IN: Dear Vince, I tried to call but your phone was busy. I'm an unofficial advisor to the White House energy team and they've asked me if Enron's bankruptcy presents a potential systemic risk. I told them I did not think so.

Generate a subject line.

OUT: systemic risk

IN: Vasant, I wanted to keep you up-to-date on the redevelopment of forward curves for the suite of 7 plastics (ethylene contract, ethylene spot, propylene contract, propylene spot, polypropylene, HDPE, LLDPE). As you may recall, we talked about fitting all of the components into a VAR model and solving the system of simultaneous equations. Unfortunately, with a limited dataset (say 5 years or so), our degrees of freedom in such a model are dramatically reduced. Alternatively, Mauricio and I have decided to construct individual models for each of the plastics commodities while utilizing results from the initial VAR analysis as a guide. Based on the petrochemicals flowsheet, both propylene and ethylene are fashioned directly from raw materials such as crude oil, coal, and natural gas. In turn, polypropylene may be made from propylene while HDPE and LLDPE use ethylene as a raw material. Given this logical flow, we restricted our model specifications in the following manner (all price variables tested for stationarity--first difference used in all cases):

Generate a subject line.

OUT: Plastics Models

IN: Dear Gail wants a party at a house. If you remember we volunterred if kids came. Gail said kids or no kids, whatever we wanted. what do you think? Kids (ours plus katie and oscar and eleanor) at our house on Sat. Punt to Ted w/no kids?

Generate a subject line.

OUT: GAD's birthday

IN: Hunter... I spoke with Louise on executing MGU. She wants us all to sign the dash that I provided you yesterday and then I can sign the contract. Of course the conversation went to value and I described the arrangement as such 1) Original mark to Russell of $2 MM - I described that the value would either a) fall out of the structure or b) you and I would determine another manner and 2) trading and origination would share the go forward value in the transaction as 60/40 unless you were required to create $2MM and then you would be covered on the monthly cost annuity first and then a sharing of 60% to you 40% to origination. I emphasized the exercise of tracking this transaction against structure to determine the merits of our current analysis/internal process. Attached is the dash for you to review and then call me with 1) your changes or 2) your approval. Thanx,

Generate a subject line.

OUT:
MGU