postbot/aeslc_kw huggingface dataset:
Subject: Sovereign Bond Spreads, 10 August 2001

Sovereign Bond Spreads:  =20  Significant New Issuance - Commentary:  ?=09The emerging markets started the week on an extremely quiet note as inv= estors awaited more news from Argentina, in particular, on possible IMF sup= port for the country.
The situation started to improve on Tuesday night aft= er Domingo Cavallo's speech intended to support domestic confidence, in whi= ch he reiterated that the Argentine government would not default on its deb= t payments.
He also announced some special measures designed to reduce the = government's debt burden, such as an acceptance of bonds as payment for pas= t-due taxes and bond coupons for future tax liabilities.
This announcement,=  together with positive clues from the IMF about the possibility of a US$6.= 9bn disbursement to Argentina, helped the market to rally around 2.5 points= .
However, the continued fall of international reserves and private sector = deposits, evidenced by the latest data release, did not contribute to reviv= e investor confidence and pulled the market down by around 1 point.
In Turk= ey, the week was fairly busy with prices rising on the back of the successf= ul T-Bill auction and as a result of a technical short squeeze.
Real money = accounts and local banks were active buyers of Turkish bonds helping the Tu= rkey 2030 benchmark to break through an important resistance level of 80.
R= ussian market activity picked up on the positive news from Argentina, but t= he rally was not sustained and Russian bonds closed almost unchanged on the=  week.
Central and Eastern European assets had a positive week gaining arou= nd 0.25-0.50 points in price.
Overall, the general sentiment in the emergin= g debt markets has improved but is still very much subject to stabilisation=  in Argentina.
The EMBI+ Index tightened around 20 bps on the week to at +8= 96 bps level on Friday.
?=09The United Mexican States (Baa3/BB+) placed a US$1.5 bn 8.30% issue due=  08/2031 on Monday.
The bond was priced at a spread of +335 bps over Treasu= ries.
The fact that a Latin American issuer was able to successfully place = such a large transaction is a good sign that the impact of the Argentine cr= isis is limited and has not shut down the primary market for borrowers.
?=09The Republic of Latvia's (Baa2/BBB) credit rating outlook was raised by=  Standard & Poors from "Stable" to "Positive" reflecting an improved spendi= ng control and better perspective for GDP growth.
Subject: Daily Log and Weekly summary log

Attached please find the daily log for 08/09/01, 08/10/01 and weekly summary for week of 08/06.
If you have any comments please advise at ext 54751 or send email.
Regards,
Subject: Final 8/13/01 Gas Violation

Attached is the Enron Americas GasTrading violation memo for  Maturity Gap Risk for August 13, 2001.
The Office of the Chairman for Enron Americas is responsible for printing out a hard copy of this memo, signing and returning the hard copy to Chris Abel at 3560f, who will forward it to RAC to obtain their signature.
Thank You
Subject: Final 8/13/01 EOL Crude Violations

Attached are the Enron Global Markets EOL Crude 24/7 Trading violation memos for  Net Open Position, Maturity Gap Risk and VAR for August 13, 2001.
The Office of the Chairman for Enron Global Markets is responsible for printing out hard copies of these memos, signing and returning the hard copies to Chris Abel at 3560f, who will forward them to RAC to obtain their signature.
Thank You
Subject: Valley Electric Association, Inc. - credit reserve

Please note the following addition to the domestic credit reserve for Aug 2001:  CP:  Valley Electric Association, Inc. Deal No: 714097 (leg 1 on-peak; legs 2 and 3 off-peak) Deal Date:  8/1/2001 Deal Specifics:  EPMI fixed price power sale Term:  6/1/2002 thru 12/31/2006 Volume:  variable hourly MWs; up to 35MW/h for on-peak 6X16; up to 40MW/h for off-peak Price:  Fixed $46.75 Delivery Point:  Mead basis (Palo Verde/WSCC-S) Trader/Mid-Marketer:  Matt Motley/Paul Choi Credit Reserve Amount:  $48,500 (forty-eight thousand five hundred USD)  RAC: transaction confirmed under 2/13/01 Master Contract with margin rights.
Please call w/any questions.
Regards,
Subject: Credit Reserve for PG&E Energy Trading- Power L.P.

