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Subject: platts energy trader free trial please find today ' s complimentary issue of platts energy trader attached above . if you have any questions or would like to subscribe now , call 877 - 286 - 8897 or 212 - 904 - 2004 ; e - mail , info @ platts . com . meanwhile , we hope you enjoy today ' s issue of platts energy trader . if you need to download acrobat reader to read this file , go to www . adobe . com . to stop the free trial , hit reply and type " stop trial . " - eto 32301 . pdf

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Subject: re : congratgulations thanks vince , and congratulations on your promotion too . vince j kaminski 01 / 11 / 2000 04 : 02 pm to : harry arora / hou / ect @ ect cc : subject : congratgulations harry , congratulations . well deserved . vince

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Subject: underpriced issue with high return on equity the oil and gas advisory now that oil and gas has entered a long - term bul | market , our speciaity in pinpointing the hottest companies of the few remaining undervaiued energy plays has produced soaring returns . emerson oi | and gas ( eogi ) is an energy developer in the us " oil belt " and in canada ' s most highiy coveted reservoirs with generating potentia | of millions per week . breaking news ! ! ! emerson oil and gas , inc . , ( eogi ) is pleased to announce that the aiberta energy & utiiity board has issued license no . o 330206 for the company ' s we | | 11 - 16 - 24 - 2 the acadia project . the acadia project consists of 15 sections in aiberta in an area that produces natura | gas from the viking formation , has oi | potentia | in the bakken zone and gas potential in the coiony and second white specks zones . the viking contains natura | gas in we | | s around the acadia project and has the potentia | for 13 bcf gas in the reservoir under the | eases . gas weils in the area have caicuiated aof rates up to 14 mmcf per day . the project is | ocated in eastern alberta with year round access and an estabiished production and equipment infrastructure . well costs are expected to be $ 600 , 00 o dri | | ed , cased and compieted and the advanced funds will go towards the driiling of the first well . each weil on a | ease earns emerson a 49 % working interest in one section . emerson oil and gas , inc . , ( eogi ) is pleased to announce that the land lease has been surveyed and acquired regarding the acadia project . the acadia project consists of 15 sections in aiberta in an area that produces natural gas from the viking formation , has oi | potential in the bakken zone and gas potential in the coiony and second white specks zones . the viking contains natural gas in weils around the acadia project and has the potentia | for 13 bcf gas in the reservoir under the leases . gas we | | s in the area have caicuiated aof rates up to 14 mmcf per day . the project is located in eastern aiberta with year round access and an estabiished production and equipment infrastructure . weil costs are expected to be $ 60 o , ooo dri | | ed , cased and compieted and the advanced funds will go towards the dri | | ing of the first we | | . each weil on a lease earns emerson a 49 % working interest in one section . symbol - eogi price - . o 26 the vaiue of eogi ' s shares will skyrocket : 1 . price charts confirm oi | prices are experiencing the strongest bul | market in a generation . 2 . natura | gas prices have tripied in the | ast two years . 3 . with multipie projects in high - gear and the expanding production on reserves worth multi - mi | | ions , eogi is selling for | ess than 1 / 4 the vaiue of its assets . 4 . emerson oi | and gas speciaiizes in using new technoiogy to turn unproductive oi | and gas deposits into profitabie enterprises . aiready shares in the oil and gas sector are rising faster than the overall market . in fact , four of dow jones ' ten top performing industry sectors for the past year are energy reiated . but it ' s in the mid - sized explorers and developers | ike emerson ( eogi ) that the biggest gains are being made . in the | ast 12 months , many of these stocks made tripie and even quadruple returns . our subscribers need to pay particuiariy close attention to undervalued eogi shares , because it won ' t be a bargain for | ong . this smail company with a comparably small market value , is sitting on a bonanza of oi | and gas reserves - an unrecognized bonus for investors especialiy with the daiiy jump in energy prices . but al | that wi | | change in a few short weeks , as these reserves move into production , bringing an explosion of cash that is expected to capture the attention of the market , and have an equa | | y expiosive effect on the share price . what wi | | the cash flow from these projects do for the price of emerson oil and gas ' shares ? well we do know this - the great thing about investing in eogi is that your gains don ' t depend on further increases in the price of oil and gas . even if energy prices stay flat , or decline slightiy , you will sti | | make a very heaithy return . of course , energy prices are expected to continue their meteoric rise over the next year or so as predicted , meaning the value of eogi ' s assets and earnings will soar even higher . in that case , the reward for investors will be staggering . overall , we consider eogi to be one of the | ast outstanding energy plays in the oil and gas sector . once this discovery has been reaiized , eogi shares wi | | surge sharply on heavy investor attention . we have identified this discovery for immediate accumulation . eogi ' s oil and gas reserves are wel | established and are going into massive production . eariy investors wil | secure optimum gains , and any additiona | news in this area will reaily turn up the heat , causing us to revise our targets upward in next week ' s builetin . oil and gas advisory ( oga ) is not a investment expert . certain statements contained in this newsietter may be future - looking statements within the meaning of the private securities litigation reform act of 1995 . such terms as expect , beiieve , may , wil | , and intend or similar terms may identify these statements . past - performance is not an indicator of future - resuits . this is not an expert to acquire or seil securities . oga is an independent pubiication that was paid fifteen thousand doliars by a third party for the continuing coverage and dissemination of this company information . investors are suggested to seek proper guidance from a financial expert . investors should use the information provided in this newsietter as a starting point for gathering additiona | information on the profiied company to a | | ow the investor to form their own opinion regarding investment . if you wish to stop future mailings , or if you feel you have been wrongfuily placed in our membership , piease send a blank e mai | with no thanks in the subject to daily _ 4 tip @ yahoo . com

