Just wanted to pass along a conversation I had recently with a senior 
Treasury Department official about Ken Lay.    My former colleague is 
extremely savvy and a leading  thinker on the financial markets.    He pointed 
out that with Jack Welch's retirement in late 2001 there will be a very large 
void in the corporate community.   Welch, for many years, has been considered 
in the financial markets and public at large, as the preeminent CEO figure in 
corporate America.    He is, in essence, the spokesperson and symbol of this 
community.   With his departure, there will be a process to figure out who 
steps in these shoes, and my Treasury friend believes there are only about a 
handful of CEOs in the running.   He believes Ken is in this group.   You've 
probably thought about this or you may want to put this email in the "for 
what it is worth" pile.   I believe that this is worth further thought.