Please note the following addition to the domestic credit reserve for Aug 2001:  CP:  PG&E Energy Trading - Power L.P. Deal No: 731164.1 (leg 2 of Calendar Spread Deal - Buying Cal 04) Deal Date:  8/14/2001 Deal Specifics:  EPMI to purchase Financial Swap on 50MW of Power for Calendar Year 2004.
Term:  1/1/2004 thru 12/31/2004 Volume:  50 MWs on-peak Price:  $40.00 Delivery Point:  NY West (Zone G)) Trader/Mid-Marketer:  Gautam Gupta/Kevin Presto Credit Reserve Amount:  $10,280 (ten thousand two hundred and eighty USD)  RAC: transaction confirmed under 6/19/01 ISDA.
Please call w/any questions.
Regards,
Subject: UPDATED UNITED WAY REPORT

Please see attached a United Way Contribution Summary by Business Unit as of Wednesday morning, August 10.
This summary includes the total contribution amount to date, percent participation, campaign goal, and percent of goal for each business unit, as well as the functional groups within your business units.
Currently we are at 77%, or $2.25M, of our financial goal with only 42% participation.
These numbers are still significantly lower than where we were this time last year and we continue to need your help!
If you will do the following throughout the remainder of the campaign, I know it would help exceed our goal of $2.9M.
?
Continue to send out reminder emails including the United Way link ?
Continue to have personal dialogue with your direct reports and those in your group  Please let me know if you have any questions regarding this report or the campaign in general.
Thank you for your participation and support of this year's campaign.
Subject: Final 8/14/01 Gas Violation

Attached is the Enron Americas GasTrading violation memo for  Maturity Gap Risk for August 14, 2001.
The Office of the Chairman for Enron Americas is responsible for printing out a hard copy of this memo, signing and returning the hard copy to Chris Abel at 3560f, who will forward it to RAC to obtain their signature.
Thank You
Subject: New Dialing Instructions

To:          All Enron Houston Users   Subject:   New Dialing Instructions   Ref:   Tie Line Access Code Changes - Enron Building Phone System   Effective Saturday, August 18, the access code for remote locations will be modified within the Enron Building phone system to reflect a standard utilized by all Enron phone systems.
The modification will change the first digit dialed when accessing the tie lines by using the Alternative Routing feature from 7 to 8.
As all other Enron phone systems currently access the tie lines with the digit 8, the change from 7 to 8 will only affect users who reside in the Enron Building.
All other Enron phone system users should note that several digits of the tie lines to London, Calgary, and Portland have changed.
What This Change Means To You   Effective Saturday, August 18, you must replace the first digit 7 with an 8 when accessing the tie lines.
Additionally, several of the digits to the London, Calgary, and Portland tie lines have changed.
All other digits of existing access codes will remain the same.
For your reference, a list of the new dial strings for remote locations is identified at the bottom of this message.
Please Note:  This change also means that any Auto-Dial buttons you use to call associates at remote locations will now have to be re-programmed.
Such buttons may be programmed on conference room phones and FAX machines in your area.
To re-program an Auto-Dial button:   ?
Press the Menu button on your soft keys ?
Press the Program button on your soft keys ?
Press the Auto-Dial button you wish to program ?
Dial the new Dial String (as identified below) ?
Press the # key   REVISED DIAL STRINGS FOR ENRON TIE LINE NETWORK Users must dial 8 digits to call via Tie Lines
Subject: Policy and other items

Rick  1	Limits.
Here's how I interpreted the BOD approvals:  The BOD approved an aggregate of $150MM, with $50MM of discretionary VaR, plus the new policy which doesn't recognise the concept of discretionary VaR.
So here's what I did:  Effectively I allocated all the $50MM of discretionary such that Pug's "Big Buckets" are now as follows:  US Gas				$100MM US Elec				$100MM Europe Gas & Elec			$35MM Global Products			$20MM Financials				$15MM Emerging Businesses		$20MM  If you have a calculator handy you'll see that this aggregates to $149.164MM (assuming zero correlation).
At Business Unit level the individual commodity limits are unchanged, and I have put limits over the Business Units themselves as follows:  Enron Americas				$82MM EWS OOC (aka George Martingale)	$3MM  EEL					$34MM EGM					$23MM EIM					$8MM EBS					$4MM PGE					$4MM ETS					$1MM  Again I used root-sum-of-squares, and remember the original commodity limits (by VaR, net open and mat gap) are still in place (e.g.
gas = $61MM as before).
So that keeps it screwed down pretty tight and preserves the discretion between the "Big Buckets" and the Business Units.
I spoke to Rebecca C who could only remember the decision outlined above, but offered to call Pug and let him know.
I said I would come back on that.
I think we should do that ourselves, possibly with Lay in the loop (?).
Cleared it with Whalley today (he laughed), mentioned the dwindling membership of the Risk Management Committee and said "In my current role I think I should be asking for limits, not approving them"  ...and then...  2	The gas desk lost $98MM yesterday  A combination of a very bullish AGA number (3 Bcf injection - not a typo - three Bcf !)
plus some hurricane activity in the gulf sent prices up by between 25 and 30c all across the strip.
The long and the short of it was we are long Nov - Jan but short (big-time) out beyond that - the rest is arithmetic.
So we have two flavors of P&L notification, one at the business unit level (Americas) $89MM loss against VaR limit of $82MM; the other as a commodity, losing $126MM (the desk aren't the only ones with a gas position, as usual) against the Big Bucket number of $100MM.
Total trading was a loss of $106MM against a VaR limit of $150MM so no calls to Pug required (thank goodness).
That's it for now, hope you're having fun and remember: pan-fry the big ones and throw back the little ones.
DP
Subject: Enron Principal Investments Strategy