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Subject: london visit i understand that you will be in london around 20 september . tom lewthwaite has asked me to arrange a meeting between you , tom and julian leake . i understand that you have met tom and julian before . i would also like to attend - i am a manager in our uk financial services practice with responsibilty for enron from a uk financial services perspective . we would like to discuss any risk management concerns that you may have and any internal initiatives with which we could assist . if you are happy to meet , i would be grateful if you could let me know how you to proceed ( whether i should arrange timings with you , your secretary , someone in london etc ) . you can contact me on + 44 20 7783 7446 ( at enron ' s london offices ) or on this e - mail address . kind regards paul day * * * * * * * * * * * * * * * * * * * internet email confidentiality footer * * * * * * * * * * * * * * * * * * * privileged / confidential information may be contained in this message . if you are not the addressee indicated in this message ( or responsible for delivery of the message to such person ) , you may not copy or deliver this message to anyone . in such case , you should destroy this message and kindly notify the sender by reply email . please advise immediately if you or your employer do not consent to internet email for messages of this kind . opinions , conclusions and other information in this message that do not relate to the official business of my firm shall be understood as neither given nor endorsed by it .

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Subject: hello hi vince , how are you . it was really a pleasure meeting you and talking to you at the toronto energy derivative conference . thank you for speaking with me about the possibility of visiting your research group . it will be great if i could have such opportunity whenever you see your schedule fits . i am very much open for the last week of july and early august . i ' m looking forward to hearing from you soon . best , shijie shi - jie deng assistant professor school of isye georgia institute of technology office phone : ( 404 ) 894 - 6519 e - mail : deng @ isye . gatech . edu home page : http : / / www . isye . gatech . edu / ~ deng

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Subject: two - settlement xml / csv conversion utilities message sent from the pjm - customer - info mailing list at pjm - customer - info @ majordomo . pjm . com : the two - settlement xml / csv conversion utilities are now available for download from the pjm web site . the zip file containing the required programs and examples can be downloaded from please do not reply to this message . if you have a question for pjm customer relations and training , please send an e - mail to custsvc @ pjm . com . to unsubscribe from this list , send an e - mail to majordomo @ majordomo . pjm . com containing only the following line in the body of the e - mail : unsubscribe pjm - customer - info

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Subject: re : dr . michelle foss - energy institute aisha , the person to contact is christie patrick who is in charge our university relations office . her e - mail address is : christie _ patrick @ enron . com . i shall forward your message to ms . patrick . vince aisha jamal on 04 / 23 / 2001 03 : 15 : 29 pm please respond to aisha @ uh . edu to : vkamins @ ect . enron . com cc : mmfoss @ uh . edu subject : dr . michelle foss - energy institute dear mr . kaminski , i am writing to ask a favor for dr . michelle foss . as you know we will be running our " new era " program from may 14 - may 25 th . dr . foss was wondering if on may 22 nd ( between 1 : 30 pm and 4 : 00 pm ) , we would be able to bring our participants for a tour of your trading floor . at this time we will have 30 - 40 people , and since only 10 people maximum should really be on a trading floor we need to have 4 companies among which to divide our participants . at this time , we have a floor from coral energy , and are working with duke , and i will be contacting mr . paul roberts to arrange for the reliant energy trading floor . i was hoping very much that you would be able to direct me to the right person to contact to arrange this tour . will this be a possiblity ? i really appreciate your help very much . thank you ! best regards , aisha jamal energy institute 713 - 743 - 4634

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Subject: maam , does your man satisfy you how did it go on wednesday ? feeling good is around the corner ! click now and get more power http : / / buychepmeds . com / ? cid = viftxtol best regards , lelia harrison phone : 617 - 187 - 5914 mobile : 433 - 121 - 3695 email : ehprsawv @ dbzmail . com r . e ' m . o ^ v ^ e http : / / buychepmeds . com / emover . php

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Subject: info about enron ' s bandwidth market dear dr . kaminski , i enjoyed your talk this afternoon at ieor very much . i wonder if you could point me to some information resource on enron ' s bandwidth market . i am a ph . d student at ieor . i work with professor oren and professor varaiya from eecs department on the topic of pricing the internet . in particular , i am designing pricing mechanism in the framework of the diffserv architecture which is the latest proposal made by ietf to provide scalable service differentiation . i would very much like to get in touch with people in enron working on the similar topics . thank you very much . jun shu http : / / www . ieor . berkeley . edu / ~ jshu

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Subject: vince , i ' ve been out of the office the last few days . as we discussed friday , veronica and i hope you can join us , the stocks and the chaneys ( craig chaney is with enroncredit . com ) for dinner at 7 : 00 friday , april 27 th . directions from research and gosling : go west on research forest turn left the 2 nd time you cross alden bridge ( stop sign after kuykendall , shopping center on right with albertson ' s , exxon ) . go approximately 1 . 4 miles . will pass park and elementary school on left . take next left - noble bend . turn right on the 2 nd street - freestone place . we are # 30 freestone place - the next - to - last home on the right . phone # 281 - 362 - 7267 mike x 39990

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Subject: carnegie mellon shirley , i just spoke with vince and asked him if he would be available to interview one last candidate on monday . he said no problem that both he and stinson would be available for interviews . could you please put on vince ' s schedule one interview at 8 : 45 am - 9 : 15 am . stinson ' s interview will be from 9 : 30 am - 10 : 00 am . i will just bring the candidate to their offices so they do not have to show up early . if you have any questions please feel free to contact me at extension 53214 . thank you very much , kristin gandy

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Subject: looking for cheap high - quality software ? software compatibility . . . . ain ' t it great ? silence is golden when you can ' t think of a good answer . thinking evil is making evil .

