Deb, Let's go ahead with POA's for Ben F. Jacoby for ENA, Tarheel Land Development, Edgecombe Development, and Titan Land Development in accordance with Janet's request and ENA standard practice. Deb, I have the impression that this is something you typically handle, although I'm glad to volunteer Kathleen for the task if that would help. There will be other companies, but we can add these as we go. Kathleen, please advise if there are any which you see as most active at this time. For instance, what are the names of the Florida development companies? Your assistance is greatly appreciated, as Janet is eager to get this done. Thanks,
Answer: Signature authority
Ken: I started buying Enron again this morning because I know that all the sellers have vastly underestimated Ken Lay! And I wanted to say that more of them should be remembering what has been accomplished at Enron. Aside from ENE stock price, I trust all is well with you and your familyand that you, like us, were all relatively unaffected by Sep 11. We are fortunate to have work and other commitments to keep us busy so that we don't have time to worry too much about anthrax, etc. Our base technology merger and acquisition business has remained steady this year and we are now seeing increased activity again. Our "B2B" semi spare parts supply chain integration company, netMercury, has weathered the downturn, with most of its competitors out of business now, and its future looks bright. I am starting a small venture capital fund to take advantage of great investment opportunities in semiconductor and optical processing technologies. I am now commuting from Sonoma most days and I do think about terrorism every time I cross the golden gate bridge--what a spectacular event an
Answer: A Brighter Future
All, Thank you for your time yesterday interviewing for the ENA Trading Track. I would be grateful if you would not discuss feedback with any of the candidates until all offers are confirmed. I will advise you when candidates have been notified. Thanks once again.
Answer: ENA Trading Track
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
Answer:
Pug's Fax