 12:22 PM

To: _DL_Market Group; Andrew Sacher; ClayLowery; Bric Otto; Griffiths;
Hoffman; Mealundsager; Paul Reid; PMalmgren; Wayne

Subject: Market Noon Report -- Volumes thin as Thanksgiving looms
{(b)(5)]

01200000001091


{((b)(5))

Prom: Sharer, James

Sent: Tuesday, November 20, 2001 5:06 PM

To: _DL Market Group; Andrew D. Sacher; David Griffiths; Bric H. Otto;
Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,
‘Thomas; wallarjg; wayneea

Subject; Financial Marketa Night Report 11/20/01

{(b)(5))

01200000001090


((b)(5)}

From: Byrne, Kathleen

Sent: Monday, November 26, 2001 12:18 PM

To: _DL Market Group; Andrew D, Sacher (E-mail); David Griffiths; B.A.
wayne; Eric H. Otto (E-mail); J.P. Reid; Jay Hoffman; Meg Lundsager;
Philippa Malmgren; T.J. Shevlin

Subject: Market Noon Report, Nov 26th

{(b)(5)]

01200000001093


[OUTSIDE SCOPE]

01200000001050


FAD Table Templates Page | of |
Indexing Information

Profite Number: 2002-SE-000322

Owner: EXECUTIVE SECRETARIAT
Due Date: 1/18/02

Required Action: Direct Reply

Task Language: Please respond within five business days and clear with Legislative Affairs.
Priority: Y

Classified: N

Other Ref. Number:

Cross Reference:

Index Date: 1102

Closure Date:

Closure Type:

Comments:

pup: tadme.do treas.gov/Fad/F ADMetaData.asp?Docty pe=F & Docnum=0 1/18/02

00800000000618


— Boer

COMMITTEE ON GOVERNMENT REFORM

DEMOCRATIC STAFF OFFICE

HON, HENRY A. WAXMAN
RANKING MINORITY MEMBER
B3S50A RAYBURN HOUSE BUILDING
PHONE (202) 225-5051
| FAX (202) 228-4784, 8185

DATE:_January 11,2002 _
TO:__Secretary Paul H, O'Neill __

FAX:_(202) 622 - 0073
FROM:_ Rep. Henry A. Waxman _
SUBJECT:

NO. OF PAGES;

&
(INCLUDING COVER SHEET)
COMMENT:

IF THERE IS A PROBLEM WITH THIS
TRANSMITTAL, PLEASE CALL OFFICE AS.AP,

00800000000624


01/11/02 16:34 FAX 202 225 8183 _S0¥ BEE MN

Boos

‘The Honorable Paul H. O'Neill
‘The Hororable Donald L. Evans
January 11, 2002

Page2

that “he would welcome any support the Secretary thinks appropriate." In addition, Enron
President Lawrence “Greg” Whalley reportedly telephoned the Treasury Undersceretary for
domestic finance, Peter Fisher, six or cight times in late October and early November,”

White House Press Secretary Ari Ficischer stared that as a result of your conversations
with Mr. Lay, Secretary O’Neill asked Undersecretary Fisher to explore whether the “financial
condition of Enron could have similar implications as Long Term Capital." According to Mr.
Fleischer, you decided to do nothing.’ Mr. Fleischer stated:

[Tike government...took a look at this from a substantive matter, from when Mr. Lay
rade those phone calls, and decided the appropriate step was not to intervene or take any
action... This was done based on judgment of the Cabinet Secretaries and the merits, and
they decided properly and wisely so, in the President's opinian, that the government
should not have intervened in any way after Mr. Lay made the phone call to Secretary
Evans.”

‘On December 2, Enron filed for bankreptcy. Approximately 4,000 Enron employees
have been laid off, and an additional 3,500 have been placed on leave” Many Esson employees
have lost vinually ther entire retiremem: accounts, which were heavily tied up in Enron stock.
Numerous other investors, including many retirement plans around the couaizy, have lost
millions of dollazs.

Mr. Lay’s discessions with the two of you took place squarely within a lock-dows period,
when an estimated 12,000 participants in Enron's 401(k) plan were prevemted from secessing

"Enron's Lay Sought Cabinet Officials’ Help, Wall Sureet Journa) (Jan, 1}, 2002); Enron
Chairman Warned Busk Officials on Collapse, N.Y. Times (Jan. 10, 2002).

Enron Asked Treasury for Credit Aid, Associmed Press (Jan. 11, 2002).
‘White House Press Briefing (Jan. 10, 2002).

‘i.

“Ud.

"Labor Opens ERISA Investigation of Enron Assistance to Dislocated Workers, U.S.
News and World Report (Dee. $, 2001),

0800000000620


To: DL_Market Group; Andrew D. Sacher; pavid Griffiths; Bric H. Otto;
Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,

Thomas; wallarjg; wayneea
Subject: Financial Markets Night Report 1/16/02

{(b)(5)]

01200000001051


Strickler, Marie

So

From: Hardesty, Joann

Sent: Friday, January 11, 2002 4:30 PM

To: Stnckler, Mane, Joseph, Verlene; Ridgway, Diana: Starks, Ora; Gathers, Shirley, Freeland,
Barbara: Anderson, Judy

Subject: (P) 2002-SE-000322 Enron Bankrupty

\ TADS Socument has been routed to yeu.