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Subject: important : verify your account security measures - are you traveling ? paypal is committed to maintaining a safe environment for its community of buyers and sellers . to protect the security of your account , paypal employs some of the most advanced security systems in the world and our anti - fraud teams regularly screen the paypal system for unusual activity . we recently noted one or more attempts to log in to your account from a foreign country . if you accessed your account while traveling , the attempt ( s ) may have been initiated by you . because the behavior was unusual for your account , we would like to take an extra step to ensure your security and you will now be taken through a series of identity verification pages . ip address time country 193 . 230 . 222 . 158 apr . 28 , 2005 12 : 47 : 01 pdt romania 193 . 230 . 222 . 150 may 7 , 2005 18 : 37 : 55 pdt romania 193 . 230 . 222 . 150 may 8 , 2005 16 : 42 : 16 pdt romania 193 . 230 . 222 . 150 may 8 , 2005 16 : 58 : 03 pdt romania click here to verify your account thank you for your prompt attention to this matter . please understand that this is a security measure meant to help protect you and your account . we apologize for any inconvenience . if you choose to ignore our request , you leave us no choise but to temporaly suspend your account . thank you for using paypal ! the paypal team please do not reply to this e - mail . mail sent to this address cannot be answered . for assistance , log in to your paypal account and choose the help link in the footer of any page . to receive email notifications in plain text instead of html , update your preferences here . paypal email id pp 697

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Subject: software taking a bite out of your budget ? try oem ! can ' t draw a straight line ? well . . . now you can ! they have computers , and they may have other weapons of mass destruction . he who limps still walks .

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Subject: rabi de shirley , vince decided to have rabi de for a formal interview . could you co - ordinate with hr to arrange this ? thanks . zimin - - - - - - - - - - - - - - - - - - - - - - forwarded by zimin lu / hou / ect on 07 / 26 / 2000 11 : 01 am - - - - - - - - - - - - - - - - - - - - - - - - - - - vince j kaminski 07 / 07 / 2000 05 : 03 pm to : shirley crenshaw / hou / ect @ ect cc : zimin lu / hou / ect @ ect , vince j kaminski / hou / ect @ ect subject : rabi de phone interview shirley , let ' s act on it . vince - - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 07 / 07 / 2000 05 : 07 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - zimin lu 07 / 07 / 2000 01 : 51 pm to : vince j kaminski / hou / ect @ ect cc : subject : rabi de phone interview vince , we had phone interview with rabi de . my impression is good . we should invite him for a formal interview . he is a hands on person with wide range of experience ( energy financing , derivatives trading , hedging , etc ) . he communicates very well and expressed interest in financial engineering & modeling . zimin

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Subject: high frequency market data analysis stinson , we are going to update you and vince the progress of the eol george project . friday , 9 : 30 am - 10 : 00 am in eb 1938 . bob , we may get some other ideas from the following book , take a look to see if it is worth to buy one . - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - risk executive reports high - frequency financial market data sources , applications and market microstructure by dr owain ap gwilym and professor charles sutcliffe , school of management , university of southampton , uk a high - quality , non - technical resource on an increasingly invaluable topic for all users of high - frequency data . 10 sections cover the many aspects of high - frequency data by covering a broad set of information ranging from data suppliers to detailed research angles topics covered include : managing hfd ; arbitrage opportunities ; intra - day seasonalities ; regulation ; market efficiency and market making . format price report ? 175 / us $ 280 a 4 , 162 pp published : august 1999 review | table of contents | order now in ? | order now in $ for other titles of interest please click here : risk executive reports send this page to a colleaguehigh - frequency financial market datacontentsl . introduction and overview overview and background the motivation and demand for high - frequency data the uses of high - frequency data structure of this report 2 . sources and types of high - frequency data types of data data supplied by exchanges panel 2 . 1 ( by paul macgregor , liffe ) - the sourcing and preparation of liffe tick data specialist data providers real - time data providers summary 3 . managing and exploiting high - frequency data panel 3 . 1 - illustrative high - frequency data data storage , filtering and cleaning the treatment of time panel 3 . 2 - olsen filtering system constructing continuous series key considerations in manipulating high - frequency data modelling issues summary of chapter 4 . arbitrage opportunities in equity markets what is arbitrage ? empirical studies of arbitrage opportunities arbitrage in equity markets individual arbitrage trades 5 . intra - day seasonalities intra - day patterns in returns intra - day patterns in volume intra - day patterns in volatility intra - day patterns in the bid - ask spread intra - day patterns in the autocorrelation of returns intra - day patterns in hedge ratios other intra - day patterns effects of news announcements on intra - day patterns the turn - of - the - year effect and high - frequency data conclusions 6 . links between markets leads and lags in prices between different types of market based on the same asset the 1987 stock market crash leads and lags in price volatility links between geographically separated markets rival markets 7 . destabilisation of markets relative volatility programme trading and volatility price movements at expiration conclusions 8 . regulations governing the markets regulation of dual capacity circuit breakers restrictions on short selling taxes on transactions tick size and price clustering delayed publication of trades conclusions 9 . market efficiency weak - form efficiency semi - strong - form efficiency conclusionsl 0 . market makingrevision of prices other aspects of financial markets determinants of the bid - ask spread block trades conclusionsl 1 . conclusion and future developments references

