sesoo Original Message
Peacock, Charles & (mailto: PeacockCEastate.gov]
Sent; Thursday, September 20, 2001 12:54 PM

To: ‘Ivy.Kosmideagdo.treas.gov'

Subject: RE: Appointment

That's great Ivy, Just plan to arrive a bit before 3:30 at the C St. lobby.
You might be able to get in with your ID. If not, give me a call on
647-4728 and I'll come down to get you. Charlie

sete Original Message-----

From; Ivy.Kosmidesedo,.treas.gov [mailto: Ivy. Kosmides@do.treas.gov)
Sent: Thursday, September 20, 2001 12:53 PM

To: PeacockCB@state,gov

Subject: RE: Appointment

Charlie,

Thanks, I would like to attend. If Kria's schedule accomodates, then
meeting after the ENRON meeting works for me. Let's do it that way. For
building clearance,

at ((ov6)]

----- Original Message-----

Prom: Peacock, Charles & [mailto:PeacockCestate.gov)
Sent: Thursday, September 20, 2001 11:52 AM

To: ‘Ivy.Kosmides€do.treas.gov*

Subject: RE: Appointment

He says ENRON's creditors are due $31 million in December and unless the
GoDR payea up, it will be in default. The company is considering taking the
GopR to international arbitration as per the contract .[(b)(5)]

re
you want to attend the meeting and then stay on to talk to Kris, that's
fine. Just let me know so I can arrange something else for him at 10:00.
Charlie

ssece Original Message-----

From: Ivy.Kosmides@do,treas.gov (mailto: Ivy. Kosmides@do.treas.gov)
Sent: Thursday, September 20, 2001 9:57 AM

To: PeacockCRsstate.gov

Subject: RE: Appointment

Thanks. Did the VP have an agenda? Why don't I attend that meeting, and
then we can stay 4 little later to discuss anything else on the DR instead
of meeting at 107

Selah Original Message----~

From: Peacock, les & {mailto:PeacockCE@state.gov)]
Sent: Thursday, September 20, 2001 6:31 AM

To: 'Ivy.Kosmides@do.treas.gov’

Subject: RE: Appointment

Ivy,

John Hardy, the VP at ENRON for governmental affairs, called me yesterday.
He wants to meet with me next week. Since Kris will be in town, I arranged
to do it here on Tuesday at 3:30. You're welcome to attend if you want.

Charlie

Siete Original Message~-
From: Ivy, Kosmidesedo. tr «gov (mailto: Ivy. Kosmides@do.treas.gov)
Sent: Wednesday, September 19, 2001 6:05 PM

2

00500000000424


Financing
{(b)(5)]

01000000001013


Costa Rica -- Home Mortgages Tab 6

Background: [OUTSIDE SCOPE , (b)(5)]

00500000000245


Nickoloff, Peter

i

From: Carleton, Norman

Sent: Tuesday, January 08, 2002 §:14 PM

To: Bair, Sheila

Ce: Smith, Amy, Bair, Sheila; Berardi, Steve; Bitsberger, Timothy, Eichner, Matthew, Gabilondo,

Jose; Gross, Jared; Hammer, Viva; Lori Sanatamorena (E-mail), Nickolotf, Peter; Novey,
Micheel; Pietrangell, Fred; Roseboro, Brian; Schultheiss, Heidilynne; Whaley, Jean, Wiedman,

Mark
Subject: CFTC's Exemption for Certain Contracts Involving Energy Products (April 20, 1993)
Sheila,
{(b)(5)}
Norman
27

01501

01200000000155


cree Original Message-----

From: Bitsberger, Timothy

Sent: Monday, January 07, 2002 10:07 AM

To: Wiedman, Mark; Roseboro, Brian

Subject: RE: Draft Memo on Enron/CFMA Articles

is this for the speech or other stuff?

Sc otalace Original Message-----
Prom: Wiedman, Mark

Sent: Friday, January 04, 2002 5:47 PM
To: Roseboro, Brian; Bitsberger, Timothy
Subject: PW: Draft Memo on Enron/CFMA Articles

This is something to keep close tabs on -- would it make sense to meet with Heidi and
Norman on this?

oneee Original Message-----

From: Carleton, Norman <Norman.Carletonédo.treas.gov>

To: Roseboro, Brian <Brian,Roseboro@do.treas.gov>; Bair, Sheila
<Sheila,Bairédo.treas.gov>; Gross, Jared <Jared.Grossedo.treas.gov>; Wiedman, Mark

<Mark.Wiedmanédo.treas.gov>; Bitsberger, Timothy <Timothy.Bitsberger@do.treas.gov>; Smith,
Amy <Amy.Smithédo.treas .gov>

Cc: Schultheiss, Heidilynne <Meidilynne.Schultheissedo.treas.gov>; Nickoloff, Peter
<Peter.Nickoloffé@do.treas.gov>; Ellett, Martha <Martha.Ellett@do.treas.gov>; Gabilondo,
Jose <Jose.Gabilondosdo.treas.gov>; Sutton, Gary <Gary.Sutton@do.treas.gov>

Sent: Pri Jan 04 17:29:36 2002

Subject: FW: Draft Memo on Enron/CFMA Articles

((b)(5)]

setae Original Message-----
From: Schultheiss, Heidilynne

Sent: Friday, January 04, 2002 5:10 PM
To: Carleton, Norman
Subject: Draft Memo on Enron/CFMA Articles

{(b)(5)]

The three news articles are
downloaded as the latter pages.

, 00719

01200000000064


DRAFT
January 4, 2002

TO: Norman Carleton
Director
Office of Federal Finance Policy Analysis
FROM: Heidilynne Schultheiss
Financial Economist
Office of Federal Finance Policy Analysis
SUBJECT: Dow Jones Newswires and Washington Post Articles on Enron and the
Commodity Futures Modernization Act of 2000
BACKGROUND

{(b)(5)]

00200000000059


June 8, 2001

WEEKLY ISSUES (ITI)

Dabho!l Power Dispute in India
((b)(5)]

The dispute has already hurt the Indian economy. An
international credit rating agency has downgraded India from “stable” to “negative” because
of this dispute,

[OUTSIDE SCOPE , (b)(5)]

01000000001006


DEPARTMENT OF THE TREASURY
WASHINGTON

Office of MultilateralDevelopment Banks (OASTA/IDB)
1500 Pennsylvania Avenue, Nw »

Room 3501 NY
Washington, D.C. 20220

(Fax # 202-622-1228)

To: Unk ve mw Hl.

————_—_— —_—E EEE]

005000000008390


Nickoloff, Peter

From: Elis, Dina

Sent: Wednesday, October 31, 2001 9:42 AM

To: McGivern, Tom; Carleton, Norman; Bitsberger, Timothy, Bair, Sheila; DeMarco, Edward,
Ellett, Martha; Gabilondo, Jose; Gross, Jared; Huffman, Lucy, Hughes, bret ieee
Roberta; Nickoloff, Peter; Roseboro, Brian; Salladin, Anne; Schultheiss, Heidilynne; Smith,
Amy; Sutton, Gary, Tishuk, Brian; Duncan, John; Sanders, Traci; Dorsey, Karen

‘Subject: RE: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS

((b)(5))

Ps Message
McGivern, Torn

To:

pire Wednesday, October 31, 2001 9:20 AM

‘Subject: RE; Netting Letter to be Signed by PWG and FDIC, OCC, and

{(b)(5)]
From: Elis, Dina
Sent: Gay ‘October 30, 2001 3:02 PM
To: Norman; Bitsberger, Tnothy; Bair, Sheila; Constantine, Bers; DeMarco, Edward; Get, Martha; Gablondo, Jose; Gross,

ome’ rt tran, ys ay, ey Te, Roberta; Mickoloff, Peter; Roseboro, Brian; Saltadin,
Anne; Schultheiss, Heidiynne; Smith, Amy; Sutton, Gary; Tishuk, Brian
Subject: RE: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS

I have spoken to a variety of people on possible movement of the bankruptcy bill. There is a slight chance that
there will be a conference meeting next week but | con't sea fasat movement on the bill.

—~Original ;
From: Carteton, Norman

‘Sent: Tuesday, October 30, 2001 2246 PM

To: Btsberger, Timothy; Bar, Shela; Eleni; DeMarco, Edward; Ellett, Martha; Eilts, Ora; Gadilondo, Jose; Gross, Jared;

Anne; Schuitheiss, Hechynne;
Subject: Netting Letter to be Signed by PIG and FDIC, OCC, and OTS

<< File: Netting letter.doc >>

Attached is the proposed netting letter from the Federal Reserve. (It has merge mail features that
you will have to delete in order to read it. Alternatively, you can use the quick view program to
access the document.) It is awaiting approval from SEC Chairman Pitt. Below is an article | sent
around earlier today indicating that some are trying to revive the Bankruptcy bill.

Sheila ~ {(b)(5)]

Norman Carleton

Bankruptcy Conference May Resume As Netting Bill Considered

. 01468

1200000000122


The Honorable Professor Rafiqu! Islam
May 30, 1999
Page 3

The Banks also assert that the Crash Power Projects’ proposed fuel cost of approximately
S1.117 per MMBru will’ result in substantial losses to the Government under the
Production Sharing Contracts (“PSCs"). This also appears to be an exaggeration. The
actual cost of natural gas to the Government during the initial “cost recovery” phase,
taking into account the Government's in-kind (i.e. free) share of the “profit gas,” is
approximately $1.190 cents per MMBtu (using the current US $89 price for 1 metric ton
of HSFO, 180 CST, FOB Singapore). Moreover, after the initial “cost recovery” phase,
this cost drops to fewer than 60 cents per MMBtu. Accordingly. the Government suffers
minimal foreign exchange losses by selling PSC natural gas to the Crash Power Projects
at 2 price of $1.117 per MMBuu.

These alleged losses of foreign exchange become even less significant when one
considers that Bangladesh continues to Produce approximately seven hundred million
cubic feet per day (700 mmefiday) of gas from its own gas wells This amount
constitutes seventy-five percent (75%) of Bangladesh's daily gas requirements, for which
little foreign exchange expenditures are made. Accordingly, to say that Bangladesh will

3, “Time Duration of Contracts.” The Banks Correctly note that the intended time period for
the Crash Power Projects consists of a five year PPA. However, they contend that the
arrival of the Haripur and Meghnaghat power projects by as early as the second quarter of
2001 largely eliminates the need for these plants. Frankly, the assumption that the
Haripur and Meghnaghat plants will be Operating as early as the middle of 2001 is
optimistic under the very best of circumstances. Both the Haripur and Meghnaghat plants
constitute extremely complicated third-party financial transactions, especially for
countries like Bangladesh that have had limited experience thus far in closing similar
Private sector financings. By necessity, the delivery dates for these plants are directly
affected by any delays associated with the financings. Ja sharp conirast, the delivery date
for the private sector Crash Power Projects does not depend upon any financial closing.
Assuming a developer such as Enron were to proceed with one of the Crash Power
Projects. the developer would have to guarantee its performance by a date certain—six
months after the signing of the project agreements. This is a significant difference
between the Crash Power Projects and the AES-sponsored Haripur and Meghnaghat
Projects.

In addition to these delays related to the financial Closure date, the contracts for the
Meghnaghat power have yet even to be Signed by either purty. In shor, it simply is not a
Tealistic assumption that both the Haripur and Meghnaghat power plants will be financed.
built, and operating by the middle of 2001.

woul
AP Fr TAAAANAATE “AU IFAT Heer at LE RTO faut 00500000000970


{(b)(5)]

World Bank Conference

[(b)(5)]

ce: E. Knight:
K. Lissakers
J, Piercy
S.Saeger/L.Redifer
D.Zelikow

00500000000235


Bair, Sheila

From: Holahan, Betsy

Sent: Thursday, December 06, 2001 6:07 PM
To; Bair, Sheila

Subject: FW: Dow Jones request

Sheila,

What are your thoughts on this request?

Betsy
~eOriginal Message----
From: Davs, Michele
Sent: Thursday, December 06, 2001 6:00 PM
To: a
‘Subject: RE: Dow Jones request

does Sheila want to do this? It doesn't sound like a problem to me, but we shouldn't push this on her - she can take it or
leave it

Original Message---~

From: Holahan, Betsy

Sent: Thursday, December 06, 2001 5:13 PM
To: ‘Michele

Darts,
‘Subject: (Dow Jones request

Rebecca Christie wants to talk to Sheila (she'll take deep background) about a decision made by the CFTC Board in
1993 when Sheila was a member. The decision was on swaps regulation and it exempted energy products from
regulation. Sheila was the only one opposed to the exemption and in light of recent problems wi Enron, Rebecca
wants to learn more about Sheila's thoughts at the time. Any thoughts?

01200000000835


apdood oy} 0} 10mg

4AMOTIOHEVA

00 JOqUIdAON - 399fO1g 48MOd |] BSPUd

; joyuqed jo sma

1A [e087

01000000001020


apdood ey) 0) samog

4AMCTIOHEVG

yojedsig G3ASIN 8 S10}9R} D1WIOUODe

-O19 | Ul SoHueYD O} spuodsas uel OUL

ALINOA
uo NYNL3Y

S1SO9 WRO
STSVINVA

ddtdVL Odd

HiUCL Idd

01000000001026


>

September 1999 October 1999 November 1999
Week Beginning SMIWwTFS SMTWTFS SMIWTFS
ss7aein aaanzas rhsones

October Bauzsns ZRRSERE eSue8s

MONDAY, OCTOBER ¢ 277 | TUESDAY, OCTOBER 5 278 | WEDNESDAY, OCTOBER 6 279

7 7 7

715 7:18 TAS

7:30 7:30 7:30

_ 2 (OUTSIDE SCOPE]

B15 8:15 \

8:30 8:30

B45 6:45 E

2 - “[OUTSIDE SCOPE}

#30 8:30 a

545 6:45,

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10:15 1s

10:30

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[OUTSIDE SCOPE]

S18

6:15

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645

6:45

LAI

715

7:30

745

745

00254 |

mw HO OOCSHH OF OHOOOOOOOOTMTVIIVIIZVITTICA

01200000000824


Schultheiss, Heldilynne

From: Carleton, Norman

Sent: Saturday, soplerber 08, 2001 1:10 PM

To: Bair, Sheda; . Edward; Eichner, Matthew, Ellett, Martha: Fisher, Peter; Gabilondo,
Jose; Gross, Jared; Hammer, Viva: Hughes, Gerry, Nickoloff, Peter; Novey, Michael:
Roseboro, Brian: Schultheiss, Heidilynne; Smith, Amy; Sutton, Gary

Subject: Discussion with Ken Raisier about Enron Product

[(b)(S)]

01255

01200000000611


to:

Department
of the Treasury

room:

date:

Office of the
Assistant Secretary for
International Affairs

[(b)(5)]

Office of Multilateral
Development Banks

room
phone

00500000000965


Bolivia-Brazil Gas Pipeline & ENVIRONMENT ISSUES

{(b)(5)]

00500000000252


|
|
}
ajdoad ay} 0} 1amog
|

YsMhCdOHava

tt
Looz ‘zt Aine

UOI]E]UISAId

i
u

a ee ee ee ee

Aueduiog 1amod joyqeg |

OS ne eee yore)

01000000000988


Brazil — Cellular Phone Service

Background
[OUTSIDE SCOPE , (b)(5)}

Talking Points
* [OUTSIDE SCOPE , (b)(5)]

Tab5

00500000000259


Nickoloff, Peter

ee ee

From: Carleton, Norman
Sent: Saturday, September 08, 2001 1:07 PM
To: Bair, She#a; DeMarco, Edward; Eichner, Matthew; Ellett, Martha; Fisher, Peter, Gabéondo,

Jose; Gross, Jared; Hammer, Viva, Hughes, Gerry, Nickoloff, Peter, Novey, Michael;
Roseboro, Brian; Schultheiss, Heidilynne; Smith, Amy, Sutton, Gary
Subject: Retail Swaps Study Group Meeting - September 6

{(b)(5)]

° 01627

01200000000283


Conley, Robert

From: Altheim, Stephen

Sent: Tuesday, September 25, 2001 5:36 PM

To: Conley, Robert

Ce: Paulson, Sara

Subject: FW: Enron IFC energy project in Dominican Rep
{(b)(5)]

oseee Original Message
From: Hurley, John C. ilto:JOHNHU@iadb.org]

Sent: Tuesday, September 25, 2001 5:32 PM

To: 'Stephen.Altheim@do.treas.gov'

Ce: Bloomgarden, David Richard; Harrington, Lawrence; Juba, Bruce
Subject: RE: Enron IPC energy project in Dominican Rep

((b)(5)]

oooee Original Message-----

From: Juba, Bruce

Sent: Tuesday, September 25, 2001 $:28 PM

To: 'Stephen.Altheimedo.treas.gov'; Hurley, John C.
Cc: Bloomgarden, David Richard; Harrington, Lawrence
Subject: RE: Enron IFC energy project in Dominican Rep

{(b)(5)]

<ese4 Original Message-----

From: Stephen,.Altheimado.treas gov [mailto:Stephen.Altheimado.treas.gov]
Sent: Tuesday, September 25, 2001 3:18 PM

To: brucej@iadb.org; johnhu@iadb.org

Ce: davidbl@iadb.org; larryh@iadb.org

Subject: FW: Enron IFC energy project in Dominican Rep

Bruce,

00500000000429


truthfulness and completeness of what enterprises report. It's a critical aspect of why our economy has done so
much better than the rest of the world. It’s because capital believes, people who invest believe, that they can rely
on information that's provided to them and the U.S. economy. It's a principle we need to protect and cherish
and extend because it is so important to the fundamental operation of our kind of economy.

MR. RUSSERT: Do you think that Enron is a big story, a serious story?

SEC’Y O'NEILL: Well, it’s obviously a big and serious story when millions of people are economically
impacted by the meltdown of a major corporation. Of course, it’s a very important story and it’s something that

we need to pay attention to. But we need to pay attention to,

again, whether or not all the facts have been

dutifully reported and people were given the information required under law to make intelligent decisions.

eer

Wiedman, Mark

From: ‘Wiedman, Mark

— Monday, January 07, 2002 10:26 AM
‘0: Ns

Subject: RE: Draft Memo on Enron/CFMA Articles

{(b)(5)]

-----Original Menssage-----

Prom: Bitsberger, Timothy

Sent: Monday, January 07, 2002 10:25 AM
To: Wiedman, Mark
Subject: RE: Draft Memo on Enron/CFMA Articles

{(b)(5)}

oseee Original Message-----

From: Wiedman, Mark

Sent: Monday, January 07, 2002 10:23 AM

To: Bitsberger, Timothy

Subject: RE: Draft Memo on Enron/CFMA Articles

{(b)(5)]

so--- ‘Original Message-----

From: Bitsberger, Timothy

Sent: Monday, January 07, 2002 10:10 AM

To: Wiedman, Mark

Subject: RE: Draft Memo on Enron/CFMA Articles

{(b)(5)]

oes Original Message-----

From: Wiedman, Mark

Sent: Monday, January 07, 2002 10:08 AM

To: Bitsberger, Timothy; Roseboro, Brian
Subject: RE: Draft Memo on Snron/CFMA Articles

{(b)(5)]

Mark

00718

01200000000063


MEMORANDUM FOR DEPUTY SECRETARY EIZENSTAT

FROM: Timothy F, Geithner

Under Secretary (Intemational Affairs)
SUBJECT: Briefing for Your Meeting at the OPIC Board
DATE AND TIME: Tuesday, December 14, 1999

Board Luncheon 12:00- 1:00 P.M.
Board Meeting 1:00-3:00 P.M.

LOCATION: Twelfth Floor
1100 New York Avenue

((b)(5)]

RECOMMENDATION:
((b)(5)]

ATTACHMENT: Tab A: Overview Letter from President Munoz

BRIEFING

00500000000255


Oral Communications - Mark Jaskowiak

(1) January, 2001 (while in Office of Legislative Affairs) - received telephone inquiry
concerning energy project in India; referred caller to India desk at Treasury

(2) August/Sept, 2001 (approx. ) - received telephone call regarding interest of visiting Japanese
Enron official to meet with appropriate Treasury officials to discuss Japanese
economy/energy sector, conveyed request to Treasury Japan desk (no meeting held -
scheduling unavailability)

00500000000522


Bair, Sheila

ee

From: McGivern, Tom
Sent: Wednesday, October 31, 2001 9:20 AM

To:

Ellis, Dina; Carleton, Norman; Bitsberger, Timothy; Bair, Shella; DeMarco, Edward; Eltett,
Martha; Gabilondo, Jose; Gross, Jared; Huffman, Lucy; Hughes, Gerry; Mcinemey, Roberta;
Nickoloff, Peter; Roseboro, Brian; Salladin, Anne; Schultheiss, Heidilynne; Smith, Amy;
Sutton, Gary; Tishuk, Brian; Ouncan, John; Sanders, Traci; Dorsey, Karen

Subject: RE: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS
[(b)(5)]
~-~-Original Message-——-
From: Eis, Ona
Sent: ‘Tuesday, October 30, 2001 3:02 PM
To: Carleton, Norman; Bitsberger, Timothy; Bair, Shella; Constantine, Eleni; DeMarco, Edward; Ellett, Martha; Gabllondo, Jowt; Gross,

Jared; Huffman, Lucy; Hughes, Gerry; MoGivem, Tom; Mcinemey, Roberta; Nickoloft, Peter; Roseboro, Brian; Saladin, Anne;
Schulthess, Mes ;, Smith, Aeny; Sutton, Gary; Tishuk, Brian
Subject: RE: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS

\ have spoken to a variety of people on possible movement of the bankruptcy bill, There is a slight chance that there
will be a conference meeting next week but ! don't see fasat movement on the bill,

i

‘Subject: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS

<< File: Netting letter.doc >>

Attached is the proposed netting letter from the Federal Reserve. (It has merge mail features that you
will have to delete in order to read it. Alternatively, you can use the quick view program to access the
document.) It is awaiting approval from SEC Chairman Pitt. Below is an article | sent around earlier

today indicating that some are trying to revive the Bankruptcy bill.