To view the folder in FAD, please click on the following link:
HTTP: //Pecme.do.treas.gov/Fad/Getprofile.asp?page=0édisplayt ype=Féprofile=2002-SE-000322

00800000000615


{(b)(5)]

01200000001092


{(b)(5)]

Prom: Sharer, James

Sent: Tuesday, October 30, 2001 4:54 PM

To: _DL Market Group; Andrew D. Sacher; David Griffiths; Eric H. Otto;
Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,
Thomas; wallarjg; wayneea

Subject: Pinancial Markets Night Memo 10/30/01

[(b)(5)]

01200000001077


Bieger, Peter

From: Gabilondo, Jose

Sent: Thursday, November 01, 2001 3:48 PM
To: Mcinerney, Roberta; Bieger, Peter
Subject: Enron meeting - 4:00 pm Friday
Roberta,

‘When | got back to my office, | got your message and one from Betty asking if | could attend a 4:00 meeting
tomorrow with David and Peter Fisher on Enron, | checked with Martha (who put it on your calendar - Yvette was not
around), looked for Peter, and then called Betty back to say that we would attend tomorrow. | hope that's OK. Just so that
you know, I hadn't exchanged a word with David since we worked on the Argentina deal, i.e. | didn’t solicit this assignment
from anyone.

‘On Tuesday when he called me into his office to discuss Enron, David told me that he wanted to meet that day or
the following after I'd done some research. By noon yesterday, I'd learned some things and made some notes that !
wanted to pass on before the meeting, because | wanted to be responsive to his urgency. Of course | wanted to clear
them with you but you were on the hill, Peter was busy, and after waiting a while | decided to leave a draft in his box
upstairs with @ note saying that neither you nor Peter had vetted the document but that | wanted him to see a rough draft
because it had seemed like a fairly urgent priority when we talked. They are background rather than legal notes (copy
below), $0 -- although | hesitated at length before sending them -- it seemed OK,

©

eters tee

00200000000257


[OUTSIDE SCOPE]

00800000001208


Prom: Sharer, James

Sent: Monday, November 05, 2001 8:12 AM

To: DL_Market Group; Andrew D. Sacher; David Griffiths; Eric H. Otto;
Jay Hoffman; Lundaager, Meg; Phillippa Malmgren; reidjp; Shevlin,
Thomas; wallarjg; wayneea

Subject: Pinancial Markete Morning Report 11/5/01

{(b)(5)]

01200000001084


((b)(5)}

From: Byrne, Kathleen

Sent; Tuesday, November 06, 2001 4:33 PM

To: _ODL Market Group; Andrew D. Sacher (E-mail); David Griffiths; &.A.
Wayne; Eric H. Otto (E-mail); J.P. Reid; Jay Hoffman; Meg Lundsager;
Philippa Malmgren; T.J. Shevlin

Subject: Financial Markets Closing Report, Nov. 6, 2001 - Fed Cuts
Rates, U.S. Equities & Treasuries rally
{((b)(5)]

01200000001086


{(b)(5)]

Prom: Cetina, Jill

Sent: Tuesday, November 20, 2001 12:22 PM

To: _DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;
Hoffman; MegLundsager; Paul Reid; PMalmgren; Wayne

Subject: Market Noon Report, Nov 20th

{((b)()}

01200000001087


él

[OUTSIDE SCOPE]

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[OUTSIDE SCOPE]
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00800000000853


[(b)(5)]

01200000001097


1/11/02 16:33 FAX 202 225 8185 GOV_REF MIN @oo1r

oss ttt.S:_:ce —— ao’
|
COMMITTEE ON GOVERNMENT REFORM

DEMOCRATIC STAFF OFFICE

HON, HENRY A. WAXMAN
RANKING MINORITY MEMBER
B350A RAYBURN HOUSE BUILDING
PHONE (202) 225-5051
| FAX (202) 225-4784, 8185

DATE:_January 11, 2002 _
| TO:__Secretary Paul H. O'Neill __ |

FAX:_(202) 622 - 0073 _
FROM:_ Rep. Henry A. Waxman _
SUBJECT:

NO. OF PAGES:___6 _
(INCLUDING COVER SHEET)

COMMENT:

IF THERE IS A PROBLEM WITH THIS
TRANSMITTAL, PLEASE CALL OFFICE A.S.AP.

—

——__—— — —————

00100000000361


01/11/02 16:35 FAX 202 225 8155 GOV REF MIN Bove

The Honorable Paul H. O'Neill

The Honorable Donald L. Evans
January 11, 2002
Page 5

(7) Howdid Undersecretary Fisher conduct this investigation? Did he or his staff
communicate with any Enron officials or representatives? If so, please indicate names,
dates, form of communications, and information exchanged. Did he or his staff.
communicate with Enron's auditors or any financial backers? Did he or his staff
communicate with any financial experts outside of the Commerce or Treasury
Departments? Did he or his staff communicate with any others within the
Administration? Please provide any written or electronic materials held by your
respective departments that relate lo any of these questions.

(8) At the time that you decided to take no action, had you considered the potential impacts
of an Enron bankruptcy on its employees? Did you make any attempt to obtain
information about the impact of such a bankruptcy on the employees?