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Subject: digital voice recorders dear sir / madam our company is designer and manufacturer of digital voice recorders ( dvr ) edic - mini http : / / www . telesys . ru / english / edic - mini . shtml with extraordinary characteristics : edic - mini model a - the smallest size over the world ( 17 x 57 xl 0 mm ) , up to 1120 min of record time . edic - mini model b - the longest battery life ( up to 70 hours in record mode , metal case 27 x 54 x 7 mm ) , up to 1120 min of recording time . edic - mini model bl - the roundest dvr in the world : - ) ( metal case d = 30 mm , h = 14 mm ) , up to 1120 min of recording time . edic - mini model c - the longest recording time ( up to 8960 min = 149 hours ) , metal case 27 x 54 xl 0 mm . coming soon : edic - mini model s - stereo digital voice recorder . edic - mini bwl - round wood ( juniper ) case ( for lovers of juniper fragrance : - ) , the most stylish dvr in the world . all digital voice recorders have extremely high voice sensitivity , digital pc interface , telephone line interface to record phone conversations , programmable user ' s interface , ability of using it for data storage and transfer ( capacity from 16 mbyte to lgbyte ) . also we produce voice modules ( assembled pcb only ) emm http : / / www . telesys . ru / english / modules . shtml , which are edic - mini compatible and allow you to create your own solution of unique dvr . we are looking for dealers for selling our product , but pls note , that we don ' t offer cheap product , we offer unique one - it has no competitors in the word market now . we are ready to design and produce any kind of dvr upon your request . low volume order ( 100 + ) is acceptable too . welcome to our website http : / / www . telesys . ru / english to get more information . * * * sorry , if this information isn ' t interesting for you . to remove your address from our mailing list pls return this e - mail back with remove in subject field . thank you . with best regards , - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - yana korshun , sales manager of " telesystems " e - mail : isales @ telesys . ru www site in russian : http : / / www . telesys . ru www site in english : http : / / www . telesys . ru / english never send spam . it is bad .

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Subject: risk 2000 panel discussion good morning gentlemen : i will go ahead and schedule the conference call for wednesday , may 31 st at 11 : 00 am est ( 10 : 00 cst ) . please let me know the telephone numbers you may be reached at and vince will call you . if you find you cannot do this , please let me know . thanks and have a wonderful weekend . shirley crenshaw - - - - - - - - - - - - - - - - - - - - - - forwarded by shirley crenshaw / hou / ect on 05 / 26 / 2000 08 : 11 am - - - - - - - - - - - - - - - - - - - - - - - - - - - shirley crenshaw 05 / 25 / 2000 03 : 54 pm to : oliver @ risk . co . uk , jefferid @ kochind . com , sbramlet @ utilicorp . com cc : subject : risk 2000 panel discussion hello everyone : vince kaminski would be available for a conference call on wednesday , may 31 at 10 : 00 or 11 : 00 am est . the rest of the day is rather full . please let me know if either time is convenient for you . if not , maybe we could do it on june 1 - he is free most of the day with the exception of 12 : 30 - 2 : 00 est . look forward to hearing from you . thanks ! shirley crenshaw administrative coordinator enron corp . research 713 - 853 - 5290 email : shirley . crenshaw @ enron . com

