This morning Enron's credit rating was downgraded to junk status which is below investment grade. This is very bad news for Enron's future prospects. The flurry of activity that you see from the trading and scheduling team is a direct result of our credit downgrade. Many of our contracts have provisions that allow our customers to stop performing on their contracts with us if Enron's credit rating falls below investment grade and if we are unable to post sufficient collateral. The trading, scheduling, and legal team are working together to figure out how to meet our physical delivery obligations over the next several weeks. This is our number one priority right now. I will still be holding the floor meeting at 1 PM today. I would like to hold the meeting earlier but am not sure that I will be able to do so. I know that people are very concerned about our ever-worsening status. I know that you want information as soon as possible. If I am able to meet before 1 PM I will send out an e-mail announcing an earlier meeting. Tim
Answer: Update
Here is an email: Ross/Jackie, Here's my list of comments to the most recent draft. It is subject to internal review, but this gives you an idea. Could we have a telephone conference to knock out as many of these as possible? Thanks,
What is a potential subject line for this email?
A: Response to most recent draft
Q: Jeff, I think Risk can do two things to improve the process: have more of us involved in the process so they actually see the implications of booking deals incorrectly and actively following up on recurring problems. This last one I am particularly bad about. I will see a variance that is rather small and just take it without looking into the underlying cause more carefully. I think the OA group in general should take a more active approach in preventing problems rather than just identifying them. But I know that is easier said than done. DG
Propose a subject line
A: OA
IN: Can we use credited service date for sev calc? I have a person who was hired in 1997, left in 1999 and was rehired in April 2001. The system is using a 1998 service date for severance. I calculated in on the 2001 re hire date.

Generate a subject line.

OUT: Severance
IN: This is an email
This analysis was another swag at p&l components. We took the numbers from the daily position reports, backed out the big originations that we new about (e.g. peakers sales) and the other "mistakes" (e.g. the EES $700MM loss), then took out the curve-shift P&L from the backtest data, the balance we said must be some form of "new deal" P&L plus realised p&l etc. It shows that 2000 was the prop trading year, whereas 2001 was mainly new deals. Of course the whole thing is poisoned by reserve movements.

What is the subject?

OUT: P/L Breakout
Just wanted to check to see if you needed any additional information to prepare the assignment letters on the Entergy New Orleans and LGS Natural Gas Contracts to Bridgeline. Please keep me updated as to the progress on these assignments. Thanks,
Answer:
Assignment Letters