postbot/aeslc_kw huggingface dataset:
Subject: Ted Murphy Wants Phone Time Next Week & Other Items

Ted Murphy wants you to call him next week to discuss "stuff".
Are you available to call at any of the following times?
Tuesday  10:00am - 11:00am EDT  Wednesday   9:30am- 11:00am EDT Friday   8:00am - 9:30am EDT  Set up Risk Management meeting w/ Stan Horton, Vlady, etc.
3:30-4:30pm on Sept. 10.
FYI - Enron Management Conference is November 14, 15 & 16 in San Antonio.
Sarah Heineman trying to set up meetings Sept 11, 12 & 13 in Boston (Fleet & others), Banks in NYC & annual Toronto bank trip (you will be flying commercial)  shall I book you to Boston or somewhere up there close from Toronto on the return?
Subject: Executive Committee

As was earlier announced, we will be bringing all Managing Directors together on a quarterly basis.
Please note on your calendars the first Monday of every quarter from 8:30 a.m. to 12:00 noon for this purpose.
The first meeting will take place on Monday, October 1st.
I look forward to seeing you there.
If you have any questions, please call Joannie Williamson at 713-853-1769.
Subject: Joannie Williamson

Good morning -  I am happy to announce that Joannie Williamson will be joining Ken Lay's office staff beginning today, August 27.
Joannie is a most welcome addition to our office!
We have identified many new duties for Joannie, but a couple of them will be working closely with the Enron Management Committee and the Enron Advisory Council.
For your information, her new phone number is 713-853-1769.
Rosie
Subject: Out of Office AutoReply: Travel

I will be out of the office on Monday, August 27th and will return on Tuesday, the 28th.
If you need to schedule a meeting with Rick Buy, please contact Mercy Gil @ 3-5391.
Thanks.
Subject: Credit Reserve - El Paso Merchant Energy, L.P.

Please note the following addition to the credit reserve:  Counterpary:	El Paso Merchant Energy, L.P. Enron Entity:	EPMI Deal#:		750378 Deal Date:	8/27/01 Term:		1/1/11 to 12/31/12 Deal Type:	25MW/h, on-peak, EPMI sale Marketer:	Matt Motley  Reserve Amount:  $20,000.00  RAC - Confirmed under Master Power Purchase and Sale Agreement dated 3/1/01.
Please let me know if you should have any questions on the above.
Rgds,
Subject: New Risk Managers Association

Hi Richard,       I am writing to let you know (if you have not heard already) that over twenty-five former Regional Directors of the Global Association of Risk Professionals (GARP) have formed a new international nonprofit association of risk managers.
The new association, called the Professional Risk Managers' International Association (PRMIA, pronounced as "premia"), will include local chapters in Europe, Asia, the Middle East, North America and South America.
If you would like to know more about the new organisation and how to join please email me and I will be happy to give you more details.
Looking forward to hearing from you.
Regards
Subject: Limit Revision - Enron Americas

Rick - further to our discussion, here is the change Enron Americas are requesting in their limit structure:  Eliminate volumetric limits on net open position and maturity gap; Eliminate limits on individual commodities within the business unit; Replace with one limit, expressed in VaR, for the entire business unit, of $100MM.
I am not uncomfortable with $100MM, given the opportunity set and the required returns from this activity.
ETL at this level could be in the region of $340MM.
I think the other things to consider in making the decision are as follows:  Does the VaR tell us sufficient about the risk ?
I think it does since we have the ability to see components of it in some detail and it backtests well  Tail Risks  Generally we have the most data on tail risks for US gas and power and we are most confident about the EVaR and ETL measures for these commodities.
Liquidity  This should be a key point in removing volumetric limits because they give us a concept of size.
Our recent analysis has shown that our ability to unload risk in US natural gas certainly is high (50% reduction, 10 days) - but we need to continually revisit this analysis.
Administration of Risk  Generally I think we are comfortable - deal capture is good since so many trades are picked up through EOL.
Delegation of authority using VaR limits at desk level is strong   But since VaR is so dependent on MTM values and curves I would still recommend a review of:  curve validation results; ageing of confirmations outstanding (in and out); flash to actual differences (if any)  Compliance with Policy  The policy requires limits under the business unit by "commodity groups" in some combination of volumetric and VaR limits.
We also must approve products/commodities for a business unit.
One interpretation of this is to define the commodity "group" as the aggregate of gas, power, coal, crude, and approve those products, in which case the aggregate limit for the business unit is the commdity group limit also - so we can have one limit.
Our concern about the Firm blowing up because everyone is short crude, for example, is covered by the fact that we can still see all the components of our aggregate risk to a single commodity, which is also capped by the concentration limits.
The only question is from a governance standpoint, how you prevent yourself bumping up against those and having to explain it to the board.
Another side of this argument is the "10K analogy" - if I put $100MM into my 10K via a mutual fund I am likely to want them to declare in which markets they invest it.
To summarize, I think we could justify losing volumetric limits for this business.
On the question of level of risk and commodity limits, I think we should talk it over with Greg / Ken.
DP
Subject: Sovereign Bond Spreads, 24 August 2001

