will impact earnings in 4Q01 and fiscal year 2001 and seeing how
management will spin these factors should be a learning experience.

To cut through the spin, investors will need to be especially focused on
and footnotes. The impact will vary

margins, both gro!
among companies (
accounting policies.

Click here to read more.
http://www.multexinvestor.com/article.asp?docid=59774nd=0115

2. INVESTMENT IDEAS

Burope: E-business leader?

How do resulte from SAP (SAP) reflect world markets for e-business
applications?

By Steve Butler, senior analyst, eMarketer

Leading enterprise and e-business software maker SAP (SAP) surprised
many technology industry observers t week with ite preliminary

announcement of strong fourth quarter software license sales. Revenues
for the quarter were expected to exceed 1 billion euro, contributing to

SAP's annual revenue growth of 16 percent for 2001.

Click here to read more.
http://www, multexinvestor.com/article.asp?docid=59834nd=0115

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Broker and third-party reports

1. INVESTORS' CHOICE: 3-DAY FAVORITE
Crowell, Weedon, & Co. publishes ite January recommendation list.

In the report, the firm offers a page of general market commentary
and then lists its recommendations which include 8 income stocks,
16

established growth companies, 2 aggressive growth names, and 2
special situation stocks. (3-page report for purchase - $10)
http://www. multexinvestor.com/download. asp?docid=259163234nd90115

2. TODAY'S SPECIAL REPORT
CIBC World Markets discusses the near- and long-term prospects for
wireless ‘Net tech firms.

CIBC provides fundamental analysis and carnings coverage for the
broader 5; and individual companies including 724 Solutions
(SVX), Aether (AETH), AvantGo (AVGO), OpenWave (OPWV),

Glenayre (GEMS), and Handspring (HAND). (17-page report for
purchase - $$0)

http: //www.multexinvestor.com/download. asp?docid=259393244nd-0115

01000000000734


4. THIRD-PARTY REVIEW
Duff & Phelps Credit Rating Co. discusses its broad outlook for
telecom stocks.

The firm looks back at a difficult 2001 for the sector and previews 2002
trends. It reviews and pricing expectations for long-distance and
wireless services as well RBOCS, CLECs and rural exchange carriers.
(4-page report for purchase - $10)

http: //wew.multexinvestor.com/download. asp?docid=25796324&nd=1212

S. WHAT'S HOT?
CIBC World Markets comments on the ongoing saga of Enron (ENE)
and Dynegy (DYN).

CIBC discusses DYN's rationale for the termination of the merger
agreement, sible outcome scenarios for the Northern Natural Gas
pipeline issue, and its investment bottom line on Dynegy. Also, a
summary of recent events. (S-page report for purchase - $10)
http://www. multexinvestor. com/download.asp?docid=25700934énd=1212

eOen eee eee nen neneneeeee Sponsored by serceeeeeceseneeeereeees
The Internet Analyst: Wall Street's daily and weekly industry outlook
Multex's The Internet Analyst features daily 'Net-industry specific

research highlights, investment ideas, analyst opinions, portfolio strategies:
http: //www.multexinvestor.com/Analysts/HomeTIA.asp

To be sure you receive your TIA newsletter every week, click here:
http: //www.cultexinvestor.com/login.asp

Online advice and chats

1. ASK THE ANALYST
MarketEdge's Tom Ventresca explains how stochastic oscillators can
help you time entry and exit points.

Ventresca discusses how the stochastic oscillator identifies overbought
and oversold conditions. Can this system help you identify entry and exit
points? You can pose him questions until Thurs., Dec. 13.

Ask the analyst.
hetp://www.multexinvestor.com/AskTheAnalystForm. asp?énd91212

Register to receive a FREE weekly market commentary and FREE trial!
ied, computer generated BUY-HOLD-SELL opinions on 4,700
more. No credit card needed. Click Here

http: //www.marketedge.com/multex.asp?Locations3

2. TOMORROW'S LIVE EVENT
Chat LIVE tomorrow at Spe ET and ask questions about year-end tax
planning.

Tomorrow at 6pm ET, James Bell, Financial Guidance Manager for

American Century Investments, will answer your questions about year-

end tax planning. Don't miss this chance to ask questions. Click here

http: //www.multexinvestor.com/LiveEvents/Article.asp?target=t2Fliveeventst2Frarticlet
2FhomesPorumID=424Do0cID=48326nd=1212

01000000000755


agreement, possible outcome scenarios for the Northern Natural
Gas pipeline issue, and its investment bottom line on Dynegy.
Also, a summary of recent events. (5-page report for purchase ~
$10)

http: //wew.multexinvestor.com/download. asp?docide25700934énd=1214

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Online advice and chat.

1. ASK THE ANALYST
Schaeffer's Research's Bernie Schaeffer explains why indicators point to
@ continued bear market.

Despite recent “hopeful” sentiment in the market, Schaeffer identifies a
number of reasons why investors may be kidding themselves. Why does

he feel the bear market rally will soon fizzle? Pose him your questions
until Mon., Dec. 17. Ask the analyst.

http: //www.multexinvestor.com/AskTheAnalyst Form. asp?&nd#1214

Want to kick off the New Year right? In his latest report, Bernie
Schaeffer reveals *3 Hot Stocks to Ring in the New Year." Access
Bernie's FREE Special Report now! Click here

http: //wew. schaef fersresearch.com/redirect .asp?CODE=GBOIME&PAGE=1

2. ASK THE EXPERT
American Century's James Bell discusses some mutual fund tax-
Planning strategies worth considering.

Bell identifies several tax-related tips that mutual fund investors
will want to give some thought to as the end of the year rapidly
approaches. How can you minimize your tax obligations? Pose

him your questions until Thurs., Dec, 27, Ask the expert.
http://www, multexinvestor.com/AskTheExpertForm.asp?&nd=1214

Pree and sponsored reports

1. PREE RESEARCH REPORT
Friedman, Billings & Ramsey discusses the network
performance/management software sector.

The firm reports on the near-term run-up in the sector, long-term
Prospects, and recent sector news. Also, detailed financials for stocks in
ite coverage universe. This 32-page report, which usually sells for $75, is
free to members for the next 72 hours.
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2. DAILY FREE SPONSOR REPORT
Morgan Stanley is on the sidelines for optical networking bellwether ops
Uniphase (JDSU) .

The firm lists several key investment strengths, not the least of which the
company's “strong hnological advantage in optics, electronics, and
material science,* as well as key investment risks that include

1000000000751


To: Facher, Peter; Paulus, Michael; Carleton, Norman

Ce: Gross, Jared
Subject: RE: Enron Meeting Request
{(b)(5))
=-~Onginal Message--~
From: Fisher, Peter
Sent: ‘Thursday, March 15, 2003 5:31 PM
To: Paulus, Michael; Bilis, Dina; Carleton, Norman
Ce: Gross, Jared
Subject: RE: Enron Meeting Request
1 also see no reason to object.
~—Onginal Message——-
From: Michael

+ Paulus,
‘Sent: Thursday, March 15, 2001 5:27 PM
Tor Biles, Dina; Fisher, Peter; Carteton, Norman
Ce: Gross, Jared
Subject: Enron Meeting Request

Jel Skiling, President and CEO of Enron has requested a meeting with the Secretary for April § to discuss the
West Coast energy crisis. | see no reason to object. Thoughts?

01000000000806


Schmalzbach, Kenneth

OO

From: Cetina, Jit

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

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

Subject: Market Noon Report, Dec 6th

{(b)(5)]

Ey

01000000000760


[OUTSIDE SCOPE]

01000000000728


Schmalzbach, Kenneth

From: Multex Investor [1 12728565.-2@multexinvestornetwork.com]
Sent: Monday, November 19, 2001 1:16 AM

To: kenneth.schmalzbach@do.treas.gov

Subject: November 19, 2001 - The age of alliances

You have questions, we have suggestions. Reports you could download
deal with burning questions of the day: beyond naming rights for
Enron Field, what is the impact of Enron's (ENE) merger with
Dynergy (DYN)? How are alliances affecting the hardware sector?

You can also read about telecom equipment makera that face hard
times and more upbeat trends in the VC market.

SHEA AETT EET E EEE E EEE EH EHEEHOEEEEEEEEE EEE EES ESSE EEE eEEehene

You are receiving this mail because you have registered for
Multex Investor. To unsubscribe, see bott 54

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~ Investment ideas

~ Broker and third-party research
- Online advice and chats

- Free and sponsored reports

Investment ide.

1. INVESTMENT IDEAS

Can equipment makers overcome a capex slowdown in 20027

Analysts believe that a few stocks are worth buying despite continued belt
tightening.

by John Filar Atwood, equity research columnist

The 2002 capex picture for large carriers is coming into focus, and it isn't
pretty. The push to control spending will continue, and capex budgets look
to be slashed by an average of 25 percent next year.

Click here to read more.

http://www, multexinvestor.com/article.asp?docide4347&nde1119

2. INVESTMENT IDEAS
Better safe than sorry
In an insecure world, Corporate America is investing in security software

By Carla Dryedale
63

1000000000788


Schmaizbach, Kenneth

From: Sharer, James

Sent: Monday, December 03, 2001 5:19 PM

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

Subject: Financial Markets Night Report 12/3/01

{(b)(5)]

45

01000000000770


Please send your questions and comments ¢
mailto: investor, help@mltex.com

If you'd like to learn more about Multex Investor, please visit:
http: //www.multexinvestor.com/welcome.asp

Tf you can't remember your password and/or your user name, click here:
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REPLY to THIS email message with the word UNSUBSCRIBE in the subject
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See cece ee cee es nese neenenen es easasasdennncesenenecnensnennenenneses
Please email advertising inquiries to us at:
mailto: advertise@multex.com.

Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will
inform, educate, and entertain you with usable in ment data,
ideas, experts, and info about the Internet and telecommunications
sectors. To see this week's issue,

click here:

http://www.thetelecommanalyst.com/ or

http://www. theinternetanalyst.com/

Schmalzbach, Kenneth

From: Cetina, Jill

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

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

Subject: Market Morning Report, Dec 4th

{(b)(5)]

01000000000768


Schmalzbach, Kenneth

From: Byrne, Kathieen
Sent: Friday, November 30, 2001 5:48 PM

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

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

{(b)(5)]

$8.20 Otcharta pat

Schmalzbach, Kenneth

From: Cetina, Ju

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

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

Subject: Market Moming Report, Nov 30th

[(b)(5)}

01000000000774


{(b)(5)]

NewBNOON pet

Schmaizbach, Kenneth

From: Byme, Kathleen
Sent: Thursday, November 29, 2001 7:59 AM
To:

_DL_Market Group; Andrew D, Sacher (E-mail); David Griffiths; EA. Wayne; Eric H. Otto (E-

mal); J.P. Reid; Jay Hoffman; Meg Lundsager; Philippa Maimgren; T.J. Shevlin
Subject: Market Morning Report, Nov 29th

[(b)(5))]

01000000000778


To be sure you receive your TTA newsletter every week, click here:
http://wew.multexinvestor.com/login.asp

Broker and third-party reports

1. INVESTORS* CHOICE: 3-DAY PAVORITE
Standard & Poors profiles the NYSE's most capitalized company, General
Electric (GE).

