IN: After listening to your speech this morning, I am now, more than ever, proud to be an Enron Employee under your leadership. Your commitment and fortitude under trying circumstances is always steady and going forward. During all the past years of success and truly phenomenal growth I along with my co-workers have been richly rewarded. Not only was I rewarded economically but also my friends and superiors contributed huge amounts of time and money toward others less fortunate and able to help themselves. This is a direct reflection of your leadership and your giving back to the community. This leadership by example is what will sustain us in the coming months as we build our stock back up. I have no doubt build it up we will. There is nothing more invigorating than a challenge to show your true courage and ambition. Shifting blame and finding scapegoats has never been your style and I am very glad to see we are not starting down that road. I feel the up coming Chairman's Award will be a great boost to morale. People measure success very differently. I feel just as successful today as a year ago because I answer to a higher authority than our stock price. Enron's helping of our neighbors during the floods and the New Yorkers during their tragedies makes me very proud to work at this company. Time is a better indicator of how well we persevered during these rather tumultuous times. Here's to a better view in two thousand two. Regards Sherry Butler

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OUT: My congratulations on your address to us this morning

IN: DEAR KEN , I JUST WANT TO WRITE YOU A SHORT NOTE TO EXPRESS HOW SORRY I AM FOR THE PAIN AND ORDEAL YOU HAVE BEEN SUBJECTED TO THESE PAST FEW WEEKS. NO MAN WHO HAS DONE SO MUCH FOR SO MANY SHOULD HAVE TO FACE DAY AFTER DAY WHAT YOU MUST BE GOING THROUGH . YOU ARE A GIANT AND A HERO IN MY EYES AND WILL ALWAYS REMAIN SO. MY DAUGHTERS , SISTER , AND I ARE PROUD TO HAVE BEEN ASSOCIATED WITH YOU AND LINDA AND TO CALL YOU OUR FRIENDS AND FAMILY. HOPE TO SEE THE BOTH OF YOU SOON..................DON PATE

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OUT: (no subject)

IN: Rick/Bill The steel team (Bruce Garner et al) here is considering a credit insurance product to support their sales into uk market. Paul Maley, who is from the insurance world, has been part of the discussions and believes that there is a viable product for a portion of the business. Not a fix for long-dated mark-to-market exposure out of Russia, but probably could release some credit capacity for sales to weak industry names on a delivered/unpaid basis into first world legal environments. A bit pricey but may be less expensive on a per $ basis if lots of transactions. He has been in touch with David Marshall in Global Risk Managment (Houston Insurance guy). I suggested that Paul and I get together with you guys to go through in some detail. This is encouraging that people are working on such things, but it would be great if we set the pace and organized the process. Speak to you tomorrow or Thurs. Ted

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OUT: Transactional Finance

IN: Kramer, How are things going? We are thinking of coming to SF on a golf / party trip sometime in the next few months. Things in Calgary are relatively unchanged. No chicks. Work is going great. Cowan and I are trading Alberta and having a great time. Poker and buying electronics have become the hobbies of choice around here. I am terrible at poker but good at buying electronics. Take it easy and w/b, Dorland

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OUT:
Kramerica Resources Industries International Development Corporation Partnership Inc. and Sons