Sheila ~ [(b)(5)]

Norman Carleton

Bankruptcy Conference May Resume As Netting Bill Considered

The House Judiciary Committee will be turning its attention to other matters in the weeks
remaining before adjournment - possibly including a conference on bankruptcy, CongressDaily
reported. Further work on the legislation had been postponed after the Sept. 11 attacks
occurred. The House and Senate conferees had been poised to meet Sept. 12. A spokesman
for the committee yesterday said that no new conference date has been set, but staff members
in recent weeks have continued to work on technical aspects of the bankruptcy measure.
Judiciary Committee Chairman James Sensenbrenner (R-Wis.), who is chairing the
conference committee, is determined to make a go of it before members leave town for the
year, according to sources, While noting that the committee's agenda had not yet been

1

01200000000825


situation has long term implications & resulting trade
opportunities...comments welcome

01200000000831


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suoljeiado | aseud - afoig By} JO SN}eIS +

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01000000000989


Nickoloff, Peter

nr

From: Carleton, Norman
Sent: Monday, September 10, 2001 11:34 AM
To: Bair, Sheila; DeMarco, Edward; Eichnor, Matthew; ESett, Fisher, Peter, Gablondo,

Martha,
Jose; Gross, Jared; Hammer, Viva; Hughes, Gerry; Nickoloff, Peter; Novey, Michael;
Roseboro, Brian; Schultheiss, Heidilynne; Smith, Amy, Sutton, Gary
‘Subject: Retail Swaps - Telephone Cal! from Elizabeth Fox

((b)(5)}

° 01630

01200000000286


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YaAMCd OHEVG —_ nn

{(b)(5)]

5

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UOHONASUOD || PSCUd - JOS[O1d SY} JO SNE}

¢

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suoieiado | 8SeUd - OelO1d SY} JO SN}e}

eee
epuaby uolejuasald

01000000001018


Christopulos, Greg

From: Christopulos, Greg

Sent: Wednesday, November 28, 2001 9:52 AM

To: Dermopules, Abigail

Subject: FW: MIGA #63 Dominican Republic- Banco Santander
((b)(5)]

ooeee Original Message-----

From: Sampliner, Gary

Sent: Wednesday, November 28, 2001 9:15 AM

To: Christopulos, Greg; Demopulos, Abigail; xosmides, Ivy; Crawford,
Todd

Ce: Holloway, Barbara; Jarpe, Rachel; ‘StrubledWéstate.gov'
Subject: RE: MIGA #63 Dominican Republic- Banco Santander

{(b)(5))

cece! Original Message-----

From: Christopulos, Greg

Sent: Tuesday, November 27, 2001 21:11 AM

To: Demopulos, Abigail; Kosmides, Ivy; Crawford, Todd; Sampliner, Gary
Cc: Holloway, Barbara; Jarpe, Rachel; ‘StrubleJWestate.gov'

Subject: RE: MIGA #63 Dominican Republic- Banco Santander

{(b)(5)]

eet Original Message-----

Prom: Demopulos, Abigail

Sent: Tuesday, November 27, 2003 10:17 AM

To: Kosmides, Ivy; Crawford, Todd

Cc; Holloway, Garbara; Christopulos, Greg; Jarpe, Rachel;
‘StrubleJWestate.gov' .

Subject: RE: MIGA #63 Dominican Republic- Banco Santander

[(b)(5)]

«+--+ Original Message-----

From: Kosmides, Ivy

Sent: Tuesday, November 27, 2001 10:13 AM

To: Crawford, Todd

Cc: Demopules, Abigail; Holloway, Barbara; Christopulos, Greg; Jarpe,
Rachel; StrubleJW@state.gov

Subject: RE: MIGA #63 Dominican Republic- Banco Santander

((>)(5)]

00500000000273


Project Fiunce
Vy, Enron international aan
%, GQ, UMS Eye Strat. NLW., Suite 800 Adan
Washington, DC 20008
(202) 466-9152
June 21, 1999 Fes (ou) 331-4717 , 2,
= ia dfs ij
Deputy Assistant Secretary William Schuerch (c/o Phyllis) @ ‘
U.S. Department of Treasury rc mo”? * {
Washington, D.C. Via Facsimile: ES
wt
Subject: Enron project efforts in Bangiadesh and discussions with World Bank <<odl
U
i
Dear Deputy Assistant Secretary Schuerch: \
” Following John Handy's call to your office today, wer ooking forward to meting you his
~ Wednesday afternoon (time to be determined). Tn aininve of tat m find a brief

Enron is proposing a short-term power project (150 megawatts, natural gas for fuel, S-year

duration) to alleviate the critical power shortages Bangladesh faces over the next 3-5 years. Our

efforts, going back some 12-18 months, advanced to the point of contract discussions with the

Bangladesh Power Development Board—discussions which were halted when, in May, the World

Bank issued a letter, urging the Bangladeshi's to reject short-term, emergency power projects

such as Enron's, ‘Alte Game, tho Werkd Deck argursext against sach penjocts fs baned on toro

premises: 1) the Bangladeshi’s carmot afford the power being offered under short term contracts;

and 2) efforts aimed at curing the short-term power supply problems distract the Bangladeshis ?
. from implementing the longer-term sectoral reforms which the World Bank advocates. *

While Enron is actually a strong supporter of the reforms the Bank is secking, we do not look at
those reforms as being mutually exclusive with our proposal. To date, our effocts to engage the
ai ensbdsadaoigeneingiin eaekiakeacnpaen temmeae eete

—TM Sovis eaaplgtnenand tebciensacuanaiing oome ivumeatesaee ss pena -S years aimed at
increasing power capacity unfold precisely as planned. .

Bank, we are now secking to elevate the di te US. rsotive Dict OF tte Wo

moving the issue closer to a mutually agreeable solution. Again, we look forward to visiting with

va Weleeiae- Should you have any questions or need additional information in advance, fee!
to contact me.

Bob aud

Natural gas. Electricity. Endless possibilities.TM
TOTAL P.@1

00500000001008


Subcommittees of the House Financial Services Committee and the Senate Commerce
Commitice have already held hearings,

But Lieberman's panel is the top investigative committee of the Senate. Under Republican
leadership during the Clinton administration, then-chairman Fred D. Thompson (R-Tenn.)
headed an investigation of Bill Clinton's 1996 presidential campaign fundraising.

Levin and Lieberman said they intend to look into the close ties between Lay and President
Bush, a connection that some Democratic Party officials say they hope to take advantage of in
this year's congressional election campaigns,

Levin said he wants to know what advice Lay, who was a large contributor to the Bush
campaign, gave to officials of the new administration as it formulated energy policy a year ago.
Enron “ulso had close relationships with some Democrats, it's fair to say,” Lieberman
acknowledged. He said he expected the inquiry to be bipartisan and to have Thompson's support.
“We are going to work together,” Lieberman said,

Lieberman said the committee also wants to lear whether federal regulators have the authority
to adequately oversee the complex commodity trading and financial transactions that were the
foundation of Enron's rapid growth over the past three years.

Lieberman noted that much of Enron's trading in energy derivatives was exempt from regulation
by the Commodity Futures Trading Commission, and he said a focus of the inquiry would be
whether this allowed the company to hide some transactions.

Enron was an active player in lobbying for the exemption beginning in the carly 1990s,
according to sources, The exclusion was initially approved by the CFTC in 1992, and in 2000
Congress endorsed it as part of the Commodity Futures Modernization Act, despite concerns of
some senior regulators.

Ata joint hearing on the legislation by the Senate Banking and Agriculture committees in June
2000, then-CFTC chairman William J. Rainer spelled out his "reservations" about the exclusion
and said that "the case for it has not been made" with regard to energy derivatives.

© 2002 The Washington Post Company

00200000000069


Campaign Gifts, Lobbying Built Enron's Power In
Washington

By Dan Morgan and Juliet Bilperin
Washington Post Staff Writers
‘Tuesday, December 25, 2001; Page AO’

During the administration of the first President George Bush, a new party fundraiser named
Kenneth L. Lay was invited to spend the night at the White House. The sleepover was an carly
coup for the chairman of Enron Corp. and a harbinger of things to come.

Over the following decade, Lay and Enron poured millions of dollars into U.S. politics,
cultivating unequaled access and using the entree to lobby Congress, the White House and
regulatory agencies for action that was critical to the energy company's spectacular growth,

Now, with Enron's sudden bankruptcy, public attention has tumed not only to the financial
practices that brought the company down, but to what its far-flung political operations say about
the country’s campuign finance system.

Some Democrats in Congress are spoiling for an opportunity to use Lay and Enron to embarrass
the Republican Party, which received most of the company’s largess over the years. They want to
look into such things as Enron's relationship with Phil Gramm (R-Tex.), ranking minority
member on the Senate Banking Committce and chairman of the committee at a time when his
wife, Wendy L. Gramm, was serving on Enron's board. Last year, Gramm's committee approved
legislation that included a key provision exempting parts of Enron’s massive energy trading
operation from federal oversight.

"I think the Enron story is going to tum out to be an enormous political story,” said Rep. Henry
A. Waxman (D-Calif), ranking minority member on the House Energy and Commerce
Committee,

The ties of Lay to the White House and GOP leaders, he added, were so multilayered that
Republicans are likely to be reluctant to pursue them. But he made clear that he intends to do so
and expects the Democratic-controlled Senate to follow suit.

Enron also cultivated relationships with Democrats, however. Lay played golf in Vail, Colo.,
with President Bill Clinton, and Enron gave hundreds of thousands of dollars to Democratic
campaign committees and Democrats in the House and Senate, including Sen. Charles E.
Schumer (N.Y.) and Rep. Martin Frost (Tex.), the ranking minority member on the House Rules
Committee.

A Routine Cost for Some

Advocates of campaign finance reform say the Enron case vividly illustrates the ties between
politics and big money, though it’s unclear that the company’s political operations were radically
different from others for whom political contributions have become a routine cost of doing
business.

00200000000062


Nickoloff, Peter

From: McGivern, Tom
Sent: Wednesday, October 31, 2001 9:20 AM
To: Elis, Dina; Carleton, Norman; Bitsberger, Timothy, Bair, Sheila; DeMarco, Edward; Evett,
Martha; Gabilondo, Jose; Gross, Jared; Huffman, Lucy; Hughes, Gerry, Mcinemey, Roberta;
Nickoloff, Peter; Roseboro, Brian; Salladin, Anne; Schultheiss, Heidilynne; Smith, Amy;
Sutton, Gary, Tishuk, Brian; Duncan, John; Sanders, Traci; Dorsey, Karen
Subject: RE: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS
{(b)(5)]
ome Original Messager--=
From: Eiies, Cina

Schutheiss,
Subject: RE: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS
| have spoken to a variety of people on possible movernent of the bankruptcy bill. There is a slight chance that there

will

be a conference meeting next week but | don't see fasat movement on the bill,

From: Carleton, Norman

‘Sent: Tuesday, October 30, 2001 2:46 PM

To: Bitsberger, Timothy; Bai, Shela; Constantine, Eleni; DeMarco, Edward; Elett, Martha; Elis, Dina; Gabfondo, Jose; Gross, Jared;
Huffman, Lucy; Hughes, Gerry; McGivern, Tom; Mclnemey, Roberta; Nackeloff, Peter; Roseboro, Brian; Saladin, Anne;
Schultheiss, Meidilyrne; Smith, Amy; Sutton, Gary; Tishuk, Brian

‘Subject: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS

<< File: Netting letter.doc >>
Attached is the proposed netting letter from the Federal Reserve. (It has merge mail features that you
will have to delete in order to read it. Alternatively, you can use the quick view program to access the

document.) It is awaiting approval from SEC Chairman Pitt. Below is an article | sent around earlier
today indicating that some are trying to revive the Bankruptcy bill,

Sheila ~ [(b)(5)]

Norman Carleton

Bankruptcy Conference May Resume As Netting Bill Considered

The House Judiciary Committee will be turning its attention to other matters in the weeks
remaining before adjournment - possibly including a conference on bankruptcy,
CongressDaily reported. Further work on the legislation had been postponed after the Sept.
11 attacks occurred. The House and Senate conferees had been poised to meet Sept. 12. A
spokesman for the committee yesterday said that no new conference date has been set, but
staff members in recent weeks have continued to work on technical aspects of the bankruptcy
measure. Judiciary Committee Chairman James Sensenbrenner (R-Wis.), who is chairing the
conference committee, is determined to make a go of it before members leave town for the
year, according to sources. While noting that the committee's agenda had not yet been

° 01466

01200000000120


Gaza — Power Project

Background
{(b)(5)]

Talking Points
[(b)(5)]

Upcoming Project

Tab 11

00500000000264


Nickoloff, Peter

————e—e—e—_—_—

From: Carleton, Norman
Sent: Wednesday, August 29, 2001 2:41 PM
To: Fisher, Peter; Roseboro, Brian; Bair, Sheila; Nickoloff, Peter, Schultheiss, Heiditynne;

DeMarco, Edward; Hughes, Gerry, Gross, Jared; Smith, Amy; Sutton, Gary, Etlett, Martha;
Gabilondo, Jose; Mcinemey, Roberta; Lori Sanatamorena (E-mail); Novey, Michael; Eichner,
Matthew, Hammer, Viva

Subject: More on the Enron issue

{(6)(4) , (b)(5))

Thoughts?

01624

01200000000280


TREASURY CLEARANCE SHEETno.

Date_June 26,1999
DAS Schuerch

MEMORANDUM FOR: C SECRETARY CO DEPUTY SECRETARYO
EXECUTIVE SECRETARY

CO ACTION COBRIEFING © INFORMATION) LEGISLATION

CO PRESS RELEASE 0 PUBLICATIONO REGULATIONO
SPEECH

0 TESTIMONY O OTHER

FROM: _Ioseph B. Fichenberger, OD/ADB

REVIEW OFFICES (Check when office clears)

© Under Secretary for Finance 1D Enforcement O Policy Management
O Domestic Finance DO ATF * O se
© Economic Policy © Customs A Negi ;
O Fiscal 0 FLETC Oi Tax Policy
OFMs O Sccret Service O Treasurer
OD Public Debt O General Counsel OE&P
© Inspector General O Mine
© Under Secretary for International Affairs Ors O Savings Bonds
© International Affairs OC Legislative Affairs
O Management | a ey
oocc
NAME (Ptease Type) INITIA | DATE OFFICE TEL. NO.
L
INITIATOR(S)
EStewart 1¢@ | 6nsi00 | we eonn67
as
REVIEWERS
FT lawman SL. 6/23)94
L)2ufer | USERERD (cervenerer 4s ¥-0F

Larsen).

9 Agar (eesph) 7

00500000000953


The Honorable Professor Rafiqul Islam
May 30, 1999
Page 6

2. “Transmission Systems Rehabilitation.” The Banks’ analysis is correct that there are
Severe transmission systera bottlenecks, particularly in the Dhaka area. However, this is a
Scparate problem from the lack of sufficient generation capacity. The addition of new
transmission lines simply does not create additional electrical power for the citizens of
Dhaka. We are mystified as to why the Banks believe this is an “Alternative” to adding
new generation capacity.

3. “Demand Management.” | The Banks describe several means to restrict the usage of
power in general, and to, curb its usage at peak demand times. While these effors are
well-intentioned and could. have some beneficial effects. they simply cannot alleviate the
power crisis all by themselves. At the Present time, the shortfall in peal: power demand
exceeds 500 MW. The demand increases at a rate of at least ten percent (10%) per year.
No workable power usage conservation plan, in our opinion, can possibly result in a full
restructuring of the usage of what is approximately iwenty-five percent (28%) of
Bangladesh's generation, capacity. New Power generation is required to operate

businesses, especially for those Tequired to create export-oricnted jobs that eam foreign
exchange,

Thank you for your consideration of these thoughts‘on the World Bunk’s and Asian
Development Bank's concems about the Crash Programme private sector power plants. We
believe that many of the positions taken in the Banks’ analysis are inaccurate, and in need of this
Fesponse to correct the record. We’strongly suggest that the Ministry move forward quickly with
the Crash Programme private sector power plants.

While the usual approach to such a plan would be to conduct a full-fledged international
tender, we counsel that a different approach be used in this case. The solicitation of bids, even
under the best of circumstances, could take at least one month. The reviewing of those bids
could take up to another two months. The negotiation and execution of appropriate contract
documentation could take additional time. Assuming a quick start to all of these events in early
June, the earliest, most optimistic construction start date would be October |—at the height of
the monsoon floodwaters. Accordingly; the quickest commercial operations date would be April
1, 2000. This means that if « tender process if pursued, power will not be available to the
Government when it is most nceded at the beginning of the summer months. Accordingly, we J
Suggest that the Ministry follow and complete the same Competitive process that the Ministry and
the Joint Committee have already been pursuing with companies such as ours, This approach is
the quickest, and a fair, method ofsclecting a suitable developer for these extremely important
power projects.

Thank you for your consideration of these matters. We look forward to a quick decision
from your Ministry to proceed with these Power projects so that the process of adding much-

wore
77 1 TAMANAANTH ‘A/IC AE TONS TT kk BT [oUTS 00500000000973


Sutton, Gary —————

From: Carleton, Norman

Sent: Friday, January 04, 2002 5:30 PM

To: Rosebero, Brian: Bair, Shella; Gross, Jared; Wiedman, Mark; Bitsberger, Timothy, ‘Smith, Amy
Ce: Schultheiss, Heidilynne; Nickoloff, Peter, Ellett, Martha; Gabilondo, Jose. Sutton, Gary
Subject: FW: Draft Memo on Enron/CFMA Articles

((b)(5)]

gone nal Message

From: Schulthess, Meciynne

Sent: Friday, January G4, 2002 5:10 PM

Tor Caieton, Norman

Subject: Draft Memo on Enron/CFMA Articles

{(b)(5)]

The three news articles are downloaded as the latter pages.

al

perros soe

00200000000058


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4IMCAIOHEVA

00 Jequiacag - ,1WYsye,, J24Ue] ONT S,ddd Jo youne7

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01000000000993


From:
To:
Date:
Subject:

{(b)(5)]

Norman Carteton
Sachsl, PaulusM, DOPOS.LEVINEM, COPOS, TooheyF, MCG...
7/24/00 10:40am

Financial Contract Netting and the CEA

01456

01200000000812


ajdood oy) 0) 19M0d
waMCd Hava

01000000001023

suoijeiado¢ | 8SbUd

yaloid 3y} JO SN}e}S

——————— oo _

pnuafivw uonPe1ludasadad


Nickoloff, Peter

From: Carleton, Norman
Sent: Wednesday, August 29, 2001 12:00 PM
To: Schultheiss, Heidilynne; Nickoloff, Peter
Subject; FW: Status of Retail Swap Study and the Enron issue
- nal Message
From: Bilett, Martha
Sent: Wednesday, Avgust 29, 200% 11:59 AM
Tor Carleton, Norman
ca ‘Gabilondo, Jose; Sutton, Gary
‘Subject: RE: Status of Reta Swap Study and the Enron Issue
{(b)(5)}
-—-Onginal Message----
From: Carleton, Norman
Sent: Wednesday, August 29, 2001 11:15 AM
To: Fisher, Peter; Raseboro, Brian; Bair, Sheila; Nickoloft, Peter; Schulthelss, Heidtynne; DeMarco, Edward; Hughes, Gerry; Gross,

Jared; Smith, Amy; Sutton, Gary; Elect, Mactha; Gatsdondo, Jose; Mcinemey, Roberta; Lon Sanatamorena (E-mail)
Subject: ‘Status of Retail Swap Stuly and the Enron Issue

((b)(5)]

’ 01622

01200000000278


{(b)(5)]

CONCLUSION

((b)(S)]

Attachments

{(b)(5)]

00200000000061


formulated, his spokesman did not rule out the prospect. “It's definitely a possibility," he said.

Moreover, members of the House Financial Services Committee are trying to move a provision
of the bankruptcy legislation pertaining to financial netting-perhaps as part of the economic
stimulus package-in the event the underlying bill remains stalled.

That provision is designed to strengthen and update current statutory protections for netting
financial market contracts if a party defaults. The netting language of the bill was one of the
few consensus items included in the bankruptcy legislation. The economic downturn and the
widening number of commercial bankruptcies could help create even stronger impetus for the
provision to move separately, sources said.

House Financial Services Committee ranking member John LaFalce (D-N.Y.) urged shortly
after the Sept. 11 terrorist attacks that the netting language be moved “expeditiously.” In
response, Treasury Secretary Paul O'Neill and Federal Reserve Chairman Alan Greenspan
agreed “whether as part of comprehensive bankruptcy reform legislation or as a stand-alone
bill, Congress should not fail to enact netting legislation this year.” The Financial Services
Committee had considered placing netting legislation on the schedule for markup this
Wednesday, when it takes up a host of other bills. Committee leaders decided against such
action, however. A spokeswoman for House Financial Services Committee Chairman Michael
Oxley (R-Ohio) said he remained hopeful that the underlying bankruptcy bill could move intact.