S&P provides an overview, business summary, and industry outlook for GB.
Also included in the repor 4 peer group comparison, recent news headlines,
Wall Street analyats’ consensus opinions, and S&P's fair value for the stock.
(S-page report for purchase - $5)
hetp://www.multexinvestor.com/download.asp?docid=407622&nd=1204

2. TODAY'S SPECIAL REPORT
Brown Brothers Harriman explains why it sees a bottoming of the economy.

Analyst Charles Blood identifies several indicators he sees as a prelude to
economic recovery. Also, a look at opportunity in the health care sector, BRH's
strategy brief, as well as it's focus list, buy list, and sell list. (6-page report
for purchase - $25)

http: //www.multexinvestor.com/download.asp?docid=25554913&nd=1204

3. EDITOR'S PICK: CURRENT RESEARCH PROM THE CUTTING EDGE
Prudential Securities offers its quarterly update on real estate investment trusts.

Prudential cites the strongest and weakest performing properties during Q3 and
provides forward-looking comments, It summarizes and detaile the performance
of 95 stocks and 13 property-types in ite REIT coverage universe. (12-page
report for purchase - $25)

http: //wew.multexinvestor.com/download. asp?docid}25668251énd=1204

4. THIRD-PARTY REVIEW
Standard & Poors provides its view on controversial online retailer
Amazon.com (AMZN).

In the report, a business summary and valuation overview on AMZN. That, plus
an industry outlook, peer group comparis: news headlines, analysts’
consensus recommendations, and S&P's buy/sell/hold opinion on the stock.
(5-page report for purchase - $5)

http: //www.multexinvestor.com/download.asp?docid=416375&nd=1204

5S. WHAT'S HOT?
Friedman, Billings, Ramsey discusses telecom sector implications in light of
Enron's demise,

FBR explains how the potential disappearance of Enron's broadband network
and trading business could affect equipment and other broadband service
suppliers. The firm identifies companies with exposure to the situation.
(4-page report for purchase - $10)

http: //wew.multexinvestor .com/download.asp?docid=256830266nd=1204

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01000000000766


Schmalzbach, Kenneth

From: Sharer, James

Sent: Wednesday, January 09, 2002 8:24 AM

To: _DL_Market Group; Andrew D. Sacher; David Griffiths; Eric H. Otto; Jay Hoffman; Lundsager,
Meg; Philippa Malmgren, reidjp; Sheviin, Thomas; wallarjg,; waynees

Subject: Financial Markets Morning Report 1/9/02

{(b)(5)]

3

01000000000738


3. TOMORROW'S LIVE EVENT
Chat LIVE tomorrow at 4:00pm ET and learn about changes in the
hedge fund world and what they mean for investors.

Tomorrow at 4:00pm ET, Kevin Ferro, Commerzbank Securities Global
Head of Alternative Investment Strategies, will answer your questions
about hedge fund world and what those changes mean for investo?
Click here

http: //www.multexinvestor.com/LiveBvents/Article.asp?target+t2Fliveeventst2Farticlet
2FhomesForumID=426DocID=4831énd=1212

4. CHAT REBROADCAST TODAY
Catch the December Sth rebroadcast today at 2:00pm BT and learn
about investing in the Insurance sector.

Today at 2:00pm ET, Multex will rebroadcast william Hamilton's

December 5 live event. He answered questions about investing in the

Insurance sector and individual insurance stocks. Don't miss this!

Click here

http: //wew.multexinvestor.com/LiveEvents/Article.asp?target=t2Pliveeventst2Farticlet
2Phome&Forum1D942&DocID=49164nd=1212

Pree and sponsored reports

1. FREE RESEARCH REPORT
Buckingham Research offers its opinions on a basket of stocks.

In the report, Buckingham's commentary on airlines, Barr Labs

(BRL), Harris Corp. (HRS), Kmart (KM), McKesson HBOC (MCK),

Tech Data (TECD), and Tibco Software (TIBX). This 6-page report,
which usually sells for $25, is free to members for the next 72 hours.
hetp://www.multexinvestor.com/download. asp?docid=25641217&nd=1212

2. DAILY FREE SPONSOR REPORT
Morgan Stanley sets a $20 price target for IP-networking firm Riverstone
Networks (RSTN) .

The firm believes RSTN will “outperform” an industry that will itself “have
Strong long-term fundamentals," it says, and argues that RSTN‘’s

exposure to metropolitan areas provid significant growth opportunity.
To read about the several other key investment positives (and some
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Se ean anne anemone en ees areas sees cee ees ese eens ee ene een eee
Please send your questions and comments to:
mailto; investor. help@multex.com

If you'd like to learn more about Multex Investor, please visit:
http://www. multexinvestor.com/welcome.asp

If you can't remember your password and/or your user name, click here:
hetp://www.multexinvestor.com/lostinfo.asp

Tf you want to update your email address, please click on the url below:
http://www.multexinvestor.com/edituinfo.asp

er Pieri hirer rrr onnr non

To remove yourself from the mailing list for the Daily Update, please
REPLY to THIS email message with the word UNSUBSCRIBE in the subject
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words NO EMAIL in the subject line.

n

01000000000756


{(b)(5)]

01000000000787


((b)(4)]

00900000000014


Enron perspective (ENE). Enron's swift rise and fall is discussed as well
as possible collateral damage and issues to be dealt with ae the merger
proceeds. (3-page report for purchase - $10)

http: //www.multexinvestor.com/download.asp?docid=25525249&nd=1119

4. INVESTORS' CHOICE: 3-DAY PAVORITE
RBC Capital Marketa reports its findings after a recent trip to
$ Silicon Valley network solutions providers.

The analysts recently visited Extreme Networks (EXTR), Juniper
(ONPR), Riverstone (RSTN), ONI Syatems (OMNIS), and Pinisar (FNSR) .
They relate individual company findings and offer a forward-looking
induatry-wide opinion. (3-page report for purchase - $10)
http://www. multexinvestor,com/download.asp?docid«25456311lénd=1119

5. THIRD-PARTY REVIEW
Standard & Poors profiles the NYSE's most capitalized company,
General Electric (GE).

S&P provides an overview, business summary, and industry outlook for GE.
Also included in the report, a peer group comparison, recent news headlines,
Wall Street analysts' consensus opinions, and S&P's fair value for

the stock. (S-page report for purchase - $5)

http: //www.multexinvestor.com/download. asp?docide407622&énd=1119

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Online advice and chats

1. ASK THE ANALYST
Schaeffer's Research's Bernie Schaeffer believes recent strength is nothing
more than a bear rally.

While impressed with the market's broad move higher since Sept. 21, Schaeffer
says to keep an eye on the exit door. Why does he believe bulls will ultimately
succumb to selling pressure? He can answer questiona through today Mon.,

Nov. 19, 5 PM BT. Ask the analyst.

http: //www.multexinvestor, com/AskTheAnalystPorm.asp?énd=1119

Can your portfolio be fixed? Discover tactics to help you approach your fallen
stocks with sensibility and creativity. Sign up now for Bernies FREE
CyberSeminar - "HOW TO REPAIR BROKEN STOCKS". Click here

http: //wew. schaeffersresearch.com/redirect .asp?CODE=GBO1LS&PAGE=1

2. ASK THE EXPERT
American Century Investment's Karen Burnett talks about choosing a retirement
Plan for your business,

Choosing a retirement plan for your business or yourself is one of the most
important financial decisions you will make. Karen Burnett of American Century

01000000000790


If you're like me, a “virus warningTM in your email inbox isn't likely to faze you.
You click on it and glance through it, with a vague sense of gratitude that
the warning will hopefully prevent your computer from imploding.

So at first I took it in stride when I received a measage saying: “If you receive
an email entitled 'Bad Times,‘ delete it IMMEDIATELY. Apparently this one is
pretty nasty."

I thought, okay, and I kept reading. "It will not only erase everything on your
hard drive, but it will also delete anything on disks within 20 feet of your
computer...It will do all your drugs and drink all your liquor." Now that's a nasty
viru ile this acience fiction scenario might have been written by someone

who en The Matrix once too often, it is a tongue-in-cheek reminder that smart
hackers can wreak all kinds of havoc.

Fortunately for the makers of anti-virus software, Fortune 100 companies are
acutely aware of the problem, and they are keeping security software firme busier
than ever--and that makes them an attractive target for private equity as well.

Click here to read more.

http: //www.multexinvestor.com/article.asp?docide4349&nd=1119
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Broker and third-party reports

1. TODAY'S SPECIAL REPORT
CIBC World Markets discusses voice over Internet Protocol (VoIP)
and packet switching technology.

CIBC reports on the growing need for data solutions, focusing on

network convergence, next-gen services, and the softewitch. They touch on
the role of sector players including Sonus (SONS), Avaya (AV), Cisco (CSCO),
and more. (74-page report for purchase - $150)

http://www. multexinvestor.com/download.asp?docid=254700594nd=1119

2. EDITOR'S PICK: CURRENT RESEARCH PROM THE CUTTING EDGE
Bear Stearns explains how it sees mergers and alliances affecting
the competitive landscape.

The analysts discuss 3 major busi) is models they see developing in
the hardware space and why they are developing now. They dissect
the HWP/CPQ merger and hypothesize what other alliances or mergers
may take place. (22-page report for purchase - $75)

http: //www.multexinvestor.com/download.asp?docid=254007446nd=1119

3. WHAT'S HOT?
Sanders Morris Harris offers its insights into the combination of
two energy sector giants.

The firm offers its opinion on the deal both from a Dynegy (DYN) and
a“

01000000000789


Schmalzbach, Kenneth

From: Multex Investor [1.12728565.-2@multexinvestornetwork.com}

Sent: Friday, Novernber 16, 2001 2:33 PM

To: kenneth.schmalzbach@do.treas.gov

Subject: Novernber 16, 2001 - Reader's picks: storage networking, REITs, and telecom

To judge by what they were downloading this week, readers seemed particularly
interested in telecom stocks, so we encourage you to click through and read

Dave Sterman's article on Baby Bells, and also to register with Morgan Stanley

to get a free research report on Amdocs (DOX), which is exposed to the same sector.