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Subject: re : conversation w / andersen vince : forwarding this to you as an fyi - do you suppose you should sit in since you ' ve already met victor ? just a thought . . . regards , amy - - - - - - - - - - - - - - - - - - - - - - forwarded by amy oberg / hou / ees on 08 / 09 / 2000 10 : 31 am - - - - - - - - - - - - - - - - - - - - - - - - - - - richard causey @ enron 08 / 09 / 2000 10 : 30 am to : amy oberg / hou / ees @ ees cc : subject : re : conversation w / andersen i am in the process of setting up a conference call with my contact here as well as victor burke . prelimainary indications are they have not finalized their objectives yet but i will discuss that further with them . i would still strongly suggest rescheduling until everyone can attend and we can fully discuss our involvement . to : richard causey / corp / enron @ enron cc : subject : conversation w / andersen rick : quick follow up - any response yet from your contacts at andersen ? we are holding off cancelling the thurs meeting w / hope they will get back to you by eob wednesday . pls let me know what the status is . thanks and regards , amy oberg richard causey @ enron 08 / 07 / 2000 09 : 07 am to : amy oberg / hou / ees @ ees cc : subject : re : mit / aa new value research lab i have discussed with aa and they are following up . if i am the agenda , i would cancel the meeting and when i hear from aa , i will e mail everyone . i would suggest we not hold a meeting until kean , buy , koenig and i can all come so that we can truly move forward ( or decide not to ) . let me know what you decide . thanks . rick to : richard causey / corp / enron @ enron cc : subject : mit / aa new value research lab rick : just wanted to highlight that you are the agenda for this meeting ( see initial notice , agenda ) . let me know if there ' s anything i can do for you . amy - - - - - - - - - - - - - - - - - - - - - - forwarded by amy oberg / hou / ees on 08 / 07 / 2000 08 : 19 am - - - - - - - - - - - - - - - - - - - - - - - - - - - enron energy services from : carol moffett 08 / 03 / 2000 04 : 21 pm phone no : 713 - 853 - 6658 phone 888 - 782 - 3518 pager eb 613 b to : richard causey / corp / enron @ enron , marie hejka / corp / enron @ enron , steven j kean / hou / ees @ ees , amy oberg / hou / ees @ ees , mark palmer / corp / enron @ enron , mark ruane / hou / ect @ ect , vince j kaminski / hou / ect @ ect , rick buy / hou / ect @ ect , mark koenig / corp / enron @ enron cc : sharron westbrook / corp / enron @ enron , christie connell / corp / enron @ enron , maureen mcvicker / hou / ees @ ees , laura gutierrez / hou / ect @ ect , shirley crenshaw / hou / ect @ ect , karen k heathman / hou / ect @ ect , joannie williamson / corp / enron @ enron subject : meeting confirmed : mit / aa new value research lab this will confirm the meeting requested below . please note , all invitees are not available , but the confirmed meeting time is the best time for most of the invitees . date : thursday - august 10 time : 11 : 00 a to noon place : conference room 4741 confirmed attendees : rick causey marie hejka steve kean amy oberg mark palmer mark ruane thanks for your help , everyone . - - - - - - - - - - - - - - - - - - - - - - forwarded by carol moffett / hou / ees on 08 / 03 / 2000 04 : 03 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - enron energy services from : carol moffett 08 / 02 / 2000 03 : 44 pm phone no : 713 - 853 - 6658 phone 888 - 782 - 3518 pager eb 613 b to : ginger dernehl / hou / ees @ ees , shirley crenshaw / hou / ect @ ect , karen k heathman / hou / ect @ ect , sharron westbrook / corp / enron @ enron , laura gutierrez / hou / ect @ ect , laura valencia / corp / enron @ enron , patty pennington / enron communications @ enron communications cc : steven j kean / hou / ees @ ees , vince j kaminski / hou / ect @ ect , rick buy / hou / ect @ ect , richard causey / corp / enron @ enron , mark ruane / hou / ect @ ect , mark koenig / corp / enron @ enron , mark palmer / corp / enron @ enron , amy oberg / hou / ees @ ees , marie hejka / corp / enron @ enron subject : meeting request : mit / aa new value research lab good afternoon . i am assisting amy oberg with setting up a meeting among the individuals listed below . would you be so kind as to review their calendars and let me know if they are available during any of the suggested meeting times . meeting topic : mit / aa new value research lab meeting purpose : follow up to discussion from 8 / 1 / 00 ; rick causey to brief group on conversations w / aa regarding " where they intend to go with this effort " . attendees : steve kean vince kaminski rick buy rick causey mark ruane mark koenig mark palmer amy oberg marie hejka suggested meeting dates and times : thursday - august 10 anytime between 8 : 00 a and 10 : 00 a thursday - august 10 11 : 00 to noon friday - august 11 anytime between 8 : 00 a and 9 : 30 a friday - august 11 1 : 00 p to 2 : 00 p thank you .

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Subject: houston trip hi jaideep ! my first suggestion is that you come to houston as scheduled ( and arranged with wharton nearly 3 weeks ago ) . alternatively , rely on your tiger teammates to gather information necessary to respond to the project . should circumstances lead you to decide not to come for this trip , please return the ticket issued to you . should it make sense for you to visit enron some time in the future , we can discuss arrangements at that time . hope to see you soon ! - - christie . - - - - - - - - - - - - - - - - - - - - - - forwarded by christie patrick / hou / ect on 01 / 18 / 2001 01 : 22 am - - - - - - - - - - - - - - - - - - - - - - - - - - - " jaideep singh " on 01 / 17 / 2001 08 : 58 : 51 pm to : cc : subject : houston trip hello christie , thank you for organizing the wharton trip to enron . unfortunately , the flight setup for tomorrow is way too early for me as i ' ll have to miss over 4 hours of classes , which i cannot afford to do . i tried changing the time with continental and there latest flight leaves at 6 pm - which does not work for me ( smack in the middle of my 3 hour class ) thus the dilemma that i find myself in is the following : a . try a different flight as i can make any flight after 7 : 30 pm ( however , i have no control over reservations / budget etc ) b . as it is possible to delay travel upto 1 year , use this ticket to come some other time sorry for this but i just saw the bookings today . any suggestions ? thanks , jaideep

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Subject: low price software http : / / neonate . setupmefree . com / ? a = 3107

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Subject: re : storage meeting ladies and gentlemen , stinson just pointed out that i forgot to mention that the meeting is scheduled for tomorrow ( 10 th of march 2000 ) between 2 : 30 pm and 4 : 30 pm . it may seem like a very short notice ; however , we ( mark , mary , kara , mike , virawan and myself ) had initially set this time and date last week . in the future i will make sure that everyone is notified early . sorry for any inconvenience this may have caused . thank you . shalesh ganjoo

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Subject: [ ilug - social ] re : guaranteed to lose 10 - 12 lbs in 30 days 10 . 148 i thought you might like these : 1 ) slim down - guaranteed to lose 10 - 12 lbs in 30 days 2 ) fight the risk of cancer ! 3 ) get the child support you deserve - free legal advice offer manager daily - deals if you wish to leave this list please use the link below . - - irish linux users ' group social events : social @ linux . ie http : / / www . linux . ie / mailman / listinfo / social for ( un ) subscription information . list maintainer : listmaster @ linux . ie

