Your own personal palm pilot hard at work. As promised, here's a list of UT's games this season...color coded for your convenience of course. Sep 9 UL Lafayette, 12:30pm Sep 16 at Stanford, 10:15pm Sep 23 Houston, TBA Sep 30 Oklahoma St., TBA Oct 7 Oklahoma, 3:30pm (a.k.a. "OU Weekend"...this is a huge game...the two teams meet halfway at the Cotton Bowl in Dallas) Oct 14 at Colorado, TBA Oct 21 Missouri, TBA Oct 28 Baylor, TBA Nov 4 at Texas Tech, 2:00pm Nov 11 at Kansas, TBA Nov 24 Texas A&M, 3:30pm (Thanksgiving Weekend) All Times Eastern * Home games are in burnt orange...what else?
Answer: Are you ready for some football?
Mr. Hodge, Eric Boyt mentioned that you would assist in making sure my resume was forwarded to the right people regarding the Legal Specialist position posted on the Enron website. I want to take this opportunity to thank you for doing so. You will find a copy of my resume attached below. I worked as a consultant in the Law Department of one of the larger Energy companies here in Houston for over two years. In this role, I assisted in the management of three FTC document productions regarding mergers and acquisitions, gathered relevant documents to assist in the divestiture process related to these mergers, and also monitored a docket of over 100 cases. These cases involved bankruptcy, environmental, garnishments, employment, and other general litigation issues. Additionally, I was responsible for monthly status reports to the client regarding my team's work efforts and conducted in-depth interviews of several of the business units as part of the merger productions. Recently, I have been working on document reviews to assist in building economic damages models. Again, I would like to thank you for your attention to this matter. If you
Answer: Legal Specialist Position
Mark, note the feedback from the AA's, it is imperative that we get a handle on this! Let me know when I can spring our plan on Jeff. Regards
Answer: ENA Analysts and Associates
Here is your conversation with my revisions marked (deletions struck through, insertions in bold). Hope this helps but feel free to call or write with any questions or comments: A: The CFTC regulates futures contracts and certain kinds of option contracts. SP: What's a futures contract? A: It is a contract for the sale of a certain kind of commodity through a regulated exchange. SP: How is the contract different than a non-futures contract? A: Ahem, just for your information, we call the non-futures contracts forward or over the counter contracts. The big difference is that the forward contract does not must go to delivery while futures contracts do not. SP: I though the futures contracts went to delivery. I remember getting all messed up on the gas side with delivery of NYMEX futures gas at the Henry Hub, and what about those stories of a guys getting a load of soy beans dumped in their front yards? A: Well, er, yes they do sometimes go to delivery, but they are not really supposed to relatively few of them go to delivery. They are supposed to more frequently (actually the vast majority of the time) net out as financial transactions. It's that option of settling financially that distinguishes the futures contract. SP: Well lets get to the point, why are physical buy sells so bad? A: That's easy. Because they look like futures contracts. They are not intended to go to delivery. And if you are trading in futures contracts you are supposed to be doing it on a CFTC regulated exchange. SP: So what you are saying is that if we deliberately net out our physical deals and never intend to even try to schedule delivery under them we are trading in futures contracts and could be subject to regulation by the CFTC? A: You've got it. But it's even worse than that - federal law says that a futures contract which is not traded on a regulated exchange is illegal: not only could the CFTC come after you but your counterparties could use that law against you to get out of performing. So you can think of each contract like that as having written a free option. SP: Well how much physicality do we have to have to make it a forward contract? A: What do you mean? SP: Well, if we settled physically one day a month but financially the other 29 days, would we have a futures contract? A: Oh for Christ's sake I've had it. I'm telling you once and for all that physical buy sells are futures contracts and you can't do them now get the hell out of my office!--
Answer:
Forwards vs. Futures