01200000000826


epdoo0d a4) 0) somag
Mee Onsva

suoleiado | eseud

JOalO1d BY} JO SN}JE}S

epuaby uoljejuasald

01000000000994


MEMORANDUM FOR DEPUTY SECRETARY EIZENSTAT

FROM: Timothy F. Geithner
Under Secretary (International Affairs)

SUBJECT: Closure Notational Vote for March 21, 2000, OPIC Board Meeting
ACTION FORCING EVENT:
{(b)(5)]

RECOMMENDATION:
[(b)(5)]

BACKGROUND:
((b)()]

Attachment

00500000000250


Q

Note on Crash Program for Power Sector

Background

L. The Ministry of Energy has invited private developers to submit proposals to
install in excess of 300 MW of generation capacity, on an emergency besis, within o
period of G months from signature of the contracts. Such power planis are expected to be
in the form of barges or ski¢-mounted units.

Reservations -

2 The program rarscs the following concerns:

+ High cost. these plants will deliver particularly costly power The fixed casis
are expecied to bs of the order of US¢5-G/kWh to which the {vel cost fies ww he

added, ic US¢)-2/kWh depending on efficiency (at a cost of gas of
USS! OS/MCF), The annual cost of 300 MW of these plants will be close to
USS1U0 aullion (USS65 million fixed cost, USS35 million vangble cost),
Moreover, the inv:tation is understood to involve base load piants, although
“ wdditrons! peaking capacity is what is required in the coming years In this
cantext, « should be noted that Haripur and Meghnaghat wi!| produce power at
wan inclusive levelized price below US¢3/kWh;

* Cos! rvcovery and tariffs; the financial projections prepared for the power
sector incomporals the input cost of power based on the least cost expansion
Program [fthese high cost plants are added, retail tariffs have to be
substantially increased, in addition to the tariff increase for March 1999 slrendy
pending with the Government.

{t miay also bs noted that the “ Crash Program” envisages provision of gus in the
power contractors at $ 1.0S/MCF which is lower than the purchase price of gas
from the production sharing contractors. This is going to increase the financial
burden on the gas sector, jeopardizing its development also.

Time duration of contracts: ij is understood that these plants wil! be for a
duration of 5 years, which would be extendable. On the other hand, Haripur
and Meghnaghat will be in operation in 2001-3, largely eliminating the need for
the expensive plants;

Environnicntal Impact: The environmental assessment of these plun:s has not
becn initiated — they will require at least 6 months prior to ths start of
consiruction,

+ Negotiduuns Experience from previous IPPs indicate that the secunty package.
which 15 yet to be prepared for thesc projects will require some time.
parucularly given that no detail RFP has been prepared. Worse, like the carer
round of negot:ations in barge mounted plants, this program will diver.
attention from the reform work needed in the sector for sustained recovery

© Latal acquisizion, This will take considerable ume, from experience tt indicates
uhat it mughi take more than 6 months to acquire a plot of lund for z power
plant

Cid FOONONAO7A MAN/TE At TOs AE Le RI oH Fottes war

00500000001010


"Gy

Enron Intarnational
L075 Eye Struct. NW. Suite 600 gee an
Washington, DC 20006

June 21, 1999 oy" Fest an Bre ep
“A

ad

Deputy Assistant Secretary William Schuerch (c/o Phyllis) ve ft
US, Department of Treasury ~ (Vat
Washington, D.C. Via Facsimile: (202)622-2536/ | A

br
Subject: Enron project efforts in Bangladesh and discussions with World Bank < «ol
a Vv

Dear Deputy Assistant Secretary Schnerch: \

Following John Hardy’: call to your office today, we are looking forward meeting you this
Wednesday aftemoon (time to be determined). In advance of thst m ease find a brief
summary of Enron's current efforts regardifig a power project in 2
to recent discussions with the World Bank.

Enron is proposing a short-term power project (150 megawatts, natural gas for fuel, S-year

duration) to alleviate the critical power shortages Bangladesh faces over the next 3-5 years. Our
efforts, going back some 12-18 months, advanced to the point of contract discussions with the
Bangladesh Power Development Board—discussions which were halted when, in May, the World
Bank issued a letter, urging the Bangladeshi's to reject short-term, emergency power projects
such as Enron's. At its core, the World Bank argument against such projects is based on two
premises: 1) the Bangladeshi's cannot afford the power being offered under short term contracts;

and 2) efforts aimed at curing the short-term power supply problems distract the Bangladeshi's ?
from implementing the longer-term sectoral reforms which the World Bank advocates. -

While Enron is actually a strong supporter of the reforms the Bank is secking, we do not look at
those reforms as being mutually exclusive with our proposal. To date, our efforts to engage the
Bank on potential solutions have achieved little—a status which is of growing concern as we see
real economic and development impacts associated with our project. Furthermore, we see

increasing power capacity unfold precisely es planned.

— roe ona icon eniormiarmnsyesamns f,”  f
malt

he U.S. Exe: atthe World
be discussion and to voice our the hopes of
moving the issue closer to a mutually agreeable solution. Again, we look forward to visiting with
ee gerne Should you have any questions or need additional information in advance, feel
to contact me. 3

Sincerely,
SID
Scott D. Reblitz

Natural gas. Electricity. Endless possibilities.TM
TOTAL P.@1

00500000000995


i Py i
Talking Points for Mark Jaskowiak to use with Charlie Flickner
{(b)(5)]

00500000000232


[Oxford Analytica Daily Brief

Pape 2

national currency. The de facto neutralisation of the summer
2000 reforms underscores:

the inherent dangers of partial forex reforms, which
joosen restrictions while leaving substantial
untulfilled local demand for hard currency -- a state
of affairs that spawns renewed black market activity
and thereby heightens pressure on the government to
reimpose controls; and

= the singular forex credibility problem of the Karimov
regime, whose temporising and broken promises have
undercut foreign and domestic confidence in its
commitment to liberalisation.

The only avenue out of such a credibility crisis is a
papetbncmantg lanabaiia) alana errhp ae
liberalisation, Karimov’s government is politically and
ideologically ill-disposed to such a strategy.

July decree. Against this backdrop, the latest foreign
exchange measures warrant considerable scepticism:

1. The most noteworthy aspect of the July decree is the
provision related to foreign companies, which are no longer
obliged to convert their som-denominated eamings at the
artificially overvalued commercial rate. In theory, this
measure will most directly benefit the Uzbek subsidiaries of
muhinationals tooled for sales to the local market (eg, Case
Holland, Coca Cola or Daewoo). However, the decree is silent
on the obligations of export-oriented multinationals, which

are still subject to a 50% surrender requirement for their
forex eamings and face high administrative costs (including a
5% conversion tax) when exercising their option to repurchase
hard currency. Owing to these continuing restrictions,
Uzbekistan stil! has a considerable distance to go towards
full compliance with the IMF's Article Vili requirements for
current account convertibility, which most western
muttinationals regard as the minimal condition for entry into

a host country.

2. The elimination of forex surrender requirements on
SMEs is a welcome development insofar as the SME sector
represents one of Uzbekistan's most promising arenas for
economic growth and job creation. However, in practical
terms, the SME-related component of the July decree is of
little consequence, While SMEs constitute a significant
‘source of foreign exchange in some transitional economies
(particularly in Central and Eastern Europe and the Baltic
states), their contribution to Uzbek foreign exchange is
negligible.

Of far greater value to Uzbek SMEs would be financial
sector reforms aimed at expanding the local intermediary role
of commercial banks, whose portfolios are currently burdened
by politically directed loans to large state enterprises.

‘This briefing is supplied by Oxford Analytica Ltd, an independent company, for the exclusive use of the
EBRD. The opinions expressed are not necessarily those of the EBRD and should not be quoted as such

00500000000286


{(b)(5)}

91634

01200000000290


24/ 2008 s0sM isa eS — ves

THE TAX COUNCIL
1301 K Street, NW - Sulte 800 West - Washington, DC 20005 - (202) 822-8062

PURPOSE

The Tax Council was organized in 1966 to promote sound tax and fiscal policies
in order to increase the real productivity of the nation. The Council believes that
the federal budget and tax laws should be based on policies that encourage both
capital formation and: capital preservation in order to enlarge productive
investment and generate economic growth.

The Tax Council provides an’ ongoing forum to clearly focus on federal tax and
budget issues through. policy review Ki ble communications to the Executive
Branch, testimony beford Co committees, informational publications
and tax conferences. The Council questions concepts and tax measures which
will be harmful to the economy and supports those that will result in a. stronger,
more productive base. ,

ORGANIZATION AND MANAGEMENT

The Tax Council was.incorporated in the District of Columbia on August 4, 1966
and is exempt from federal income tax under Section 501(c\6). A nonprofit,
business-supported organization, the Tax Council is governed iy Board of
Directors drawn from its\membership.. Mr. Alan J. Lipner, Senior President
for Corporate Tax of the American Company, is the current Chairman of
the Board. Mr. jer J.-LeMaster, a Washington tax attorney, is the Executive
Director. The Tax Pa fippones In ite efforts by the Tax Council Policy
Institute (TCP!) which js.a ion 501(c)(3) non; research and educational
organization. The TCPI recently sponsored a successful Federal Tax Policy
Symposium on “INDOPCO: Past, Present, & Future.” :

Membership in the. Tax Council is limited to 120 major corporations, associations
and businesses. They represent a wide: cross section of the business
community including ‘manufacturing, energy, telecommunications, electronics,
transportation, utilities,-retailing, law, accounting, banking and financial services.
Participating individuals typically are senior jevel tax executives, government
relations officers and financial executives.

PROGRAMS

Tax Legislative Conferences. A Spring Legislative Conference is held in
Florida early in the year to review and discuss tax legislative agenda for the
year, A Fall Conference coincides with the Annual oprah eel Washington
area. The Spring Conference im 2000 was held at the Brea in Paim Beach,
Florida. In 1, it’ willbe held at tha Ocean Reef Club, Key Largo, Florida.
Speakers include U.S. ‘Sénators, Representatives and high level Congressional
and Administration tax staff.

(over)

0800000001244


Nickoloff, Peter

From: Carleton, Norman
Sent: Tuesday, December 18, 2001 10:46 AM
To: Wiedman, Mark; Bair, Sheila; Bieger, Peter, Basberger, Timothy; DeMarco, Edward; Dorsey,

Karen; Eliett, Martha; Ellis, Dina; Gabilondo, Jose; Gross, Jared; Huffman, Lucy, Hughes,
Gerry; McGivern, Tom; McInerney, Roberta; Nickoloff, Peter, Roseboro, Brian; Salladin, Anne;
Schultheiss, Heidilynne; Smith, Amy, Sutton, Gary, Tishuk, Brian

Subject: ABI Website (12/17): Sensenbrenner Still Wants Netting Language to Be Part of Bankruptcy
Bill

Sensenbrenner Still Wants Netting Language to Be Part of Bankruptcy Bill

House Judiciary Chairman James Sensenbrenner (R-Wis.) is standing firm in his desire to move so-called
netting language as part of a comprehensive bankruptcy reform bill, a spokesman said, CongressDaily reported.
On Thursday, Sensenbrenner met with House Financial Services Chairman Michael Oxley (R-Ohio) and Federal
Reserve Chairman Alan Greenspan to discuss the possibility of passing netting legislation this year separate
from the beleaguered bankruptcy bill. Federal financial regulators and Financial Services Committee lawmakers
have renewed their calls for that action, in light of the recent collapse of Enron. The netting provisions are
designed to enable quick resolution to complex financial contracts in the event a party in the deal went bankrupt.
However, the netting provisions are one of the few consensus areas in the underlying bankruptcy bill, which is
currently in conference, and proponents are not apt to separate them out. “There was agreement between
everyone that the netting provisions [are] very important,” a Sensenbrenner aide said. “He's trying to get the
bankruptcy bill moving, and that’s where we are right now.”

, 01463

01200000000819


Retail Swaps

[(6)(5)]

01633

01200000000289


DEPARTMENT OF THE TREASURY
WASHINGTON, D.C. 20220

June 26, 1999

MEMORANDUM FOR DEPUTY ASSISTANT SECRETARY SCHUERCH

FROM: Joseph B. Eichenberger, Director/IDB
SUBJECT: Briefing for Your Meeting with Enron on Bangladesh Power
Date and Time: Tuesday, June 27, 1999, at 10:00am
PARTICIPANTS;
Treasury: DAS Schuerch
Elizabeth Stewart, IDB
Judy Laufmann, ICM
USED/IBRD: Janice Mazur, Commerce Liaison
Enron International: David Howe, VP, Project Development - Bangladesh

Scott Reblitz, General Manager, Project Finance
John Hardy, VP, Project Finance

BRIEFING: Background
Talking Points
Attachments

ow oui
Sch vale on

00500000000966


DISCUSSION:
{(b)(5)]

Suggested Talking Points on IPPs

{(b)(5)]

00500000000256


Schultheiss, Heidilynne

From: Carleton, cone:

Sent: Mond: 10, 2001 11:34 AM

To: Bair, Shoin’ DeNors DeMarco, Edward, Eichner, Matthew, Ellett, Martha, Fisher, Peter, Gabilondo,
Jose; Gross, Jared; Hammer, Viva; Hughes, - Nickoloff, Peter, Novey, Michael;
Rosedoro. Brian; Schultheiss, H nine, Smith, ; Sutton, Gary

Subject: Reta Swaps - Telephone Cail from Elizabeth Fox

((b)(5)]

01258

01200000000614


Christopulos, Greg

From: Christopulos, Greg

Sent: Tuesday, November 27, 2001 11:11 AM

To: Demopulos, Abigail; Kosmides, vy; Crawford, Todd; Sampliner, Gary
Ce: Holloway, Barbara; Jarpe, Rachel; ‘StrubleJW @state.gov’

Subject: RE: MIGA #63 Dominican Republic- Banco Santancer

{(6)(5)]

Gary -- you're the Treasury MIGA and expro lawyer who keeps us out of trouble, what do you
think?

sees Original Message----~-

From: Demopulos, Abigail

Sent: Tuesday, November 27, 2001 10:17 AM

Ivy; Crawford, Todd

Cc: Holloway, Barbara; Christopulos, Greg; Jarpe, Rachel;
‘StrubleJWestate.gov*

Subject: RE: MIGA #63 Dominican Republic- Banco Santander

{((b)(5)]

ssees! Original Message-----

From: Kosmides, Ivy

Sent: Tuesday, November 27, 2001 10:13 AM

To: Crawford, Todd

Cc: Demopulos, Abigail; Holloway, Barbara; Christopulos, Greg; Jarpe,
Rachel; StrubleJW@state.gov

Subject: RE: MIGA #63 Dominican Republic- Banco Santander

[(b)(5)]

sere Original Message-----

From: terawford@worldbank.org (mailto:tcrawford@worldbank.org)
Sent: Tuesday, November 27, 2001 9:48 AM

To: Ivy.Kosmides@do.treas.gov

Ce: Abigail.Demopulos@do.treas.gov; Sarbara.HollowaySdo.treas.gov;
Greg.Christopulos@do.treas.gov; Rachel .Jarpes@do.treas.gov;
StrubleJWestate.gov

Subject: RE: MIGA #63 Dominican Republic- Banco Santander

{((b)(5)]

00500000000276


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((bV5)]

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01000000001002


[Oxford Analytica Daily Briet

Oxford Analytica East Europe Daily Brief

UZBEKISTAN: Credibility Gap — 8 August 2001

EVENT: The World Bank on August 6 said it will postpone until
March 2002 a board presentation of its new loan programme, to
assess progress on reforms recently announced by Tashkent.

SIGNIFICANCE: The government tast month loosened foreign
preseplaadlesesl surrender requirements for small and medium-
sized enterprises and broadened the forex conversion and

repatriation rights of foreign companies operating in

ANALYSIS; On July 1, the government loosened foreign exchange
surrender requirements for small and medium-sized enterprises
(SMEs) and broadened the foreign exchange (forex) conversion
and repatriation rights of foreign companies operating in
Uzbekistan. This decree represented the latest in a series of
measures aimed at partial liberalisation of Uzbekistan's forex
regime. In May 2000, Tashkent unified the commercial and
official exchange rates of the som currency by devaluing the
former by 55%. In July of that year, it introduced a new
commercial rate, pegged at a level approaching the kerb rate
and applicable to local holders of forex licences -- a key

step towards terminating use of the exchange rate as an
enterprise-subsidy mechanism. In an effort to legalise the
burgeoning forex black market, the government also authorised
@ select number of banks and exchange booths to sell hard
currency to the population at the new commercial rate, Taken
together, these measures were widely viewed as indications
that President Islam Karimov had finally become serious about
forex liberalisation.

However, the hopes engendered by these measures were quickly
dashed, Last autumn, Tashkent introduced a differentiated
import profit tax and stripped 47 Uzbek companies of their
forex licences for failing to comply with central directives

‘on consumer imports - demonstrating the Karimov regime's
continued policy of discrimination and interference in
enterprise decision-making. The government's promise to
legalise forex transactions by the population also proved a
chimera, as dollar sales were limited to 500 dollars for
individuals possessing visas and international travel tickets.
These restrictions forced Uzbek households to retum to the
black market, pushing up the kerb rate and defeating the
government's attempt at exchange rate unification, By early
2001, the black market rate stood at 150% of the commercial
rate and over three times the official rate, signalling the
revival of the three-tiered exchange rate system anc
illustrating the population's lack of confidence in the

‘This briefing is supplied by Oxford Analytica Lid, an independent company, for the exclusive use of the
EBRD. The opinions expressed are not necessarily those of the EBRD and should not be quoted as such.

00500000000285


eydood ay) 0) samog
YIMCdHWOHEVG

uOol}ONIySUOD || eSeUd

yOafO1d 34} JO SN}E}S

01000000001030


Ivy. Kosmides@do

.-treas.gov To: Abigail .DemopuloseDo. Treas .Gov,
Strublejwestate.Gov,
TerawfordewWorldbank.Org,
Greg.Christopulos@Do.Treas.Gov,
11/27/2001 Rachel .Jarpe@Do. Treas .Gov
09:36 AM ce: Barbara.Holloway@Do.Treas.Gov
Subject: RE: MIGA #63 Dominican Republic-

Banco Santander

I'm including Rachel Jarpe, our Research Assistant, on this chain as she
will be working on the Caribbean with me.

Thanks.

o.-2 Original Message-----

> From Demopulos, Abigail

> Sent: Tuesday, November 27, 2001 9:35 AM

> To: Kosmides, Ivy; ‘John W Struble (E-mail) * (&-mail); Crawford, Todd;
> Christopulos, Greg

> Ce: Holloway, Sarbara

> Subject: MIGA #63 Dominican Republic- Banco Santander
>

{(©)(5)]

> Please let me know if you have any comments.

>

> Thank you,

>

» Abby Demopulos

> 622-8811

00500000000277


The Honorable Professor Rafiqul Islam
May 30, 1999
Page 2

depending upon the size of plant selected (120 MW to 200 MW) and term of PPA
contract.

The Banks also postulate 4 larger Fange to the cost of the fuel portion of these tariffs than
is necessary, observing that the fuel Price ranges between 1 and 2 cents per kWhr. A
more likely range is on the lower end, between 1.0 and 1.5 cents per kWhr.

The Banks also assert that purchasing 300 MW of power from the Crash Power Projects

This too is probably on the high of the possible spectrum. By contrast, purchasing 300
MW under the Crash Prograrhme could result in total costs as low as US $80 Million
{again depending upon the Size of plant selected and term of the PPA agreement).

Power Projects were given a fifteen (15) year PPA (as was done for all of the harge-
mounted power projects). the power tariffs for the Crash Power Projects would be similar

to those of the barge-mounted power plants. Similarly, the Banks fail to explain that *p+SXfor
the Haripur and Meghnaghat power plants, the financial obligations of the Government

must continue for 2 full twenty-two (22) year Period, rather than for the much, much
briefer period of five (5) years for the Crash Power Projects.

2 “Cost Recovery and Tariffs.” The Banks hypothesize that purchasing 300 MW of power
from the Crash Power Projects will have the Onerous effect of forcing 2 substantial
increase in the retail power tariffs charged by Power Development Board (“PDB”) to its
customers. This simply is not bome out by the facts. According to the Banks’ own
analysis, the PDB presently yenerates approximately 2,200 MW for sale. A 300 MW
increase in this amount via the Crash Power Projects would thus represent merely a
twelve percent (12%) increase in overall generation capacity. Even if one were to
presume that the power from the Crash Power Projects would cost between 4.0 and 5.5
Cents (all-in), and that existing power costs 3.0 cents (all-in), the net increase on overall
PDB generation costs would only be roughly between five percent (5%) and ten percent
(10%). The actual increase would be from 3.00 cents to between 3,12 and 3.30 cents per
kWhr. That simply does not translate to a Significant required increase in PDB*s
consumer tariffs.

woud
£1 bf IMOANAAATE ‘AU/TE AT ro sor aT ee RT Feteel 00500000000969


ar @

is
Frederick T. Temple Phiphit Suphaphiphat ~
World Bank Country Director Resident Representative :
Bangladesh Asian Development Bank, BRO
May 19, 1999

Hon. Prof. Rafiqul islam

Minister of Sante

Ministry of Energy & Mineral Resdurces
Government of Bangladesh :
Bhaban 6, Room 123

Bangladesh Sverctanat

Dhaka .

Dear Minister.