Sovereign Bond Spreads:  =20  Significant New Issuance - CSFB Commentary:  ?=09The emerging debt markets rallied this week as the long expected new IM= F package for Argentina was finally announced on Tuesday.
Argentina will re= ceive US$8bn in new loans from the IMF, of which US$5bn will be allocated n= ext month to reinforce reserves that were depleted as a result of massive s= avings withdrawal.
Another US$3bn will be extended if Argentina obtains an = agreement to cut financing costs through a debt swap and possible buyback.
= The rally in Argentina spilled over first to the higher yielding EM assets = (Brazil, Turkey etc), then helped other credits, although the impact was so= fter.
However, the Argentine problem is far from solved, as the Republic's = government still has to deliver on its promises of a zero budget deficit an= d debt restructuring, therefore the medium term outlook is still cautious.
= The Turkish market traded up after the Argentina package was announced; the=  rally was also helped by the satisfactory T-Bills auction results and othe= r positive news from the country.
For Russian assets, the IMF announcement = was also a long awaited boost: volumes increased significantly with prices = climbing by more than 2 points.
The Russian US$ yield curve is getting very=  steep because most of the supply that we see is concentrated in Russia 203= 0, while the buying interest is spread across the curve.
Central and Easter= n European asset prices were on average ?
point higher on the week with Pol= and underperforming other countries after the S&P changed its outlook on fo= reign currency rating for the Republic from "positive" to "stable".
The EMB= I+ Index tightened by 50 bps in one session on Wednesday and closed 29 bps = tighter on the week.
?=09On Tuesday the FOMC cut the Fed Funds rate for the 7th time this year b= y 25 bps to 3.50%, the lowest since April 1994.
The accompanying Fed statem= ent pointed at the slowing global growth and weakening business profits and=  capital spending in the US, thus suggesting further easing is possible.
?=09As market conditions remain difficult and we are still in a traditional=  August holiday period, primary market activity is very slow but expected t= o soar in September with a number of deals waiting in the pipeline.
Subject: Daily Market Research Reports

Attached are your daily market research reports.
Please contact me if you would like to hear about a certain company, or sector, and I will get right on it!
As you may or may not know, we have access now to research from Goldman Sachs, CS First Boston, as well as First Union Equity Marketing Group.
T  hank You,  Hank Emery
Subject: Research Report for Wednesday, August 29, 2001

Attached is your daily market research report.
Please contact me if you would like to hear about a certain company, or sector, and I will get right on it!
As you may or may not know, we have access now to research from Goldman Sachs, CS First Boston, as well as First Union Equity Marketing Group.
T  hank You,  Hank Emery
Subject: e-Biz on RAC?

Public Relations / e-Biz called regarding the Risk Management Policy, and wanted to know if they could address it in e-Biz.
Initially I thought no, but perhaps you might want to take this opportunity to highlight other RAC issues of interest to employees.
I was thinking - maybe the roll out of the RAC website, 3-D data visualization tool recently profiled in Risk magazine, etc?
The contact person is Jeanie Mandelker at x36305 if you'd like to discuss it further.
I told her we'd get back to her next week.
Cassandra.
Subject: Budget Revision 2002 for RAC

Hi Rick:  I noticed that you were online.
Have you had an opportunity to look at the budget numbers.
Corp called and wanted to get them so they could start building their spreadsheets for the Lay presentation.
They said we could still revise it up to Friday.
I wanted to get your ok to send the numbers to them.
Thanks   Rick C.
Subject: Process Change To Violations and Notifications Reporting