Rick,  Our group has completed our new investment strategy and are preparing to move into the execution phase.
I would appreciate the opportunity to present the strategy to you, Dave Gorte and Randy Petersen.
It would take about 1 hour, and I would value your feedback.
Let me know if you are up for it, and I will have my assistant schedule it.
Thanks,
Subject: 8/15 BU EOL Crude Violations

Attached are the Enron Global Markets EOL Crude 24/7 Trading violation memos for  Net Open Position, Maturity Gap Risk and VAR for August 15, 2001.
The Office of the Chairman for Enron Global Markets is responsible for printing out hard copies of these memos, signing and returning the hard copies to Chris Abel at 3560f, who will forward them to RAC to obtain their signature.
Thank You
Subject: 8/16 Business Unit EOL Crude Violations

Attached are the Enron Global Markets EOL Crude 24/7 Trading violation memos for  Net Open Position, Maturity Gap Risk and VAR for August 16, 2001.
The Office of the Chairman for Enron Global Markets is responsible for printing out hard copies of these memos, signing and returning the hard copies to Chris Abel at 3560f, who will forward them to RAC to obtain their signature.
Thank You
Subject: Updated United Way Report

IT'S THE LAST DAY!
WE'RE GETTING CLOSER, BUT STILL HAVE A WAY TO GO!!
We are currently at 85% of our goal with 61% participation.
It's time to really rally the troops.
Per the report below, you will be able to see how your group is doing,  Please call or email if you have any questions or need anything else.
Thanks for all that each of you are doing to help us exceed our $2.9M goal.
Subject: 8/16 Business Unit Natural Gas Violation

Attached is the Enron Americas GasTrading violation memo for August 16, 2001.
The Office of the Chairman for Enron Americas is responsible for printing out a hard copy of this memo, signing and returning the hard copy to Chris Abel at 3560f, who will forward it to RAC to obtain their signature.
Thank You
Subject: Report on Hearing Today

The court held a hearing today on the motion by some of the plaintiffs for an order regarding the preservation of documents.
The motions were directed primarily to Arthur Andersen and, to a lesser degree, to Enron.
None of your names were mentioned at the hearing.
Arthur Andersen and one of the plaintiffs' lawyers had agreed on a proposed order for preserving documents.
Other plaintiffs' lawyers said that the agreed order was not stringent enough.
With respect to Enron, there is some doubt as to whether the court can enter any order regarding Enron, because that may be the exclusive purview of the bankruptcy court.
Although the issue of which attorney should be appointed lead counsel was not technically before the court, most of the hearing was consumed with the various plaintiffs' lawyers arguing that the court should select them to be lead counsel.
The court said that it would not rule on the motion regarding preservation of documents until after 3:00 tomorrow.
All of the plaintiffs' lawyers are to get together in the next 24 hours to see if they can agree amongst themselves as to what they want the court to do.
The court said she would also consider whether Arthur Andersen was willing to agree to whatever order plaintiffs' all might agree upon.
The judge suggested that she would be selecting the lead plaintiff (and counsel) within the next few weeks.
Subject: 8/17 Business Unit EOL Crude Violations

Attached are the Enron Global Markets EOL Crude 24/7 Trading violation memos for  Net Open Position, Maturity Gap Risk and VAR for August 17, 2001.
The Office of the Chairman for Enron Global Markets is responsible for printing out hard copies of these memos, signing and returning the hard copies to Chris Abel at 3560f, who will forward them to RAC to obtain their signature.
Thank You
Subject: 8/17 Business Unit Natural Gas Violation