Thastk you very much for arranging the brainstorming session on the power
Sector on May 16, 1999 aftemoon, We were both Sorry that we could not stay until the
end of the sessiun because of personal commitments,

One of the issues we wanted to raise during the session was the "Crash
Program for Power Seetor’ whieh the Government tsplanning to undertake in the neer
future. Mr. Mandal had bnefed our Joint mission about the program, Unformnately. we
~ could mo: discuss this due 0 time constraints, However, we are enclosing some thoughts
on the subject whieh: ADB and World Bank have Jointly prepared, for your consideration,

Since tine ‘Crash Program" has implications for the issues discussed in the
Iclter dzied Apr! 21, 1999 from the Finance Minister to the World Bank's Regronal Vice
Presiden: fur South Asia concerning the Haripur Project, we are copying this letter and
the enclosure ty the ministries

Sincerely,

es " Thos S-, 4007

Copy to

The Hon'ble S.A M.S Kibria, Minister for Finance, Govemment of Bangladesh:
Di Masihur Rahmun, Secretary, ERD

Dr, Tawfiq-e- Glut: Chowdhury, Secretary, MEMR

Mr. G.M, Mandal. Secretary. Power Division, MEMR

<nr.s Coft KEATON ford
bt 4 1ognenne7s ‘nw /7C:0r “19871 0500000001009


" Christopulos, Greg

From: Christopulos, Greg
Sent: Friday, November 30, 2001 12:23 PM
To: Resnick, Bonnie; Epstein, Natan; Sampliner, Gary; Sills, Gay, Wallace, Jemes
‘Subject: FW: Request for Meeting re. Azurix Corp Dispute with the Province of BA in Argentina
AaeabretnPavete
emer Bonnie -- As they say in NY: da ball z in ur court.
Tanks.
oreee Original Message-----

From: Miceli, Keith (mailto:Xeith.Miceligenron.com]

Sent: Friday, November 30, 2001 12:02 PM

To: greqg.christopulosedo.treas.gov

Subject: Request for Meeting re. Azurix Corp Dispute with the Province
of 3A in Argentina

November 30, 2001

Greg Christopolus
International Economist
International Affairs
Treasury Department
Washington, 0.C.

Dear Greg:

Thanks for offering to arrange a meeting with John Garrison, President
and CEO of the Azurix Corp. and myself. The purpose of the meeting to
provide a briefing on the status of a half a billion dollar investment
dispute that the Azurix Corp. has with the Province of Buenos Aires.
Attached is a confidential briefing paper that provides a history of the
dispute; our efforts to resolve it amicably; the lack of good will on
the part of the Provincial autherities to find a resolution, and some
auggestions to break the impasse to the benefit of all parties
concerned.

I understand that you will be on travel for those dates, and that you
will speak with Bonnie Resnick about meeting with us. I can be

contacted at (713) 345-5956 or keith.miceligenron.com to finalize
arrangements. Many thanks,

Sincerely,
Keith L. Miceli
Senior Director

International Public Relations

<<AzurixBriefingPaperRevisediov19.doc>>

00500000000271


01000000001021

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pred jou jjIq Aeyy ‘judy ‘pred jou j1q Arenuer “aquiedeq

| aseyd — uolenyig juasng

01000000000998


((b)(5)]

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01000000001019


formulated, his spokesman did not rule out the prospect. “It's definitely a possibility,” he said.

Moreover, members of the House Financial Services Committee are trying to move a provision
of the bankruptcy legislation pertaining to financial netting-perhaps as part of the economic
stimulus package-in the event the underlying bill remains stalled.

That provision is designed to strengthen and update current statutory protections for netting
financial market contracts if a party defaults. The netting language of the bill was one of the
few consensus items included in the bankruptcy legislation. The economic downturn and the
widening number of commercial bankruptcies could help create even stronger impetus for the
provision to move separately, sources said.

House Financial Services Committee ranking member John LaFalce (D-N.Y.) urged shortly
after the Sept. 11 terrorist attacks that the netting language be moved “expeditiously.” In
response, Treasury Secretary Paul O'Neill and Federal Reserve Chairman Alan Greenspan
agreed “whether as part of comprehensive bankruptcy reform legislation or as a stand-alone
bill, Congress should not fail to enact netting legislation this year.” The Financial Services
Committee had considered placing netting legislation on the schedule for markup this
Wednesday, when it takes up a host of other bills. Committee leaders decided against such
action, however. A spokeswoman for House Financial Services Committee Chairman
Michael Oxley (R-Ohio) said he remained hopeful that the underlying bankruptcy bill could
move intact.

01467

1200000000121


Nickoloff, Peter

From: Carteton, Norman

Sent: Tuesday, January 08, 2002 5:45 PM

To: Schuiltheiss, Heidilynne; Nickoloff, Peter

‘Subject: FW: CFTC’s Exemption for Certain Contracts Involving Energy Products (April 20, 1993)

—--Ongnal Message-—

From: (Carteton, Norman

Sent: ‘Tuesday, January 06, 2002 5:44 PM

To: Bair, Sheila

Subject: RE: CFTC's Exemption tor Certain Contracts Involving Energy Products (April 20, 1993)

[()(5) , (6)(6)]

‘Norman

so-Original Message
From: Bar, Shela

Sent: Tuesday, January 08, 2002 5:24 PM
To: Norman

Carleton,

Subject: RE: CFTC's Exemption for Certain Contracts Involving Energy Products (Apri 20, 1993)
Norm ~ [(b)(5)]

Dow | believe was also there at the time, and now works for Jim, | believe.

Sheila

| would suggest Andrea. Deanna

Peele ton Ae

Sent Tonsay, Jory 08, 202 5:14 Pm

pa Sry i, rb: in Bee, ety, Er, Wh: tc Gnd Nae, Vs
Subject: CFTC: Exerptr or Cotan Conc behing Energy Praducs (Apr 2, 1983)

Sheila,

{(b)(5)]

“ 01502

01200000000156


{(b)(5)]

SUE AND DISCUSSION

{(b)(5)]

00200000000060


From: Wiedman, Mark

Sent: Friday, J January 11, 2002 10:30 AM

To: ileton, Norman, Seabee. Timothy; Schultheiss, Heiditynne; Nickoloff, Peter
Subject: Re enron meeting 12)

{(6)(5)}

Thanks.

-Original Message-----
From: Carleton, Norman <Norman, Carletonédo.treas.gov>
To: Wiedman, Mark <Mark.Wiedman@do.treas.gov>
CC: Schultheiss, Heidilynne <Heidilynne.Schultheissedo.treas.gov>
Sent: Pri Jan 11 09:52:30 2002
Subject; RE: emron meeting -- 12:00?

{(6)(5)]

--Original Message-----
From: Wiedman, Mark
Sent: Friday, January 11, 2002 9:10 AM
To: Carleton, Norman; Schultheiss, Heidilynne
Ce: Nickoloff, Peter; Bitsberger, Timothy; Stokes, Veronica

Subject: enron meeting -- 12:00?

Tim would like to go over the Enron paper you folks put together at 12. Can you make
that?

Wiedman, Mark

From: Wiedman, Mark

Sent: Friday, seus Mi, ee OAM

To: Carleton, Norman, Tenotine boohes, Veron!

Ce: Nickolof, Peter, Baserper Toy

Subject: enron meeting -- 12:00

Tim would like to go over the Enron paper you folks put together at 12. Can you make that?
Wiedman, Mark

From:

aoe Trey loner 10, 2002 8:38 PM
‘0:

Subject: il foia

[OUTSIDE SCOPE , (b)(2)]

00715

01200000000060


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waMCdwHsva

00 aquiaAon - yoalo1g JAMO || BSeUd

~1Ouged JO SMaIA [ELOY

01000000000991


Donovan, Meg

From: Totoul, Ramin

Sent: Thursday, June 07, 2001 9:07 AM

To: Rao, Geetha

Ce: Donovan, Meg: Grewe, Maureen; Mills, Marshall
Subject: FW: Enron Call to O'Neill

Geetha ~ Should have an answer later today. Please remind me if you haven't heard from me. Thanks, Ramin

—~Original Message——

From: Adams, Tim

Sent: Thursday, June 07, 2001 7:02 AM
To: Toloul, Ramin

Subject: RE; Enron Cail to O'Neill

Mi follow up — stop by later.

Original

From: Toloul, Ramin

Sent: Wednesday, June 06, 2001 9:08 PM
To: Adem, Tim

ce: Donovan, Meg

Subject: FW; Enron Call to O’Nell

Tim — Do you know anything about this call that | could pass along to our India desk officer? Please let me know if |
should follow up with someone else, Thanks, Ramin

pai
i

{(b)(5))

| am approaching you both as my first
point of contact. Any information you can obtain and/or advise on how to proceed wouki be superb,
Thanks in advance.
Geetha

00500000000506


Much has happened since then, which can be pull together in j memo,

<< File: (07-12-01) Enron-OPIC info memo - final,doc >>

On the second question, we received the first paper from youf office and the second
paper from OPIC, I've been following these Enron-India de ments and have
additional information if needed.

<< File: (07-12-01) Enron-OPIC info memo - final.doc >> << File: IndiainviClimate2 gc.doc >>

—Original

From: ‘Silts, Gay

Sent: Monday, December 03, 2001 2:56 PM

To: Resnick, Borrée; Rao, Geetha

‘Subject: Cane ae Geetha: do you have anything in the briefing about enron's problems with
Inca’

Dam told Joe Engelhard he wanted something in. please let us see what you have in, if
anything. Otherwise bonnie who is filling in for greg will have to do something. thanks << File;
Briefing on OPIC-Dabhol - investment section.doc >>

00500000000280


Norman,

{(b)(5)]
Don

Original

From: DeMarco, Edward

Sent: Thursday, February 15, 2001 6:22 AM

To: Hammond, Donald; Ells, Dina; Huffman, Lucy; Carleton, Norman; McInerney, Roberta; Constantine, Eleni; Hughes, Gerry; Stewart,

ca Tishuk, Brian; Robbins, Eric
Subject: FW: Bankruptcy Reform Mark-up Hearing

FYI

one Oniginal Message-—--

From: — Robbins, Eric

‘Sent: Wednesday, February 14, 2001 5:45 PM
Edward

H.R. 333, the “Bankruptcy Abuse Prevention and Consumer Protection Act 2001” was reported out of
the House Judiciary Committee on Wednesday, February 14, 2001, During the mark-up hearing,
eighteen amendments were offered with all but one amendment failing to pass. Voting occurred largely
along party lines. The only amendment that passed was a technical amendment offered by Chairman
Sensenbrenner. Only one Republican crossed party lines to vote for one of the seventeen other
amendments that failed.

Representative Bachus (R-AL) assured the committee that he was committed to working with
Representative Oxley from the Financial Services Committee on commercial bankruptcy provisions and
netting requirements.

‘ 01683

01200000000339


National Security Council Guidance on the Enron Issue

{(b)(5)}

01000000000984


[OUTSIDE SCOPE , (b)(5)]

00500000000246


BRIEFING

MEMORANDUM FOR DEPUTY SECRETARY EIZENSTAT

FROM: Timothy F. Geithner

Under Secretary (International Affairs)
SUBJECT: Briefing for Your OPIC Board Meeting
DATE AND TIME: Tuesday, September 19, 2000

Board Luncheon 12:00-1:00 P.M.
Board Meeting 1:00-3:00 P.M.

LOCATION: Twelfth Floor
1100 New York Avenue
OVERVIEW:
{(b)(5)]
RECOMMENDATION:

{(b)(5)]

OTHER ISSUES:
{(b)(5)]

‘The OPIC-MidAmerican Claim
{(b)(5)]

00500000000242


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fats or ag nS a ee RE TS

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01000000000990


Nickoloff, Peter

From: Carleton, Norman
Sent: Thursday, August 30, 2001 9:33 AM
To: Bair, Sheila
Subject: RE: More on the Enron Issue
{(b)(5)]

Original Message——-

From: Bair, Sheila

Sent: Thursday, August 30, 2003 9:26 AM

To: Carleton, Norman

‘Subject: RE: More on the Ereon Issue

[(b)(5)]

wn Orignal Message-—--

From: Carleton, Norman

Sent: Wednesday, August 29, 2001 2:41 PM

To: Fisher, Peter; Roseboro, Brian); Bair, Shela; NickololT, Peter; Schultheiss, Heicilynne; OeMarco, Edward; Hughes, Gerry; Gross,
Jared; Senith, Amy; Sutton, Gary; Ellett, Martha; Gabiondo, Jose; McInemey, Roberta; Lori Sanatamnorens (E-mail);
Nowey, Michael; Echner, Matthew; Hammer, Vive

‘Subject: More on te Enron Issue

{(b)(4) , (b)(5)]

01625

01200000000281


{(b)(5)]

On Friday, I discussed the Enron issue with Ken Raisler, their outside counsel. There may be a way
through this issue. This will be discussed in a forthcoming note.

° 01628

01200000000284


this.

v

01632

01200000000288


bol-brz3.doc, by Michael ColbyIDB, 622-1542, 11/22/99,

00500000000254


{(b)(5)]

Norman
——Onignal Message-----
From: Hammond, Donald
Sent: Thursday, February 15, 2001 6:26 AM
Tor DeMarco, Edward; Ells, Dina; Huffman, Lucy; Carleton, Norman; McInerney, Roberta; Constantine, Eleni; Hughes, Gerry; Stewart,
ca Tishuk, Brian; Robbins, Eric
‘Subject: RE; Bankruptcy Reform Mark-up Hearing

Ed,
{(b)(5)]
Norman,

{(b)(5)]

DeMarco, Edward
‘Sent: ‘Thursday, February 15, 2001 6:22 AM
A ); Huffman, Lucy; Carleton, Norman; Meinemey, Roberta; Constantine, Eleni; Hughes, Gerry; Stewart,

‘Subject: PW: Bankrugtcy Reform Mark-up Hearing
Fy

-—Ongnal Message—--

From: Robbins, Eric

Sent: Wednesday, February 14, 2001 5:45 PM
To: DeMarco, Edward

Cer Tishuk, Bran

Subject: Bantzuptcy Reform Mark-up Hearing

H.R. 333, the “Bankruptcy Abuse Prevention and Consumer Protection Act 2001" was reported out
of the House Judiciary Committee on Wednesday, February 14, 2001. During the mark-up hearing,
eighteen amendments were offered with all but onc amendment failing to pass. Voting occurred
largely along party lines. The only amendment that passed was a technical amendment offered by
Chairman Sensenbrenner, Only one Republican crossed party lines to vote for one of the seventeen
other amendments that failed.

Representative Bachus (R-AL) assured the committee that he was committed to working with
Representative Oxley from the Financial Services Committee on commercial bankruptcy provisions
and netting requirements.

‘ 01687

01200000000343


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vsMedOHaVG

sauojsajipy Aay :uononsjsuog |] aseyd

01000000001000


Bair, Sheila

Ce

From: Fisher, Peter

Sent: Wednesday, November 28, 2001 6:05 PM
To: Bair, Sheita

Subject: RE: Enron

thanks,

please copy jared when you send other stuff along.

-——Original Message—---

From: Bair, Sheila

Sent: Wednesday, November 28, 2001 5:49 PM
To: Fisher, Peter; Adams, Tim

Subject: = Enron

Importance: High

{(0)(5)}

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From: Marne Levine

To: DOM3.DOPOS{TooheyF }, DOM3. DOPOB(CARLETONN, MCGIVER..,
Date: 7/24/00 11:15am

Subject: Financial Contract Netting and the CEA -Reply

{(b)(5)}

>>> Norman Carloton 07/24/00 10:40am >>>

((b)(5)}

ce: DOM3.DOPO6(GREENEMI, GrossJa, NICKOLOFFP, Schuttho.,

01773

01200000000429


Conley, Robert

From: Kosmides, Ivy

Sent: Tuesday, October 02, 2001 5:20 PM
To: "Peacock, Charlies E'; Kosmides, Ivy
Ce: Conley, Robert

Subject: RE: Appointment

Importance: High

Do you have email for him?
Thanks.

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

From: Peacock, Charles E [mailto:PeacockCEastate.gov)
Sent: Wednesday, September 26, 2001 6:33 AM

To: . I

Ce;
Subject: RE: Appointment

[(b)(5)]
You should contact Richard
Steelman at USAID if you need details. His number is 712-0518. Charlie

From: Ivy.Kosmidesedo.treas.gov [mailte:Ivy.Kosmides@do.treas.gov]
Sent: Tuesday, September 25, 2001 6:23 PM

To: PeacockCE@state.gov

Ce: Robert .Conleya@do.treas.gov

Subject: RE: Appointment

((b)(5)]

Thanks,

aasenl Original Mes -
From: Peacock, Charles & [mailto:PeacockCBastate.gov)
Sent: Tuesday, September 25, 2001 9:29 AM

To: 'Ivy.Kosmides@do.treas.gov'

Subject: RE: Appointment

Ivy,

John Hardy, VP for Global Finance, can be reached at 202-331-4717. He's the
guy who is coming here today. Are you atill attending that meeting?
Charlie

soeee Original Messace-
From: Ivy.Kosmides@do.treas.gov (mailto: Ivy.Kosmides@do.treas.gov)
Sent: Monday, September 24, 2001 5:32 PM

To: PeacockCE@state.gov

Subject: RE: Appointment

Charlie,

Do you have contact information for the Enron group? They have also
scheduled a meeting here with DAS Schuerch and his office needs it.
Thanks,

ivy

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01000000000997


Meeting with Enron on Power Proposal in Bangladesh (June 27, 1999),
{(b)(5)]

TALKING POINTS:
((b)(5)]

Attachments:
1) Enron incoming of June 21, 1999 (Scott D, Rebtitz to DAS Schwerch).
2) Joint World Bank - Asian Development Bank letter of May 19, 1999 to GOB Minister
of Stae/Minisry of Energy & Mineral Resources (Temple/Suphaphiphat to Hon. Prof Ragiqul Islam).

00500000000967


Philippines -- Power Project Tab 8
[OUTSIDE SCOPE , (b)(5)]

00500000000248


I'm mure that you will Se delighted to hear that Lisa
thousands are leading NBC coverage of the Enron collap

i have a serious question: I know that often when ac
travels abroad on official business he/she will take a
of American industry a3 part of the delegation. My que
Enren officials been along on any such trips with the

i'd appreciate any info that you can provide.

Cheers, Mike Vv.

+--+ Original Me xe
From: Michele. Davis@de.treas.gov [mailto:Michele.Davisddo.treas.gov)
Sent: Friday, January 11, 2002 1:02 Px

To: Michael. Viqueira@nbde.com

Subd‘ect: RE: hi there

T just get off the phone with Davic. But definitely let me know if there's
any additional questions. Thanks for thinking of me!

The volur pretty high, but this is an easy one -- such easier
than anmawering Newt ethics questions, or all those other things!

[mailto:Michael.Viqueiragnbc.com)
Sent: Friday, January 11, 2602 12:43 PM

Te: 'michelo,davis@de.treas.gov’

Subject: hi shere

You must oe having 4 wonderful day.

I don’: know if Campbell or David are in touch with you, but if they aren't
please keep me in mind when you have stuff that you need out there,

cheers, Mikey V.

Because e-mail can be altered electronically,
the integrity of this communication cannot be guaranteed.

Because e-mail can be altered electronically,
the integrity of this communication cannot be guaranteed.

0800000000151


December 18, 2001

Senator Eyes End To Enron-Type Special-Purpose
Entities

Dow Jones Newswires

WASHINGTON -- U.S. Senate Commerce Committee Chairman Fritz Hollings, D-S.C.,
pledged Tuesday to introduce legislation to eliminate the sorts of financial accounting
that led to the financial collapse of Enron Corp. (ENE).

Ata committee hearing on the Enron debacle, Hollings called for legislation to eliminate
the use of special-purpose entities, which are partnerships or trusts through which
companies keep their debt off the books and, in Enron's case, overstate earnings.

Hollings said such off-the-balance-sheet transactions should end in order to protect
investors. Hollings also was highly critical of the amount of insider stock selling by top
Enron officials. He noted that Enron Chairman Kenneth Lay and former Chief Executive
Jeffrey Skilling each sold shares in recent months for more than $60 million, while
members of Enron's board sold shares worth more than $160 million.

“The selling of Enron was prolific,” Hollings said, calling the insider selling "a screaming
red flag.”

If Enron officials felt the stock was undervalued, as they publicly attested, “why were
they cashing in?" Hollings said.

Hollings also said there was plenty of blame for the “shenanigans” associated with
Enron's collapse, which he likened to a “cancer.” He cited Enron's role in persuading the
Commodity Futures Trading Commission against the Clinton administration's call for
regulation of energy derivatives, and subsequent congressional action to exempt from
regulation the highly complex energy derivatives Enron's special-purpose entities
engaged in.

“We are all guilty for letting it happen,” Hollings said of Enron's collapse.

Sen. Byron Dorgan, D-N.D., chairman of the committee's consumer affairs panel,
described Tuesday's hearings as the first of several that will delve into the roles in
Enron's financial collapse played by: Enron officials; Arthur Andersen, Enron's outside
auditor; Wall Street analysts, and regulators.

"This is about an energy company that morphed into a trading company involved in
hedge funds and derivatives, It took on substantial risks, created secret off-the-books
partnerships and, in effect, cooked the books under the nose of their accountants and
investors,” Dorgan said.

00200000000070


” May 30, 1999

The Honorable Professor Rafiqul Islam

Minister of State

Ministry of Energy & Mineral Resources
Government of The People’s Republic of Bangladesh
Bangladesh Secretwriat ‘

Dhaka, Bangladesh =

Re: “Crash Programme for the Power Sector”
Dear Mr. Minister:

It is our understanding that the World Bank and Asian Development Bank (“Banks”)
have expressed certain concems regarding the private Power projects being considered as part of
the Government's “Crash Programme for the Power Sector.” We write to you today to address
the Banks’ views with additional information regarding the Crash Power Projects, and 10
Teemphasize the need to add more power immediately.

