For the first time in 22 years of service for Enron I'm ashamed to admit th= at I work for Enron! I have lost all respect for Enron Senior Management a= nd agree with the Financial Analyst when they say that Enron Senior Managem= ent can not be trusted. Ethics and Morals are either something everyone el= se needs to have except Senior Management or somewhere along the way Senior= Management started believing the end justifies the means. The communicati= on the Employee's have received over the last few years about values such a= s Respect, Integrity, Communication and excellence must be propaganda inten= ded to get Employee's to believe Senior Management really supported these v= alues so that no one would really notice that their actions represented som= ething just the opposite. I can not believe that Senior Management lacks the understanding of human n= ature to totally ignore the fact that if someone does not trust what you ha= ve said in the past you should not try and conceal pertinent information in= the future. Then to allow an Enron Spokesperson to speak for Enron with t= he statement "It's just a balance-sheet issue" implies to me that this ind= ividual does not know what a Balance Sheet or Income Statement is and certa= inly should not be speaking to the public. If you are going to play the ga= me of lying, cheating and stealing at least be intelligent enough to presen= t a plausible story. To use phrases such as it was a hedge against fluctua= ting values in some of Enron's broadband telecommunications and other techn= ology investments is a complete insult to my intelligence and to the defini= tion of the word "HEDGE". A hedge by definition implies that the upside an= d downside exposure has been limited. It frightens me that we are out aski= ng customers to let Enron help them "HEDGE" their risk when I'm not sure En= ron's Senior Management understands what a hedge means? I'm also confused as to the personal financial involvement of Andy Fastow i= n the investment vehicle that generated this write down. I must be confuse= d in that as a Trader Enron has asked me to sign documents declaring that I= will not have any personal financial involvement in anything involving the= Natural Gas Business. This must be an example of as my father used to say= " do as I say not as I do"? I guess we need to have audits performed of Se= nior Managements financial interest to insure their actions are as good as = their word? The fact that Senior Management and the ENE Board of Directors knew these t= ransactions were being used to manipulate earnings and the stock price and = took advantage of that knowledge to sell their ENE stock options in my opin= ion is "CRIMINAL". It provides me no comfort to know that the biggest perp= etrators of this fraud have left Enron in recent months. These individuals= have stolen billions of dollars from ENE stockholders and Employees and ne= ed to pay the price for such fraudulent activity. They are set for life, h= aving all the money they could ever need, while Employees and Stockholders = have lost their life savings. You have completely failed at the job you we= re hired to perform. If this type of activity would have occurred farther = down the organization no one would hesitate to fire the individuals involve= d and to institute criminal charges. =20 I for one can not wait until the All Employee meeting next week. I do not = think anyone wants to hear about third quarter results because how could we= trust what is said anyway. Instead I feel you owe the ENE Employee's a th= orough explanation of how you failed to perform your responsibilities, what= actions are going to be taken and most of all apologize for the job perfor= mance to date.=20

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Financial Disclosure of $1.2 Billion Equity Adjustment