Attached is the Enron Americas GasTrading violation memo for August 17, 2001.
The Office of the Chairman for Enron Americas is responsible for printing out a hard copy of this memo, signing and returning the hard copy to Chris Abel at 3560f, who will forward it to RAC to obtain their signature.
Thank You
Subject: Updated Report

We have extended the campaign for three more days!
As of this morning, we are at 91.69% of our goal and 70% participation.
The 70% participation rate includes those who have completed the on-line pledge process, but may not have contributed (427 out of 4,655 have chosen not to contribute).
The contribution rate is 64%.
We also have a total of 56 Alexis de Tocqueville members which surpasses last year's total of 49.
Out of those 56, 19 are new members!
The next three days are crucial to exceeding our $2.9M goal.
Thanks for all that you can do to help make this happen.
Please let me know if you need anything else.
Thanks, Kathy
Subject: Finance Comm. Mtg. on 2/11

Rather than hold a meeting to discuss the Finance Comm.
meeting scheduled for Monday, Feb. 11, I have asked Laura Valencia to schedule a conference call with Pug Winokur and the three of us to discuss the agenda and the presentation materials.
Please watch for this meeting on your calendar, or let me know if you have already been in contact with Pug such that no meeting is necessary.
Also, pls.
note that the Board and Committee meetings will be held in NYC.
If you do not have other reasons to travel to NYC, I suggest you connect via teleconference.
Thanks.
Paula
Subject: Pug's Fax

Here are my thoughts on some of Pug's comments (Karen has faxed the memo from Pug I believe):  1	Roles of Audit and Finance Committees  I agree with the distinction he draws and I don't see why the entire Board should not see risk/return information.
We can tweak the policy to bring this to the fore.
2	Post-Audit  I'll talk to Gorte  3	Capital Allocation  Complex.
Charges for risk capital would not be as difficult as allocating funding.
Building balance sheets is key.
4	Trading Limits  In my last tome I have effectively limited the use of D-VaR to the levels specified by the concentration buckets, so I think we have satisfied that concern.
With position limits I would argue that ones needs them where VaR does not "callibrate" well, for example with Steel trading where there is no observable options market, you need more metrics to tell you about the risk.
Conversely in US Gas I think the market is fairly deep and the VaR tells us much about the risk.
Also, in a similar fashion to "model approval" under Basle Capital Adequacy rules, the quality of the risk administration process and other controls could make us more comfortable about just using VaR.
5	Reporting  Policy Section 4.1.2.3.1 talks about violations and notifications.
He is asking should he not be called for a five day loss (c) and an ETL excess (d), in addition to the usual corporate VaR breach and one day loss > VaR.
I think the five day loss actually would warrant a Pug call because under the new method (5 day loss > 225% of VaR), the number could be very large (but also less likely).
For ETL I would advise against having a Pug call on this since we still need to get the metric bedded down properly (and all the usual arguments about the math played out).
The phrase "at their discretion" to which he refers means that the Risk Committee can tell who they like about violations, as they deem necessary - so its just built-in flexibility.
6	Liquidity  We are cranking this right now.
Other news  Gas off approximately 15c across the strip today - Friday was quiet.
George has made $9m over the last 5 days as crude has come off 50 - 60c ENE is $36 (horrible)  DP
Subject: Experience the best of the oil and gas world at SPE 2001

Experience the best of the oil and gas world at  SPE 2001: An E&P Odyssey.
This premier industry event, SPE's Annual Technical Conference and Exhibition,    will be held on 30 September - 3 October at Ernest N. Morial Convention Center in New Orleans.
Professionals from around the world attend to advance their careers through    13 technical  discipline tracks   Eight one-day and ten two-day  short courses    Presentations by industry leaders including the  Opening General Session ,    "The Global Oil Industry in the 21st Century," which features speakers such as    Harry Longwell, Senior Vice President/Director of Exxon Mobil Corp.,   and Nader Sultan, Deputy Chairman and CEO of Kuwait Petroleum Corp.   Establishing relationships with more than 8,000 participants   400 leading-edge E&P companies in the exhibition hall  Hands-on demonstrations of SPE products and services at the SPE Pavilion  Networking opportunities at the  Annual Banquet  and the  President's Luncheon        Register now  to be part of SPE's premier event!
Subject: Updated UW Reports