The Banks’ chief position appears to be that Bangladesh can do without additional power
plants for at least the next two (2) summers (2000 and 2001). The Banks advocate this position
even though Bangladesh continues to Joadshed more than 500 MW during peak summer demand
periods. The Banks’ main solution to this serious Problem appears to be the AES-sponsored 360
MW Haripur power project, which the Banks contend will come online in the middle of 2001;
shortly afterward, the Banks continue, a second 450 MW piant at Meghnaghat will then be
commissioned. Implicit in this position, then, is that even under the best of circumstances, she
Banks contend that Bangladesh should wait at least two summers before adding new capacity!
Export-onented businesses yielding much-needed foreign exchange will continue to suffer badly
from the lack of sufficient electricity. As recent events have shown, the public need and demand
for power is very real. With all due respect, we believe the Banks’ proposed “wait, see, and
pray” approach constitutes a very risky gamble on Bangladesh's future. We believe that action
on the part of the Government is required to ensure Bangladesh's economic, social. and political
stability.

In their recent communications, the Banks raise six (6) specific “Reservations” 10 the
Crash Power Projects, which we will address one-by-one:

1. “High Cost.” The Banks assert that the Crash Power Projects will deliver expensive
power. Specifically, they claim that the power prices (.without fuel) are in the $ to 6 cent
range. Actually, the tariffs will probably be between 3.0 and 4.5 cents per kWhr,

OT 2 TOQNONNO7H ‘AN/7CIOT “1R/QC:01 AK 7 0 Inet) 008 7


The Honorable Professor Rafiqul Islam
May 30, 1999
Page 7

needed power so the Bangladesh electrical grid can proceed. We are available to respond to your

Questions and can meet with you at any time.

Sincerely yours,

ronal .
Sarna

‘ Vice President
The Honorable $.A.M.S. Kibria, Minister for Finance, Government of Bangladesh
Dr. Mashiur Rahman, Secretary, External Relations Division
Dr. M.A. Malik, Political Advisor to the Prime Minister
Dr. Toufiq e-Elahi lury, Secretary, Ministry of Energy & Mineral Resources
Mr. G.M. Mandal, Secretary (Power Division), Ministry of Energy & Mineral Resources

Mr. Quamnul Islam Siddiqui, Chairman, Bangladesh Power Development Board

Philip F. Parman, Jr. (Enron)

7 Ff TNMANAANTH ‘AU /PE AE TOMA TT kk BT O MAU

wows
00500000000974


The exemption, tucked into broader legislation that established the legality of unregulated
derivatives trading by banks, was not supported by # Clinton administration working group,
largely because of opposition from the CFTC. Since the departure of Wendy Gramm, some in
the agency had lobbied for tighter control over the exploding energy derivatives market. The
legislation passed through the Senate Banking Committee, then chaired by Phil Gramm, who has
received $97,350 from Enron employees and its political action committee since 1989. A Gramm
spokesman said the senator does not recall talking to his wife, an Enron director, about the
energy provision and played "no role" in negotiating it. Wendy Gramm did not return phone calls
seeking comment.

Enron was a primary player, with Koch Industries Inc., a large, privately held oil and gas
company based in Wichita, in pushing for the exemption, a source said. But the company's main
effort was focused on the House Agriculture Committee, where the legislation originated, Its
chairman and ranking Democrat, Texas Reps. Larry Combest (R) and Charles W. Stenhotm (D),
respectively, were among the top recipients of Enron campaign donations in the House since
1989,

The CFTC objected strenuously to the initial draft marked up by the committee, but the Texas
congressmen helped work out a compromise between Enron and the agency. The compromise
was then offered by Rep. Jerry Moran (R-Kan.), the home-state congressman of Koch Industries
and a recipient of campaign donations from Enron and Koch in the last election cycle. Moran did
not return a phone call seeking a comment.

Early this year, Lay seemed to be at the height of his political power, getting a private mecting
with Vice President Cheney to discuss the administration's energy policy proposals and weighing
in on key nominations to FERC.

Curtis Hebert Jr., FERC's chairman at the time, has reported that Lay called him and implied that
Enron would urge the newly installed Bush administration to keep him in the job -- if he changed
his views to support Enron's position for faster electricity deregulation. Lay contended that
Hebert called him to ask for support.

Hebert was not reappointed. He was replaced by Texas lawyer Pat Wood III, a strong advocate
of deregulation who had the backing of Lay and Enron.

Ironically, since Enron's fall, both FERC and Congress seem to be moving in the direction of the
deregulated markets Lay and Enron lobbyists had pushed for.

© 2001 The Washington Post Company

00200000000066


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01000000000996


The Honorable Professor Rafiqu! Islam
May 30. 1999
Page 5

other plants, With minimal revisions, these agreements will he suitable for the Crash
Power Projects. :

to implement the Crash'Power Projects, it can make government land available for its
chosen project developers provided some exists in viable locations. We believe this to be
the case. Based on our engineering team’s analysis of prospective power plant locations
near Dhaka, Enron proposes to use land owned by the Bangladesh inland Water
Transport Corporation (“BIWTC”) directly in front of the existing Haripur Power Station,
Obviously this is govermment-owned land and can be made available quickly to the Crash
Power Projects.

The Banks also raise three (3) “Alternatives” to the Crash Power Projects for the

Government to consider in lieu of those Projects. As with the “Reservations,” we now address
these one-by-one:

1 “Power Plants Rehabilitation.” The Banks contend that the Present operating capacity of
2,200 MW can be restored to produce somewhere closer to the original installed capacity
of 3,400 MW. (Later in their analysis, the Banks postulate that 170 MW can be restored
at Khulna, 70 at Mymensingh, and, 150 at Ashuganj—for a grand total of 390 MW.)
This may in fact be true, and the Banks Say that sufficient donor funds are available.

However, we caution that these donor funds have Not yet been allocated to the
Government for immediate action. Also, the plants to be refurbished. in some cases, are
more than twenty (20) years old, and as a result these hoped-for improvements in
generating capacity may simply not be possible, Even if the refurbishments are
successful, other old plants may derate or become inoperable in the meantime.

In this regard, PDB's own revent analysis concluded that even if the power plant
refurbishments were implemented, and the future Power plant projects (Haripur,
Meghnaghat, Bagha Bari, and the two remaining barge projects) were built on time. there
would still be a 200 MW yap between electricity supply and demand. Accordingly. it is
by no means any certainty that capacity increases sufficient enough to eliminate the
shortfall can be realized without adding new generation capacity,

But even assuming that this rehabilitation programme were possible from « technical

: ° 7
standpoint, we are confident that much more time than six (6) months (the time period for
constructing the Crash Power Projects) will be Tequired to select contractors, obtain new:
equipment and spare pans. and complete the work, The result is that the benefits from
this effort will not be obtained before the onset of the next peak demand summer months.
woul

77 1 TANAANAATE “AI /Pe AL reser At Le RPM fant 00500000000972


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United
States
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APPOINTMENT
BOOK

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NSN 7530-01-337-4700 For 2000 order 7530-01-450-5437

Biereminen

00253

01200000000823


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01000000000992


TREASURY CLEARANCE SHEETho.

DAS Schuerch
MEMORANDUM FOR:
EXECUTIVE SECRETARY
O ACTION
O PRESS RELEASE

0 TESTIMONY

SPEECH

© SECRETARY
O BRIEFING

LT
Date_June 26,1999
CO DEPUTY SECRETARYD
D INFORMATIONO LEGISLATION

O PUBLICATION) REGULATION

OTHER_

opADB

1 Under Secretary for Finance O Enforcement Oi Policy Management
(O Domestic Finance OATF 0 Scheduling
G Economie Policy (Canaan cham
O Fiscal O FLETC O Tax Policy
O FMs O Secret Service D Tres
4 O Public Debt O General Counsel DE&P
CO Inspector General O Mint
G Under Secretary for International Affars Ons Oi Savings Bonds
O Management © Other
Goce
NAME (Picase Type) | INITIA | DATE OFFICE TEL. NO.
L
INITIATOR(S)
EStewart ‘oe 6/26/99 | IDB 622-1267
NEES
REVIEWERS
T-tanPmenm | Ey | g/ogiag
cleat | USEC ERD (dovenuren YS P-OuF

Luarger),

00500000001013


through this issue. This will be discussed in a forthcoming note.

01257

01200000000613


Nickoloff, Peter

From: Carleton, Norman

Sent: Wednesday, January 09, 2002 3:51 PM
To: Wiedman, Mark

Ce: Schultheiss, Heiditynne; Nickoloff, Peter
Subject: Policy Briefing Topics

Here are the topics for Heidilynne and Peter.
Henne Senaness -|OUTSIPE SPORE O15)

Peter Nickoloff - [OUTSIDE SCOPE , (b)(5)]

1”

01461

01200000000817


To: PeacockCE@state.gov
Subject: RE: Appointment

‘Thanks, Charlie.
You might ask him to come with information on reserves, and arrears to

Independent power producers if possible. I imagine he will have more up to
date info than I do.

-Original Message
Prom: Peacock, Charles E [eailto:PeacockCBastate.gov)
Sent: Wednesday, September 19, 2001 5:18 PM

+ ‘ivy. kosmidesgdo.treas.gov'
Subject: Appointment

Ivy:
This is to confirm the meeting with Kris Ura from the embassy in Santo

TOD nn wt mighe cone with him ac wets OIO.. covey
{(o)(6)] Thanks. Charlie

00500000000425


[Oxford Analytica Daily Brief Pabe 4

the region, offered cautious praise of the decree and optimism
that the Karimov government would proceed along a liberalising
path. However, the scaling-back of the World Bank's mission
in Uzbekistan (highlighted by the postponement of the
financial reform programme mentioned above) cals into
question that agency's influence over Karimov's policies.

in April, the IMF, even less impressed with Karimov's
policies, followed through on its threat (issued in December
2000) to shut down its Tashkent mission. While Fund officials
left open the possibility of a reconvening of negotiations

with the Uzbek government, the regime's continued resistance
to Article VIll-type convertibility ~ the key condition for a
resumption of the standby programme suspended in 1996 -- does
not suggest an early rapprochement between the Fund and
Tashkent. Karimov may have gained domestic political capital
from resisting the IMF, but the Fund's withdrawal is an
unfortunate development for the economy. While Uzbekistan
does not face an imminent crisis of the proportions faced by
Russia in 1998 or Bulgaria in 1996, its recent macroeconomic
performance shows disturbing trends. The country’s GDP
growth, at 2-3%, is one of the lowest in the CIS, while its
consumer price inflation (55-60%) is one of the highest.
Current indices on the balance of payments, foreign reserves
and debt service are also alarming. Economic stabilisation
would require support from the international financial
community, notably a stabilisation fund to cushion the
country’s eventual transition to currency convertibility —

the assembling of which the IMF would play an indispensable
part.

Investor responses, Responses by western multinationals
vary by sector:

~  Resource-seeking FDI. Resource-seeking foreign direct
investment (FDI) displays signs of a recovery,
following the withdrawal of Enron and Unocal in the
late 1990s. Following the July 1 decree, Trinity
Energy (United Kingdom) announced its receipt of two
licences to develop oll and gas deposits in
Uzbekistan. Meanwhile, the Oxus Group, another
UK-based multinational with substantial assets in
Central Asia, expanded lis operations at the
lucrative Amantaytau gold mine in north central
Uzbekistan.

= Manufacturing and services. Foreign investment in
Uzbek manufacturing and services -- whose
contribution to the country’s long-term economic
development is far more important than
resource-related FDI - continues to flag. While
foreign companies such as Coca Cola, which are
pursuing local market strategies, can take heart in
the government's actions on conversions of
som-denominates earnings, multinationals looking at
regional market access (which represents the most

This briefing is supplied by Oxford Analytica Ltd, an independent company, for the exclusive use of the
EBRD. The opinions expressed are not necessarily those of the EBRD and should not be quoted as such.

00500000000288


{(b)(5)]

BACKGROUND
OPIC’s Proposals
{(b)(5)]

00500000000238


by5))

ES
> Please let me know if you have any comments.
>
>
>
>
>

Abby Demopulos
622-8811

00500000000275


Christopulos, Greg

From: Sills, Gay

Sent: Tuesday, December 04, 2001 7:07 AM

To: Christopulos, Greg; McDonald, Larry; Rao, Geetha; Resnick, Bonnie

Subject: RE: Dam tip to India. Geetha: do you have anything in the briefing about enron's problems
with India

joe engeihard made it sound yesterday like dam was leaving for india tomorrow. just let us know when the trip is and greg
will o@ paper, @3 greg say [(b)(5)] thanks

Original Message-—--
From: (Cinstopulos, Greg

Sent: Tuesday, December 04, 2001 12:07 AM

To: McDonald, Larry; Rao, Geetha; Sis, Gay; Resnick, Bonnie

Subject: RE: Dam tnp to India. Geetha: 60 you Nave anything in tne Briefing about envon’s problems wath India?

{(b)(5)]

---—Onginal Message——-

from: McDonald, Lary

Sent: Monday December 03, 2001 8:41 PM
Tor Rao, Geetha; Sits, Gay; Resnick, Bonnie
Ce:

Christopulos, Greg
‘Subject: RE: Dam tng to India. Geetha: co you Nave anything in the Briefing about enron’s problems with India?

{(b)(5)}

v-- Original Message-~--

From: Rao, Geetha

‘Sent: Monday, Oecember 03, 2001 3:22 PM
Tor Sils, Gay; Resnick, Bonnie

(Cc: McDonald, Larry; Christopuios, Greg

Subject: RE: Dam trip to India. Geetha: co you have anything in the briefing about enron’s problems with india?