(9) The Bush Administration continued to advocate for retroactive repeal of the corporate
alternative minimum tax throughout the month of November, when repeal could have had
a significant impact on Enron's financial situation. Did any Enron official or
representative ask you, any other person in your Department, or to your knowledge any
other official in the Administration, to support this legislation? Were you aware that
Enron favored adoption of this legislation?

(10) Why did it take so long for the public to learn about your contacts with Enron prior to its
bankruptcy filing?

I want to make clear that I believe it is inappropriate to make any ethical allegations
against you or any other Administration official at this time. Tthink it is essential, however, that
these questions be answered so that there is a clear public accounting of this matter, Weallowe
that to the thousands of families that are facing financial rain from the Enron bankruptey, and I
hope that it will be possible for you to provide the answers I’m seeking by January 18, 2002.

Sincerely,

bespshiins

00100000000360


1 AD Menu Templates Page | of 1

Pautoginen Pasearch.c PaResuits. [Folder § Reports: p Workload

http:/fadme.do.treas.gow/Fad/F ADMenus.asp 1/18/02

00800000000616


[OUTSIDE SCOPE , (b)(2)]

00100000000543


{(b)(5)]

From: Byrne, Kathleen
Sent: Thursday, November 29, 2001 7:59 AM
To: DL_Market Group; Andrew D. Sacher (E-mail); David Griffiths; E.A.

Wayne; Eric H. Otto (E-mail); J.P. Reid; Jay Hoffman; Meg Lundsager;

Philippa Malmgren; T.J. Shevlin
Subject: Market Morning Report, Nov 29th

{(b)(5)}

01200000001099


01/12/02 36:38 FAL 202 225 A185 GOV REF MIN Zoos

between the company and the Bush Administration, the public deserves to know what
Administration officials knew and when they knew ht about the sitastion of Enron and its
employees. Therefore, I request that the two of you individually respond to the following

quesgons

a) Please provide details regarding your conversations with Mr. Lay of October 28, October
29, and November 8. Please provide any written or electronic materials held by your
Department that relate to this question,

@ Please provide details regarding Undersecretary Fisher's conversations with Mr. Whalley
in October and November. Please provide eny written or electronie materials held by
your Depazument that relate to this question,

6) Did you, any other person in your Department, or to your knowledge any other official in
the Administration have any other communications with Ms. Lay of any other Enron
officials or representatives in 2001, beyond these referred to in questions 1 and 2? If so,
please provide names, dases, form of communication, and imformation exchanged or
matters discussed.

(4) Upon receiving the information regarding Enron's financial situation in October, did you
convey information abot Enzon's financial condition to any person, apart from
Underseeretary Fisher? If so, please provide the names, dates, form of communication,
and the information exchanged, including copies of any written or electronic materials.

‘) Did you, any other person in your Department, or to your knowledge any other official in
the Administration convey this information to any person within the Vice President's
office of any of the advisors to the President? If so, please provide the names, dates, form
of communication, and the information exchanged, including copies of any writien or
electronic materials,

(©) Please provide details about Undersecretary Fisher's review. For example, over what
time period did Undersecretary Fisher explore the financial implications of 2 potersial
Enron baniouptcy? What was the scope of the exploration? Did the Departmest of the
‘Treasury or the Department of Commerce examine the impact of Enron's potential
bankruptcy on the employees of the corporation? On the sharcholders of the corporation?
On other creditors of the corporation? What were your respective departments’s
conclusions regarding the impacts of an Enron bankruptcy on each of these groups? On
the energy sector? On the financial sector? On the econcmy at large? Please provide any
written or electronic materials held by your respective departments that zelate to any of
these questions.

00800000000622


[OUTSIDE SCOPE , (b)(2)]

00100000000355


{((b)(5))

01200000001063


_—

PO Bex 1188

)
Mewcren, TR T7251 1188
John &. Garrison Fan 1SACISTT
Praident and Calabar 713-503-4592 t
i

- 00500000000108


bilondo, Jos

From: Omatiey, Sean P, [OmalieyS@SEC.GOV]
Sent: Thursday, November 01, 2001 5:07 PM
To: ‘Jose Gabilondo@do .treas.gov’

Subject: RE: Enron meeting - 4:00 pm Fricay
[OUTSIDE SCOPE , (b)(6)]

Original Measage-----
From: Jose.Gabilondosdéo.treas.gov [mailto:Jose.Gabilondoado.treas.gov)
Sent: Thursday, November 91, 2001 3:53 PM
To: omalleys@sec,gov
Subject: FW: Enron meeting - 4:00 pm Friday

[OUTSIDE SCOPE , (b)(6)]

--Original Message-----
Prom: Gabilondo, Jose
Sent: Thursday, November 01, 2001 3:48 PM
To: McInerney, Roberta; Bieger, Peter
Subject: Enron meeting - 4:00 pm Priday

Roberta,

>
>

>

>

>

>

>

>

> When I got back to my office, I got your message and one from Betty
> asking if I could attend a 4:00 meeting tomorrow with David and Peter

>» Pisher on Enron, I checked with Martha (who put it on your calendar -
> Yvette was not around), looked for Peter, and then called Berty back to
> say that we would attend tomorrow. I hope that's OK, Just so that you
> know, 1 hadn't exchanged a word with David nce we worked on the
>
>
>
>
>
>
>
>
>
>
>
>

Argentina deal, i.e. I didn't solicit this assignment from anyone.

