This is the content of an email: My dear friends (yes I want something): I have a proposal in front of Colin for the provision of services and wondered if you might get it back in the conversation at dinner in San Fran. Actually in all seriousness, Stephanie mentioned that you're meeting with him and I thought you might be interested in seeing what we'd proposed. Is someone in Producer Services also selling services to Calpine, or would it fall into your shop?

Subject: Calpine - How'd you like to market services for me?

This is the content of an email: Good Tuesday Morning - Comments From The Local Guys! The Federal Reserve has just cut interest rates by 50 basis points. This was pretty much expected. In the statement, the Fed. members indicated that the "terrorist attacks have significantly heightened uncertainty in an economy that was already weak. Business and household spending as a consequence are being further damped. Nonetheless, the long-term prospects for productivity growth and the economy remain favorable and should become evident once the unusual forces restraining demand abate". The 30 -year bond yield is 5.32%.

Subject: The Morning Market Call - Tuesday October 2nd, 2001.

This is the content of an email: John thought you might be interested in the following from the credit markets.... Play by play during the call on the 5yr Enron Credit Default Swaps from Morgan Stanley: 1. 5Y BIDS GETTING HIT ON OPENING AS EARNINGS NEWS LOOKED LIKE CLEANING HOUSE. 250. 2. DURING THE CONFERENCE CALL; WHICH APPARENTLY WAS UNCLEAR, TICKED OUT 255,260,265. 3. LAY INDICATED NEAR END OF CONFERENCE "NO RATINGS ACTION ANTICIPATED". MINUTE CONFERENCE ENDED MOODY'S WATCH NEWS RELEASED. 280 BID. 4. LAY ALSO MENTIONED 3Q NEG CASH FLOW DUE TO SOME CONTRACT ROLLOFF. UNCLEAR MESSSAGE. 5. ENE SAYS COMMITTED TO "INV GRADE" RATHER THAN "A" 280/325 Summary from Morgan Stanley after the call: CREDIT DERIVATIVE UPDATE: ENRON CORP AFTER THE NEWS THIS AM ($1 BIL. CHARGE), THE COMPANY HOSTED A CALL AT 10AM NY TIME. THE CALL DID NOT GO WELL & ENRON SPREADS ARE HEADING WIDER IN CREDIT DERIVATIVE LAND. MKTS ARE SPOOKED B/C: 1) MOODY'S WATCHLISTED CO NEGATIVE, 2) ENE STATED "THEY ARE COMMITED TO INVESTMENT GRADE RATING," WHICH IS A CHANGE FROM THE SINGLE-A BOGEY THEY ONCE EXTOLED, 3) CO. DID NOT ADDRESS ALL LIQUIDITY CONCERNS, AND 4) MORE CHARGES COMING? 5YR MARKETS: ENE (PRE-WTC): 165/185 ENE (8AM TODAY): 240/260 ENE (WEEK AGO): 250/300 **ENE NOW: 275/350 Clearly the above are a function of what people think they heard...I did not alter any of the email. In general MSDW likes Enron credit but this is how they see the market. Enron is one of the most actively traded names in the credit derivative market. Let me know if you want updates as the market gets more clarity and works throught the details

Subject: reaction from the credit markets on the earnings call

This is the content of an email: Enron rings opening bell for bandwidth exchange By Corey Grice Staff Writer, CNET News.com December 2, 1999, 5:40 p.m. PT The opening bell has rung for a new kind of exchange. The currency? Bandwidth. A subsidiary of energy industry giant Enron, Enron Communications, today opened the doors to a bandwidth commodity exchange. The company first announced its intention to sell space on high-speed networks as a commodity in May. Traditional commodity exchanges sell goods like oil, natural gas and grain. Enron has taken this concept and given it a telecommunications spin, offering space on high-speed networks to communications carriers. In the past, carriers looking to fill holes or service gaps in their networks would have had to enter long-term contracts with other carriers to fulfill their bandwidth needs. The exchange, Enron says, acts as a sort of middleman for carriers to find short-term contracts or quick fixes as they complete network construction or try to manage heavier-than-expected network traffic. For example, Global Crossing plans to sell capacity on a high-speed fiber optic link between New York and Los Angeles over the exchange. Enron also expects to start an international bandwidth trading market next May. Separately, RateXchange, a similar bandwidth exchange, demonstrated its own commodities trading system at a telecommunications conference in New York today. RateXchange predicts that the trading of bandwidth and other telecommunications products could become a $8 billion market by 2002.
Subject: Bandwidth Exchange article