We are confirming the timing of the trip and will let you know asap.

~~~ Onginal Message---—
From: ‘Siis, Gay
Sent: Monday, December 03, 2001 3:12 PM
To: Rao, Geetha; Resnick, Bonne
cc MeDonaic, Larry; Sills, Gay;
Subject: RE; Cam trip to india, Geethe: do you have anything in the briefing about enron's problems with india?
When is the trip and when are the briefing papers due.
~-—Original Message--—-

From: Rao, Geetha

Sent: Monday, December 03, 2001 3:07 PM

To: — Sills, Gay, Resnick, Bonnie

Ce: McDonald, Larry

Subject: RE: Dam trip to India. Geetha: do you have anything in the briefing about
enron’s problems with india?

Gay - Is Dam looking for an informational memo on Enron and India or is he
requesting an Enron specific paper for his Jan trip? On the first question, we put
something together over the summer that details OPIC’s interests in the project,

1

00500000000279


The Honorable Professor Rafiqul Islam
May 30, 1999
Page 4

Moreover, even if one of these plants, arrives within the best case time Period (the Haripur
360 MW’ plant in mid-2001), the annual increase in power demand of ten percent (10%)
(220 MW per year) means that a shortfall will stil! exist in the Dhaka ures This is
because by the middle of 2001, the requirement for additional power in Bangladesh will
likely increase by more than 440 MW of additional daily demand!

canceled end is now heading to arbitration. This situation would mean at Jeast four, and
perhaps more, hot summers without adding additional generating capacity—a very risky
gamble on the country’s future political, social, and economic Stability.

middle of 2001 (obviously 2 “Hest case Scenario”), this means that the country would still

Viable near-term solution to the power crisis, and the Government should implement them
without delay.

4. “Environmental Impact.” The Banks imply that the six month construction schedule for
the Crash Power Projects cannot be met because the environmental impact assessment
itself will take six months to complete, First, the Banks provide no support for their
assertion as to this length of time, Second, the Banks fail to recognize that other works
may proceed in tandem during the completion of the assessment. Third, the Banks
apparently do not take into account the fact that at the Haripur site, it appears that at least
two (and possibly more) environmental impact assessments have previously been
performed. Four, the clean-burning. natural gas fired turbines Proposed by developers
such as Enron have a minimal impact on the surrounding environment. It is thus
reasonable to conclude that Conducting another assessment at this site would proceed in
an expedited fashion.

5. “Negotiations.” The Banks assert that the Regotiation of the “security package” for the
Crash Power Projects will take some time, because no detailed "RFP" has been prepared.
We do not understand this concern at all. A form Implementation Agreement ("IA") and
Government Guarantee (“Guarantee”) have been developed during the negotiations for

woul
17 1 TAMAAAANTL mut /IF HAT Va 1ee-At CE LTA fame 00500000000971


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finron Corp.

1775 Eye Street, NW
Saute 800

Washington, DC 20006

‘, 4 sonaee-nis6

em s8-eees John Hardy, Jr. Fes 202.301.4717
Washingion, 0.6. 20827 Fax (202) 408-6207 ; . i
— one meow View Previdemt, Global Finance John Hard Bowron com

Oversees Private investnnent Corporation Prone (202) 336-8580
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Laurent D, Charbonnet

Director for Asian Economic Affairs
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‘Tet: (202) 456-9251 Overnens Private investment Corperation — Phone. nese
‘The White Honse Fax: (202) 456-9240 11100 Mew York Awmrnan, NW. Fax Gn ata.tes
Washington, D.C. 20504 Icharbon Gnse.eop gor Washegton, 0:6, 20827 USA

01000000001034


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01000000001027


{(b)(5)]

Background:

{(b)(5)]

December 22, 1999
G:itVindon/ipp1222

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01000000001029


[Oxford Analytica Daily Brief Page 3

However, the Karimov regime continues to balk at financial
reforms, despite the existence of a World Bank programme
dedicated to precisely that end.

Moreover, the July decree leaves untouched forex

restrictions on large enterprises, which generate the
overwhelming bulk of Uzbekistan's hard currency revenues, The
Uzbek cotton industry, which alone accounts for over 50% of
the country’s exports, still labours under a confiscatory

state procurement system that undercuts productivity,
encourages rent-seeking and cross-border arbitrage, and
bolsters the power of Uzbekistan's notorious agro-industrial
oligarchs.

3. The practical implications of the remaining

components of the July decree are at best uncertain. The
decree calls for expanded cooperation between the
international financial institutions (IFis) and the Ministry

of Macroeconomics and Statistics, whose leadership is
dominated by political appointees and whose professional staff
still lack the capability to generate reliable analyses of the
Uzbek economy. Increased contact with the IFis (whose
estimates of GOP growth and inflation diverge widely from
Uzbek official reports) is an important step towards:

that agency's technical capacity. However, whether the
ministry becomes an authoritative source of statistical
information hinges on two factors: broader reforms of the
Uzbek state administration, whose line and branch ministries
would be threatened by a politically independent statistical
office; and erosion of the political influence of the inner

circle of advisers within the president's office, who are tied

to the Uzbek ofigarchies and who have filtered out unwelcome
economic reports (including analyses by the IMF's now defunct
Tashkent mission) prepared for Karimov's personal review.

Piecemeal policies, Equally significant is what the July
decree excludes. Foreign exchange liberalisation must be
coupled with a range of corollary measures (especially import
liberalisation and financial sector deepening) to elicit the
desired responses from local enterprises and households. It
also demands parallel reforms of the social welfare system, to
soften the impact of devaluation on vulnerable groups, along
with institutional capacity-building to strengthen the ability

of fiscal/monetary authorities to contain the inflationary
consequences of exchange rate adjustments. By contrast, the
ad hoc, piecemeal character of the latest forex measures
underscores Tashkent's rejection of a policy-bundling strategy
that fully acknowledges the links between foreign exchange
policy and broader economic reform, and its adherence to a
partial reform strategy whose liabilities have been repeatedly
demonstrated over the past five years.

IFl responses. international responses to the July
decree have been mixed. The chief of the Work Bank's
Tashkent mission, who has consistently taken a more forgiving
stance on Uzbek economic affairs than other IFI officials in

‘This briefing is supplied by Oxford Analytica Lad, an independent company, for the exclusive use of the
EBRD. The opinions expressed are not necessarily those of the EBRD and should not be quoted as such.

00500000000287


"There are aspects of [the Enron case} that remind us of the savings and loan scandal, in the
sense that a powerful institution used big money to buy influence and protect itself while
ordinary citizens ended up losing their life savings,” said Fred Wertheimer, president of
Democracy 21, a Washington interest group, referring to a banking controversy in the 1980s.
Enron's ties to Republicans and the present Bush administration were especially close. Lay raised
large sums for George W. Bush's campaign.

Enron, Lay and its employees have contributed $572,350 to him over his career, far more than
any other company, according to the Center for Public Integrity in Washington.

Several top administration officials have been Enron advisers or stockholders, Enron, Lay and
other senior executives contributed $1.7 million in soft-money donations to politicians in the
2000 election cycle, two-thirds of it to Republicans, according to the Center for Responsive
Politics.

Republicans clearly are sensitive to the potential political dangers. The National Republican
Senatorial Committee recently retuned a $100,000 check collected from Enron in November,
after deciding that "it was appropriate to give it back," spokesman Dan Allen said. The
Republican Governors Association last week returned an Enron donation of $60,000.

What was unique about Enron, competitors and allies agrec, was a brash and sometimes
counterproductive political style.

Stories of Enron's hardball style are legion. In October 1999, for example, Jeffrey K. Skilling,
then Enron's president, expressed his displeasure at Rep. Joc Barton's position on a deregulation
bill pending in the cnergy subcommittee Barton chairs.

The meeting grew “heated and awful,” said one person who was present, until Barton (R-Tex.), a
usually mild-mannered man who keeps # Bible on his desk, exploded. “Jeffrey Skilling, | may
not have your millions of dollars, but | am not an idiot,” one witness recalled Barton saying. The
meeting ended without Enron getting the changes it wanted, "Skilling did not get Washington,”
the source added,

“In their lobbying, they acted like the 800-pound gorilla they were,” said Christopher Horner, a
Washington lawyer who briefly directed Enron's government relations in 1997. Lay and Skilling
declined interview requests, but Enron officials say they have no regrets about their use of
money. “It got us name recognition," company spokesman Mark Palmer said. "Given the
aggregation of our foes, we had to make sure that people knew what our argument was."

Jump-Starting Deregulation

Almost from its start in 1985 as @ gas pipeline company, Enron necded help in Washington, and
it got it in a series of actions by Congress and the Federal Energy Regulatory Commission
(FERC) that undermined the traditional monopoly of utility companies over power plants and
transmission lines,

Enron lobbied for several of the initial actions that set the stage for the era of a deregulated
wholesale electricity market.

0200000000063


Nickoloff, Peter

From: Hammond, Donald
Sent: Thursday, February 15, 2001 10:25 AM
To: Carleton, Norman; DeMarco, Edward; Ellis, Dina; Huffman, Lucy; Mcinerney, Roberta;
Constantine, Eleni; Hughes, Gerry, Stewart, Lawranne
Ce: Tishuk, Brian; Robbins, Eric; Paulus, Michael; Sutton, Gary; Huffman, Lucy; McGivern, Tom;
Nickoloff, Peter, Schultheiss, Heidilynne; Gross, Jared
‘Subject: RE: Bankruptcy Reform Mark-up Hearing
Norman,
{(b)(5)]
Don
From: Carleton, Norman
Sent: ‘Thursday, February 15, 2001 10:07 AM
Tor Hirepicens Casal eetatos Ravens i, Cans Heenan; Lays ctiarnen; Rober oven, Ets ape, Sars Seaees
anne
cc Tistuk, Brian; Robbins, Eric; Paulus, Michael; Sutton, Gary; Huffman, Lucy; MoGivern, Tom; Nickolcf, Peter; Schultheiss,
Heideynne; Gross, Jared
Subject: RE: Bankruptcy Reform Mark-up Hearing
Don,

{(b)(5))

, 01686

01200000000342


[(b)(4) , (©)(5)}
Thoughts?

01626

01200000000282


MEMORANDUM FOR:

EXECUTIVE SECRETARY
0 ACTION 0 BRIEFING

oe

TREASURY CLEARANCE SHEETNo.
Date,

DAS Schuerch

O PRESS RELEASE

O SECRETARY

O OTHER

June 26,1999

O DEPUTY SECRETARYO

0 INFORMATIONO LEGISLATION
O PUBLICATIONG REGULATIONO

REVIEW OFFICES (Check when office clears)

T. Lawfmenre

SL ofrra4
0 Mayen. Cexspedy7TM | Cede

USED/LERD (dnventere—
" secon

© Under Secretary for Finance OG Enforcement O Policy Management
G Domestic Finance
© Economic Policy CD Public Affairs/Liaison
O Tax Policy
O FMs D Secret Service © Treasurer
O Public Debs © General Counsel OE&P
DO Inspector General O Min
© Under Secretary for International Affairs D Savings Bonds
© International Affairs O Legislative Affairs
O Management 00te
NAME (Please Type) INITIA | DATE TEL. NO.
L
INITIATOR(S)
(@ 6/26/99 622-1267
ae

Ys F-ouF

00500000000952


Trinidad and Tobago Tab7

Background:
[OUTSIDE SCOPE , (b)(5)]

00500000000247


DEPARTMENT OF THE TREASURY

WASHINGTON, D.C. 20220

June 26, 1999

MEMORANDUM FOR DEPUTY ASSISTANT SECRETARY SCHUERCH

FROM: Joseph B. Eichenberger, Director/IDB ~] SE
SUBJECT: Briefing for Your Meeting with Enron on Bangladesh Power
Date and Time: Tuesday, June 27, 1999, at 10:00am
PARTICIPANTS:
< Treasury: DAS Schuerch
Elizabeth Stewart, IDB
Judy Laufmann, ICM
USED/IBRD: Janice Mazur, Commerce Liaison
Enron International: David Howe, VP, Project Development -
Scott Reblitz, General Manager, Project Finance
John Hardy, VP, Project Finance
BRIEFING: Background
Talking Points
Attachments

BACKGROUND: [(b)(5)]

2

00500000000945


[OUTSIDE SCOPE]

ltl Original Message-----

From: Wiedman, Mark

Sent: Thursday, January 10, 2002 6:54 PM
To: Carleton, Norman

Subject: RE: foia

[OUTSIDE SCOPE]

+--+ Original Message-----

Prom: Carleton, Norman

Sent: Thursday, January 10, 2002 6:52 PM
To: Wiedman, Mark

Subject; RE: foia
[OUTSIDE SCOPE]
weer Original Message-----
From: Wiedman, Mark
Sent: Thursday, January 10, 2002 6:01 PM
To: Carleton, Norman
Subject: foia
[OUTSIDE SCOPE]
Wiedman, Mark = ? _
From: Wiedman, Mark
Sent: Thursday, January 10, 2002 6:54 PM
To: Carleton, Norman
Subject: RE: foia
[OUTSIDE SCOPE]

. 00716

1200000000061


To: ‘ivy. kosmides@do.treas.gov" .
Subject: Appointment

Ivy,
This is to confirm the meeting with Kris Urs from the embassy in Santo

Domingo fer mevr Tuesday, the 25th at 19:00. [(b)(6)] and his
[(b)(6)] r org ace him so my details are; {(b)(6)}

{(b)(6)]

00500000000428


{(b)(5))

00500000000240


G:ITVOPIC/Bd 1219
Brazil - Construction of a full service business hotel Tab3

Background

{OUTSIDE SCOPE]

Talking Points
[OUTSIDE SCOPE]

00500000000257


Nickoloff, Peter SSS

From: Carleton, Norman
Sent: Tuesday, January 08, 2002 6:21 PM
To: Schultheiss, Heidilynne; Nickoloff, Peter
Subject: FW: CFTC’s Exemption for Certain Contracts Involving Energy Products (April 20, 1993)
omeOriginal Message--=
From: Bair, Sheila
Sent: Tuesday, January 06, 2002 5-56 PH
To: ‘Carteton, Norman
Subject: RE: CFTC's Exemption tor Certain Contracts Involving Energy Products (April 20, 1993)
leave it alone.
Original Message-~~-
From: Carieton, Norman
‘Sent: Tuesday, January 06, 2002 5:44 PM
To: Bair, Sheila
Subject: RE: CFTCs Exemption for Certain Contracts Invohing Energy Products (April 20, 1993)
{(b)(5) , (b)(6))
Norman
--Onginal Message-----

From: Bar, Shefa

Sent: Tuesday, January 06, 2002 5:24 PM

To: Carteton, Norman

Subject: RE: CFTC's Exemption for Cerain Contracts Involving Energy Products (Ape 20, 1993)

Norm ~[(b)(5)
I y) Please contact CFTC staff who worked on this exemptive order, | would suggest Andrea.
Deanna Dow | believe was also there at the time, and now works for Jim, | believe.

Shela

PT aaa
Carleton, Norman
hie Tuesday, January 06, 2002 5:14 PM
To: Bair, Shets
(Ce: Smith, Amy; Bair, Shela; Berardi, Steve; Bitsberger, Timothy; Eichner, Matthew; Gabilondo, Jose; Gross, Jared; Hammer, Viva; Lor!
Sanatamorens (E-mail); Nickolof, Peter; Novey, Michael; Pletrangel, Fred; Roseboro, Brian; Schultheiss, Heidilynne;
Whaley, Jean; Wiedman, Mark

Subject: CFTC's Exerrettion for Certain Contracts involving Energy Products (April 20, 1993)
Sheila,
{(b)(5)]

0

01504

1200000000158


[Oxford Analytica Daily Brief Pape 5

promising venue for development-enhancing FD!) are
‘still deterred by continued uncertainties over Uzbek
forex policy and restraints on intra-regional trade.

CONCLUSION: Recent initiatives still fall far short of
comprehensive forex liberalisation. They appear unlikely to
alleviate the domestic credibility problem that has defeated
carter attempts at partial liberalisation, or to halt the
erosion of international investor confidence that has
Precipitated the departure of key multinational companies in
recent years.

‘This briefing is supplied by Oxford Analytica Ltd, an independent company, for the exclusive use of the
EBRD. The opinions expressed are not necessarily those of the EBRD and should not be quoted as such.

00500000000289


{(b)(5)]

Suggested Talking Points
{(b)(5)]

The Gaza Power Project
[(b)(5)]

Suggested Talking Points
{(b)(5)]

00500000000243


, Mark
Fi ), January 11, 2002 10:30 AM
Carleton, Norman;

RE: enron meeting ~ 12

Thanks.

: Carleton, Norman <Norman.Carletonedo.treas.gov>
To; Wiedman, Mark <Mark.Wiedmanédo.treas.gov>

3
CC: Schultheiss, Heidilynne <Heidilynne.Schultheise@do.treas.gov>
Sent: Fri Jan 11 09:52:30 2002

Subject: RE: enron meeting -- 12:00?

{(b)(5)]

s2-ee Original Message-----

fr Wiedman, Mark

Sent: Friday, January 11, 2002 9:10 AM

To: Carleton, Norman; Schultheiss, Heidilynne
Ce: Nickoloff, Peter; Bitsherger, Timothy; Stokes, Veronica
Subject: enron meeting -- 12:00?

Tim would like to go over the Enron paper you folka put together at 12
chat?

. Timothy; Schultheiss, Heidilynne; Nickoloff, Pater

. Can you make

00714

1200000000059


iS)

To summarize, the Crash Program will be costly and is not a component of Wanuludesh's
least cost generation expansion program. Ultimately, BPDB will have to bear the
additional cost of USS100 million per annum, 2 20% increase in its present Icvel of
revenues, Given the financial condition of BPDB, the Board will be unable to pay for
this power, so that sf will have to bé Supported by the State Budget. The gas sector will he
effected due to the low price of gad under the program. The timing is uncertain. The
attention of the xcclur will be diverted from doing long term work which will prevent
sector recovery

Altematives

3 There are a number of opti to be studied as cheaper, technically and
cconomicilly superior altematives to the proposed plan, particularly those involving
improving the use of existing facilities: ;

t

+ Power planty rehabilitation: out of an installed capacity of approximately 3,400

_ MW. oily wbout 2,200 MW is in operating condition. Hence, by rehabiF tating
some existing plants, additional capacity could be made available at w cost
much lower than the annual cost of the temporary plants under consideration.

” Furthermore significant resources from K£W and OECF are already available
towards the rehabilitation of Ashuganj and Fenchugany power stations
respectively Lastly, the rchabilitation would in all probability require less time
than engaging new IPPs,.taking into account the time required for negotiating
contracts etc.; :

+ Transmission systems rehabilitation: there are severe transmission bottlenecks
Panicularly im the surroundings of Dhaka, which could be overcome, for the
mst part, al arclaively low cost. Some funding for such rehabilita:on could

. be made available under outstanding loans (such as ADB's Power 1X);

* Demam! Manugement: Noting that the shortage of electricity will occur ualy for
4 bout, a day during 7-10 PM, and that too mainly during dry season of next
year, several measures could be envisaged including:

+ Enforcement of two-part tariffs, While a peak-off peak preing policy is in
place, 1 is not enforced, so that many industrial consumers, while scurpped
with special mesers, are only billed at the off-peak tanff. By charg:ny for
cieetreity im accordance with the two-part tariff, or by clkenw:se
civeuraging Consumers to disconnect during peak hozrs. considcrablc
savings could be made.

* Usage of clectrictty could be discouraged a: peak hours including fighting
displays, irrigation pumping etc,

* Consideration should ulso be grven to replacing incandescent }
Nuworescent lamps, on an accelerated basis.

= Closiy markets carly during peak demand months.
+ Orsconnection of non-paying customers.
In general terms, a better management of the rationing program: could case tcusions.

AY + PAARARRAM cae ime ae $e ST RRS

00500000001011


Nickoloff, Peter

From: Carleton, Norman
Sent: Thursday, February 15, 2001 10:07 AM
To: Hammond, Donald; DeMarco, Edward; Ellis, Dine; Huffman, Lucy, Mcinerney, Roberta,
Constantine, Eleni; Hughes, Gerry, Stewart, Lawranne
Ce: Tishuk, Brian; Robbins, Eric; Paulus, Michael; Sution, Gary, Huffman, Lucy; McGivern, Tom;
Nickoloff, Peter; Schultheiss, Heidilynne; Gross, Jared
Subject: RE: Bankruptcy Reform Mark-up Hearing
Don,
{(b)(5)]
Norman
~—Original Message
From: Hamenond, Donald
Sent: ‘Thursday, February 15, 2001 8:26 AM
To: DeMarco, Edward; Elis, Dina; Huffman, Lucy; Carleton, Norman; Mcinemey, Roberta; Constantine, Eleni; Hughes, Gerry; Stewart,
Cc: Tishuk, Brian; Robbins, Eric
Subject; RE: Bankruptcy Reform Mark-up Hearing
Ed,
{(b)(5)]

01682

01200000000338


eee n nee eeennee

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

oth ise. Thank

see eeeeee

00500000000272


DEPARTMENT OF THE TREASURY

WASHINGTON, 0.C, 20220

June 26, 1999

MEMORANDUM FOR DEPUTY ASSISTANT SECRETARY SCHUERCH

FROM: Joseph B. Eichenberger, Director/IDB 1 E_
SUBJECT: Briefing for Your Meeting with Enron on Bangladesh Power
Date and Time: Tuesday, June 27, 1999, at 10:00am
PARTICIPANTS:
Treasury: DAS Schuerch
Elizabeth Stewart, IDB
Judy Laufmann, ICM
USED/IBRD: Janice Mazur, Commerce Liaison

Enron International:

BRIEFING: Background
Talking Points
Attachments

BACKGROUND: [{(b)(5)]

David Howe, VP, Project Development -
Scott Reblitz, General Manager, Project Finance
John Hardy, VP, Project Finance

00500000001006


From;
To:
Date:
Subject:

{(b)(5)]

Norman Carleton

SachsL, Paulus, DOPOS.LEVINEM, DOPOS.ToohayF, MCG...
7/24100 10:40am

Financial Contract Netting anc the CEA

GREENEMI, GrossJa, YETTERJ, SchultheissH, NICKOLOF...

01772

01200000000428


Sent: Thursday, September 20, 2001 12:53 PM
To; PeacockCEestate.gov
Subject: RE: Appointment

Charlie

Thanks, | would like to attend. If Kris's schedule accomodates, then
meeting after the ENRON meeting works for me. Let's do it that way. For
building clearance, [(b)(6)]

Ivy

sone Original Message-----

From: Peacock, Charles E [mailto:PeacockCEestate.gov]
Sent: Thureday, September 20, 2001 11:52 AM

To: ‘Ivy. Kosmides@do.treas.gov"

Subject: RE: Appointment

He says ENRON's creditors are due $31 million in December and unless the
GODR pays up, it will be in default. The company is considering taking the
GODR to international arbitration as per the contract. {(b)(5)}

If
you want to attend the meeting and then stay on to talk to Kris, that's
fine, Just let me know so I can arrange something else for him at 10:00.
Charlie

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

From: Ivy.Kosmides@do.treas.gov (mailto: Ivy.Kosmides@do.treas .gov)
Sent: Thursday, September 20, 2001 9:57 AM

To: PeacockCe@state.gov

Subject: RE: Appointment

Thanks. Did the VP have an agenda? Why don't I attend that meeting, and
then we can stay a little later to discuss anything else on the DR instead
of meeting at 10?

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

From: Peacock, Charles & (mailto: PeacockCb@state.gov]
Sent: Thursday, September 20, 2001 8:31 AM

To: '‘Ivy.Kosmides@do.treas.gov'

Subject: RE: Appointment

Ivy,

John Hardy, the VP at ENRON for governmental affaires, called me yesterday.
He wants to meet with me next week. Since Kris will be in town, I arranged
te do it here on Tuesday at 3:30. ‘You're welcome to attend if you want.
Charlie

were Original Message-----

From: Ivy.Kosmides@do.treas.gov (mailto: Ivy.Kosmideaado.treas.gov]
Sent: Wednesday, September 19, 2001 6:05 PM

To: PeacockCE@state.gov

Subject: RE: Appointment

Thanks, Charlie.
