Q: Hey Everyone, This is a reminder about the Mucky Duck show starring Jimmy LaFave on Nov 3rd, immediatly after Jennifer's shower. I know that I have contacted some of you and for others this might be the first time you have heard about this. You should have received your invitation to the shower by now. Please email me if you have not. The shower will end around 9 pm. We are going to the Mucky Duck afterwards to surprise Jennifer. If you are interested in going, I need to buy the tickets by this Friday. I can't wait any longer, I'm afraid the show is going to sell out. Please send a check for $15, to:
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A: Jennifer's Wedding Shower

Q: Vince, As mentioned in my voicemail, please find attached a speaker details form which I need you to fill in. I have also reattached the draft programme. At the end of the main conference agenda is an outline of the three seminars. I am having great difficulty locating relevant people to speak on the operational risk seminar, and was wondering if you had any ideas. I hope things are well with you and I look forward to hearing from you soon. Best wishes,
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A: EPRM 2002 USA

Q: Dear Larry Campbell: All of us at Datek share with the country the sense of extreme loss and shock created by the terrorist events that happened earlier this week. It was a defining moment in U.S. history. As the time of healing begins, Datek joins all Americans in extending our sympathies to the victims and their families, and in supporting all efforts to make this country whole again. Rest assured that your Datek account and the capital market system is secure, and that the assets you have invested with us remain fully protected. Datek stands ready to serve your needs when the U.S. equity markets reopen in the next few days. On Tuesday, we shut down our call center shortly after the New York attacks. The location of our Jersey City headquarters--directly across
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A: Moving forward after this week's tragedy

Q: Rick 1 Limits. Here's how I interpreted the BOD approvals: The BOD approved an aggregate of $150MM, with $50MM of discretionary VaR, plus the new policy which doesn't recognise the concept of discretionary VaR. So here's what I did: Effectively I allocated all the $50MM of discretionary such that Pug's "Big Buckets" are now as follows: US Gas $100MM US Elec $100MM Europe Gas & Elec $35MM Global Products $20MM Financials $15MM Emerging Businesses $20MM If you have a calculator handy you'll see that this aggregates to $149.164MM (assuming zero correlation). At Business Unit level the individual commodity limits are unchanged, and I have put limits over the Business Units themselves as follows: Enron Americas $82MM EWS OOC (aka George Martingale) $3MM EEL $34MM EGM $23MM EIM $8MM EBS $4MM PGE $4MM ETS $1MM Again I used root-sum-of-squares, and remember the original commodity limits (by VaR, net open and mat gap) are still in place (e.g. gas = $61MM as before). So that keeps it screwed down pretty tight and preserves the discretion between the "Big Buckets" and the Business Units. I spoke to Rebecca C who could only remember the decision outlined above, but offered to call Pug and let him know. I said I would come back on that. I think we should do that ourselves, possibly with Lay in the loop (?). Cleared it with Whalley today (he laughed), mentioned the dwindling membership of the Risk Management Committee and said "In my current role I think I should be asking for limits, not approving them" ...and then... 2 The gas desk lost $98MM yesterday A combination of a very bullish AGA number (3 Bcf injection - not a typo - three Bcf !) plus some hurricane activity in the gulf sent prices up by between 25 and 30c all across the strip. The long and the short of it was we are long Nov - Jan but short (big-time) out beyond that - the rest is arithmetic. So we have two flavors of P&L notification, one at the business unit level (Americas) $89MM loss against VaR limit of $82MM; the other as a commodity, losing $126MM (the desk aren't the only ones with a gas position, as usual) against the Big Bucket number of $100MM. Total trading was a loss of $106MM against a VaR limit of $150MM so no calls to Pug required (thank goodness). That's it for now, hope you're having fun and remember: pan-fry the big ones and throw back the little ones. DP
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A:
Policy and other items