IN: This is an email
Sam: Could you please call these guys this morning and offer to fax the name change doc? Please let me know when this is done. This is a HIGH PRIORITY. Thanks. Sara

What is the subject?

OUT: UBS/ Enron relationship
QUESTION: Here are my thoughts on some of Pug's comments (Karen has faxed the memo from Pug I believe): 1 Roles of Audit and Finance Committees I agree with the distinction he draws and I don't see why the entire Board should not see risk/return information. We can tweak the policy to bring this to the fore. 2 Post-Audit I'll talk to Gorte 3 Capital Allocation Complex. Charges for risk capital would not be as difficult as allocating funding. Building balance sheets is key. 4 Trading Limits In my last tome I have effectively limited the use of D-VaR to the levels specified by the concentration buckets, so I think we have satisfied that concern. With position limits I would argue that ones needs them where VaR does not "callibrate" well, for example with Steel trading where there is no observable options market, you need more metrics to tell you about the risk. Conversely in US Gas I think the market is fairly deep and the VaR tells us much about the risk. Also, in a similar fashion to "model approval" under Basle Capital Adequacy rules, the quality of the risk administration process and other controls could make us more comfortable about just using VaR. 5 Reporting Policy Section 4.1.2.3.1 talks about violations and notifications. He is asking should he not be called for a five day loss (c) and an ETL excess (d), in addition to the usual corporate VaR breach and one day loss > VaR. I think the five day loss actually would warrant a Pug call because under the new method (5 day loss > 225% of VaR), the number could be very large (but also less likely). For ETL I would advise against having a Pug call on this since we still need to get the metric bedded down properly (and all the usual arguments about the math played out). The phrase "at their discretion" to which he refers means that the Risk Committee can tell who they like about violations, as they deem necessary - so its just built-in flexibility. 6 Liquidity We are cranking this right now. Other news Gas off approximately 15c across the strip today - Friday was quiet. George has made $9m over the last 5 days as crude has come off 50 - 60c ENE is $36 (horrible) DP
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ANS: Pug's Fax
Rod wanted me to point out to you that NNG IT would be spending an additional $4.9 of capital in 2001 with approximately $4.2 spent in Nov. This is reflected on the 2001 Capital by month schedules I sent you. Stan had approved $9.0, but IT was able to negotiate their cost down to the $4.9. The dollars will be spent on purchasing the SAN (Storage Area Network) equipment. This $4.9 was not in the 2001 capital budget nor reflected in any other quarterly or current estimates. cvb
Q: What is a potential subject line for this email?
answer: Additional $4.9 capital spending for NNG in 2001
Sally, One of the things that Greg Piper has asked me to do is to take a look at the rest of the year and get each of the VP's to assess their margins and EBIT for the remainder of 2001. For Energy Operations, that is usually very easy since there has been no revenues, and all of the costs are allocated out, so there should be zero EBIT if nothing changed. Given your present direction, however, you may be generating some margin in 2001. Do you have a feel for an amount I can put into our analysis and will 100% of your costs continue to be billed out or will some be applied to this new activity? I am hoping to put something together next week, so if you or a designate could let me know in a few days I would appreciate it. Kerry Roper (x5-4895)
Answer: Forecast for 2001
Here is an email: Hi Felix! I return from Argentina this weekend. I am having some problems with the laptop which I'll need you to adjust upon my return. I am traveling with an ESA person from Houston who has a laptop and never experiences any of the daily problems which I have. The problems are: 1. Immediately upon logging in each day, I receive the following message: "This install. will install CITRIX ICA Client - YES or NO" 2. "Unable to load workspace file destop.dsk. File is in use by another program. Delete the file and create a new workspace?" Also, the screen freezes frequently and I'm not sure what this is related to. I can't use the laptop offline to even get into word. When can we review these problems? Thanks. Sara
What is a potential subject line for this email?
A: laptop
QUESTION: Hello Members, As a matter of information, it is very important you read the document below. As a member of our Board, it is possible that you could be approached by individuals who may listen to a nationally syndicated radio talk show entitled, Glenn Beck Talk Show. If you have any questions, please give us a call. (Click to open) <<nov8statement.doc>>
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ANS:
The September 11th Fund