You might ask him to come with information on reserves, and arrears to

Independent power producers if possible. I imagine he will have more up to
date info than I do.

aooee Original Message
Prom: Peacock, Charles & [mailto:PeacockCE@state.gov)
Sent: Wednesday, September 19, 2001 5:18 PM

2

00500000000427


{(b)(5)]

TALKING POINTS:
{(b)(5)]

Attachments:
1) Enron incoming of June 21, 1999 (Scott D, Reblitz to DAS Schuerch).
2) Joint World Bank - Asian Development Bank letter of May 19, 1999 to GOB Minister
of State/Ministry of Energy & Mineral Resources (Temple/Suphaphiphat to Hon. Prof Ragiqul Islam).

00500000001007


January 10, 2001

{(b)(S))

01000000001011


Bair, Sheila
From: Adams, Tim

Sent: Friday, November 30, 2001 9:11 AM
To; Fisher, Peter

Ce: Bair, Sheila

Subject: FW: Enron

see below -- interesting points

--Original Message
From: Nancy Roman [mailto:romaneg7group.com)
Sent: Friday, November 30, 2001 8:21 AM

To: Tim Adams

Subject: thanks

I want to send you this bit of client insight on Enron, just as an FYI.
Nancy

why enron is a greater systemic risk than markets, regulators, corporations
appreciate

1)Derivatives they entered into are unique....corporations that relied on
enron's performance to budget revenue or cost streams have suddenly been
thrust to the vagaries of the current market...for example if last year
companies locked in forward sales of gas @ 4.50 to enron the company must
now rebudget for 2.75 assuming enron can no longer perform on its obligation

2)derivatives markets have never been tested as to weather counterparty
collateral is properly perfected and outside the purview of general
creditora....with over 24 billion in debtholders i assume this issue will be
tested in the courts

3)insurance analysts have identified to risks to the property & casualty
sector: a) it is understood that to enhance enron's credit they have
approximately 2.5billion of surety insurance....clearly the directors &
officers all have substantial liability policies...the unfortunate concern
is that these hits come on top of 9/11

4)virtually every global bank has participated in a enron credit facility &
has used enron as a derivative counterparty....conservative lenders have
limited their exposure to one percent of capital but this figure does not
include their partnership investments, derivative exposure, nor the
collateral problems caused to other corporate clients....this ia a global
problem with amaller banks disproportionately exposed...eg credit lyonais
has equity capital of 7.5 billion & 250 million of exposure....anz has 4
billion in capital & 350 million in exposure...closer to home northern trust
has equity capital of 2.4 billion & 80 milion of exposure...note while no
single exposure is life threatening it comes at a time that companies are in
need of rebuilding reserves not adding ...of equal importance the exposures
we know of are likely just the tip of the iceberg

S)d.c. will likely begin a witch hunt...the side benefit is it will likely
have a profound impact on cleaning up corporate reporting...hopefully
auditors will no longer blindly sign off on financial statements

S)enron is a politically charged corporation...i believe it is the widest
held stock in the bush administration

in sum, 4 don't want to sound like an alarmist but i strongly believe the
1

01200000000830


ay

BOMBAY (AP)--U.S. Ambassador to India Richard Celeste warned Monday that
foreign investment in India would falter because of political pressures that
threatened to derail the $3 billion Enron Corp. (ENE) power project.

“It regrettably feeds the concern among American and other foreign investors
that India remains a less-than-reliabie destination for their investment
dollars,” Celeste told an audience of business leaders, politicians and
nongovernment agencies in Bombay, India's financial hub.

India’s largest-ever foreign investment has been in trouble since December
after the government of Maharashtra state, in which Bombay is situated, said it
would review a power-purchase agreement with U.S. energy giant Enron Corp.

Maharashtra considers the power rates being charged are exorbitant.

The agreement signed in 1995 details the rate at which Enron's Indian
subsidiary, the Dabhol Power Co., will sell electricity to the state.

The project's first phase, a power plant of 740 megawatts, already has been
commissioned, while the second phase of 1,444 megawatts is scheduled for
completion by end 2001.

Depreciation of the Indian rupee and high cost of naphtha used to generate
electricity caused the power generated by the Enron project to touch 7 rupees a
unit as against INR1.80 agreed on when the deal was signed six years ago
($1=INR46.375).

Enron has said it saw no current need to renegotiate the tariff and maintained that a
transition from naphtha to liquefied natural gas would reduce the tariff.

Celeste, an appointee of former US. President Bill Clinton, said he hoped
both sides would find a solution in ongoing discussions, but cautioned that
“perceptions among American and other foreign investors will be affected by the
challenge to Dabhol and how it is resolved.”

He said despite partnerships in software and information technology, U.S.
investors were wary of India because of political pressures at the federal and
state level that had slowed the economic-reform agenda,

Stressing the need to strengthen business ties with India, Celeste focused on
the Enron project and asked that "The Dabhol power plant remain a symbol of
successful American investment in India and not a symbol of the impediments that
still hinder even greater foreign direct investment.”

Copyright (c) 2001 Dow Jones and Company, Inc.
Received by NewsEDGE/LAN: 1/22/01 7:23 PM

01000000001014


g/ITI/OPIC/Board Closure 2

00500000000251


{(b)(5)]

Norman

01503

01200000000157


Schultheiss, Heidilynne

From: Carleton, Norman

Sent: Saturday, 08, 2001 1:07 PM

To: Bair, Sheila; jarco, Edward; Eichner, Matthew, Enett, Martha; Fisher, Peter, Gabilondo,
Jose; Gross, Jared; Hammer, Viva. Hughes, Dog-ered Peter, Novey, Michael;
Roseboro, Brian; Schultheiss, Heidilynne; Smith, ion, Gary

Subject: Retail Swaps Study Group Meeting — September 6

{(b)(5)]

On Friday, | discussed the Enron issue with Ken Raisler, their outside counsel. There may be a way

1

01256

01200000000612


Enron Executives Face Subpoenas

Senate Panel Also Orders Testimony of Directors
By Peter Beha and Dan Morgan

Washington Post Staff Writers

Thursday, January 3, 2002; Page E01

A Senate committee announced yesterday that it is subpoenaing top executives and directors of
the bankrupt Enron Corp. to determine their roles in the Houston company’s epic collapse.

Three other congressional committees already are digging into the Enron failure, but the
subpoenas announced yesterday are believed to be the first of the congressional probes, Among
the likely recipients is Wendy Gramm, an Enron director who is the wife of Sen, Phil Gramm (R-
Tex.).

Sen, Carl M. Levin (D-Mich.), chairman of the Governmental Affairs Committee's permanent
subcommittee on investigations, said the panel also will subpoena financial and trading records
from Enron and audit documents from its accountant, Arthur Andersen LLP.

Enron's attomey, Robert Bennett, called the subpoenas “totally unnecessary” and said “we are
fully cooperating with Congress.”

Although Enron Chairman Kenneth L, Lay did not show up for two earlier congressional
hearings on Enron's bankruptcy, he has agreed to testify next month before the Senate Commerce
Committee, Bennett said.

Enron has turned over nearly three dozen boxes of documents to the House Energy and
Commerce Committee, Bennett said. "I don't question the legitimacy of an inquiry [into Enron's
failure], but it's not a measured approach to have a half-dozen different committees doing this at
the same time,” he said. “It can lead to a circus atmosphere and a lot of wasted time and effort.”

The full Governmental Affairs Committee has scheduled a hearing for Jan, 24 on Enron's use of
a large number of partnerships that kept billions of dollars of corporate debt off the company's
books. The hearing will also examine whether federal regulators missed warning signs of the

company’s trouble,

Accounting errors involving the private partnerships caused Enron to overstate its carnings by
half a billion dollars over the past four years. Enron's disclosure of the overstatement, in
November, triggered a final plunge in the company’s stock price and the company’s bankruptcy
filing Dee, 2,

Sen. Joseph 1. Lieberman (D-Conn.), chairman of the full committee, said, "The focus is, how
did this corporation collapse, and what can we do to make sure that something like this never

happens again?”

Lieberman's committee joins an already crowded field of Enron inquiries. The House Energy and
Commerce Committee has sent investigators to interview Enron officials in Houston.

0020000000068


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01000000001031


‘Subject: fora

[OUTSIDE SCOPE]
Wiedman, Mark
Sent. Thursday, tnuary 10,2002 6 01 PM
mt

To: ton’ Norman
Subject: fee
[OUTSIDE SCOPE]
Wiedman, Mark _
From: ‘Wiedman, May
T Bi oor 07 200210 [tale Schultheiss, Heidilynne: Nickoloff, Peter

‘or nsbarger,
Subject: FW: SECRETARY ON ENRON
From meet the press.

—~Driginal Message-—--
From: Wiednan, Mark
Sent: Monday, January 07, 2002 10:21 AM
To: Wiedman, Mark
Subject: SECRETARY ON ENRON

MR. RUSSERT: Enron, the biggest bankruptcy in our nation’s history-people at the top were able to trade out
their stock and bring home some money. People at the bottom were not able to do that use of some of the
regulations im upon them, As secretary of Treasury, will you investigate Enron?

SEC'Y O'NEILL: You know, I think what we've been doing and what we'll do going forward is look and see if
there are regulatory actions or rules that could be put in place that would avoid this kind of situation. | think the
dust hasn't cleared he ‘on this case and it’s not clear whether the company fulfilled all of its obligations under
the existing rules. If they did, it suggests that we need rule change. If, on the contrary, it turns out that they
didn’t fully comply with all the pe we have a different issue on our hands.

MR. RUSSERT: That’s criminal behavior.

SEC’Y O'NEILL: Well, I don't know, You're jumping to a conclusion, I wouldn't do that.

MR. RUSSERT: If they don’t comply with the rules.

SEC’Y O'NEILL: | would tell you from my own experience, again, having run a Fortune 50 corporation, that I
thought the rules were very clear on what's required for reporting. And I think we'll see fairly soon from the
work that’s being done by the SEC and others whether or not the corporation fully complied with its reporting
responsibilities.

MR. RUSSERT: Are you going to look into some of the offshore investments?

SEC’Y O'NEILL: Well, I think we need to look at their compliance with rules, and to the extent that takes us to
that issue, yes.

MR. RUSSERT: Do you believe the Treasury Department should look at this aggressively because of the
political considerations that some are suggesting?

SEC’Y O'NEILL: I think we need to be constantly looking at the rules and the schemes that exist for the way
private enterprise operates. With this in mind, investors and the general public need to be able to rely on the

; 00717

01200000000062


The House Judiciary Committee will be turing its attention to other matters in the weeks
remaining before adjournment - possibly including a conference on bankruptcy,
CongressDaily reported. Further work on the legislation had been postponed after the
Sept. 11 attacks occurred. The House and Senate conferees had been poised to meet
Sept. 12. A spokesman for the committee yesterday said that no new conference date has
been set, but staff members in recent weeks have continued to work on technical aspects
of the bankruptcy measure. Judiciary Committee Chairman James Sensenbrenner (R-
Wis.), who is chairing the conference committee, is determined to make a go of it before
members leave town for the year, according to sources, While noting that the committee's
agenda had not yet been formulated, his spokesman did not rule out the prospect. “It's
definitely a possibility,” he said.

Moreover, members of the House Financial Services Committee are trying to move a
provision of the bankruptcy legislation pertaining to financial netting-perhaps as part of the
economic stimulus package-in the event the underlying bill remains stalled.

That provision is designed to strengthen and update current statutory protections for
netting financial market contracts if a party defaults. The netting language of the bill was
one of the few consensus items included in the bankruptcy legislation. The economic
downturn and the widening number of commercial bankruptcies could help create even
stronger impetus for the provision to move separately, sources said.

House Financial Services Committee ranking member John LaFalce (D-N.Y.) urged shortly
after the Sept. 11 terrorist attacks that the netting language be moved “expeditiously.” In
response, Treasury Secretary Paul O'Neill and Federal Reserve Chairman Alan
Greenspan agreed “whether as part of comprehensive bankruptcy reform legislation or as
a stand-alone bill, Congress should not fail to enact netting legislation this year.” The
Financial Services Committee had considered placing netting legislation on the schedule
for markup this Wednesday, when it takes up a host of other bills. Committee leaders
decided against such action, however, A spokeswoman for House Financial Services
Committee Chairman Michael Oxley (R-Ohio) said he remained hopeful that the underlying
bankruptcy bill could move intact.

01469

01200000000123


((0\(5)]

-Original Message-----

Prom: tcrawford@worldbank.org [{mailto:tcrawford@worldbank.org]
Sent: Tuesday, November 27, 2001 9:48 AM

To; Ivy.Kosmides@do.treas.gov

Cc: Abigail.Demopulosedo.treas.gov; Barbara.Hollowayedo.treas.gov;
Greg.Christopulosedo.treas.gov; Rachel.Jarpe@do.treas.gov;
Strubledwast
Subject: RE:

gov
GA #63 Dominican Republic- Sanco Santander

((b)(5)]

Ivy .Kosmidesédo

: .treas.gov To: Abigail .Demopulosado.Treas.Gov,
StrublejweState.Gov,
TerawfordsWorldbank .Org,
Greg.Christopulos@Do. Treas .Gov,
11/27/2002 Rachel. Jarpe6Do. Treas .Gov
09:35 AM cc: Barbara, tolloway@0o.Treas.Gov
Subject: RE: MIGA #63 Dominican Republic-

Banco Santander

I'm including Rachel Jarpe, our Research Assistant, on this chain as she
will be working on the Caribbean with me.

>
> From: Demopulos, Abigail »

> Sent: Tuesday, November 27, 2001 9:35 AM

> To: Kosmides, Ivy; ‘John W Struble (E-mail) ' (f-mail); Crawford, Todd;
> Christopulos, Greg

> Cer Holloway, Barbara

> Subject: MIGA #63 Dominican Republic- Banco Santander

>

>» Recommendation: Support Deadline; Thurs. 11/29

{(b)(5)]

00500000000274


CORRECTION

Wednesday, December 26, 2001; Page AO2

A Dec. 25 article incorrectly reported the action taken by the Senate Banking Committee, chaired
by Phil Gramm (R-Tex.), on a bill that exempted much of Enron Corp.'s trading activities from
federal regulation. The legislation was approved by the Senate Agriculture Committee.

© 2001 The Washington Post Company

“00200000000067


Argentina - Electricity Distribution

Background
[OUTSIDE SCOPE , (b)(5)]

Talking Points
- {OUTSIDE SCOPE , (b)(5)]

Tab6

00500000000260


[OUTSIDE SCOPE , (b)(5)]

1000000001007


{(b)(5)]

00500000000239


INFORMATION

MEMORANDUM FOR ASSISTANT SECRETARY GEITHNER

FROM: Meg Lundsager
Deputy Assistant Secretary for Trade and Investment Policy

SUBJECT: Update on Indonesia's Restructuring Plan of the Independent Power Producers

Status of Other U.S. IPPs In Indonesia
[(b)(5)]

00500000000234


It supported the 1992 Energy Policy Act, which opened the utility companies’ wires to electricity
merchants such as Enron. It also worked with the Commodity Futures Trading Commission --
then chaired by Wendy Gramm -- for a regulatory exemption for futures trading in energy
derivatives, which later became Enron's most lucrative business, Soon after Gramm stepped
down in 1993, she was appointed to Enron's board.

Independent sources knowledgeable about these dealings, however, said Enron was not the main
interested party, They said the lead was taken by several major oil companics, including British
Petroleum Co, and Phillips Petroleum Co., which were concemed about the effect of CFTC
regulation on their offshore trading in crude oil contracts. Wendy Gramm, an apostle of free
markets, needed little convincing, the sources said,

‘That same year, Lay served as chairman of the committee organizing the Republican National
Convention in Houston. Hedging its bets, Enron made a major contribution to a "street fair” in
honor of Sen. John Breaux (D-La.), a key energy policymaker, at the Democratic convention.
Key orders by FERC in 1996 also supported Enron's transformation into a freewheeling trader of
gas, clectricity and more exotic products, such as telecommunications services and sulfur-
dioxide emissions credits.

The new rules ensured that Enron and other merchant companies could buy electricity from
independent power plants and sel] it to distant customers, using transmission lincs borrowed
from utility companies

Even Enron's harshest critics credit Lay with putting new issues -- such as electricity
deregulation -- on the Washington agenda, Lay,a former Interior Department official with a PhD
in economics, became "the ambassador” for deregulation, one former employee said.

Throughout the 1990s, Enron's agenda was opposed by coal-burning utilities, especially ones in
the Southeast, which viewed the emerging wholesale electricity market as a threat to their turf.
Many of these, such as Atlanta-based Southem Co., had impressive political funding and
connections of their own,

But with the explosive growth of Enron and the GOP takeover of Congress in 1995, the
company's sofi-money donations -- unregulated and unlimited gifts to political parties and
organizations -- jumped sharply. They went from about $136,000 in the 1993-94 election cycle,

to $687,000 in 1996 and $1.7 million in 2000, according to the Center for Responsive Politics.

Frustrated by Washington

For all its connections, sources say, Enron often found Washington frustratingly slowand
unreliable.

The company placed a substantial bet on federal support for limits on the greenhouse gases
causing global warming. Enron officials hoped to exploit a new market in industry for carbon-
emissions credits, similar to the one that developed for sulphur credits after clean-air legislation
was enacted in 1990.

0020000000064


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01000000000995


DEPARTMENT OF THE TREASURY

WASHINGTON
Facsimile Transmittal
From
== =e
Office of Multilateral Development Banks (OASTA/IDB
1500 Pennsylvania Avenue, N. we
Room 3501 NY
fashington, D.C, 20220
(Fax # 202-622-1228)
Date: 2-30 -2ece Pagelof_ 5 _ Page(s)

To: Bue Sho neh —

Tel. # :
FAX # 5

From — Ela hath Sluynt_

Welk Bae 3 Baran

1) ET CA afi ferro
“ aa

2) Watt Bark hark, naws thaw ox Fah 7k

SSS nr

00500000000891


ATTACHMENTS: Overview Letter from President Munoz
G/TI/BD0919

00500000000244


From: Carleton, Norman

Soot: Frday, 11, 2002 10:37 AM
To: Wiedman, Mar

Ge: Schultheiss, Heidilynne

Subject: RE: enron meeting - 12.007
[(6)(5)]

qoues Original Message-----

From: Wiedman, Mark
Sent: Friday, January 21, 2002 10:30 AM

To: Carleton, Norman; Bitsberger, Timothy; Schultheiss, Heidilynne;
Nickoloff, Peter

Subject: RE: enron meeting -- 12:00?

{(b)(5)]

‘Thanks,

acces Original Message-----

From: Carleton, Norman <Norman.Carletonsdo.treas.gov>

To: Wiedman, Mark <Mark,Wiedman@do.treas.gov>

CC: Schultheiss, Heidilynne <Heidilynne .Schultheiss@do.treas.gov>
Sent: Pri Jan 11 09:52:30 2002

Subject: RE: enron meeting -- 12:00?

{(b)(5)]

~-Original Message-----
Prom: Wiedman, Mark

Sent: Friday, January 11, 2002 9:10 aM

To: Carleton, Norman; Schultheies, Heidilynne

Ce: Nickoloff, Peter; Bitsberger, ‘Timothy; Stokes, Veronica
Subject: enron meeting -- 12:00?

Tim would like to go over the Enron Paper you folks put together at 12.

that?

Can you make

01200000000024


Dorgan noted that Lay, Enron's chairman and chief executive, has agreed to testify at a
future hearing. Dorgan also said the committee will invite Skilling, Enron's former chief
executive, and Andrew Fastow, Enron's former chief financial officer, to testify at the
same hearing.

"Was this just bad luck, incompetence and greed, or were there some criminal or illegal

actions, as has been suggested by the accounting firm that reviewed Enron's books?"
Dorgan said.

00200000000071


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01000000001033


Nickoloff, Peter

From: Carleton, Norman

Sent: Tuesday, January 08, 2002 2:51 PM

To: Bair, Sheila

Ce: Roseboro, Brian; Bitsberger, Timothy, Wiedman, Mark; Gross, Jared; Schultheiss, Heidiynne,
Nickoloff, Peter

Subject; PWG's Report on OTC Derivatives and the CEA

Shella,

{(b)(5)]

. 01462

01200000000818


Colombia — Cellular Phone Project Tab9

[OUTSIDE SCOPE , (b)(5)]

00500000000249


Nickoloff, Peter

ee eee

From: Carleton, Norman
Sent: Saturday, September 08, 2001 1:10 PM
To: Bair, Sheila; DeMarco, Edward; Eichner, Matthew; Ellett, Martha; Fisher, Peter; Gabilondo,

Jose; Gross, Jared; Hammer, Viva; Hughes, Gerry, Nickoloff, Peter; Novey, Michael,
Roseboro, Brian; Schultheiss, Heidilynne; Smith, Amy; Sutton, Gary
Subject: Discussion with Ken Raisler about Enron Product

(()(5)]

“

01629

01200000000285


Nickoloff, Peter

From: Carleton, Norman
Sent: Wednesday, December 19, 2001 11:33 AM
To: Schultheiss, Heidilynne; Nickoloff, Peter
Subject: FW: enron
From: ‘Wiedman, Mark
Sent: Wednesday, December 19, 2001 11:21 AM
Tor Basberges, Timothy; Carteton, Norman
‘Subject: RE: enon
{(b)(5)]
~-— Original Message——
From: Btsberger, Tnothy
Sent: Wednesday, December 19, 2001 11:18 AM
To: Carfeton, Norman; Wiedman, Mark
Subject: error,
we need something by the time people leave on friday. organize it how you want. but i do want a couple of things.
1. the message
2. facts/exampies showing these things happen
[(b)(5)]

: 01464

01200000000820


THE TAX COUNGH

ALCOA INC, Ronald D. Dickel Vice Prosidant-Tax; AMERICA ONLINE, Michael Liddick, Director of Taxes; AMERICAN BANKERS
ASSOCIATION Donna J. Fisher, Director, Tax & Accounting: AMERICAN CHEMISTRY COUNCIL. Stephen Elkins, Tax Team Leader:
AMERICAN COUNCIL OF LIFE INSURANCE, Douglas Bates, Director, Federal Relations; AMERICAN ELECTRIC POWER SERVICE
CORPORATION, Wikam |, Scott, Vico President of Taxes; AMERICAN EXPRESS COMPANY, Alan J. Lipner, Senior Vice Presidant-
Corporate Tax; AMERICAN INSTITUTE OF CPAS, Gerald P, Padwe, Vice President Taxation; AMERICAN INTERNATIONAL GROUP, INC.
Richard P_ Merski, View President. Gevernmant Alfales; AMERICAN PETROLEUM INSTITUTE, Androw C. Yood. Director of Taxation: THE
ANSCHUTZ COMPANY, Wiley N. Jones, Vio President & Washington Counset; ARCH CHEMICALS , Phyfis K. Hertford, Sr. Tax Counsel;
ARCHER DANIELS MIDLAND COMPANY . George W. Reedon, Director of Taxes; ARTHUR ANDERSEN, Andro Fegarasi' Tex Partner:
ASSOCIATION FOR MANUFACTURING TECHNOLOGY , Jams H. Meck, Vice President-Government Relations; ASSOCIATION OF
AMERICAN RAILAGADS, H. K. O'Bannon, Vice President, Legislative Department; AT&T, Gregory T. Millert. Vico President, External Tax