On Tuesday when he called me into his office to discuss Enron, David
told me that he wanted to meet that day or the following after I'd done
some research, 8y noon yesterday, I'd learned some things and made some
notes that I wanted to pass on before the meeting, because I wanted to be
responsive to his urgency, Of course I wanted to clear them with you but
you were on the hill, Peter was busy, and after waiting a while I decided
to leave a draft in hia box upstairs with a note saying that neither you
nor Peter had vetted the document but that I wanted him to see a rough
draft because it had seemed like a fairly urgent priority when we talked.
They are background rather than legal notes (copy below), so -- although I
hesitated at length before sending them -- it seemed OX.

José

00200000000526


((b)(5)]

From: Sharer, Jameo

Sent: Monday, October 29, 2001 4:44 PM

To: _DL_Market Group; Andrew D. Sacher; David Griffiths; Eric H. Otto;
Jay Hoffman; Lundsager, Meq; Phillippa Malmgren; reidjp; Shevlin,
Thomas; wallarjg; wayneea

Subject: Financial Markets Night Report 10/29/01

((b)(5)}

01200000001076


{(b)(5)]

01200000001059


((b)(5)]

01200000001100


[OUTSIDE SCOPE]

00800000001207


From: Cetina, Jill
Sent; Wednesday, December 05, 2001 12:57 PM
To: _DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;

Hoffman; MegLundsager; Paul Reid; PMalmgren; Wayne
Subject; Market Noon Report, Dec Sth -- "Recession over" mood

prevails

{(b)(5)}

01200000001064


Bradshaw, Tara

From: Young, JT

Sent: Wednesday, January 16, 2002 9:45 AM

To: Sweetnam, Bill Jr, Weinberger, Mark; Reeder, W Thomas; Olson, Pam; Walker, Deborah;
Bradshaw, Tara; Bair, Sheila; McCall, Neal; DeMarco, Edward

Subject: RE: Senate Hearing on Enron-Related Pension Issues

ihave also heard kennedy is doing something. i have also heard that finance |s notat this time

s++-<Onginal Message-----

From: Sweetnam, Ba Je

Sent: Tuesday, January 15, 2002 8:20 PM

To: Weta Nae Randers W Rhames, Cheon, Rem; Wee, Oeborshy; Yours JT; Sead, Tara; Bar; Seta: MCCA, toot
OeMarco, Edward

Subject: ‘Senate Hearing on Enron-Retated Penson Issues

| have heard, seconc hang, that Sen, Kennedy wil schedule a hearing on February 7 to discuss the pension issues
Surrounding Enron. He will have a government panel and will ask for testimony from DOL and Office of Tax Poticy.
He will also have a victims pane! and a pane! of academic experts.

William F, Sweetnam, Jr.
Benefits Tax Counsel
Office of Tax Policy

Treasury Department
1500 Pennsylvania Avenue NW

Washington DC 20220

Phone: 202-622-0170
Fax: 202-622-0646

00800000000858


{(b)(5)]

01200000001083


[OUTSIDE SCOPE , (b)(2)]

00100000000472


O1/aa/02 96:34 PAX 203 225 4185 COLES ulin @ooz

noes an OME REYES SEVENTH CONGALES Sa

a Congress of the United States meen

Thc Honorable Paul H, O"Neill
Secretary of the Treasury

15* St. & Pennsylvania Ave, NW
Washington, DC 20220

The Honorable Donald L. Evans

Secretary of Comsmnerce
14* St. & Constitution Ave, NW
Washington, DC 20230

Dear Secretary O'Neiil and Secretary Evans:

J am writing to request information about your communications with Baron Chairman
Kenneth L. Lay and possibly other Enron officials or representatives prior to the company's
bankruptcy filing. ‘The purpose of the request is te determine why the Administration
did nothing to mitigate the barm of the Enron bankruptcy to thousands of its employees and
shareholders, Jam also interested in knowing why it has taken so long to learn thal two Cabinet
Secretaries had early warming of Enron's impending bankruptcy.

News accounts of Jaswary |}, 2002, indicate that Secretary O'Neill received calls from
Mr. Lay on October 28 and November 8." In one or both of these calls, Mr. Lay reportedly
informed Secretary O'Neill that he was concerned that Exron might pot be able to mect its
financial obligations and that the results could be similar to those that occurred when Long-Term
Capital Management went bankrupt. Mr, Lay reportedly also had a conversation on October 29
with Seeretary Evans, In this conversation, Mr. Lay apparently stated “that he was having
problems with his bond rating and he was worried about its impact on the energy sector,” and

‘Enron Asked for Help from Cabinet Officials, Washington Post (Jan. 11, 2002); Zaron
Contacted 2 Cabinet Officers before Collapring, N.Y. Times (Jan. 13, 2002).

00800000000619


{(b)(5)]

01200000001074


From: Byrne, Kathleen

Sent: Thureday, November 29, 2001 12:36 PM
To: _DL_Market Group; Andrew D. Sacher (E-mail); David Griffiths; B.A.

