IN: Attached is the tpa file , apparently the Standard GISB tpa was "modified' by our legal department and this is what my group has been using ever since. I was given this file when I started here in January of this year. Please verify that the information is accurate since the original template must have generated from legal and passed on to Gary Payne. I am assuming that Kim Bennick had a template somewhere. Thanks Shane

Generate a subject line.

OUT: Standard ENA -tpa
IN: This is an email
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

What is the subject?

OUT: Pug's Fax
QUESTION: Lisa, It is extremely hard to watch you struggle through this. It is hard for me also. I sit up here trying to work when the reality of our current situation weighs on me like a ton of bricks. It is hard for me not to break down a couple of times a day, but the pace of my work usually forces me through those times. I don't know if my calling you, asking you to lunch, or holding your hand, helps or hurts at this time. But I am not going to let us give up on each other. My feelings for you run too deep to just try and bury them so that I don't have to think about all the pain. We are both struggling to find a place to start. I want to start by just letting you know that not a day goes by without me thinking of a time when we can put this behind us. I am not sure how to get there right now either. However, during those few precious time lately when I get to look into your eyes, I see the true Lisa (changed as she is by the last couple of years), but still Lisa nonetheless. I need to get to know this changed true Lisa, whatever happens in the near future. I felt I just to had to write this email. Gerald
Propose a subject line for this email?
ANS: Derivatives
Tim Ray is "The Man" at New Power to talk to about the any asset management deals. I would love to be involved. Mr. David Scott can get you Tim's number.
Q: What is a potential subject line for this email?
answer: New Power
I believe that there is a general consensus that Clem needs assistance to respond timely to the mounting number of guaranties requested from Enron Corp. In speaking with Clem, it seems that any evidence of increased and increasing business and demand for guaranties will be helpful for him to obtain help. Would your group be able to put together some facts and projections which might address the continuing demand for new guaranties? Since you are the first (and most important) point of contact for evaluating potential business, I think that your input would be extremely valuable for Clem to "plead his case."
Answer: Enron Corp. guaranties
Q: Good Morning All! Just a reminder that Cheryl will be in class all day today and most of tomorrow. She will be checking voicemail. Please feel free to contact me should you need immediate assistance. Have a great morning!
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A:
Reminder - Cheryl Nelson