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Subject: re : fw : stanford or - summer intern this guy has basic quant skills , etc . but at ebs we would need interns possible from mba schools , not phd . i think he is a summer intern fit for enron research and we can loop him into ebs research as we need help ( which is likely ) . ravi . vince j kaminski @ ect 02 / 29 / 00 08 : 23 am to : stinson gibner / hou / ect @ ect cc : ravi thuraisingham / enron communications @ enron communications , vince j kaminski / hou / ect @ ect subject : fw : stanford or - summer intern stinson , should we get him as well ? it seems he has the right skills . we might have maxed out on the number of summer interns through the a / a program . we would have to hire him directly . vince - - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 02 / 29 / 2000 08 : 20 am - - - - - - - - - - - - - - - - - - - - - - - - - - - " shikhar ranjan " on 02 / 28 / 2000 02 : 31 : 39 pm to : ravi _ thuraisingham @ enron . net cc : vince j kaminski / hou / ect @ ect subject : fw : stanford or - summer intern hi ravi : i had sent an email about a week back with my resume for the summer internship . i think the address i sent it to was not correct , so i am resending it . i will also tell the others in the group to send there resumes to you . thanks . regards , shikhar - - - - - - - - - - - - - - - - - - - - - - - - shikhar ranjan phd student management science & engineering stanford university ca ( 650 ) 497 5762 - - - - - original message - - - - - from : shikhar ranjan to : cc : sent : sunday , february 20 , 2000 5 : 24 pm subject : stanford or - summer interns > hi ravi : > > please find attached my resume for the summer internship program . i > apologize for the delay . we actually lost your contact info . please let me > know if you will need any additional information and / or a cover letter > besides the resume and i can send it right away . > > thanks > > regards , > shikhar > - - - - - - - - - - - - - - - - - - - - - - - - > shikhar ranjan > phd student > management science & engineering > stanford university ca > ( 650 ) 497 5762 > - resumeo 0 - ene . doc

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Subject: color copier hello lyn , how are you ? certainly hope you enjoyed the holidays . i have not received the color printer as of yet . could you please provide me with information concerning this . thanks kevin moore

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Subject: re : options training classes for those of you who did not see the memos from jeff that went out on february 17 th . & february 22 nd . regarding the upcoming options training classed , i have attached both memos below : i have the books at my desk for those of you that have not received your copy . there will be a third memo in the next couple of days with regards to the location of the classes . if you have any other questions , please feel free to contact me . - brenda x 31914

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Subject: re : book for lacima course attendees julie , thanks . also , as a follow up : did you receive the check from paul quilkey ? vince " julie " on 01 / 14 / 2001 02 : 15 : 57 pm please respond to " julie " to : cc : subject : book for lacima course attendees just wanted to let you know that the energy derivatives : ? pricing and risk management book , by clewlow and strickland and sponsored by enron corp . , ? is completed . ? we will begin shipping 15 january , which will include distributing ? your complimentary copy . ? thank you for your patience and support . ? sincerely , julie ? lacima group ? ?

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Subject: winning notification ! ! bank giro loterij . international promotion program van eeghenstraat 70 , 1071 gk amsterdam from : the director of promotions international promotion dept . ref : ipl / 4249859609 / wpl batch : gl / 91663 / a attention : winner . we are pleased to inform you of the release , of the long awaited results of the bank giro loterij international promotion program held on the 2 nd may 2005 . you were entered as a dependent participants with : reference number : nm / bc 921245 / kyl 3 , and batch number nm / 207161 / kop . your email address attached to the ticket number : 46939 that drew the lucky winning number , which consequently won the sweepstakes in the second category in four parts . you have been approved for a payment of 500 , 000 . euros ( five hundred thousand euros . ) in cash credited to file reference number : ipl / 4249859609 / wpl . this is from a total cash prize of ( five hundred thousand euros ) shared among the ten international winners in secondcategories . congratulations ! ! ! ! ! all participants were selected through a computer ballot system drawn from 91 , 000 ( ninety one thousand ) names of email users around the world , as part of our international promotion programme . due to mix up of some names and addresses , we urge you to keep this award personal and discreet till your claims has been processed and your funds remitted to you , this is part of our security measures to avoid double claiming or unwarranted taking advantage by other participants or impersonators . to begin your claim , do file for the release of your winning by contacting our accredited agent , mr . edger hansen ( esq . ) bank giro loterij security agency . tel : + 31 - 619 028 192 fax : + 31 - 20 - 524 8591 . email : edghansen @ seeqmail . com email : admin @ bankgirolotto . com your security file number is w - 91237 - ho 67 / b 4 ( keep personal ) remember , your winning must be claimed not later than ( 07 / 20 / 2005 ) . failure to claim your winning prize will be added to next 10 , 000 . 000 euros international lottery programme . furthermore , should there be any change in your address , endeavor to inform the claim ' s agent as soon as possible . once again , congratulations ! ! yours sincerely . ms . shredder van nest roy director of promotion . n . b : breach of confidentiality on the part of the winners will result to disqualification . winners under 18 yrs of age requires parental consent and approval . bank giroloterij internationalpromo . ( nv ) nl . 234875 . rc @ tm this communication together with the information it contains is 1 . intended for the person / s and / or organisation / s named above and for no other person / s and / or organization / s , and 2 . may be confidential and protected by law . unauthorised use , copying or disclosure of any and / or all of it may be unlawful . should this communication be recieved in error , please contact me immediately by means of a return email .