We have been experiencing some technical difficulties
and we apologize if you ha received this me: ge already.

ane

You are receiving this mail because you have registered for

Multex Investor. To unsubscribe, see bottom of this message.
TORO ONO een ene Eee eee eee EEPEHENseneneeEEEEEEhEbeehenteseeeseneen

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Member benefits

Readers should check the end of the newsletter for reminders of Multex.com
features available to members.

~ Investment ideas

~ Broker and third-party research

- Online advice and chats

- Free and sponsored reports
Member benefit

Investment ideas

1. INVESTMENTOR
Pive turkeys for Thanksgiving
Stocks that you'd want to shoot if they hadn't already fallen out of the trees

By William L. Valentine, CPA
T shoot birds. Don't worry, I won't be stalking hummingbirds and robina in your

neighborhood any time soon. I'm referring to game birds like pheasants,
partridge, and ducks and turkeys, This time of year, I'm on full alert status,

a7

01000000000792


You are receiving this mail because you have registered for
Multex Investor. To unsubscribe, see bottom of this message.

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~ Investment ideas

- Broker and third-party research
- Online advice and chata

~ Free and sponsored reports

Investment ideas

1. INVESTMENTOR
A hat trick for the holidays
Three factors that should boost the market over the short and medium term

By William Valentine, CPA

In spite how far the market's come since the week following the Attack,
I'm quite confident that the momentum will continue, and allow the
market to end the year on a good note. What's my reason? Three of

them, really: the economy, the amount of cash still to be invested, and
valuations.

On the economic front, we get a new indication of the economy every

day. But the pattern is clear. The statistic is either measuring something
that's already happened, or trying to gauge something that's going to
happen. Not surprisingly, the ugly figures are those measuring what's
already happened. In fact, individually and collectively, those numbers
can't even be considered news anymore--the market hardly budges when

bad figures are published.

But the forward-looking statistics are not only increasingly encouraging
in a general sense, but they're beginning to narrow down the point next
year at which we'll have emerged from recession.

Click here to read more.
http: //wew.multexinvestor.com/article.asp?docid=5068énd=1214

2. INVESTMENT IDEAS

Horns of the dilerma

Interactive TV is miles ahead of the rabbit-ear antenna, but presents
significant challenges of its own

By Ben Macklin, senior analyst, eMarketer
The advent of this interactive technology presents the potential for much

improved conversion rates, but the nascent iTV industry faces numerous
technical, social, and financial challenges. If it can overcome those, then

Po

01000000000749


3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Stephens Inc. advises investors to keep a close eye on fundamentals
when wading into telecom.

The firm comments on reasons for the recent run-up in sector
valuation, explains why it's skeptical over a broad-based recovery in
fundamentals, comments on bandwidth pricing trends, and why it thinks
trends favor CLECs. (1l-page report for purchase - $25)

http: //www.multexinvestor.com/download.asp?docid«25980395énd=0115

4. THIRD-PARTY REVIEW
Market Edge provides access to its industry/stock analysis tool.

Investors can search for the market's strongest & weakest

performing sectors and the strongest & weakest stocks within those
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S. WHAT'S HOT?
Robert Baird & Co, comments on leading data storage hardware and
software companies.

Baird offers half-a-page of general sector analysis, then breaks
down the sector's major players individually, including EMC (EMC),
Veritas (VRTS), QLogic (QLGC), McDATA (MCDT), Emulex (EMLX),
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Rabbitt Analytice’s Paul Rabbitt discusses the kind of stocks investora
should own going forward.

Predicting broad market improvement over the next 6-12 months, Rabbitt
explains why he believes investors’ focus should now be on economically
sensitive stocks. What sectors does he suggest? Ask him questions on
this topic until Thurs., Jan. 17.

http: //wew.multexinvestor.com/AskTheAnalystForm.asp?énd=0115

Pind the right stocks to own in thie market. Get Rabbitt's Daily
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Multex.com's Alan Cohn explains some of the ways

01000000000735


This report examines IP infrastructure spending, the next-gen
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2. TODAY'S SPECIAL REPORT
Lehman Brothers discusses positive demand data for satellite radio
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In the report, retailer surveys and channel checks, summary
findings, discussion of major players including Sirius (SIRI) and XM
Sat. Radio (XMSR)}, plus liquidity and leverage analysis, and 41
illustrative tables or figures. (62-page report for purchase - $150)
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3. BDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Brown Brothers Harriman discusses numerous factors that affect
January stock performance -

BBH identifies several reasons to expect a strong January in the

market. The forecasting effect, small-cap effect, and tax-selling rebound
effect are explained. The analysts also touch on positive economic
developments, (7-page report for purchase - $25)

http://www. multexinvestor.com/download.asp?docid=25836499&nd=0107

4. THIRD-PARTY REVIEW
Morningstar explains why it
stock to keep an eye on.

s profitable McAfee.com (MCAF) as a

M'Star provides an investment overview of this consumer ASP and

anti-virus product provider. Also, analysis of MCAF's growth,

profitability, financial health, and valuation characteristics, plus bullish
and bearish arguments. (3-page report for purchase - $10)
hetp://wew.multexiny or .com/download. asp?docid+25682515&nd=0107

S. WHAT'S HOT?
Buckingham Research identifies its top retail and apparel picks for
2002.

Buckingham provides an industry overview and explains the

fundamental characteristics of the types of companies investore should
be focusing on. The firm names 16 stocks from the retail and accessory
space it would buy. (2-page report for purchase ~ $10)

http: //wew.multexinvestor.com/download.asp?docid«25883693hnd=0107

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1000000000741


[OUTSIDE SCOPE]

01000000000737


online shopping trends of the past few years will be just the tip of an
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Prudential Securities offers its quarterly update on real estate investment
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Prudential cites the strongest and weakest performing properties
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and details the performance of 95 stocks and 13 property-types in
its REIT coverage universe. (12-page report for purchase - $25)
http: //waw.multexinvestor.com/download, asp?docid=256682514nd=1214

2. TODAY'S SPECIAL REPORT
CISC World Markets offers its opinion on companies providing rural
telecom service.

CIBC's analysts identify the best positioned RLECS, as well as

those it believes have less visibility. This report discus RLEC access
lines, wireless service, regulatory i , and outlooks for 7 rural
telcos. (44-page report for purchase
hetp://www.multexinvestor, com/download.asp?docid=256821884nd=1214

3. BDITOR'S PICK: CURRENT RESEARCH PROM THE CUTTING EDGE
Friedman, Billings, Ramacy evaluates the future of rich media
applications.

FBR discusses the viability of interactive applications, profiles
Burope's BSkyB service, the building of interactivity, and examines 3
cutting-edge companies: Tivo (TIVO), Open TV (OPTV), and Liberate
Technologies (LBRT). (96-page report for purchase - $150)
hetp://wew.multexinvestor.com/download. asp?docid=25669555ande1214

4. THIRD-PARTY REVIEW
StockJock offers its opinion of industry giant Oracle (ORCL).

StockJock provides a fundamental overview of Oracle, a discussion
of the company's leadership and organizational dynamics, a
detailed valuation analysis, an investment recommendation, short-
term price target, and more. (6-page report for purchase - $10)
http: //www.multexinvestor.com/download. asp?docide257448536nde1214

5. WHAT'S HOT?
CIBC World Markets comments on the ongoing saga of Enron (ENE)
and Dynegy (DYN) .

CIBC discusses DYN's rationale for the termination of the merger
as

01000000000750


[OUTSIDE SCOPE]

01000000000732


[OUTSIDE SCOPE , (b)(6)}

Schmalzbach, Kenneth

From: Schmalzbach, Kenneth
Sent: Friday, March 16, 2001 10.01 AM
To: Granat, Rochelle
Ce: Aufhauser, David; Cohen, David; McHale, Stephen
Subject: RE: Enron Meeting Request
{(b)(5))

~——-Original Message----

From: Granat, Rochede

Sent: Friday, March 16, 2001 8:58 AM

To: Schmatzbach, Kenneth

Subject: FW: Enron Meeting Request

((b)(5)]

——~Original Message——

From: Constantine, Eleni

Sent: ‘Thursday, March 15, 2001 6:07 PH

To: Granat, Rochete

Ce: Melnemey, Roberta

Subject: FW: Enron Meeting Request

FYI

~——Original Message

From: Paulus, Michael

Sent: Thursday, March 15, 2001 6:02 PM

To: Mcinemey, Roberta; Constantine,

1000000000804


Investments will take your questions until Thurs., November 29.
Click here
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Free and sponsored reports

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Robertson Stephens discusses telecom underachiever Lucent's (LU) future
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Morgan Stanley se 4 $43 price target on ADRs of Spanish telecom service
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ge send your questions and comments to:
mailto:investor.helpemultex,com

If you'd like to le more about Multex Investor, please visit:
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If you can't remember your password and/or your user name, click here:
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To remove yourself from the mailing list for the Daily Update, please
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Teen ae eenweraceees, a eaeeeeeee

Please email advert ng inqu:
mailtoradvertisegmultex.com,

to us at:

Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will
inform, educate, and entertain you with usable investment data,
ideas, experts, and info about the Internet and telecommunications
sectors. To see this week's issue,

click here:

http://www. thetelecommanalyst .com/ or

http://www. theinternetanalyst.com/

01000000000791


Schmaizbach, Kenneth
—————————

From: Cetina, Jal

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

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

Subject: Market Closing Report; Nov 29th

{(b)(5)]

st

01000000000776


04/13/95 «10:01 202 376 6426 CHIEF COUNSEL bres TRSY ASST GC aa (eearoes
PoT/20/84 «18:48 «= BG 202 8221176 TRSY ASST GC AGL

igo027003

DEPARTMENT OF THE TREASURY
WASHINGTON

MEMORANDUM FOR JEAN HANSON

DESIGNATED AGENCY ETHICS OFFICAL
SUBJECT: The Secrotary’s letter re Enron Corp.