Wayne; Eric H. Otto (E-mail); J.P, Reid; Jay Hoffman; Meg Lundsager;

Philippa Malmgren; T.J. Shevlin
Subject: Market Noon, Nov 29th

((b)(5)]

01200000001098


{(b)(5)]

Prom: Cetina, Jill
Sent: Thursday, November 01, 2001 12:45 PM
DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;

To:
Hoffman; Meglundsager; Paul Reid; PMalmgren; Wayne

Subject: Market Noon Report -- Nov 1 -- Fixed income still the focus
{(b)(5)]

01200000001081


did you see the Enron article in the Saturday Post? Front page.
Mentioned PF a lot.

Satoh Original Message-----

From: Pedri, Melissa

Sent: Monday, January 14, 2002 10:14 AM
To: Zackal, Heather

Subject: RE: west wing

kind of how everyone I spoke to this weekend in PA asked me about what I
knew about Enron - as if I even knew Enron. :~)

{((b)(6))

werent Original Message----~

From: Zackal, Heather

Sent: Monday, January 14, 2002 9:39 AM
To: Pedri, Melissa

Subject: RE: west wing

True. But it's fun to try to find stuff wrong. You know, you feel like
you have some inside info since you live in DC. Plus, they could at
least get the names of the house committees and the placement of the
Washington Monument correct. [(b)(6)]

Sent: Monday, January 14, 2002 9:34 AM
To: Zackal, Heather
Subject: RE: west wing

think they're being a little too critical ---- it's a TV show - you're
supposed to enjoy it!! I heard that it's actually one of the best
depictions of what REALLY goes on in the white house --- who cares if
they list fighter squads that aren't really there! UGH! That Carrie is
right - people really do have too much time on their hands!

-----! Original Message-----

Prom: Zackal, Heather

Sent: Monday, January 14, 2002 9:30 AM
To: Pedri, Melissa

Subject: FW: west wing

check this out.,.,they said someone from Treasury wrote in with feedback
and I looked him up on Outlook and he actually exists. fun.

Heather

eet Original Message-----

From: Carrie_D_Lynch@icpmech.navy.mil
(mailto:Carrie_D_Lynchaicpmech.navy.mil]
Sent: Monday, nuary 14, 2002 7:19 AM

01200000001054


{(b)(5)}

From: Sharer, James

Sent: Friday, November 23, 2001 1:26 PM

To: _DL_Market Group; Andrew D. Sacher; David Griffiths; Bric H. Otto;
Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,
Thomas; wallarjg; wayneea

Subject: Pinancial Markets Afternoon Report 11/23/01

{(b)(5)]

01200000001094


To: Heather.Zackaledo.treas.gov
Subject: west wing

Heather,
These people have too much time on their hands, but it is interesting.
Carrie

http://www. govexec.com/dailyfed/westwing. htm
Prom: Pedri, Melissa

Sent: Monday, January 14, 2002 10:14 AM

To: dackal, Heather

Subject: RE: west wing

kind of how everyone I spoke to this weekend in PA asked me about what I
knew about Enron - as if I even knew Enron, 1-)

{(b)(6)]

~-+--Original Message-----

From: Zackal, Heather

Sent: Monday, January 14, 2002 9:39 AM
To: Pedri, Melis:
Subject: RE: west wing

True. But it's fun to try to find stuff wrong. You know, you feel like
you have some inside info since you live in DC. Plus, they could at
least get the names of the house committees and the Placement of the
Washington Monument correct. [(b)(6)]

~---*Original Messag
From: Pedri, Melissa
Sent: Monday, January 14, 2002 9:34 AM
To: Zackal, Heather

Subject: RE: west wing

think they're being a little too critical ---- it's a TV show - you're
Supposed to enjoy it!! I heard that it's ctually one of the best
depictions of what REALLY goes on in the white house --- who cares if
they list fighter squads that aren't really there! UGH! ‘That Carrie is
right - people really do have too much time on their hands!

o2+-- Original Message -----

Prom: Zackal, Heather

Sent: Monday, January 14, 2002 9:30 AM
To; Pedri, Melissa

Subject: FW: west wing

check this out....they said someone from Treasury wrote in with feedback
and I looked him up on Outlook and he actually existe. fun.
Heather

toe Original Message-----
From: Carrie _D_Lyncheicpmech.navy.mil

01200000001055


((b)(5)]

From: Cetina, Jill

Sent: Monday, December 03, 2001 7:49 AM

To: _DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;
Hoffman; Meglundsager; Paul Reid; PMalmgren; Wayne

Subject: Market Morning Report, Dec 3rd

{(b)(5)}

01200000001070


[OUTSIDE SCOPE]

00800000000851


{(b)(5)]

Prom: Cetina, Jill

Sent: Thursday, November 29, 2001 5:24 PM

To: #_DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;
Hoffman; MegLundsager; Paul Reid; PMalmaren; Wayne

Subject: Market Closing Report; Nov 29th

~> Latin assets under pressure; Treasuries rally; stocks higher.