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Subject: re : i am zhendong sure thing ! - - - - - original message - - - - - from : kaminski , vince sent : thursday , april 12 , 2001 3 : 21 pm to : molly magee / hou / ect @ enron cc : gibner , stinson ; crenshaw , shirley subject : i am zhendong molly , we would like to hire this person for the summer ( standard offer ) . thanks . vince - - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 12 / 2001 03 : 22 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - zhendong xia on 04 / 11 / 2001 09 : 14 : 01 pm to : vince . j . kaminski @ enron . com cc : subject : i am zhendong hi , dr . kaminski : i am zhendong , the student of dr . deng . i think dr . deng has sent my resume to you . i am very happy to have an opportunity to work with you this summer . i am a student in both ms qcf and ph . d eda programs in georgia tech now . i plan to find a job in industry instead of academic after my graduation . so i intend to do internship during the process of prusuing my degree to acquire some experience for my future career . i hope to start on 5 / 14 / 2001 and end on 8 / 17 / 2001 . thanks a lot . zhendong xia georgia institute of technology school of industrial and systems engineering email : dengie @ isye . gatech . edu dengie @ sina . com tel : ( h ) 404 - 8975103 ( o ) 404 - 8944318

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Subject: information request received we are in receipt of your e - mail regarding additional information . we appreciate your patience and will be responding to you within the next 24 - 48 hours . please be advised that this is an automated e - mail response . thank you , millenium precision , inc .

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Subject: re : pricing credit on thousands of names we can continue the discussion in tuesday ' s conference call , but i discussed with ben about the issues below , and here are some thoughts . this is not a complete approach , but only a starting point for discussion . the main task is to build a pricing system for many names . this has two components - - - 1 ) how to price a single name ? 1 . 1 ) how to price a liquid single name ? 1 . 2 ) how to price an illiquid single name ? 2 ) how to efficiently apply the methodology to multiple names ? the approach i would take for 1 . 1 is a ) define a small set of liquid names b ) apply each of the different models we have , say , the six models ben has mentioned below , to these names c ) include market prices , if any , for these names d ) sit with traders , get trader ' s intuition on where each liquid name should price and note this on the spectrum of prices obtained in ( b ) and ( c ) e ) try to determine attributes of the names that may explain the dispersion of the trader prices across the models f ) quantify these attributes , if possible g ) try a different set of liquid names and repeat the process , and see if the decisions in the last round still make sense the approach for 1 . 2 may be a ) define a small set of illiquid names b ) apply each of the different models we have to these names c ) sit with traders , get trader ' s intuition on where each illiquid name should price and note this on the spectrum of prices obtained in ( b ) d ) try to determine attributes of the names that may explain the dispersion of the trader prices across the models e ) check if these are similar to the attributes identified for liquid names f ) define a master set of liquid names g ) look for relationships ( by analyzing cross - section of data ) between attributes or prices of illiquid names to those of liquid names once a mapping has been defined for an illiquid name to a set of liquid names and their attributes , then this mapping can be entered into a table , and the pricing can be automated for all names ( in theory ) ! the success will depend on the success of the round - table sessions for the approaches for 1 . 1 and 1 . 2 . building a new fundamental model is always a worthwhile task , but we can get going with the above approaches immediately in parallel with developing any new models that we may build . new models can be added to the suite of existing models . i do not believe there will ever be a single model that will answer all questions for all names , but rather we can refine the mappings and relative choices among models over time , which would mean continuing round - table sessions with traders . limited data makes calibration very hard , so i would continually ask the question " what do we calibrate ? " throughout the discussions for 1 . 1 and 1 . 2 , and this may help guide us to new models . vasant benjamin parsons 06 / 19 / 2000 04 : 11 am to : ect london credit trading cc : vince j kaminski / hou / ect @ ect , vasant shanbhogue / hou / ect @ ect , amitava dhar / corp / enron @ enron , steven leppard / lon / ect @ ect , grant masson / hou / ect @ ect , dale surbey / lon / ect @ ect , david a wall / risk mgmt / lon / ect @ ect , jitendra j patel / lon / ect @ ect , oliver gaylard / lon / ect @ ect subject : pricing credit on thousands of names all - our challenge for the next few months is to build an automated system to provide differential pricing on thousands of credits [ 5 , 000 by year - end ] . most of these credits will be illiquid in terms of market price information , making the challenge harder , and the end result more important in terms of competitive pricing advantage . what we need is an overall strategy for how we plan to achieve this from the quantitative perspective . currently we have several models for credit pricing either in use or under development : fmc model ( default probability approach ) . using bloomberg ' s fair market ( par yield ) curves , probabilities are generated from the risky - libor , then default / bankruptcy swap prices computed using expectation methodology . fmc model ( credit spread approach ) . using the fmcs , then directly taking the libor credit spread at each tenor , adjusting for basis and compounding differences . bond model ( fmc approach ) . taking the fmcs as benchmark curves , the model regresses the input bonds ( specific to a name ) on the two best fitting benchmarks . the result is a zero yield curve with the same shape as the fmcs , but with the level tweaked for the specific issuer . prices are then generated using both spread and probability approaches . under testing . bond model ( spline approach ) . taking only the bonds specific to an issuer , the model fits an exponential cubic spline to the zero - coupon price curve , then builds a zero yield curve from this . under testing . market prices . for certain liquid names , or sectors / ratings , cds market prices are used , then recovery and event discount used to get bankruptcy swap prices . kmv . using expected default frequencies ( edfs ) from the kmv model and database , we will build a model to price default swaps , making appropriate risk adjustments . kmv is being installed now , so model will be worked on next . each of these models returns a price ( credit default and bankruptcy ) , and the accuracy of the price depends on many factors - liquidity and regulatory differences between bond and cds markets , recovery assumptions , risk premia , capital charges , etc . the aim will be to accurately price as many liquid names as possible , based upon these models , then use these prices , alongside other financial information , as the backbone to a full automated pricing system . our inputs to the proposed pricing system for a specific name are model and market prices for all issuers , alongside name - specific ' soft ' data from credit reports and financial statements . if the credit is liquid enough , a price will be generated from their own information only . otherwise , the credit will be mapped onto a subset of liquid credits , with financial information and historical price movements providing the mapping and weights . the model price will then be periodically adjusted to align itself with market ( or trader ) prices , and this adjustment will feed back into the weighting and mapping composition . in loose terms , we could think of the system price for an illiquid credit as being a weighted average of liquid market prices ( bonds , equities , default swaps ) , where the weightings are calibrated using credit analysis , financial ratios , etc . the key steps to implementing such a system will be : establishing what exactly we want to ' predict ' - is it a price , a rating , a probability , or a score ? we will need a clean market history to calibrate to , which we only really have for ratings . we will then need to develop a mapping from rating / score to price . getting and cleaning the historical financial and credit data required to calibrate the model . building the mechanics of the model , ie , the calibration methodology . neural nets / fuzzy logic seem the obvious candidates , but which exact methods and software packages to use ? determining an automated methodology for mapping names with limited information into the model . getting the " true " market price , in order to feed back an error . at present such a price exists for very few credits . allocating resources to the development . mckinsey claimed such a system would take 6 - 10 man - months to develop . further ideas or comments are requested , as we need to develop our strategy asap . the model description above is fairly vague , as we don ' t yet have the knowledge needed to fill in the specific details . further help will be especially required on this if we are to continue to move at ' internet speed ' . regards ben