{(b)(5)]

Discussion

{()(5)]

01000000000629


Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com, The newsletters will
inform, educate, and entertain you with usable investment data,
ideas, experts, and info about the Internet and telecommunications
sectors. To see this week's issue,

click here:

http://www. thetelecommanalyst.com/ or

http://www, theinternetanalyst.com/

Schmaizbach, Kenneth

From: Byme, Kathleen

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

To: _DL_Market Group; Andrew D. Sacher (E-mail); David Griffiths; E.A. Wayne; Enrique Perez
Eek Eric H. Otto (E-mail); J.P. Reid, Jay Hoffman; Meg Lundsager; Philippa Malmgren;

Subject: AM Global Financial Markets - December 18, 2001

{(b)(5)]

01000000000747


{(b)(5)]

He QHNOOM pot

Schmalzbach, Kenneth

From: Sharer, James

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

To: _Di_Market Group; Andrew D Sacher, David Griffiths; Eric H. Otto; Jey Hoffman; Lundsager,
eg; Philippa Malmgren; reidjp; Shevlin, Thomas; wallarjg; wayneee

Subject: Financial Markets Aftemoon Report 11/23/01

{(b)(5)]

01000000000783


[(b)(5))

Schmalzbach, Kenneth

From: Sharer, James

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

To: _OL_Market Group; Andrew D. Sacher; David Griffiths; Eric H. Otto; Jay Hoffman; Lundsager,
Meg; Philippa Malmgren; reidjp; Shevlin, Thomas; wallarig: wayneea

Subject: Financial Markets Night Report 11/20/01

((by5)}

01000000000785


{(b)(5))

Naw200M pet

Schmalzbach, Kenneth

From: Cetina, Jit

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

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

Subject: Market Noon Report, Now 20th

[(b)(5)]

01000000000786


Investment ideas

1. INVESTMENT IDEAS

Broadband providers hit the canvas

DSL has fumbled the ball and cable has hit the deck, but the ref
hasn't counted them out...yet

By Ben Macklin, senior analyst, eMarketer

It haa been a tough year for broadband access providers in the US.

On the digital subscriber line (DSL) front, wholesalers Rhythms

Net Connections (RTHMQ), North Point and Covad

(Covp.0B) hit the canvas. Covad is in the process of getting

back on its feet, but its future remains uncertain. On the cable side,
Excite@Home recently filed for bankruptcy, and numerous

broadband wireless providers including Winstar and Metricom

have also dissolved, Sut what lies ahead for those that survive?

While DSL technolegy has fumbled the ball early in the game and

is now unlikely to ever live up to its promise, cable and satellite
providers still have a chance to run for daylight, But for the time
being, dial-up remains the clear market leader.

Indeed, eMarketer predicts continuing growth in the dial-up sector,
at lei for 2002, even though broadband services will become

more widespread. Dial-up will taper off in the following years, but
it will still be the most common means of Internet access in the
home even as late as 2004. AOL, with its 26 million subscribers
{not counting Road Runner) as of September 2001, will continue to
dominate the scene. Its nearest competitors, MSN (7 million
subscribers), United Online (6,1 million subscribers) and
Earthlink (SLNK) (4.9 million subscribers) will battle it out for
second place. Even if the largest five ISPs after AOL merged, they
would still fail to rival AOL Time Warner (AOL).

Click here to read more
http: //wew.multexinvestor.com/article.asp?docid=5389&nd=1228

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1. INVESTORS’ CHOICE: 3-DAY FAVORITE
The 451 discusses Cisco's (CSCO) new focus on the mobile
wireless market.

This report examines IP infrastructure spending, the next-

gen Internet and network architecture layers, Cisco's

strategic alliances and mobile business customer targets,

and advanced e-services and content applications, (2-page
report for purchase ~ $5)

http://www. multexinvestor.com/download.asp?docidS67670S&nd=1226

2. TODAY'S SPECIAL REPORT
19

01000000000744


Member benefits

Members get access to free research reports that others must pay between $10

and $25 on average, so use thia competitive advantage by clicking here:

http://www, multexinvestor.com/freereports - asp? target «t2Phomet2Fhomet2Fhome

oenwaesnecesscenesserreneses
your questions and comments to:
mailto: investor. help@multex.com

Tf you'd like to learn more about Multex Investor, Please visit:
http: //www,eultexinvestor.com/welcome.asp

if you can't remember your password and/or your user name, click here:
http: //wew.multexinvestor.com/lostinfo.asp

if you want to update your email address, please click on the url below:
htep: //www.multexi edituinfo.asp

To remove yourself from the mailing list for the Daily Update, please
REPLY to THIS email message with the word UNSUBSCRIBE in the subject
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the Daily Update and The Internet Analyst, please respond with the
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You may also unsubscribe on the account update page at:
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- an SESE eeeeeeweseeneeness
Please email advertising inquiries to us at:
mailto:advertise@multex.com.

Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will
inform, educate, and entertain you with usable investment data,
ideas, experts, and info about the Internet and telecommunications
sectors, To see this week's issue,

click here:

http: //wew.thetelecommanalyst.com/ or

http://www. theinternetanalyst.com/

n

01000000000796


[OUTSIDE SCOPE]

Eoies Steps Up for Fastow

What a strange news conference last week when the elusive former chief financial officer
for Enron Corp. Andrew Fastow arrived with his new attorney, David Boies, in an crowded
conference room in New York. The display was not to so much to answer substantive

2

1000000000614


Hammerle, Barbara

From: register@washingtonpost.com

Sent: Monday, December 17, 2001 12:46 PM

To: stevenson. munro@do {reas gov; barbara hammerle@do.treas.gov;
victoria.rosenthal@do.treas.gov

Subject: A washingtonpost.com article from a washingtonpost.com user

You have been sent this mesuage from a washingtonpost.com user as a courtesy of the
Washington Post (http://www.washingtonpost .com) .

[OUTSIDE SCOPE]

01000000000613


Schmalzbach, Kenneth

From: Multex Investor [1.12728565,-2@multexinvestornetwork.com]
Sent: Tuesday, January 15, 2002 2:28 AM

To: kenneth.schmalzbach@do.treas.gov

Subject: Janwary 15, 2002 - Enron's impact spills over

In today's edition of the Daily Update, chartered financial analyst Rick
Wayman forewarns investors of issues to watch for thi rnings season,
with a special nod to the folks at Enron, whose off-balance sheet
shenanigans have brought that heretofore benign footnote into focus.

Also, eMarketer senior analyst Steve Butler reviews news from Europe
that may reflect a fundamental shift in e-business technology spending.

Finally, members like you can read Morgan Stanley's glowing report on
Qualcomm (QCOM) by registering for the firm's free research trial. See
more details below or go directly to our site and click the Morgan Stanley
tile on the screen to register.

You can link directly to our research page, which features synopses
of broker and free reports, by clicking here:
http: //www.mltexinvestor,com/article.asp?docid=5981&nd=0115

PUTTTTITT TTT tet)

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Below

~ Investment ideas

- Broker and third-party research
- Online advice and chate

- Free and sponsored reports

Investment ideas

1, INVESTMENT IDEAS
The spillover from Enron
New issues to watch for this earnings season

By Rick Wayman, CFA

This earnings season should prove to be especially interesting not only
because of what the bottom lines may indic; but also because of the
"spin" that companies will be using. There are several key factors that

01000000000733


[OUTSIDE SCOPE]

01000000000616


‘Subject: Flv: Enron Meeting Request

Please see below. Any thoughts?

~-~Orignal Message--~

From: Els, Ding
Sent: ‘Thursday, March 15, 2001 5-99 PM
To: Fisher, Peter; Pauius, Michael; Careton, Norman
Ce Gross, Jared
Subject: RE: Enron Meeting Request
((b)(5)]

-—-Original Message——

Sent: ‘Thursday, March 15, 2001 5:27 PM
To: Etis, Dina; Fisher, Peter; Carteton, Norman

Ce: Gross, Jared

Subject: Enron Meeting Request

Jett Skilling, President and CEO of Enron has requested a meeting with the Secretary for April 5 to discuss the

West Coast energy crisis. | see no reason to object, Thoughts?

Schmaizbach, Kenneth

From: Granat, Rochelle
Sent: Friday, March 16, 2001 8:58 AM
To: ‘Schmaizbach, Kenneth
Subject: FW: Enron Meeting Request
{(b)(5)]
—~Onginal Message-—~
From: Constantine, Beni
Sent: Thursday, March 15, 2001 6:07 PM
To: Granat, Rochelle
Ce: j, Roberta
‘Subject: Fi: Enron Meeting Request
Fyi
Original Message
From: Pauius, Michael
Sent ‘Thursday, March 15, 2001 6:02 PM
To: Mcinemey, Roberta; Constantine, Elent
Subject: FW: Enron Meeting Request
[(b)(5)]
Original Message
From: Gis, Ora
Sent: ‘Thursday, March 15, 2008 5:59 PM

1000000000805


know it? This year I found a freezer-full right here at work--in the stock market.
Turkey #1 - Enron (ENE)

Enron, the heretofore darling natural gas stock, has had a fall quarter like no
other. Among its accolades are a $1 billion charge-off, several debt downgrades
by the agencies, an SEC investigation into impropriety, an announced

restatement of the past five years of financial records, and finally, its purchase
by competitor Dynegy (DYN).

Click here to read more.
hetp://wew.multexinvestor.com/article, asp?docid=4304énde1116

2. INVESTMENT IDEAS

Three healthcare IT stocks may offer healthy returns

Enterprise software companies focusing on the health care field could beat
the economic doldrums.

By Shannon Swingle, contributing editor

"Healthy" appeare to be an apt term when referring to select health care information
technology providers. In fact, some believe this industry is poised to turn around, as
a few pli @ from thia sector have shown their vigor in recent performance reports--
@ strong statement considering the difficult economic environment.

Within the HCIT sector, companies design and develop, inatall, and host software
solutions that simplify and automate bueinese functions for the health care industry.
Two companies are looking particularly good to analys' -Trizetto Group (TZIx) and
Cerner Corp. (CERN)--while a third, WebMS (HLTH), has also garnered renewed
interest.

Click here to read more.
http: //wew.multexinvestor.com/article.asp?docide43054nde1116

3, INVESTMENT IDEAS
Clinging to the past
Ma Bell's babies are in trouble, but analysts continue to recomend them. Why?

By Dave Sterman

Judging by the stock prices of former Baby Sells such as SBC Communications
(SBC), Verizon (Vz), Qwest (Q), and Bellsouth (BLS), the local phone sector
appears relatively healthy. Although they're below their peaks, shares are faring
much better than those in all other telecom segments. And analysts generally
stand by their "buy" and "strong buy" ratings, averring that the stocks are cheap
at current levels.

But if you dig deeper, you'll see that these firms are struggling, which makes you
wonder why the analysts are so bullish, Quarterly es es are being missed,
forward guidance is dropping as sales and profits decline, and few positive
catalysts appear on the horizon. (Could it be that these phone giants steer a lot
of investment banking business to these analysts’ firms?)