01200000001073


[(b)(5)]

From: Sharer, James

Sent: Thursday, November 01, 2001 5:16 PM

To: _DU_Market Group; Andrew D. Sacher; David Griffithe; Eric H. Otte;
Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,
Thoeas; wallarjg; wayneea

Subject: Financial Markets Night Report 11/1/01

((b)(5)}

01200000001082


01/11/02 16:38 FAX 202 225 8185

GOV REF MIN @oos

The Honorable Paul H. O'Neill
The Honorable Donald L. Evans
January 11, 2002

Page 3

their retirement accounts and selling their plummeting Enron stock.’ If Mr. Fleischer’s
representations are accurate, it would appear that no one in the Bush Administration acted on the
knowledge of Enron’s rapidly declining financial condition to help employees whose retirement
plan collectively lost an estimated $1 billion.’ The life savings of many Enron employees simply
evaporated during this period. Moreover, based on the scant information that this Administration
has provided to date, it appears that no one bothered even to ask whether any remedies,
administrative or legislative, were available to help the Enron employees frozen out of their
retirement accounts.

In fact, some senior Administration officials have publicly expressed surprising
indifference to the fate of Enron employees and shareholders. Secretary O'Neill stated this
moming that “while Enron may be important, . . . in the world that I live in, with hundreds of
other things going on, this is just another piece of business.""* The President’s chief economic
advisor, Larry Lindsey, called the Enron debacle a “tribute to American capitalism.”"*

In addition, accounts of your early conversations with Mr. Lay raise concerns about
whether advance notice of Enron's desperate financial condition was taken into eccount as the
Administration formulated positions on important matters of public policy. For example,
throughout the month of November, you continued to advocate for retrouctive repeal of the
alternative minimum tax.* This legislation would have had dramatic implications for Enron, as
it would have given the company a government-funded infusion of $254 million.”

Given the magnitude of the financial harm caused by Enron's collapse, and the close ties

'Egir Shares? Why Company Stock is a Burden for Many, Wall Street Journal (Nov. 27,
2001).

See Enron Employees Enraged Over Losses, Business Insurance (Dec. 10, 2001).

‘Transcript of Good Morning America (Jan. 11, 2002).

"Interview with Lawrence Lindsey, Fox News Sunday Roundtable (Jan. 6, 2002).

"See Deal Breaker, New Republic (Nov. 29, 2001); U.S. Panel Says that Recession
Officially Began in March, Business Day (Nov. 28, 2001); Economic Aid Stalled Amid
Recession, Newsday (Nov. 27, 2001); U.S. Department of the Treasury, O Neill Urges Senate to
Act Quickly on a Bipartisan Economic Stimulus Bill (Nov. 8, 2001) (press release).

UCitizens for Tax Justice, House GOP “Stimulus” Bill Offers 16 Large, Low-Tax
Corporations $7.4 Billion in Insiant Tax Rebates (Oct. 16, 2001, updated Oct. 26, 2001).

00100000000358


{(b)(5)]

Prom: Cetina, Jill

Sent: Thursday, December 06, 2001 12:42 PM

To: _DL_Market Group; Andrew Sacher; ClayLowery; Bric Otto; Griffiths;
Hoffman; Meglundsager; Paul Reid; PMalmgren; Wayne

Subject: Market Noon Report, Dec 6th

((b)(5)]

01200000001062


{(b)(5)}

01200000001060


{((b)(5)]

Prom; Sharer, James
Sent: Tuesday, November 06, 2001 12:54 PM
To: _DL_Market Group; Andrew D. Sacher; David Griffiths; Bric H. Otto;

Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,

Thomas; wallarjg; wayneea
Subject: Financial Markets Noon Report 11/6/01

{(b)(5)]

01200000001085


Turkey

((o)(5)}

00500000000292


{(b)(5)]

Prom; Byrne, Kathleen

Sent: Friday, November 30, 2001 5:48 PM

To: _DL_Market Group; Andrew D. Sacher (E-mail); David Griffithe; B.A.
Wayne; Eric H. Otto (E-mail); J.P. Reid; Jay Hoffman; Meg Lundsager;
Philippa Malmgren; T.J. Shevlin

Subject: Global Market Developments, Week of Nov. 26-30, 2001

{(b)(5)]

From; Cetina, Jill

Sent: Friday, November 30, 2001 8:00 AM

To; _DL_Market Group; Andrew Sacher; ClayLowery; Bric Otto; Griffiths;
Hoffman; Meglundsager; Paul Reid; PMalmgren; Wayne

Subject: Market Morning Report, Nov 30th

{(b(5)]

01200000001072


{(b)(5)}

From: Cetina, Jill
Sent: Wednesday, October 31, 2001 1:02 PM

To: _DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;
Hoffman; Meglundsager; Paul Reid; PMalmgren; Wayne

Subject: Oct 31 Noon Report -- A morning of surprises.. better-than-
expected data but the curve flattens

((b)(5)]

01200000001078


Davis, Michele

From: Marien John L [John. IRSCOUNSEL.TREAS.GOV]
Sent: Tuesday, January 15, 2002 7:17 AM

To: ‘Michele.Davis@do.treas.gov’

Subject: RE: Congressional Hearings on Enron

I assure that you sent me chis in error.

