Lucy: Tana tells me you are looking for some guidance as to which Enron entity should be used for booking trading transactions with various counterparties. There are a couple of general rules that apply to "normal" trading circumstances and I'll spell them out below, but remember that these are not hard and fast rules and may go straight out the window when circumstances vary (even just a little bit) from "normal." For example, abnormal situations exist where the trading transaction is in connection with another transaction with an Enron company (e.g. a financing or equity investment), the counterparty has a legally justifiable desire to trade with a certain Enron company, the product being traded is only traded by a particular Enron company or the counterparty is in a jurisdiction outside the country where we are trading (except as spelled out below). Having said all that, the following rules (generally tax driven) can be used as general guidelines: 1. If there is no master agreement in place between the counterparty and an Enron company, the trade should be entered into on behalf of the Enron company based in the country where the Enron trader is when the trade is concluded and, if there is any hope of further trading with the counterparty, Credit and Legal should be notified to negotiate a master agreement. Of course, if the counterparty is outside the country where we are trading, Legal should be consulted ahead of time (there are some countries where derivatives are actually illegal, special procedures must be followed or can't be done by us from the U.S.). 2. If there is a master agreement between the counterparty and either ENA or Enron Canada, and the Enron trader is in the U.S. or Canada, the trade should be entered into by the trader on behalf of the Enron company that is party to the master agreement. If the trader is outside of the U.S. or Canada, other rules may apply. 3. If there is a master agreement between the counterparty and ECT International (usually only European counterparties), and the Enron trader is in the U.S. or the U.K., the trade should be entered into by the trader on behalf of ECT International. Note that there are special considerations if the trader is in the U.K. based on U.K. regulatory issues (the trade is actually "arranged" by Enron Europe Finance and Trading Ltd. on behalf of ECT International). If such a master exists but the trader is not in the U.S. or U.K., the trade should be handed off to a trader located in one of those two countries for final negotiation and execution. It would be a good idea to consult with Legal or Tax if this comes up for more specific advice. These general rules relate to which Enron entity should be the legal counterparty to the transactions. This doesn't determine where within the Enron family the actual risk should ultimately reside. If we want the risk to be in an Enron company other than the Enron counterparty for contractual purposes, an intercompany transaction should be booked (probably through RMT) to get the risk in the right place.
Answer: Enron Entity for Financial Trading
Here is an email: Please let me know if there are any EnronOnline trading-related matters you would like Global to address at our monthly status meeting tomorrow morning. We would like to know if you have any feedback for us, if there is anything you wish we were doing differently, or if there is anything from the Credit and Legal departments that we should know. We will be meeting at 10:00 a.m. in ECN 791 and, as always, you are welcome to attend -- even if only for a few minutes.
What is a potential subject line for this email?
A: Monthly Global Status Meeting
Q: Guys, please mark your calendars for the 2000 ENA Management Offsite scheduled for December 14th and 15th at the Venetian in Las Vegas. We envision people flying in the afternoon/evening of December 13th with the offsite being held on December 14th and 15th. Departure would occur the morning of December 16th. It is important that everyone stays for the entire period including Friday night. Jeff Skilling and Greg Whalley have taken time out their schedule to speak to us on Thursday and Friday night about Enron Corps strategy and our eCommerce/Networks strategy respectively. A complete agenda will follow shortly. Dorie Hitchcock will manage all the logistics. Regards
Propose a subject line
A: 2000 ENA Offsite
IN: Stacey with NYPA will be at the Hyatt (next door) on next Tuesday and it sounds like she has no plans Tuesday evening (hint hint). Let me know if you are interested in doing anything. She will probably be coming over to the Enron building that afternoon.

Generate a subject line.

OUT: NYPA
IN: This is an email
I'll be out of the office Feb. 3 & 4. Carol is attending a class on Feb. 3. Please direct inquiries to lawyers present on those two days. Kaye Ellis knows how to reach me in Baton Rouge.

What is the subject?

OUT: Just a reminder
Michael: Now that all of the immediate congratulatory calls and messages have worn down, let me (belatedly?) congratulate you on your wonderful promotion! I know you'll to an outstanding job. I look forward to visiting with you soon. Sara
Answer:
CONGRATULATIONS