Here is an email: Hey guys, If you read the January EMCA newsletter, you prolly noticed that there were stories that were amazingly similar to what has been buzzing around on our e-mail-internet site. Well, I often go to our e-group for information that can be printed in the newsletter, but this month your stories practically were the entire newsletter. I hope you don't mind that I took this information and wrote it in the newsletter... Actually, for me, the newsletter editor, it was a goldmine, because those are exactly the types of things that make our newsletter newsy and personal. I have been wanting restaurant and business reviews (Cheryl has been a big help), and I've been meaning to get down to the new little antique store so I could write about it, but haven't made it during business hours. Your information made it possible to let the neighborhood know about these places. Thanks guys.
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A: *EMCA* Thanks to Ben, Hilary, and etc.
Q: Hey, Stewart: It looks like Tana has been corresponding with these guys about EOL trading. Modesto was planning to address the ISDA after working with Tana on the electronic trading agreement. By copy of this message, Tana should let you know if anything recent has happened on the ISDA front. Let me know if you need anything further. Regards. SS
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A: Modesto Irrigation District
IN: Attached is a summary of PG&E's notes on how they calculate the PX Credit (until January 19, 2001 when they hardwired $150/mwh). We continue to try and get a handle on how the FERC Refund case will impact the PX Credit and Negative CTC. If anyone has any issues or comments, please let me know. Thanks.

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OUT: PG&E PX Credit Calculation
IN: This is an email
Hi, Larry: I have much to say. But I just want to say: "Thank you!" I am glad I met you and worked for you. Your recognization is a greta encouragement to me! Say hello to Nancy and your kids. I wish I can see them again. Have a ncie day! George

What is the subject?

OUT: Thanks from George!
QUESTION: Per: I am told that Mark Taylor sent an email in December to Bob Shultz at EOL addressing the hedge fund issues (and CTA issues) associated with online trading and that you and Caroline received that email. Apparently the hedge fund crises of last year have heightened regulatory scrutiny of the funds' derivatives activity. EOL does not want to be subjected to any regulatory oversight. I have not seen the email yet. I will broach the subject with Mark when he returns to the office.
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ANS: hedge funds
IN: Jeff The attached "Rough & Tumble" is an electronic clipping service targeted at California politicos and policy wonks. It carried the LA Times version of the Lockyer comments a couple days ago. Today, it has the NY Times article on Ken Lay. It's pretty clear that in the near-term, Enron and it's leadership are at risk of being engulfed in a political firestorm which bounces from coast to coast, gaining strength each step of the way. However, it is the long-term challenge that draws my attention. From my research to date, I am left with the strong impression that the Enron's capacity for acquiring, distilling and assessing business information is much stronger than it's abilities with public policy information. Ken Lay, you and your team have shaped a innovative and entrepreneurial company rooted in agile arbitrage of business knowledge. Like Goldman Sachs, it is hard for the "man on the street" to understand precisely what Enron does. However, because of your presence in businesses that play out daily in homes, schools and small businesses, Enron will be scrutinized in a way the Goldman couldn't imagine in it's worst nightmares. From my perspective, the success of Enron's business model demands a sure footing in both business and public policy. Going forward, these two areas of expertise need become intertwined to assure the success of the highly sophisticated, ethical, innovative and insightful global corporation known as Enron. I would like to help you succeed with this challenge. I look forward to our discussions.

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OUT:
I would like to help you succeed with this challenge.