Joan L. Marien

Technical Advisor
Section 419/419A (VEBA's)
716) 961-SO71 or

716) 551-5614 x 15

woo Original Message-----

From: Michele. Davis€do,treas.gov [mailto:Michele.Davis@do.treas.gov}
Sent: Monday, January 14, 2002 7:32 PMX

Tin. Adams@do.treas.gov

Robert .Nichols@do.treas.gov; John.L.Marien@IRSCOUNSEL, TREAS GOV
Subject: RE: Congressional Hearings on Enron

yes, we'll make @ staff assistant available to gather info as needed.
Marie, whatever they need, please ask Sharon to do

> -----Original Message-----

> From: Adams, Tim

> Sent: Wonday January 14, 2002 6:05 PM

> To: Davis, Michele

> Ce: Nichols, Robert

> Subject: Congressional Hearings on Enron

>

> Michele -- to prepare for the onslaught of decument requests and hearings,
> David Aufhuaser and John Duncan are setting up a prep/response tear. We

need your help. Can you assign someone jor nu.
office to help us pull articles, build timel
Thanks

tiple somones) from your
hes, monitor the press, etc?

vv

00800000000177


O1/11/02 16:34 FAX 202 225 8155 GOV REF MIN Boos

The Honorable Paul H. O'Neill

The Honorable Donald L. Evans
Janwary 11, 2002
Page 2

that “he would welcome any support the Secretary thinks appropriate.’* In addition, Enron
President Lawrence “Greg” Whalley reportedly telephoned the Treasury Undersecretary for
domestic finance, Peter Fisher, six or eight times in late October and early November.’

White House Press Secretary Ari Fleischer stated that as a result of your conversations
with Mr, Lay, Secretary O'Neill asked Undersecretary Fisher to explore whether the “financial
condition of Enron could have similar implications as Long Term Capital."* According to Mr.
Fleischer, you decided to do nothing.’ Mr. Fleischer stated:

[TJhe government...took a look at this from a substantive matter, from when Mr. Lay
made those phone calls, and decided the appropriate step was not to intervene or take any
action.... This was done based on judgment of the Cabinet Secretaries and the merits, and
they decided properly and wisely so, in the President's opinion, that the government
should not have intervened in any way after Mr. Lay made the phone call to Secretary
Evans.”

On December 2, Enron filed for bankruptcy, Approximately 4,000 Enron employees
have been laid off, and an additional 3,500 have been placed on leave.” Many Enron employees
have lost virtually their entire retirement accounts, which were heavily tied up in Enron stock.
Numerous other investors, including many retirement plans around the country, have lost
millions of dollars.

Mr, Lay’s discussions with the two of you took place squarely within a lock-down period,
when an estimated 12,000 participants in Enron's 401(k) plan were prevented from accessing

Enron's Lay Sought Cabinet Officials’ Help, Wall Street Journal (Jan. 11, 2002); Enron
Chairman Warned Bush Officials on Collapse, N.Y. Times (Jan. 10, 2002).

2Enron Asked Treasury for Credit Aid, Associated Press (Jan. 11, 2002).
“White House Press Briefing (Jan. 10, 2002).

“Id,

Td.

"Labor Opens ERISA Investigation of Enron Assistance to Dislocated Workers, U.S.
News and World Report (Dec, 5, 2001).

00100000000357


((b)(5))

From: Zackal, Heather

Sent: Tuesday, January 15, 2002 1:55 PM
To: Pedri, Melis:
Subject: RE: pretzel

did you read the second part of this article about Enron and the pesky
Treasury secretary?

--++-Original Message-~----
From: Pedri, Meli
Sent: Tuesday, January 15, 2002 1:46 PM
To: Zackal, er
Subject: pretzel

never thought there would be so much discussion over a pretzel...

hetp://wew.washingtonpost .com/wp-dyn/articles/As7813-2002Jani$. html
From: Pedri, Melissa

To: Zackal, Heather

Sent: Tuesday, January 15, 2002 9:46 AM

Subject: Read: more Enron stuff

From: Zackal, Heather

Sent: Tuesday, January 15, 2002 9:45 AM
To: Pedri, Melissa

Subject: more Enron stuff

http://www, foxnews .com/atory/0, 2933, 42632, 00. html
From: Zackal, Heather

Sent: Monday, January 14, 2002 10:16 AM

To: Pedri, Melissa

Subject: RE: west wing

01200000001053


{(b)(5)]

From: Byrne, Kathleen

Sent: Wednesday, November 28, 2001 1:08 PM

To: _DL_Market Group; Andrew D. Sacher (E-mail); David Griffiths; B.A.
Wayne; Erle H. Otto (E-mail); J.P. Reid; Jay Hoffman; Meg Lundsager;
Philippa Malmgren; T.J. Shevlin

Subject: Market Noon Report, Nov 28th

((b)(5)}

01200000001095


CL/Ld/OE 10/23 FAL 202 225 810d oF BEF MIN Qoce

The Honorable Paul H. O'Neill

‘The Honorable Donald L. Evans
January 11, 2002
Page S

(7) How did Undersceretary Fisber conduct this investigation? Did he or his staff
communicate with any Eczon officials or representatives? If so, please indicate names,
Gates, form of communications, and information exchanged. Did he or his staff
communicate with Enron's aaditors or any financial backers? Did he or his staff
communicate with any financial experts outside of the Commerce or Treasury
Departments? Did he or his staff communicate with any others within the
Administration? Please provide any written or electronic inaterials beld by your
respective departments that relate Lo any of these questions.

(8) At the time that you decided to take no action, bad you considered the potential impacts
of an Enron bankouptcy on its employees? Did you make any atternpt to obtain
information about the impact of such a bankrepicy on the employees?