Beginning 8/29/01, we have updated our processes and will be reporting Notifications and Violations on the Executive Reports Viewer for 8/28/01 reporting.
This process eliminates the need to e-mail MS Word and MS Excel documents.
In place of the Word and Excel documents, you will receive an e-mail with a link to the Reports Viewer.
If you do not have access to the Executive Reports Viewer, or have a question about your access level, please contact Chris Abel (3-3102) or myself (5-4541).
Thank You
Subject: Good Seats - Petroleum Engineering for Geoscientists - 9/10-13/01

Greetings!
We still have good seats available in this excellent cross discipline course.
Please pass this notice on to employees in your company on multidisciplinary teams who need this training to communicate knowledgeably with their peers.
Or, if you need a refresher in some engineering concepts, we'd be happy to have you join us.
Please complete the attached registration form and fax it to us by Tuesday, 9/04.
FAX:  713-789-6886.
Or you may visit our website and register: www.scacompanies.com.
Petroleum Engineering for the Geoscientist Instructor: Hines Austin
Subject: Morning Research Report for Thursday, August 30, 2001

Attached is your morning research report for Thursday, August 30, 2001.
Please contact me if there are particular companies or sectors that you are interested in hearing from.
(713-853-2407)  Thank You,
Subject: fbThursday.pdf

Attached is your morning research report for Thursday, August 30, 2001.
Please contact me if there are particular companies or sectors that you are interested in hearing from.
(713-853-2407)  Thank You,
Subject: fbsummary.pdf

Attached is your morning research report for Friday, August 31, 2001.
Please contact me if there are particular companies or sectors that you are interested in hearing from.
(713-853-2407)  Thank You,
Subject: Recent report from CS First Boston on Energy and Natural  GasCompanies

The following is a report on the Energy and Natural gas sectors from Credit Suisse First Boston.
Please call us at 713-853-2407 if you have any questions.
Thanks,
Subject: Management Committee Offsite

Please refer to the attached agenda for the offsite meeting scheduled Thursday, September 6 - Friday, September 7.
Since all discussions will be informal, PowerPoint presentations are not necessary.
Please let me know if you need a room for Wednesday evening.
Subject: 8:30 AM Tuesday Risk Meeting

The 8:30 AM Tuesday risk meeting on 9/4/01 is cancelled for commodity risk groups.
The regular daily status meeting will proceed as scheduled.
Please let me know if you have any suggestions for topics for the following week's meeting.
Thanks.
Subject: Sovereign Bond Spreads, 31 August 2001

Sovereign Bond Spreads:  =20  Significant New Issuance - CSFB Commentary:  ?=09The emerging debt markets were less volatile this week following the st= abilization in the Argentine financial sector.
Although there was no real p= rogress in improving the country's fundamentals, international reserves and=  private sector deposits stopped falling, generating positive momentum for = the market.
As a result, Argentina broke through an important 1400 resistan= ce level this week and the positive tone spilt over into other markets.
The=  Turkish Eurobond market had a very strong week supported by dramatic impro= vement in the local market: the Central Bank cut its overnight lending rate=  from 62% to 60% after a successful T-Bill auction on Friday and local debt=  yields declined sharply.
Most of the Turkish curve was very well bid again= st the background of revived investor activity.
The Turkey 2030 benchmark r= eached its high since the beginning of July at +935 bps spread on Thursday.=  The Russian market also gained this week on the back of both the general E= M sentiment and local news on the incorporation of the "financial reserve" = (designed to accumulate US$1.8bn to help the government service its debt in=  2003) into the draft budget for 2002.
Russian assets are now trading only = 1 point below their highs since the 1998 crisis.
For Central and Eastern Eu= ropean assets this was a strong week with good demand especially for sovere= ign bonds, although there was no significant move in prices.
Despite the ov= erall positive sentiment, Friday witnessed some weakening in all the emergi= ng markets, caused mainly by the technical factor of profit taking once the=  market reached two month highs.
The EMBI+ Index closed only 4 bps tighter = on the week at +882 bps after touching +861 bps during the Thursday session= .
?=09On its 30th August meeting, the European Central Bank lowered its bench= mark repo rate by ?
point to 4.25%.
European benchmark bonds reacted positi= vely to the announcement and now are pricing in at least another ?
point ra= te cut this year.
This is good news for issuers of *uro denominated bonds a= s the long awaited rate cut will lower European benchmark yields going forw= ard.
?=09Fitch upgraded the Republic of Estonia's rating to "A-" from "BBB+" on = Thursday reflecting its strong GDP growth, fiscal deficit reduction and goo= d fiscal prospects.
Subject: Reconciliation Across Risk Applications