It's the last day and only $135,000 more to go!
We're at 95.35% of our $2.9M goal, 70% contribution rate, and 75% participation rate.
I've attached the latest report so you can see how your business unit or functional group is doing.
The final push is on.
Wouldn't it be great to get to $2.9M by 5:00 p.m. today!
Please call if I can help you in any way today.
I know we can get there.
Thanks for all of your help, Kathy
Subject: Daily Tie Outs Across Risk Systems

Shona,   As per my memo to you on August 13th, I am scheduling a kick-off meeting with individuals to discuss a daily tie-out process across all global risk applications/reports, i.e.
DPR, Infinity, RisktRAC (VAR and Benchmark) and CAS.
This would provide proof (or a trail to what is missing)  that required information from all risk books, commodities, and business units are appropriately reported on a daily basis.
As stated earlier, without a robust global books application, the daily process currently in place provides little assurance that "everything" rolls up correctly.
It also does not include Infinity.
My suggestion for attendance at this meeting, in addition to you, Beth and I, is as follows:  	Stacey White 	Todd Hall 	Sheila Glover/Clara Carrington
Subject: Expense Reports Awaiting Your Approval

The following reports have been waiting for your approval for more than 4 days.
Please review.
Owner: Karen K Heathman Report Name: Brad Larson Days In Mgr.
Queue: 4
Subject: New Starters

At the last RAC Departmental meeting concern was expressed that the vacant positions within RAC were not being filled as quickly as hoped.
I would therefore like to keep you all updated as to where we stand with new joiners.
Recent new recruits include: Rudi Zipter (Director - MRM) who has transferred from Houston, Shane Miller (Senior Specialist - MRM) and Ravi Tumuluri (Associate - U/W) and I would like to welcome them all to RAC.
Looking forward we have several new people coming on board in the next few months and I have outlined their provisional start dates below:  Credit John Collenette (Snr Director) - 5 November Mike Mumford (Director) - 3 September Blair Van Zant (Director) - 1 October Tracy Ngo (Director) - September Simon Hockenhull (Snr Specialist) - 2 September Adam Bauer (Specialist) - 27 August (Sydney office initially) Shane Forster (Sr.Specialist) - 24 September  Market Risk  Michel Gantois (Director) - December/January Erik Beekman (Specialist) - 17 September  Underwriting Christian Pearce (Associate) - 10 September  I realize that, in addition to increasing our capacity,  new starters also require a fair amount of indoctrination/training.
Many members of our team as well as RAC-Houston and much of EEL have put a large amount of time and effort in the selection of these people, all with the consideration of adding people that will fit in and provide some level of unique experience/insight.
We believe that these new starters will provide an excellent complement to our existing skill sets.
Please do your best to welcome these new people, take advantage of their capabilities as well as give them the benefit of your knowledge and experience.
Hopefully these additions will allow us to effect an intellectual capital transfer that benefits us all and makes this a better place to work in all respects.
Please let me know if you have any questions or concerns.
Ted
Subject: PGE Risk Manageent Analysis

First of all my thanks to Vladimir for visit to PGE and the analysis work he did.
After reviewing your PGE Summary memo, I think it would be helpful to meet and discuss the Recommendation/Action Steps in more detail.
I will have my assistant call to establish a mutually agreeable time.
Subject: NewPower

Mark, The word on the street is that the NewPower folks are getting further in trouble (ie) strange trading activity, etc.
Looks and smells a little like the old EES.
Couple of opps: 	- get another shareholder on-side and demand an Enron led audit to confirm financial and operating health; 	- followed up by hostile exit of mgt team if significant issues arise.
Issues: 	- obviously pushes us into another level of complicity/fiduciary in a blow up or bankruptcy not unlike the issues we faced with Kafus et al; however, given our continued interest a significant control issue could result in a significant acceleration of a write-off of our existing position plus any outstanding credit.
I would recommend we force the management team to submit to a detailed audit as a part of a united shareholder iniative - Lets discuss.
Rick Buy, what is our current credit position?
Greg/John, do you have a view on this one?
Rick Causey, we  probably need a more "permanent solution" ot the NewPower issue.
Regards
Subject: Out of Office Tuesday, January 22, 2002

I will be out of the office tomorrow, Tuesday, January 22, 2002, and will return on Wednesday, January 23, 2002.
Chip Schneider will attend the Cash Management Committee as the RAC representative in my absence.
I will have limited access to e-mail tomorrow.
My mobile telephone will be on; its number is:  713-553-3138.
Regards,