(@) The Bush Administration continved to advocate for retroactive repeal of the carporate
alternative ménimnusn tax throughout the month of November, when repeal could have had
s significant impact on Enron's financia) situation. Did agy Enson official or
fepresentative ask you, any other person in your Departmer, ar to your knowledge any
other official in the Administration, to support this legislation? Were you sware that
Enron favored adoption of this iegislation?

(10) Why did it take s0 long for the public to bearn about your contacts with Enron prior to its
bankruptey filing?
want te make cleas that ] believe it is inappropriate to make any ethical allegations
against you or any ether Administration official at this time, I think it it essential, however, that
these questions be answered so that there is a clear public accounting of this matter, We all owe
that to the dhousands of families that are facing fimancia! ruin from the Enron bankruptcy, and I
hope that it will be possible for you to provide the answers I'm seeking by January 18, 2002.

brea

Ranking Minority Member

00800000000623


2002-SE=000322"" @

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January 11, 2002
The Honorable Paul H. O'Neill
Secretary of the Treasury
15* St. & Pennsylvania Ave., NW
Washington, DC 20220
The Honorable Donald L. Evans
Secretary of Commerce

14* St. & Constitution Ave,, NW
Washington, DC 20230

Dear Secretary O’Neill and Secretary Evans:

] am writing to request information about your communications with Enron Chairman
Kenneth L. Lay and possibly other Enron officials or representatives prior to the company’s
bankruptcy filing. The purpose of the request is to determine why the Administration apparently
did nothing to mitigate the harm of the Enron bankruptcy to thousands of its employees and
shareholders. I am also interested in knowing why it has taken so long to learn that two Cabinet
Secretaries had early warning of Enron's impending bankruptcy.

News accounts of January 11, 2002, indicate that Secretary O'Neill received calls from
Mr. Lay on October 28 and November 8.’ In one or both of these calls, Mr. Lay reportedly
informed Secretary O’Neill that he was concerned that Enron might not be able to mect its
financial obligations and that the results could be similar to those that occurred when Long-Term
Capital Management went bankrupt. Mr. Lay reportedly also had a conversation on October 29
with Secretary Evans, In this conversation, Mr. Lay apparently stated “that he was having
problems with his bond rating and he was worried about its impact on the energy sector,” and

‘Enron Asked for Help from Cabinet Officials, Washington Post (Jan. 11, 2002); Enron
Contacted 2 Cabinet Officers before Collapsing, N.Y. Times (Jan. 11, 2002).

00100000000356


{(b)(5)]

From: Cetina, Jill

Sent: Tuesday, December 04, 2001 12:27 PM

To: _DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;
Hoffman; MegLundsager; Paul Reid; PMalmgren; Wayne

Subject: Market Noon Report -- Dec 4th

((b)(5)}

01200000001065


Dan McCardell
DAS, Public Liaison
Contact/Correspondence with Enron Corporation

* Enron Government Relations Representative (Carolyn Cooney) was on a broad distribution
list used by the Office of Public Liaison to distribute Treasury-related news to government
relations representatives, associations, think tanks, ete. These e-mails included news clips
conceming remarks by Secretary O'Neill, public remarks, and Treasury releases, Any such
e-mails sent to Enron were always part of a broad-based distribution.

* In July, 2001 there was a brief e-mail exchange with Michele Davis conceming a possible
site visit to Enron's Trading Floor in London. Public Liaison was involved in finding a site
such as a trading floor for a photo opportunity for the Secretary while visiting London. No
action was taken on pursuing this option, and the Secretary did not visit that trading floor.

* Others: Two incoming e-mails from Office of the Assistant Secretary (Public Affairs)
requesting above summary of contacts with Enron, several incoming e-mails that included
news articles concerning Enron collapse.

00800000001209


{(b)(5)]

01200000001058


[OUTSIDE SCOPE , (b)(6)]

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00800000000852


Turkey -- Electric Power Plant Tab7

((b)(5)]

00500000000261


[(b)(5)]

From: Sharer, James

Sent: Wednesday, October 31, 2001 5:03 PM

To: _DL_Market Group; Andrew D. Sacher; David Griffiths; Eric H. Otto;
Jay Hoffman; Lundsager, Meg; Phillippa Malmgren; reidjp; Shevlin,
Thomas; wallarjg; wayneea

Subject: Pinancial Markets Night Report 10/31/01

{(b)(5)]

01200000001080


{(b)(5)]

From: Byrne, Kathleen

Sent: Wednesday, November 28, 2001 5:03 PM

To: _DL_Market Group; Andrew BD. Sacher (B-mail); David Griffiths; £.A.
Wayne; Bric H, Otto (E-mail); J.P. Reid; Jay Hoffman; Meg Lundsager;
Philippa Malmgren; T.J. Shevlin

Subject: Closing Global Financial Markets - November 28, 2001

{(b)(5)]

01200000001096


{(b)(5)]

From; Cetina, Jill

Sent: Tuesday, December 04, 2001 7:53 AM

To: #_DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths;
Hoffman; Megbundsager; Paul Reid; PMalmgren; Wayne

Subject: Market Morning Report, Dec 4th

((b)(5)]

01200000001066


{(b)(5)]

01200000001068


[(©)(5)]

Marshall Mills, Treasury (ISM) 9/28/01 622-9398

00500000000293