Click here to read more.
http://www. multexinvestor.com/article. asp?docid=43064nde1116

seecnessseenseeeensecss= Sponsored by s=0=sesce= ==

Get 10 FREE issues of Investor's Business Daily. More than just a newspaper,
Investor's Business Daily is a uni earch tool designed to identify
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else,.This offer carries no obligation and there's nothing to cancel.

nm

01000000000798


Members get access to free research reports that others must pay between $10
and $25 on average, so use this competitive advantage by clicking here:
http: //wew.multexinvestor.com/freereports .asp?target«t2Fhomet2Fhomet2Phome

j@ send your questions and comments to:
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If you'd like to learn more about Multex Investor, please visit:
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If you can't remember your password and/or your user name, click here:
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To remove yourself from the mailing list for the Daily Update, please
REPLY to THIS email message with the word UNSUBSCRIBE in the subject
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email advertising to us at:
mailto:advertiseamultex.com,
Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will
inform, educate, and entertain you with usable investment data,
ideas, experts, and info about the Internet and telecommunications
sectors. To see this week's issue,
click here:
http://www. thetelecommanalyst.com/ or
http://www. theinternetanalyst .com/

Schmalzbach, Kenneth

From: Sharer, James

Sent: Tuesday, November 06, 2001 12:54 PM

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

Subject: Financial Markets Noon Report 11/6/01

[(b)(5)]

1000000000801


Schmaizbach, Kenneth

From: Multex Investor [1 12728565.-2@multexinvestometwork.com)
Sent: Monday, January 07, 2002 1:19 AM

To; kenneth.schmalzbach@do.treas.gov

Subject: January 7, 2002 - Up in the air

In today's edition of the Daily Update, Charles Payne, principal analyst
and founder of Wall Street Strategies, explains the so-called January
effect and William Valentine, principal of valentine Ventures, reviews
his home runs and strike-outs from 2001.

Speaking of the January effect, among the broker reports available for
download, we feature one from Brown Brothers Harriman that aleo
touches on this phenomenon.

We also remind our members that they have exclusive access to Morgan
Stanley research through the firm's free research trial; today, we suggest
you look at their report on Qualcomm (QCOM), which they rate "strong
buy-volatile.*

You can link directly to our research page, which features synopses
of broker and free reports, by clicking here:
http://www. multexinvestor.com/article. asp?docide5665énd=0107

TARR E ERENT REET EERE EEE EERE OOH OEEEEEEEEEE EEE HHS HEHE ERD

You are receiving this mail because you have registered for
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errr e Tiree rere r ere

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~ Investment ideas

- Broker and third-party research
~ Online advice and chats

- Pree and sponsored reporte

1. INVESTMENTOR
Prophetic to pathetic: a year in review
Plagellation and self-congratulation with the benefit of hindsight

By William Valentine, CFA

I'm a corny, traditional kind of guy, especially around the holidays.
Whether it's felling the family Christmas tree in the nearby forest,
enjoying thrice-daily eggnog lattes, or experimenting with a new
pheasant recipe each year, you could almanac my predictability.

1000000000739


Novey, Mich

Eichner, Matthew
Tuesday, August 14, 2001 8:43 AM
; Hammer, Viva

|)

er ee ere Mgcabes commas DOL
awece I will forward any others of these that I get, although Norman
said Enron was one of the more interesting ones. I believe that we agreed to hold the
responses by the private sector firms in confidence.

soses Original Message-----

From: Remy, Christine [mailto:cremysCPTC.gov]

Sent: Monday, August 13, 2002 12:11 AM

To: ‘blainebésec,gov’ urt.wilhelm@occ.treas.gov';

‘matthew. eichner@do. tr -gov'; ‘mbrownesfdic.gov';
*norman.carletongdo.treas.gov'; ‘polisej@sec.gov'; ‘'pwhite@frb.gov';
“patrick.parkinson@frb.gov'; 'dombalagiano@sec.gov';
*Joyce.Hansen@ny.frb.org’; ‘Diane.Virzera®ny.frb.org’;

‘Adelina. Bonannog@ny.frb.org’ Bob Gasperini@ny.frb.org';
*Heidilynne.Schultheise@do.treas.gov'; ‘Peter.Nickoloff@do.treas.gov’
Ce: Fox, Elizabeth L, R.

Subject: Retail Swaps Study

Attached please find notes from the interviews conducted with Enron and
Blackbird.

<<Enron - retail ewaps interview-not highlighted_.doc>>
<<Blackbird-revised.DOC>>

~~ 90900000000010


[OUTSIDE SCOPE , (b)(5)]

Schmalzbach, Kenneth

From: Granat, Rochelle

Sent: Wednesday, April 04, 2001 4:58 PM

To: McHale, Stephen; Schmaizbach, Kenneth
Ce: Adams, Tim; Randy, Lyn

Subject: RE: Personal Financial issues

{(b)(5)]

Lyn will work with Tim on reviewing his portfolio.

~——Onginal Message--——

From: McHale, Stephen

Sent: Wednesday, April 04, 2001 4:00 PM
To: ‘Schmalzbach, Kenneth; Granat, Rochelle
Ca Adams, Tim

Subject: FW: Personal Finanoal Issues
Please assign someone to work with Tim on this ASAP

7

01000000000802


{((b)(5)]

01000000000762


[OUTSIDE SCOPE]

01000000000726


4/13/85 10:01 F202 376 6426 __ CHIEF COUNSEL +++ TRSY ASST GC AGL @002/003

“/* 07/20/04 «16:48 Te 202 6221176 ‘TRSY ASST CC ACL ~ ~ \ao0
" 7003

[(6)(5)]

1000000000630


[(b)(5)}

01000000000775


{(b)(5)]

01000000000758


//Abd. infostreet .com/egi-bin/freeoffer.cgi?sourcesA3620GL

Broker and third-party reports

1. TODAY'S SPECIAL REPORT
RBC Capital Markets offers a comprehensive discussion of ‘Net security
technologies and companies.

an industry overview, including a breakdown of security software classes, with
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(214-page report for purchase - $300)

http: //www.multexinvestor.com/download.asp?docid=25423324énds1116

2. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Bear Stearns reports on the relationship between telecom service
Providers and equipment vendors.

The analysts discuss the future of telecom capex, wireline service
fundamentals, data revenue growth/traffic, wireless capex, and Chinese
demand. They explain why investors should focus on carrier fundamentals
as a precursor to recovery. (?-page report for purchase - $25)

http: //wew.multexinvestor.com/download. asp?docid«253917196nd=1116

3. WHAT'S HOT?
RBC Capital Markets reports its findings after a recent trip to
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The analysts recently visited Extreme Networks (EXTR), Juniper

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4. INVESTORS' CHOICE: 3-DAY PAVORITE
Bear Stearns explains its expectations for real estate investment trust atocks.

The firm warns investors that real estate fundamentals are not immune to

a slowing economy, and that performance is showing signs of weakening.

The report discusses the outlook for 14 stocks, five of which are "buy"-rated.
{report for purchase - $10)

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5. THIRD-PARTY REVIEW
123 Jump.com discusses how fuel cells could revolutionize the market for cell
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In the report, an explanation of wireless and portable device battery technologies
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01000000000799


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2. ASK THE EXPERT
Insurance.com's Ronald £. Newton discusses life insurance
coverage issues brought up by divorce.

Newton explains the importance of reviewing insurance coverage
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See e ee ee eee ween nner en arene ene e ness eee ees eee eae eeeeseeeseeeres
Please send your questions and comments to:
mailto: investor. help@multex.com

If you'd like to learn more about Multex Investor, please visit:
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a

1000000000746


Schmaizbach, Kenneth

Sy

From: Cetina, Ja

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

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

Subject: Market Noon Report - Dec 4th

{(b)(5)]

01000000000763


Jefferies and Company reporte on the latest developments in digital
subscriber line technology.

Jefferies discusses Sprint's (FON) 2002 DSL deployment strategy,
Lucent's (LU) new Stinger platform, Virata's new VoIP chipset,
compares recent DSL and cable modem additions, business DSL
services, and broader industry iseues. (16-page report for purchase
- $50)

http://www. multexinvestor.com/download. asp?docid=25874163&nd=1228

3. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Adams, Harkness & Hill provides a communications technology
update.

In the report, discussion of the failure of the 1996 Telecom Act,
recent industry news, and specific company news on Advanced

Fiber [APCI), CoSine (COSN), Lucent (LU), SeaChange Intl.

(SEAC), and Somera (SMRA). (22-page report for purchase - $75)
http: //wew.multexinvestor.com/download. asp?docid=257338314nd=1228

4. THIRD-PARTY REVIEW
Noted independent research firm Motley Pool provides its monthly
commentary.

‘TMF discusses the investing mantra "invest in what you know,”

Ivax (IVX) and the generic pharmaceutical industry, Energy
Conversion Devices (ENER), Kenneth Cole Productions (KCP),

and ite Fooligh & list for Dec. (24-page report for purchase - $10)
http://www. multexinvestor. com/download.asp?docide258853644nd=1228

5. WHAT'S HOT?
Prudential analyzes November site traffic for major Internet portal
and commerce names.

Analyst Mark Rowan discusses unique visitors and potential
revenue correlation for Amazon.com (AMZN), eBay (EBAY),

Yahoo! (YHOO), Homestore.com (HOMS), Expedia (EXPE),
Travelocity.com (TVLY), and Priceline.com (PCLN), (4-page

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1. ASK THE ANALYST
Market Edge's Tom Ventresca explains how to profit from “head
and shoulders" chart formations.

With the aid of an actual chart, Ventresca discusses how the formation
develops, how to ri the pattern, and how price objectives are
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Click here http: //www.multexinvestor.com/AskTheAnalystForm.asp?énd=1228

01000000000745


Schmalzbach, Kenneth

From:
Sent:
To:

Subject:

{(b)(5)]

Byme, Kathleen

Monday, November 26, 2001 12:18 PM

_DL_Market Group; Andrew D. Sacher (E-mail); David Griffiths; EA. Wayne; Eric H. Otto (E-
mai); JP. Reid; Jay Hoffman; Meg Lundsager; Philippa Malmgren; T.J. Shevlin

Market Noon Report, Nov 26th

7

01000000000782


questions, but to assure the world that Fastow had not disappeared to Tegucigalpa or
someplace else,

And Boies, the New York superlawyer of Boies, Schiller £#38; Flexner, wanted to assure the
authorities -- and there are lots of them investigating the implosion of Enron -- that
Fastow was ready, willing and eager to cooperate. Trouble is, Pastow is likely # target as
much as he is a witness for the various U.S. attorneys vying to snatch the case. Boies
said that Fastow was available to talk with the Securities and Exchange Commission given
reasonable notice, not just 48 hour notice.

He is probably not as eager to talk to Milberg Weiss Bershad Hynes 4438; Lerach, which is
suing Fastow and other Enron executives, saying they illegally made more than $1 billion
by selling shares of Enron before the company short-circuited,

At the news conference, Boies originally told his client not to say anything, that he
would answer all the questions. Fastow was just a visual for the cameras, according Carol
Vinzant, The Washington Post's special correspondent on Wall Street,

when a reporter, bemused by the situation, asked if Fastow coulda just say hello, Soies
relented, but only slightly. "As long as we can have an understanding that as long as he
says hello you'll be satisfied," soies said.