Policy-Property Tax & Planning: AVENTIS PASTEUR. Geoffrey Petersen. Director of Governmant Affairs & Public Policy: BAKER &
HOSTETLER, Guy Vander Jage. Partner; BANK-ONE, Norma J. Lauder. Sr. Vico President & Director of Taxes; THE BOEING COMPANY,
Richard |. Sartor, Director of Taxes; BPAMOCO CORPORATION Susan L. Rogers, Senior Tax Counset BRISTOL-MYERS SQUIBB
COMPANY, Eileen S. Silvers, Vice President - Taxes; BURLINGTON NORTHERN SANTA FE, Shelley J. Venick, Vice President & General Tox
Counsel; CARGILL, INC., Patrice H. Halbach, Vics President-Tax CATERPILLAR INC.. Robin D. Beran. Director, bade Tax & Asst.
Treasurer; THE CHASE MANHATTAN BANK, W.A., John N. Bush. Sr. Vice Presigent & General Tax Counsel: CHEVRON CORPORATION,
R. Broce Marsh, General Tax Counsel; CISCO SYSTEMS, INC. Glen L. Roseman, Sr. Director of Global Taxation, CITIGROUP, Denise Strain,
View President & General Tax Counset THE COCA-COLA COMPANY, Stove Whaley, Vice President & General Tax Counset COCA COLA
ENTERPRISES, INC, H. Lynn Oliver, Vice President -Tex; C&X CORPORATION, Jamas P. Peter, Vice President; OAIMLER CHRYSLER
CORPORATION, John |. Loffredo, Chief Tax Counsel; DANAHER CORPORATION, James Hi. Ditketf, Vice President; DAVIDSON &
COMPANY, INC, Richard E. May, Prineipat -DELOITTE & TOUCHE, Clint Stretch, Director of Tax Policy; DELPHI AUTOMOTIVE
SYSTEMS, James P. Whitson, Chiaf Tax Officer, DEWEY BALLANTINE, Jchn J, Selnon, Pertner; THE DOW CHEMICAL COMPANY, Laura
M. Floem. Government Relations Manager; DuPONT, Elan K. Wharton, Sr, Washington Counsel: ECOLAB, John Forsythe, Vice President Tax
& Public Affairs, EDISON ELECTRIC INSTITUTE, Ronald 0, Clements, Director, Governmental Affairs; EL PASO ENERGY CORPORATION,
Lori E. Laudian, Manager-Lepislative Affairs: EDS CORPORATION, Karen M. Myers, Director, Tex & Trade Policy, EL! LILLY & COMPANY,
Dovid P. Lewis, Executive Directer of Corporate Taxation, EQUIVA SERVICES, John A. Hoffman, Chie! Tex Officer; ERNST & YOUNG, Phil
Moselay, National Director of Legistative Services; EXXON MOBIL CORPORATION, Jeseph 0. Luby, Jr., Asst. General Tax Counset FDX
CORPORATION, Michael 0. Fryt, Statt Vics President, Tex: FIRST DATA CORPORATION, Bernard Rothman, Sr. Vice President. Tax:
FREDDIE MAC, Richard S, Milerick, Associate Tax Counsol & Interim Vice Presidant - Taxes; GANRETT CO., IRC., Christopher W, Baldwin,
Vice President, Taxas: GENERAL MOTORS CORPORATION, William H. Laitinen, Asst, General Tax Counsel GPU, INC. Jeffrey R. Loveng.
Manager, Federal Goveroment Affairs; GTE SERVICE CORPORATION, Joha P. Z. Kent, Vico President-Taxes; GUARDIAN LIFE INSURANCE
COMPANY OF AMERICA, Thomas Kabele, Sr, View President; HALLIBURTON ENERGY SERVICES, Devid R. Smith, Vice President, Tax;
HOUSEHOLD INTERNATIONAL Michael A. Datuca, Managing Director - Taxes: INTEL CORPORATION, Robert H. Perlman, Vice President;
J.C, PENNEY COMPANY, INC.. Del A. Threadpil, Vice President & Director of Taxes; J.M. HUBER CORPORATION, Graham Jeneer, Vico
President, Taxes: JP. MORGAN & CO. INC., Benjamin Lepata, Managing Director; JOHNSON & JOHNSON, Michael P. Reilly, Vice
President. Texaticec KING & SPALDING, Jacki Levinson, Partner; KPIAG LLP, Gillian M. Spooner, Partner; LOEWS CORPORATION.
Stuart B. Opatowsky, View President, Tax: LUCENT TECHNOLOGIES, INC. Charles £. Crowdars, Director, Federal Public Affairs - Taxes &

HR issues; MARS, INCORPORATED, Thomas G. Comell, Corporate Tex Director, MARSH & McLENNAN COMPANIES, INC, Raymond
Haas, Vice Presigent-Taxes; MeDERMOTT, WILL & ERMERY, Robert Herding. Pertoe: MOKEE. NELSON. ERNST & YOUNG, Abraham
“Hap” Shasky; Principal MERCK & COMPANY, INC., Mark J. Reabe, Consuttam; MERRILL LYNCH & CO.. INC., Stunlay Schaster. Diractor
of Tax: MET LIFE, Kate H. Carey, Assistant Vice President; MICROSOFT CORPORATION, Thomas Roesser, Dwector of Tax AlfairsAffairs;

MILLER & CHEVALIER, Lawrence B. Gibbs, Member; MORGAN STANLEY/DEAN WITTER David F. Pearce, Jr., Senior Counsel
MOTOROLA, INC. Rey A. Dybla, Corporate Vice President & Oirector cf Taxes; NATIONAL RETAIL FEDERATION, D. Scott Cabill. Vice
President - Goverrenont & Industry Affairs; MEW YORK LIFE INSURANCE COMPANY, Ronald J. Lefrancois, Vice President Government

Affairs; NORFOLK SOUTHERN CORPORATION, Wiliam A. Galanko, Vice President-Taxation OLIN CORPORATION, George 8. Erensen,
Vice President & General Tax Counsel: PersiCO, INC., Matthow M. McKenna, Vics President, Taxes: PFIZER INC, Philip Kersteln. Vice
Prosident-Taxes; PHILLIPS PETROLEUM COMPANY, Rand C, Bemey, Vico President & Controller; PARICEWATEAHOUSECOOPERS LLP,
Bernard M. Shapiro, Managing Partner; THE PROCTER & GAMBLE COMPANY, Daniel Schwartz, Vice President, Taxes; THE ROUSE
COMPANY, Elizabeth A. Hullinger, Vice President & Director of Taxes; RYDER SYSTEM INC., Joshua High, Vice President, Corporate Tax:

SAFEWAY STORES, INC., Richard A. Wilson, Vice President-Tex Division THE SEAGRAM COMPANY, LTD., Kevin Conway, Sr. Vice
Pretident-Taxes; SECURITIES INDUSTRY ASSOCIATION, Patricia McClanahan, Vice President & Director, Tex Policy; SHELL OIL
COMPARY, Steven C. Stryker, Vice President & General Tax Counsel; SKADDEN, ARPS. SLATE, MEAGHER & FLOM, Fred T. Goldbery,
Je, Partner; STEPTOE & JOHNSON, Mark J. Silverman, Partner; SUTHERLAND, ASBILL & BRENNAN , Daniel M. Berman, Partner;
TEACHERS INSURANCE & ANNUITY ASSOCIATION, , Roseanne M. Kiein, Esq., Vice President & Chief Counsel, Tax; TEXACO INC,
Anthony J. Saggese, Jr., Assoc. General Tax Counsel; TEXTRON INC., Gordon M. Thomas, Director, Government Affairs; TRANSAMERICA
CORPORATION, Vico Prasident-Texes: THE TRIBUNE COMPANY, Theodore 0, Novak, Director of Taxes; TRW INC. William Warren, Vice
Prosident-Taxes; TUPPERWARE CORPORATION, James £. Rose, Jr, Vice President, Taxes & Government Affairs; UNION CARBIDE
CORPORATION, Philip F. McGovern, Vice Pretidant-Texes; UNION PACIFIC CORPORATION, B.A. Gutschowski Vice Prosident. Taxes:
UNISYS, Nancy L. Miller; UNITED TECHNOLOGIES CORPORATION, Paul Bousquet, Manager, Tax & Audit; VINSON & ELKINS, John E.
Chapoton, Managing Partner-Washington Office; WASHINGTON COUNSEL, ERNST & YOUNG, Mark Weinberger, Partner; THE
WASHINGTON POST COMPANY, Jamas W. Keller, Asst,Treesurar & Oirector: WORLD COM, Walter Nagel, Vice President & General Tax
Counsel

00800000001246


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01000000001032


7)

4. The following capacity could be available in the coming years if the above steps are

implemented (and as the Mymensing and the barge based power plants come ont sircam)

a Plant : ‘Capacity(MW) |
[Rahs WeeRabiinaton) 170
| Mymunsings “70
Ashugan} a TH]
broairacred barges “200,
"Shor term DSM Ton
[Tort 2)

* Ficcntire 450 Mw wil be operated with increased reliability.

5. Inall, parscularly given tha the shortfalls in clectricity should be short-tenn and
that considerable additional capacity will come on line in the next 12 months, the power
Shortage cozld be eased at a cost to the economy considerably lower than that envisaged
under the crash program without putting additional pressure on BPDB's already weak
Finances and increasing Bangladesh's exposure to foreign exchange obligations.

00500000001012


The House Judiciary Committee will be turning its attention to other matters in the weeks
remaining before adjournment - possibly including a conference on bankruptcy,
CongressDaily reported. Further work on the legislation had been postponed after the
Sept. 11 attacks occurred, The House and Senate conferees had been poised to meet
Sept. 12. A spokesman for the committee yesterday said that no new conference date has
been set, but staff members in recent weeks have continued to work on technical aspects
of the bankruptcy measure. Judiciary Committee Chairman James Sensenbrenner (R-
Wis.), who is chairing the conference committee, is determined to make a go of it before
members leave town for the year, according to sources. While noting that the committee's
agenda had not yet been formulated, his spokesman did not rule out the prospect. “It's
definitely a possibility,” he said.

Moreover, members of the House Financial Services Committee are trying to move a
provision of the bankruptcy legislation pertaining to financial netting-perhaps as part of the
economic stimulus package-in the event the underlying bill remains stalled.

That provision is designed to strengthen and update current statutory protections for netting
financial market contracts if a party defaults, The netting language of the bill was one of
the few consensus items included in the bankruptcy legislation. The economic downturn
and the widening number of commercial bankruptcies could help create even stronger
impetus for the provision to move separately, sources said.

House Financial Services Committee ranking member John LaFalce (D-N.Y.) urged aro
after the Sept. 11 terrorist attacks that the netting language be moved “e

response, Treasury Secretary Paul O'Neill and Federal Reserve Chairman Alan Se caapai
agreed “whether as part of comprehensive bankruptcy reform legislation or as a stand-
alone bill, Congress should not fail to enact netting legislation this year." The Financial
Services Committee had considered placing netting legislation on the schedule for markup
this Wednesday, when it takes up a host of other bills. Committee leaders decided against
such action, however. A spokeswoman for House Financial Services Committee
Chairman Michael Oxley (R-Ohio) said he remained hopeful that the underlying bankruptcy
bill could move intact.

01200000000828


Oral Conversation.

In early January 2001, I had an oral conversation with Linda
Robertson, the former Assistant Secretary of the Treasury for
Legislative Affairs who was at that time employed by Enron, while
we were both standing in line at the CVS prescription pick-up
line. The conversation was social small talk about the then
newsworthy California energy crisis.

Peter Bieger

00200000000219


Tax Dinners, Luncheons and Breakfasts To improve communications
between the business:community and those who make federal tax policy, a
number of dinner, luncheon and breakfast meetings are held each year. Guest
speakers are usually members of the Congressional tax writing committees, key

fessionals from Capitol ‘Hill, or spokespersons from the Executive Branch.
These are informal sessions with all participants having the epporunky to
engage in the dialogu@ with the speaker. Leto have included Senators
Hatch (R-UT), Nickles IK), Baucus {0 MT}S eaux (O-LA).and fessmen
Clay Shaw (R-FL), Phil. ea (R-PA), Ben Cardin (D-MD) and Charlie Rangel
D-NY), as well as Lindy ;_Chief of Staff of the Joint Committee on Taxation,
treasury Secretary Lawrence Summers and Mr. Steve Forbes.

Te Beers ae: held «when Wearrnoted in. conjunction wen canes and
luncheons to aj @ developments in particular sul areas such as the so-
called "corpo! ‘tax ‘shelter” debate, fundamental tax reform and other
important tax issues... - ‘

“» TAX POLICY OPERATIONS

Tax Policy Committee ‘The Tax Council develops its policy positions through its
Tax Policy Committee omwhich all members serve. committee operates by
consensus and functions as a forum for debate, exposing issues to analysis
beyond the concems ofta: lar industry. The Policy Committee schedules
at least two meetings di the year which usually coincide with the Annual
Meeting in the Fall andthe ‘three-day Spring Conference in March. Other
meetings are held as warranted.

Hopes meee gen tote penimip nme gr gon
for helping shape tax ‘and mem! 2! on al

Tax Council on major.tax issues, For example, t testimony has been submitted to
the Ways & Means and Finance Committees in regard to the revenue provisions
in the Administration's bydget proposals over the last several years.

Working P. “di ned to \ iver ai
insueser intereat Bia omecahe cere Cae analysis of various tax policy

: The Tax Council
J, LeMaster, Executive Director
301 K Street, NW, Suite 800 W

act igehington, BC. 20005
(202) 622-8062 Fax (202) 414-1301

00800000001245


[OUTSIDE SCOPE]

00252

01200000000822


{(b)(5)]

1000000000985


Bair, Sheila

From: Elis, Dina

Sent: Wednesday, October 31, 2001 9:42 AM

To: McGivern, Tom; Carleton, Norman; Bitsberger, Timothy; Bair, Sheila; DeMarco, Edward;
Etlett, Martha; Gabilondo, Jose; Gross, Jared; Huffman, Lucy; Hughes, Gerry; Mcinemey,
Roberta; Nickoloff, Peter; Roseboro, Brian; Saladin, Anne; Schultheiss, Heiditynne; Smith,
Amy; Sutton, Gary; Tishuk, Brian; Duncan, John; Sanders, Traci; Dorsey, Karen

Subject: RE: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS.
{(b)(5)]
Original Message---—
From: McGivern, Tom
Sent: Wednesday, October 31, 2001 9:20 AM
To: iis, Ding; Carteton, Norman; Bitsderger, Timothy; Bair, Shella; DeMarco, Ecward; Ellett, Martha; Gabliondo, Jose; Gross, Jared;

Subject: RE: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS

{(b)(5)]

Anne; Schuthetss, Heidiynne; any;
‘Subject: RE: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS

| have spoken to a variety of people on possible movement of the bankruptcy bill. There is a slight chance that
there will be a conference meeting next week but | don't see fasat movement on the bill.

~——Original Message
From: Careton, Norman
‘Sent: Tuesday, October 30, 2001 2:46 PM

To: Bitsberger, Timothy; Bair, Sheila; Constantine, Beni; DeMarco, Edward; Ellett, Martha; Ellis, ina; Gabllondo, Jose; Gross, Jared;
Huffman, Lucy; Hughes, Gerry; McGivern, Tom; McInemey, Roberta; Nickolo'f, Peter; Roseboro, Brian; Sallacin,
Anne; Schuitheiss, Meidilynne; Senith, Amy; Sutton, Gary; Tishuk, rian

Subject: Netting Letter to be Signed by PWG and FDIC, OCC, and OTS

<< File: Netting letter.doc >>

Attached is the proposed netting letter from the Federal Reserve. (It has merge mail features that

you will have to delete in order to read it. Alternatively, you can use the quick view program to

access the document.) It is awaiting approval from SEC Chairman Pitt. Below is an article | sent

around earlier today indicating that some are trying to revive the Bankruptcy bill.

Sheila - [(b)(5)]

Norman Carleton

Bankruptcy Conference May Resume As Netting Bill Considered

01200000000827


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01000000001003


{(b)(5)]

Conley, Robert

Sent: Tuesday, September 25, 2001 3:13 PM

To: Tran, Luyen; Altheim, Stephen; Demopulos, Abigail
Cc: Crawford, Todd; Budington, Michele; Paulson, Sara;
'cbrookins@worldbank.org’

Subject: Enron IFC energy project in Dominican Rep

Two senior reps of Enron met with Bill today on a project funded by IFC
that involves a power purchase agreement that the G of DR is not honoring.
The project may default to lenders by 12/15 if agreement is not reached
with the Gov't. The Enron reps plan to meet with State and Carole Brookins
on the project.

Bill asked to get information on the pipeline at the MDBs for the DR (kB,
IFC, IDB, IIC). In particular, Bill wants to know what (if any) projects
are disbursing. Thanks.

VVVV¥V VV

00500000000430


{(b)(5)}

TALKING POINTS:
{(b)(5)]

Attachments:
1) Enron incoming of June 21, 1999 (Scott D. Reblitz to DAS Schuerch).

2) Joint World Bank - Asian Development Bank lenter of May 19, 1999 t GOB Minister
of State/Ministry of Energy & Mineral Resources (Temple/Suphaphiphat to Hon. Prof Ragiqul Islam).

00500000000946


CalEnergy Memo on Indonesia Investment Dispute

Drafted by:
GChristopulos/ITI

Cleared by:
GHoar/ITI

00500000000236


{(b)(5))

Any thoughts or recommendations? | will send around 8 separate note discussing the Enron issue in more detail.

01623

01200000000279


Meeting With Brajesh Mishra, Indian National Security Advisor
and Principal Secretary to the Prime Minister

OVERVIEW
((b)(5))

01000000000982


{(b)(5)]

00500000000241


Christopulos, Greg

From: Sills, Gay

Sent: Saturday, August 25, 2001 9:44 AM
To: Christopulos, Greg

Subject: FW: International Affairs Weekly Report

see india enron statement at end of weekly

---~Onginal Message----

From: Martin, Willa

Sent: Friday August 24, 2001 5:52 PM
To: _DL_Intemational Affairs
‘Subject: International Affars Weeldy Report

#)

weehy 2 82841 oe

00500000000278


Davis, Michele

From: Smith, Chris

Sent: Thursday, January 03, 2002 9:30 AM

To: Adams, Tim, Davis, Michele; Aufhauser, David
Subject: Enron

Sensitivity: Confidential

FY!, see today’s WSJ page A10 re: Enron,

00800000000299


[(b)(5))

he

00500000000253


From: Carleton, Norman
Sent: Tuesday, October 02, 2001 1:52 PM
To: Nickoloff, Peter; Schultheiss, Heidilynne
Subject: FW: Discussion with Ken Raisler about Enron Product
ia Message
From: Hammer, View
Sent: Monday, October 01, 2001 3:09 PM
To: Carteton, Norman
Subject: RE: Oescussion with Ken Raisler about Enron Product
Meta Seas So

one versin of retail swaps

——Original Message—-~

From: Carleton, Norman

Sent: Saturday, September 08, 2001 1:10 PM

Tor Bair, Sheila; DeMarco, Eoward; Eichner, Matthew; Elett, Martha; Fisher, Peter; Gatslondo, Jose; Gross, Jared; Haerener, Viva;

Subject: Discussion with Ken Raisier about Enron Product

((b)(5)]

° 01631

01200000000287


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01000000001025


DRAFT Briefing

MEMORANDUM FOR ASSISTANT SECRETARY GEITHNER

FROM: Meg Lundsager
Deputy Assistant Secretary for Trade & Investment Policy

SUBJECT: Your Meeting With OPIC President Munoz on OPIC Programs for U.S. Bond
Holders

INTRODUCTION
((b)(5)]

SUGGESTED TALKING POINTS
((b)(5)]

"Under Sec

00500000000237


From: Peacock, Charles E CE@state.gov]
Sent: Wednesday, September 26, 2001 8:33 AM
To: “Wy. Kosmides@do.treas

Ce: L.Coniey@do.treas.gov’

Subject: RE: Appointment

{(b)(5))

You should contact Richard
Steelman at USAID if you need details. His number is 712-0518. Charlie

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

From: Ivy.Koamides@do.treas.gov (mailto: Ivy.Kosmidesedo.treas.gov)}
Sent: Tuesday, September 25, 2001 6:23 FM

To; PeacockCEestate.gov

Ce: Robert .Conleyédo.treas.gov

Subject: RE: Appointment

{(b)(5)]

Thanks,
Ivy

teeta Original Message-----~

From: Peacock, Charles & [mailto:PeacockCkestate.gov]
Sent; Tuesday, September 25, 2001 9:29 AM

To: ‘Ivy.Kosmides@do.treas.gov"

Subject: RE: Appointment

Ivy, —

John Hardy, VP for Global Pinance, can be reached at 202-331-4717. He's the
guy who is coming here today. Are you still attending that meeting?
Charlie

aie Original Message-----~

From: Ivy.Kosmides@do.treas.gov (mailto: Ivy. Xosmides@do.treas.gov)
Sent: Monday, September 24, 2001 5:32 PM

To: PeacockCE@state.gov

Subject: RE: Appointment

Charlie, :

Do you have contact information for the Enron group? They have also
scheduled a meeting here with DAS Schuerch and his office needs it.
Thanks,

ivy

Original Message-----

From: Peacock, Charles E [mailto:PeacockCE@state.gov]
Sen' Thursday, September 20, 2001 12:54 PM

To: 'Ivy.KosmidesGdo.treas.cov'

Subject: RE: Appointment

That's great Ivy. Just plan to arrive a bit before 3:30 at the C St. lobby.
You might be able to get in with your ID. If not, give me a call on
647-4728 and I'll come down to get you. Charlie

o+--- Original Message
From; Ivy.Kosmides@do.treas.gov (mailto: Ivy .Xosmides@do.treas.gov]

“0500000000426


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01000000001001


Lay joined the Union of Concemed Scientists and environmental groups in calling for curbs on
carbon in the atmosphere. The Clinton administration was supportive, but this year the Bush
administration reneged on a campaign pledge to impose limits on greenhouse gas emissions from
coal-burning power plants.

A multimillion-dollar lobbying campaign in Congress to secure legislation requiring states to
institute retail electricity deregulation fared even worse.

Enron hired former New York representative Bill Paxon, a leading conservative, to run
Americans for Affordable Electricity, which commissioned studies and recruited business
support for deregulation, But the legislation never made it out of a congressional subcommittee.
At the same time, Enron was growing restive over the slow pace of deregulation in the wholesale
electricity market, the core of its business. Large parts of the country, especially the Southeast,
were still monopolized by regulated utilities that limited the opportunity for trading gas,
electricity and energy derivatives.

Political Pragmatism

Enron's political pragmatism was demonstrated in the 1998 New York Senate election, when it
dropped its support of the Republican incumbent, Alfonse M. D'Amato, after Democrat Schumer
endorsed Enron's goal of wholesale deregulation, sources said, Lay reciprocated by hosting
several fundraisers for Schumer, and Enron's political action committee contributed $7,500 to the
Schumer campaign.

The company’s lobbying team expanded along with its political spending. It outgrew the two-
person operation that existed in 1989 and began to reflect Enron's interest in everything from
pipeline safety and derivatives trading to Overseas Private Investment Corp. loan guarantees, By
last year, its lobbying expenses exceeded $2 million a year and covered a raft of big-name
consultants, such as former Montana governor Mare F. Racicot, the new Republican National
Commitice chairman, and former top aides to House Majority Leader Richard K. Armey (R-
Tex.) and House Majority Whip Tom DeLay (R-Tex.)

The hazards of Enron's efforts to connect with both parties were evident last year, when shortly
before the November election, the company picked a Clinton administration Treasury official,
Linda Robertson, to run its Washington office.

A perturbed DeLay, whose campaign and related funds had received more than $100,000 from
Enron and Lay, briefly “excommunicated” Enron, a House source said. Robertson was not
invited to a series of meetings of electricity lobbyists held in DeLay’s office last July, though an
Enron official did finally attend the sessions.

Enron had more success when Congress overwhelmingly approved legislation last year
containing a provision precluding the Commodity Futures Trading Commission (CFTC) from
regulating Enron's trading in energy derivatives. These instruments are traded largely between
electricity dealers and big wholesale consumers, which use them to hedge against price swings
that could adversely affect their businesses,

0020000000065


Smith, Ai

From: Smith, Amy

Sent: Wednesday, December 12, 2001 4:48 PM
To: "English, Danielle’

Subject: RE: Insurance letter

Thanks.

From: English, Danielle [malito:danietie,english@mail,house.gov]
Sent: Wednesday, December 12, 2001 4:48 PM

To: Amy.Smith@do.treas.gov

Subject: RE: Insurance letter

Sorry | haven't had a chance to get back to you. Enron hearing... I'm faxing it over right now. Thanks!

inal Mes:
Fro Ary Sm <maito. Amy Smithigide tras gov>]
har At 2001 1:38
Tonga E

Check Indurance letter

Danielle
Can you fax over another copy of your insurance letter? Thanks, Amy
D. Smith
Don ity Assistant Secretary
(enka and Finance)
1500 Pennsylvania Avenue,
ton, DC 20220

(202) 622-1900
(202) 622-0534 (fax)

0600000000098


Brazil — Telephone Billing Services

Background
[OUTSIDE SCOPE]

Talking Points
[OUTSIDE SCOPE]

Tab4

00500000000258


{(b)(5)]

Norman

301

01505

01200000000159


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01000000001017


INDIA: MACROECONOMIC OVERVIEW
June 2001

{(b)(5)]

01000000000983


Jamaica -- Resort Hotel Project

Background
[OUTSIDE SCOPE , (b)(5)]

Talking Points
[OUTSIDE SCOPE , (b)(5)}

Tab9

00500000000263