Rick and Greg,  I met with Sally and Beth on August 24th to discuss the operational risk management initiative requiring a reconciliation across all major risk applications.
This reconciliation is necessary to validate the transfer of all data from  source systems, i.e.
risk books, into risk applications which calculate VAR, provide credit exposures,  feed Infinity with daily cash flows and ultimately the DPR.
Sally and Beth, along with IT, have initiated a project to improve and monitor the accuracy and efficiency of these daily interfaces.
The scope includes a review of the processes which  impact the accuracy of  information, timing of interfaces, production performance issues, inventory of books and improved controls over changes to book attributes, and the officialization process.
They have agreed to add a requirement to provide, on a daily basis, this reconciliation across all major risk applications.
The projected  timeline to complete this project, including the reconciliation initiative, is 60 to 90 days.
We will need to reassess the decision to combine these initiatives, if the GRMO timeline slips.
This daily risk applications reconciliation will provide four key metrics not currently available:  1) the ability to track data "accuracy" in terms of the percentage of information which transferred and processed correctly, vs. just unique "failures".
How complete is the data?
2) the ability to validate the accuracy of exception reporting (are all failures included on the exception reports?)
3) the ability to validate Infinity cash flows  4) Reconciliation of values (volumes, PRMA &PRML and cash flows), not # of books processed.
Please call me if you would like to discuss.
Wanda Curry
Subject: Advisory Council Meeting - October 30-31, 2001

Please note that the next meeting of the Enron Advisory Council is October 30-31 in London.
If you plan to be in London on other business you are welcome at attend, but your attendance is not mandatory.
Please contact Joannie Williamson at 713-853-1769, or via e-mail if you plan to attend.
The final agenda is being developed and will be distributed well in advance of the meeting.
Ken
Subject: Quick Update

Rick, I know you are just getting back in - I don't think anything requires your immediate attention - although I could use some help on the important but not burning issues like budgets, personell, trends in the business, what's up with Enron, initiatives that you think we should be undertaking.....  Just to give you a sense Profit wise this has not shaped up to be a good quarter - we will be scrambling for some pretty big numbers in order to make the quarter - likely candidates are: a look at the major curves (price and volatility) in UK power deals with the major offtakers of TPL - British Energy, London Electricity.... a couple of portfolio deals in enroncredit a significant alumina/aluminum swap with China National Container - I believe we have boxed the credit risk reasonably well.
what else??
I'll keep you posted.
Continue to see a ramp up in activity and requirements for coal and global products I have talked to the new origination team working for Randy Maffet here and they are looking at some big and complex deals a al GAF Haven't heard anything on project Nero (public EIM deal)  since I left you that message.
Lots of activity on the Continent particulary with EdF auctioning capacity New deal in EBS - $4.3MM dollars in capacity payments - bad credit NEOS EWZ joint venture looks likely to be signed.
The inflow of humans is starting - 2 new people monday, 2 more on the 17th, couple more before month end.
Sr. Director for Metals/Global mkts starts 10-15 have verbal offer acceptance from Sr. Director/Credit with focus on UK just recieved - probably a nov start.
We had an all-RAC EEL meeting with Michael Brown which seems well recieved.
Also did an initial cut of a 'risk review' of Enron Credit with Michael that went well.
Plan to do with you next week.
This month's Risk Magazine features 3 RAC employees - Daid Port and Rudi Zipter in an article about risk visualization and Christine Stanchus in an article regarding collateral managment.
let me know if there is anything you need from me or anything I should be thinking about.
Ted  ps  I'd pay admission to your meetings later this week.
Subject: Reliant Cal 04 Reserve for EOL

Please note the following addition to the domestic credit reserve for September 2001:  CP:  Reliant Energy Services, Inc. Deal No: 758917.1  EOL No: 1802392 Deal Date:  8/31/2001 Deal Specifics:  EPMI to sell 50MW On-Peak Power into ERCOT for Calendar Year 2004.
Term:  1/1/2004 thru 12/31/2004 Volume:  50 MWs On-Peak Price:  $32.25 Delivery Point:  ERCOT Trader/Mid-Marketer:  Doug Gilbert-Smith Credit Reserve Amount:  $20,000 (twenty thousand US dollars)  RAC: transaction confirmed under Executed EEI dated 9/22/2000.
Please call w/any questions.
Regards,
Subject: PortRAC Update