Fastcw smiled. Boles then suggested that Fastow could say hello and offer holiday
greetings and Fastow, as if a hostage, said, "Hello. I wish you a happy holiday season.

Thank you for coming."

Happy Holidays to you, too, Mr. Fastow, Sure hope Santa cGoesn‘t stick an arrest warrant in
your stocking.

[OUTSIDE SCOPE]

1000000000615


Americans will benefit from new tax laws.

Citing aspects of new tax rules relating to individuals
over 50, education, and estate taxes, Cohn shows

how a wide range of citizens will benefit. How do the

new laws affect you? He can take your questions until
Thurs., Jan. 24. Ask the expert.
hetp://wew.multexinvestor.com/AskTheExpertForm.asp?&nd-0115

Free and sponsored reports

1. FREE RESEARCH REPORT
Lehman Brothers discusses the prospects for electric utility
stocks.

In the report, a tor summary and investment conclusion,
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2. DAILY FREE SPONSOR REPORT
Morgan Stanley sets a $90 price target on “strong buy-volatile"-rated
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nena ee eenenenenescseeeeerssenenter ceases eee eee
your questions and comments to:
mailto:investor.help@mltex.com

If you'd like to learn more about Multex Investor, please visit:
http: //www,.multexinvestor.com/welcome.asp

If you can't remember your password and/or your user name, click here:
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If you want to update your email address, please click on the url below:
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To remove yourself from the mailing list for the Daily Update, please
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ng inqu:
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Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will

nu

01000000000736


charts and company information from
anywhere on the Web.

http://www. athoc.com/wis/activate/activat

Sp?pid=102794mktmaqeJAL

Online advice and chats

1. ASK THE ANALYST
Schaeffer's Research's Bernie Schaeffer believes recent strength is nothing more
than a bear rally.

While impressed with the market's broad move higher since Sept. 21, Schaeffer
says to keep an eye on the exit door. Why does he believe bulls will ultimately
succumb to selling pressure? He can anawer questions until Mon., Nov. 19.

Ask the analyst.

http://www, multexinvestor.com/AskTheAnalystPorm.asp?&nd=1116

Can your portfolio be fixed? Discover tactics to help you approach your fallen
stocks with sensibility and creativity. Sign up now for Bernie's FREE
CyberSeminar - "HOW TO REPAIR BROKEN STOCKS". Click here

http://www. schaeffersresearch.com/redirect .asp?CODE=GBO1L8&PAGE=1

2. ASK THE EXPERT
American Century Investment’s Karen Burnett talks about choosing a retirement
plan for your busine:

Choosing a retirement plan for your business or yourself is one of the most
important financial decisions you will make. Karen Burnett of American Century
Investments will take your questions until Thurs., November 29.

http: //www.multexinvestor.com/AskTheExpert Fors. asp?4nde1116

Free and sponsored reports

1. FREE RESEARCH REPORT
C.E. Unterberg, Towbin warns investors against both wishful thinking and panic-
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The firm reviews Brocade Communications Systema (BRCD), Emulex (EMLX),
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"buy* rating to two of them. This 6 page report, which usually sells for $25,
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2. DAILY FREE SPONSOR REPORT
Morgan Stanley sets a $40 price target on telecom billing and customer
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The firm explains its valuation methodology and lists key investment positives
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Member benefits

01000000000800


{(b)(5)]

01000000000773


Schmalzbach, Kenneth
i

From: Multex Investor [1.12728565.-2@multexinvestornetwork.com]

Sent: Friday, November 16, 2001 1:47 AM

To: kenneth, schmalzbach@do.treas.gov

Subject: November 16, 2001 - Reader's picks: storage networking, REITs, and telecom

To judge by what they were downloading this week, readers seemed particularly
interested in telecom stocks, go we encourage you to click through and read

Dave Sterman's icle on Baby Bells, and also to register with Morgan Stanley

to get a free research report on Amdocs (DOX), which is exposed to the same sector.

SAREE EERE Re Ree E REET REESE HEHE EEE EE HERES EEE Ee

You are receiving this mail because you have registered for
Multex Investor. To unsubscribe, see bottom of this me age.

TTT EEA ENTE E REESE EERE EEE EE OEE OEE EEE E EAE EN EHR ED

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jould check the end of the newsletter for reminders of Multex,com
features available to members.

~ Investment ideas

~ Broker and third-party research
~ Online advice and chats

~ Pree and sponsored reports

~ Member benefit

Investment ideas

1, INVESTMENTOR
Pive turkeys for Thanksgiving
Stocks that you'd want to shoot if they hadn't already fallen out of the trees

By William L. Valentine, CFA

I shoot birds. Don't worry, I won't be stalking hummingbirds and robins in your
neighborhood any time soon. I'm referring to game birds like pheasants,
partridge, and ducks and turkeys. This time of year, I'm on full alert status,
awaiting an opportunity to bag some autumnal bounty.

And I'm especially on the lookout for turkeys near Thankegiving. Wouldn't you
n

1000000000797


-—-Oniginal Message----
From: Adams, Tim
Sent: Wednesday, April 04, 2001 344 PM
To: McHale, Stephen
Ce: Aufhauser, David
‘Subject: Personal Financal Issues

{(b)(5)]

Schmaizbach, Kenneth

Sse

From: McHale, Stephen

Sent: Wednesday, April 04, 2001 4:00 PM

To: Schmalzbach, Kenneth; Granat, Rochelle
Ce: Adams, Tim

Subject: FW: Personal Financial Issues

Please assign someone to work with Tim on this ASAP.

Sia ea ae
front
Sent: (aon, April 04, 2001 3:44 PM
To: Mcttale, Stephen
Ca Authauser, David
Subject: —_Perscral Financial Issues
((b)(5)]

Schmalzbach, Kenneth

From: Schmaizbach, Kenneth

Sent: Tuesday, March 20, 2001 10:27 PM
To: ‘Neaiwolin@aol.com’

Subject: RE: New office contact information

[OUTSIDE SCOPE , (b)(6)]

linda.robertson@enron.com

01000000000803


DRAFT: January 16, 2002

Dear Mr. Waxman,

Jam responding to your letter of January 11, 2002, inquiring about communications with Enron
Corp. representatives prior to its bankruptcy filing [(b)(5)]

Donald L. Evans

01000000000918


{(b)(5)]

WnZtPh pe

Schmalzbach, Kenneth

From: Byrne, Kathleen

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

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

Subject: Market Noon Report, Nov 28th

{(b)(5)]

ss

01000000000780


You are receiving this mail because you have registered for
Multex Investor. To unsubscribe, see bottom of this

ppeperrrrrrrrTerrritiiit tt ..is.i i Lies

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- Investment ideas

. Broker and third-party research
~ Online advice and chats

~ Free and sponsored reports

Investment ide:

1. INVESTING STRATEGIES

Panera Bread Company (PNRA)

The dough is rising here, but will the stock continue to follow this
recipe?

Momentum investing is always risky because 80 much depends on
unpredictable factors. On one level, we can say the same about all stocks,
since we're always looking for good things to happen in the future. But
consider BEI Technologies (BEIQ), last week's feature. It hasn't been
barnburner since then, but the stock 38 priced very modestly and it's ¢
for me to look ahead six to twelve months and say economic trends are
such that the company is likely to be doing much better. I don't have
comparable compass points when I try to navigate a stock like PNRA,
since its price reflects an assumption that heretofore unseen growth will
occur. But as momentum plays go, this one benefits from as good a
foundation and as much visibility as you're likely to see in this
investment category.

Click here to read more.
http: //www.multexinvestor.com/article.asp?docida48544nd=1222

2. INVESTMENT IDEAS

Can Yahoo! change its stripes?

Ad sales and shopping may be on the rise, but what the company really
needs is a new business model

By Dave Sterman, equity research columnist

Like a Phoenix rising from the ashes, Yahoo! (YHOO) has doubled

investors money in just two months. Simply put, sales and ci fiow
estimates are no longer tumbling, and it increasingly appears that the
worst may be over for the erstwhile high flyer. But then, the estimates
aren't rising either. And even analysts that are now mildly bullish caution
investors not to keep chasing this stock upward.

Yahoo! shares have been lifted by a steady drumbeat of positive news.
for startere the market rebound that began in late September lifted all
boats. Then, management held an analyst meeting in mid-November that
detailed a more mature and focused business development strategy-

6

01000000000753


awaiting an opportunity to bag some autumnal bounty.

And I'm especially on the lookout for turkeys near Thanksgiving. Wouldn't you
know it? This year I found a freezer-full Fight here at work--in the stock market.

Turkey #1 - Enron (ENE)

Enron, the heretofore darling natural gas stock, has had a fall quarter like no
other, Among its accolades are a $1 billion charge-off, several debt downgrades
by the agencies, an SEC investigation into impropriety, an announced

restatement of the past five years of financial records, and finally, its purchase
by competitor Dynegy (DYN).

Click here to read more.
http: //www.multexinvestor.com/article.asp?docid-43044nd=1116

2. INVESTMENT IDEAS

Three healthcare IT stocks may offer healthy returns

Enterprise software companies focusing on the health care field could beat
the economic doldrums.

By Shannon Swingle, contributing editor

"Healthy" appears to be an apt term when referring to select health care information
technology providers. In fact, some believe this industry is poised to turn around, as
a few players from this sector have shown their vigor in recent performance reports--
@ strong statement considering the difficult economic environment.

Within the HCIT sector, companies design and develop, install, and host software
solutions that simplify and automate business functions for the health care industry,
Two companies are looking particularly good to ana TriZetto Group (TZIX) and
Cerner Corp. (CERN)~-while a third, WebMB (HLTH), hi #0 garnered renewed
interest.

Click here to read more.
http: //www.multexinvestor.com/article.asp?docide430Sénd-1116

3. INVESTMENT IDRAS
Clinging to the past
Ma Bell's babies are in trouble, but analysts continue to recommend them. Why?

By Dave Sterman

Judging by the stock prices of former Baby Bells such as SBC Communications
(SBC), Verizon (VZ), Qwest (Q), and Bellsouth (BLS), the local phone sector
appears relatively healthy. Although they're below their peaks, shares are faring
much better than those in all other telecom segments. And anal 8 generally
stand by their *buy" and "strong buy" ratings, averring that the stocke are cheap
at current levels.

But if you dig deeper, you'll see that these firms struggling, which makes you
wonder why the analysts are a llish. Quarterly estimates are being missed,
forward guidance is dropping sales and profits decline, and few positive
catalysts appear on the horizon. (Could it be that these phone giants steer a lot
of investment banking business to these analysts’ firms?)