Rick:  Lynn and I have completed personal demos of PortRAC for the following executives:  				Mark Frevert 				Louise Kitchen 				Mike McConnell	 				Jeff Shankman 				Ray Bowen 				Jim Hughes 				Kevin Garland 				Jeff Donahue  We attempted to schedule but had declines from the following people:  Greg Whalley, Jeff McMahon, Jim Fallon, John Lavorato.
Andy Fastow has expressed an interest in seeing the demo and we are getting on his calendar.
Once we get enough EES info to be meaningful we will attempt to schedule Delainey and Dietrich and now that Horton has Global Assets we will try to schedule him.
Olivier and Ted have been helping publicize the sytem in the London office and we have had several requests for access from London.
The response from those execs that have seen the demo is very favorable!
They think that it is a great tool.
All have expressed a concern about who can access the data and we have completed a security enhancement that allows us to "firewall" PortRAC by business unit.
We are working with each business unit to get a list of their approved users.
Please let me know if you have anyone else for which you would like to demo PortRAC.
Rick C.
Subject: Williams Cal 04 Reserve for EOL

Please note the following additions to the domestic credit reserve for September 2001:  CP:  Williams Energy Marketing & Trading, Inc. Deal No: 766023.1  EOL No: 1827603  Deal Date:  9/7/2001 Deal Specifics:  EPMI to sell 50MW Off-Peak Power into CINERGY for Calendar Year 2004.
Term:  1/1/2004 thru 12/31/2004 Volume:  50 MWs Off-Peak Price:  $20.75  Delivery Point:  CINERGY Trader/Mid-Marketer:  Fletch Sturm Credit Reserve Amount:  $23,000 (twenty-three thousand US dollars)  CP:  Williams Energy Marketing & Trading, Inc. Deal No: 766019.1 EOL No: 1827597 Deal Date:  9/7/2001 Deal Specifics:  EPMI to sell 50MW Off-Peak Power into CINERGY for Calendar Year 2004.
Term:  1/1/2004 thru 12/31/2004 Volume:  50 MWs Off-Peak Price:  $21.00 Delivery Point:  CINERGY Trader/Mid-Marketer:  Fletch Sturm Credit Reserve Amount:  $23,000 (twenty-three thousand US dollars)  RAC: transaction confirmed under Executed Master dated 2/1/1997.
Please call w/any questions.
Regards,
Subject: Sovereign Bond Spreads, 7 September 2001

Sovereign Bond Spreads:  =20  Significant New Issuance - CSFB Commentary:  ?=09The first week of September was extremely positive for the region with = a significant increase in secondary trading volumes and bond prices.
Relati= ve financial stabilisation in Argentina removed pressure from Latin America= n and other emerging markets, shifting the focus to the impact of local fac= tors on prices in each region.
It was a busy week in the Turkish market, wh= ich started initially on a weaker note because of the disappointing inflati= on data released on Monday, but then recovered to follow other Eastern Euro= pean markets and closed around 1.5 points higher on the week.
The long awai= ted resignation of the Minister of Public Works added to the positive senti= ment in the market.
The Russian market rallied this week, first on the back=  of Latam stabilisation and then encouraged by the Moody's rating upgrade (= see below).
Prices peaked on Thursday, immediately after the upgrade, but f= ailed to stay at those levels due to profit taking and a sliding Latam mark= et, closing only one point higher than last Friday.
Central and Eastern Eur= opean investment grade assets remained stable throughout the week, which is=  a good sign given the sell-off in US Treasuries.
Other countries in this r= egion gained around ?
point, with Romania being the best performer gaining = ?
point.
?=09On Wednesday, Moody's raised the ratings of outstanding Eurobonds of th= e Russian Federation to B2 from B3 and changed the outlook for all hard cur= rency instruments to "positive" from "stable."
Moody's noted that Russia's = recent economic performance and tax reforms have generated twin surpluses (= current account and budget) and large foreign currency reserves.
In combina= tion with some debt relief, these factors have made the country's capacity = to service its debt much greater.
Subject: Committee Meetings - October 8th

Please let us know how much time you will require for your respective committee meeting.
We plan to formally notice the meetings by the end of the week.
Thanks