Click here to read more.
http: //waw.multexinvestor.com/article.asp?docid=4306énde1116

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Lastly, the companys e-commerce segment got a lift from strong
Thankegiving-week holiday sales, giving investora confidence that
Yahoo! will make December quarter estimates.

So with the stock now well off its lows, its time for investors to geta
better handle on how and when this company could see a tangible
rebound in its operations.

Click here to read more.
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Broker and third-party reports

1. INVESTORS* CHOICE: 3-DAY FAVORITE
Prudential Securities offers its quarterly update on real estate investment
trusts.

Prudential cites the strongest and weakest performing properties
during Q3 and provides forward-looking comments. It summarizes
and details the performance of 95 stocks and 13 Pproperty-types in
its REIT coverage universe. (12-page report for purchase - $25)
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2. TODAY'S SPECIAL REPORT
Robert Baird & Co, discusses the outlock for electronics
manufacturing services firms.

Baird analyste comment on industry volumes, stock fundamentals and
valuation, inventories, and provide ratings and views on Plexus (PLXS),
DDI (DDIC), Pemstar (PMTR), Jabil Circuit (JBL), Sanmina (SANM),

and 2 others. (15-page report for purchase - $50)

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3. BDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING EDGE
Prudential explains how automakers are coping with the soft economy
and industry challenges,

In this report, discussion of the options available to auto companies for
addressing excess capacity. The analysts comment specifically on what
Ford (F) and General Motors (GM) have already done and what they

may have to do to ease costs further. (6-page report for purchase - $25)
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PowerPlusOptions.com's Victor Schiller discusses how to
successfully hedge stock purchases.

Using an example involving Microsoft (MSFT), Schiller explains

how selling out-of-the-money covered call options helps mitigate the rink
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regarding options until Mon. Jan. 7. Ask the analyst.

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Insurance.com's Ronald BE. Newton discusses life insurance coverage
issues brought up by divorce.

Newton explains the importance of reviewing insurance coverage in the
midst of divorce to protect loved ones should ca strophic events occur.
Do you have all the coverage you need? He can take your questions until
Thurs., Jan, 10. Ask the expert.

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Robert Baird & Co. discusses the energy and utility markets.

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A966 eee eee enon eeneennenseeeeseeneneneens
Please send your questions and comments to:
mailto:investor.helpamultex.com

If you'd like to learn more about Multex Investor, Please visit:
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v7

1000000000742


[(o)(5)]

Schmaizbach, Kenneth

From: Cetina, Ja

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

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

Subject: Market Morning Report, Dec 3rd

{(b)(5))

01000000000772


{(b)(5)}

01000000000781


{(b)(4)]

00900000000013 —


{(b)(5)]

Schmalzbach, Kenneth

eee

From: Catina, Jill

Sent: Wednesday, December 05, 2001 12:57 PM

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

Subject: Market Noon Report, Dec Sth -- "Recession over” mood prevails

{(b)(5)]

01000000000761


{(b)(5)]

01000000000759


Wex@2OON pot

Schmalzbach, Kenneth

From: Cetina, Jit

Sent: Wednesday, November 21, 2001 12:22 PM

To: _DL_Market Group; Andrew Sacher; ClayLowery; Eric Otto; Griffiths; Hoffman;
frm serfs 6 Paul Reid; PMaimgren; Wayne

Subject: Noon Report - Volumes thin as Thanksgiving looms

{(b)(5)]

01000000000784


[OUTSIDE SCOPE]

1000000000729


Schmalzbach, Kenneth

From: Cetina, Jill

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

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

Subject: Market Noon Report.

[(6)(5)]

01000000000771


(()(5)]

Schmalzbach, Kenneth

ee _

From: Byme, Kathleen

Sent: Thursday, November 29, 2001 12:36 PM

To: —DL_Market Group; Andrew D. Sacher (E-mail); David Griffiths; E.A. Wayne; Eric H. Otto (E-
maa, J.P. Reid; Jay Hoffman; Meg Lundsager; Philippa Maimgren; TJ. Sheviin

Subject: Market Noon, Nov 29th

[(b)(5)]

52

01000000000777


Schmalzbach, Kenneth

ee

From: Sharer, James

Sent: Tuesday, January 15, 2002 4:43 PM

To: _DL_Market Group; Andrew 0. Sacher, David Griffiths; Eric H. Otto; Jay Hoffman; Lundsager,
Meg; Philippa Malmgren; reidjp; Sheviin, Thomas; wallarjg; wayneea

Subject: Financial Markets Night Report 1/15/02

[(b)(5)]

01000000000731


{(b)(4)]

0090000000012


“weakening sector fundamentals." To get the whole story, just register for
the firm's free-research trial, and get six weeks' worth of free, free, free
information,

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je send your questions and comments to:
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Please email advertising inquiries to us
mailto:advertisegmultex.com.

Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will
inform, educate, and entertain you with usable inveatment data,
ideas, experts, and info about the Internet and telecommunications
sectors. To see this week's issue,

click here:

http://www. thetelecommanalyst.com/ or

http://www, theinternetanalyst.com/

From: Multex Investor [1,12728565.-2@multexinvestornetwork.com)
Sent: Wednesday, December 12, 2001 2:41 AM

To: kennath.schmalzbach@do,treas.gov

Subject: December 12, 2001 - Raising the dough

In today's edition of the Daily Update, Marc Gerstein, our director of
investment research, explains why Panera Bread Company (PNRA) is a
“rising" momentum play, and equity research columnist Dave Sterman
explains what Yahoo! needs to do to keep its own mojo rising.

Morgan Stanley likes the IP-networking business, and it especially likes
Riverstone Networks (RSTN); Multex Investor members like you can

register for a free trial, access the firm's research database, and find out
why.

You can also link directly to our research page, which features synopses

of select broker and free reports, by clicking here:
hetp://www.multexinvestor.com/article,asp?docid=5031and<1212

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Broker and third-party reports

1. TODAY'S SPECIAL REPORT
RBC Capital Markets offers a comprehensive discussion of ‘Net security
technologies and companies.

An industry overview, including a breakdown of security software cl.
an exphasis on anti-virus and encryption stocks. Both public and pr
companies involved in sector evolution are detailed, including RBC's top picks.
(214-page report for purchase - $306)

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2. EDITOR'S PICK: CURRENT RESEARCH FROM THE CUTTING
Sear Stearns reports on the relationship between telecom service
providers and equipment vendors.

The analysts diescusa the future of telecom capex, wireline service
fundamentals, data revenue growth/traffic, wireless capex, and Chinese
demand. They explain why investors should focus on carrier fundamentals
as a precursor to recovery. (7-page report for purchase - $25)

http: //www.multexinvestor.com/download. asp?docid«25391719knd=1116

3. WHAT'S HOT?
RBC Capital Markets reports ite findings after a recent trip to
5 Silicon Valley network solution# providers.

The analysts recently visited Extreme Networks (EXTR), Juniper

(INPR), Riverstone (RSTN), ONI Syste=s (ONIS), and Finisar (FNSR). They
relate individual company findings and offer a forward-looking industry-wide
opinion. (3-page report for purchase - $10)

http: //www.multexinvestor.com/download. asp?docide25456311&nd=1116

4. INVESTORS' CHOICE: 3-DAY FAVORITE
Bear Stearns explains ita expectations for real estate investment trust stocks.

The firm warns investors that real estate fundamentals are not immune to

a slowing economy, and that performance is showing signs of weakening.

The report discusses the outlook for 14 stocks, five of which are "buy"-rated.
(report for purchase - $10)

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5. THIRD-PARTY REVIEW
123 Jump.com discusses how fuel cells could revolutionize the market for cell
phone batteries.

In the report, an explanation of wireless and portable device battery technologies
and how micro fuel cells would bring about dramatic change. Several micro fuel
cell research companies, including Medis (MDTL), are discussed. (S-page report
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This is also the time of year that fT lay out my 3 ‘is, personally and
professionally, for the coming year--which you cal do until you
examine the successes nd failures of the prior year. And as long team
readers know, that man e itself

“prophetic to Pathetic" Review of all columns written, and advice given,
over the last year.

Forty-two columns are & lot to review. But T didn't have to look too far to
find blunders, miscues, and downright pathetic commentary. Going back

to my "2001 Outlook" from last January, in hindsight i was too

optimistic about the economy and market - For the first halt of the year, I
believed that we'd actually skirt an official recession. While we'll never
know whether or not we would have avoided one without the impact of

Sept. 11th, we clearly did enter into a recession, and that kept the stock
market's growth retarded.

Click here to read more-
http://www smultexinvestor. com/article. asp?docid=56696nd=0107

2. INVESTMENT IDEAS

Five fateful days

Five January days that could determine the course of the year, and four
picks from the guru

By Charles Payne, principal analyst, Wall Street Strategies

after a two-year route that saw the market experience it's worse
performance since 1973-74. investors are going to begin the year hoping
for the best put not forcing the issue. Reluctance to buy this market could
result in a lackluster first week.

The old saying that as January goes, go goes the rest of the year (in fact
traditionalists say the first five days of the year will determine the
outcome for the rest of the year). I'm not $0 sure that will be applicable
to the market this year.

Instead, it could be the last 5 days of the month that sets the tone for the
rest of the year- on the 29th, the ped gathers for the first FOMC meeting
of the year. After 11 rate cuts last year, it will be interesting to see
whether Greenspan and company decide to take the scalpel to rates

again. We think the market has a better chance of making & serious rally

4 the Fed chooses to stand pat.

Click here to read more.
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1. INVESTORS CHOICE: 3-DAY PAVORITE
‘The 451 discusses Cisco's (CSCO) new focus on the mobile wireless
market -

1s

01000000000740


((b)(4)]

0900000000011


Fox, William

From: Authauser, David

Sent: Wednesday, January 16, 2002 7:34 PM
To: Fox, Wiliam; Wolfe, George

Subject: FW: draft letter

©)

2 ee

rmpomeees comments?
—--Onginal Message—
From: = TKassingenfidoc.gov H
Sent: Wednesday, January 16, 2002 7.13 PM

To:
Subject draft letter

any further thoughts would be most welcome,

Regards, Ted
(See attached file: draft Waxman response.doc)

1000000000917


{(b)(5)]

Schmalzbach, Kenneth

From: Multex Investor [1.12728565.-2@multexinvestornetwork.com]
Sent: Tuesday, December 04, 2001 2:21 AM

To: kenneth. schmalzbach@do.treas.gov

‘Subject: December 4, 2001 - The REIT stuff

Opinions on cloning may well vary, but hardly anyo:
relationship between cloning and Wall Street--at 1
Charles Payne thinks about it, Also today, columnist Dave Sterman
presents one 625 stock that may mect high expectations for this Internet
sector.

As a member, you can also read Morgan Stanley's inveatment thesia on
“outperform"-rated Intel (INTC) by registering for the firm's free
research trial.

You can link directly to our research page, which features synopses
of broker and free reports, by clicking here:
http: //wew.multexinvestor.com/article.asp?docid=4815énd=1204

AERO E EEE EEE EEE Eee EE EEE EEE EEE E EEE HEHE EEE HEEEe

You are receiving this mail because you have registered for
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Below

~ Investment ideas

- Broker and third-party research
~ Online advice and chats

- Pree and sponsored reports

Investment ideao

1000000000764


DeciBAM pst

Schmaizbach, Kenneth

From: Granat, Rochelle
Sent: Friday, December 14, 2001 2:35 PM
To: McGinnies, William
Ce: Schmalzbach, Kenneth
‘Subject: FW: New JW request
[OUTSIDE SCOPE , (b)(5)]

Original Message-——-

From: Johnson, Aana

Sent: Friday, December 14, 2001 2:29 PM

To: Granat, Rochete

Subject: New JW request

[OUTSIDE SCOPE , (b)(5)]

Schmalzbach, Kenneth

From: Multex Investor [1.12728565.-2@multexinvestornetwork.com]
Sent: Friday, December 14, 2001 2:36 AM

To: kenneth schmalzbach@do.treas.gov

Subject: December 14, 2001 - The hams of the dilemma

In today's edition of the Daily Update, Ben Macklin, senior analyst
at eMarketer, gives us the second of his two-part series on
interactive TV; he says companies touting the new technology will
have to overcome significant obstacles if the product is to live up
to its great upside potential.

In an ongoing series of articles forecasting market conditions for
2002, we feature chartered financial analyst William Valentine,
who explains why he thinks the market will rally over the next few
months.

You may want to read Morgan Stanley's report on the strengths
and weakne: of networking industry bellwether JDS Uniphase
(JDSU), which, as a Multex Investor member, you can do by
registering for the Morgan Stanley free research trial.

Today, we also feature the most popular reports downloaded by

our readers during the past week, which include forward-looking reports

on the future of networks, interactive TV, rural telcos, and, appropriately
enough given its name, Oracle (ORCL).

You can algo see the most popular tickers and sectors
peers by clicking here;
http://www.multexinvestor.com/cs_hot.asp?
target«/stocks/companyinformation/analystresearch/whatshoténd=1214

arched by your

ARERR eee eee He eee HEHE EEE REESE EEE EEE HEEEEEEE EEE ER®

2B

01000000000748


You may also unsubscribe on the account update page at:
http://www. oultexinvestor.com/edituinfo.asp

neon eee een enn en eee eee eee reese eee ee eee es
Please email advertising inquiries to us at:
mailto:advertise@multex.com.

Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will
inform, educate, and entertain you with usable investment data,
ideas, experts, and info about the Internet and telecommunications
sectors. To see this week's issue,

click here;

http://www, thetelecommanalyst.com/ or

http://www, theinternetanalyst.com/

Schmalzbach, Kenneth =

From: Cetina, Jill

Sent: Friday, December 07, 2001 4:45 PM

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

Subject: Market Weekly Report, Dec 3-7

{(b)(5)]

1000000000757


Fox, William

From: Pringle, Veronica

Sent: Friday, January 18, 2002 6:02 PM

To: Fox, William

Subject: This letter responds to your correspondence of January 11

(w)

(OPel Lator to
Wanna (1

1000000000915


words NO EMAIL in the subject line.

You may also unsubscribe on the account update page at:
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a eeeeeseneessesesse
ng inquiries to us at:
mailto:advertise@multex.com.

Be sure to check out our other newsletters, The Internet Analyst
and The Telecomm Analyst by Multex.com. The newsletters will
inform, educate, and entertain you with usable investment data,
ideas, experts, and info about the Internet and telecommunications
sectors. To see this week's issue,

click here:

http: //www.thetelecommanalyst .com/ or

http://www. theinternetanalyst.com/

Schmalzbach, Kenneth

ee

From: Multex Investor [1.12728565,-2@muttexinvestornetwork.com]
Sent: Friday, December 28, 2001 5:20 AM

To: kenneth.schmaizbach@do.treas.gov

Subject: December 28, 2001 - Playing defense

In today’s edition of the Daily Update, Ben Macklin, senior analyst
with eMarketer, pulls together data on broadband and gives his view
of the lay of the virtual land.

Also today, we feature the most popular reports downloaded by our
readers during the past week.

You can also see the most popular tickers and sectors downloaded
by your peers by clicking here:

http: //www.multexinvestor.com/cs_hot.asp?
target-/stocka/companyinformation/analystresearch/whatshoténd=1228

eeeeeeee

You are receiving this mail because you have registered for

Multex Investor
eererererirey

aeeeeee

seeececeesseneesesseecc= Sponsored by «<<<ssccesssecseuncceenee
One Lesson You Must Learn Prom Enron's Demise. Despite the

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Investment ideas

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rch

1000000000743


January 18, 2002

The Honorable Henry A. Waxman
U.S. House of Representatives

2204 Rayburn House Office Building
Washington, D.C. 20515-0529

Dear Congressman Waxman;
[(b)(5)]

Very truly yours,

Paul H. O'Neill

01000000000916


[OUTSIDE SCOPE]

01000000000727


{(b)(5)}

Noetiaat eat

Schmalzbach, Kenneth

From: Schmalzbach, Kenneth
Sent: Wednesday, November 28, 2001 5:26 PM
To: Canter, Virginia
Subject: WATCH OFFICE
PRIN soe

Ginny: Note the Enron story.
Schmaizbach, Kenneth

From: Byme, Kathleen

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

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

Subject: Closing Global Financial Markets - November 28, 2001

[(b)(5)]

01000000000779


It's here! The Multex Investor Toolbar
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charts and company information from
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While impressed with the market's broad move higher since Sept. 21, Schaeffer

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American Century Investment‘s Karen Burnett talks about choosing a retirement
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Choosing a retirement plan for your business or yourself is one of the most
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7

01000000000795


1. INVESTMENT IDEas

Emerging from the wreckage

Preemarkets is one of those rare birds--a company that may be
fulfilling the promise of 528.

By Dave Sterman

investors began ditching consumer-oriented ‘Net stocks in early 2000, but they
stood fast by Internet es that targeted businesses. The logic was that,
while B2C seemed forever relegated to the backwater of low-margins and

immutable shopping habits, B26 would attract corporate business thanks to the
promise of greater supply-chain efficiency. As a result, shares of companies such
as Ariba (ARBA) and Commerce one {CMHRC) continued to enjoy high valuations
throughout 2000, trading at around $50 or more.

But 2001 is another story, The promise of a Web-based revolution has failed to
materialize, even in Corporate America, and shares of those two firms now hover

at around $3. Things, in fact, look Pretty bleak. Each firm haa recently reported a
fall in revenues of 40 percent or more, with severe repercussions on the bottom
line. Commerce One lost $69 million in the September quarter, compared to a

$125 million loss in September 2000. And Ariba's $30 million quarterly loss is up
from a $6 million loss a year ago.

Click here to read more.
http://www. multexinvestor.com/article.asp?docid=4822&nde1204

2. INVESTMENT IDEAS

Cloning the rally

This rally may look a lot like rallies of the past, but is not necessarily fated to
the same outcome

By Charles Payne, founder, chief executive officer, and principal analyst, Wall
Street Strategies

The news from the world of science can be seen as a very interesting archetype

for what's occurring in the stock market. After enduring one of the great

meltdowns in the history of the stock market, investors are now concerned about

the quality and Sustainability of the current rally. Like those who fear the possible
negative consequences of human cloning, many investors are wondering if the

end of the pain and suffering that has been a part of their financial lives since
March 2000 is just around the corner, or if their hopes will once again be dashed.

Click here to read more.
http://wew.multexinvestor.com/article.asp?docide4@11énde1204

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Online advice and chats

1. ASK THE ANALYST
The Technical Trader's Harry Boxer explains his trading strategy and short-term
market view.

Boxer discusses some of the pertinent themes to his trading gameplan,
including high-beta stocks, pattern recognition, chart scrolling, and more.
What are his current thoughts on how to trade the market? Ask him your
questions through tonight, Tues., Dec, 4, 5 PM ET.

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Sign up for a FREE TRIAL to Harry's “Real-Time Technical Trading Diary" and
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2. ASK THE EXPERT
Multex.com's Alan Cohn explains the wisdom of diversification and periodic
portfolio rebalancing.

Reminding investors of the faulty notions that many held 2 years ago, Cohn
discusses why diversification and reallocation still make sense. Is your portfolio
properly diversified? He can take your questions until Thurs., Dec. 13.

Ask the expert.

http: //wew.mulcexinvestor.com/AskTheExpertForm. asp?and=1204

3. TOMORROW'S LIVE EVENT
Chat LIVE tomorrow at 4:00pm ET and learn about investing in
the Insurance sector.

Tomorrow at 4:00pm ET, William Hamilton, Senior Vice President

and Equity Analyst at State Street Research, will answer your questions about
investing in the Insurance sector. Click here
http://www.maltexinvestor.com/LiveBvents/Article.asp?target«t2Fliveeventst2Farticle¥
2Fhome&ForumID=426DocID=4660and=1204

Pree and sponsored reports

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The firm discusses “Black Friday" results and recent apparel retail pricing trends.
They name their favorite 5 stocks, 2 of which are Talbots (TLS) and Tiffany (TIF).

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2. DAILY FREE SPONSOR REPORT
Morgan Stanley sets a $45 price target on bellwether chip maker Intel (INTC).

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DEPARTMENT OF THE TREASURY
WASHINGTON, D.C.

SECRETAMY OF THE TREASURY

January 18, 2002

The Honorable Henry A. Waxman
U.S. House of Representatives

2204 Raybum House Office Building
Washington, D.C. 20515-0529

Dear Congressman Waxman;

This letter responds to your correspondence of January 11, The issues raised in your
inquiry are within the jurisdiction and current focus of multiple House and Senate committees,
the U.S. Labor Department, the Securities and Exchange Commission and the Department of
Justice. They will be addressed in an organized, timely and uniform manner by Treasury in
response to any and all requests made by such authorities,

The impact of Enron's demise on its employees and investors is a serious matter that
warrants careful examination and raises significant policy issues. If such an examination reveals
that Enron officials broke the law, the persons responsible should be punished. To address the
policy issues, the President has ordered a review of federal law, rules and regulations regarding
retirement programs, corporate governance and adequate disclosure of the financial condition of
public companies, Our full resources are currently devoted to the endeavor.

ip.

| Paul H. O'Neill

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