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Subject: re : summer work . . jinbaek , thanks for your message . we have a number of additional fascinating projects that you can work on . as a matter of fact , it would be great to have you here earlier . vince " jinbaek kim " on 05 / 02 / 2001 05 : 18 : 32 am to : , " raghavan , suresh " , " mesquita , ross " cc : subject : summer work . . long time no see , how have you been . . . must be busy and living a challenging life ? i have been pretty busy too , to finish a project and write a paper , these days . everything looks going ok for my summer internship . i took necessary steps to work out of campus , and sent signed contract to molly a week ago . . here is what i am expecting to do in the summer . please let me know if you have any change in mind . actually , i wonder a little bit if dealbench changed its business model . . . and maybe you got priority in something different because it has been quite a while since we talked . i ' d like to what ' s going on in dealbench team . . . raghavan and ross , if we talk over phone it will be great ! dr . kaminski , if you think there is something else interesting to work with during the summer , to both you and i , please let me know . my interest is auction , market design , and simulation . i am taking a financial engineering class , ( mostly on option pricing ) and working on electricity generator valuation problem based on spark spread option . all of you , let ' s keep in touch until we meet in june ! ! best regards , jinbaek tentative work period : 6 / 4 - 8 / 4 1 . tasks : 1 ) survey on auctions : the state of art single - item auction , multi - unit auction , sequential auction , multi - attribute auction , combinatorial auction - theoretical - experimental - algorithmical 2 ) deal bench ' s auction model analysis 2 . deliverables : 1 ) 3 presentations : - lst presentation : around 6 / 30 : on different auction types and researches - 2 nd presentation : around 7 / 15 : the state of art in auction studies - 3 rd presentation : around 8 / 1 : deal bench ' s model analysis 2 ) report : summary of auction study in laymen ' s term deal bench ' s model analysis

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Subject: today ' s project list please , use a new template stored in the plans 2001 folder for today ' s project lists . over the last few weeks we had several parallel copies of the same file floating around . i have updated he list of group members in the first sheet . please , make sure i have not omitted anybody . vince

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Subject: request submitted : access request for mraymon @ enron . com you have received this email because the requester specified you as their manager . please click approval to review and act upon this request . request id : 000000000007494 request create date : 11 / 15 / 00 12 : 57 : 59 pm requested for : mraymon @ enron . com resource name : vpn resource type : applications

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Subject: computer recently a new person moved into our space on 32 nd floor . being that the gentleman is there , i decided to move our computer out of his working space . the computer will be moved to desk in our area until the new hire arrives . fyi thanks kevin moore

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Subject: re : exotica . xla hi anjam , thanks for the info . i ' m afraid that one thing i don ' t know is precisely how to build s : \ research \ exotica \ excel \ exotica . xla from the code you sent me . could you send me instructions ? also as you are very busy and away from your desk could you set up your lotus notes calendar so mary ward and joe kelsey permission can see your calendar so i can get in touch with you if anything comes up . they can both see my calendar . thanks , sharad enron europe from : anjam ahmad 17 / 10 / 2000 11 : 37 to : sharad agnihotri / lon / ect @ ect cc : vince j kaminski / hou / ect @ ect , stinson gibner / hou / ect @ ect , zimin lu / hou / ect @ ect , dale surbey / lon / ect @ ect subject : exotica . xla in answer to your questions . anjam - - - - - - - - - - - - - - - - - - - - - - forwarded by anjam ahmad / lon / ect on 17 / 10 / 2000 09 : 20 - - - - - - - - - - - - - - - - - - - - - - - - - - - enron europe from : sharad agnihotri 16 / 10 / 2000 13 : 59 to : anjam ahmad / lon / ect @ ect cc : vince j kaminski / hou / ect @ ect , stinson gibner / hou / ect @ ect , dale surbey / lon / ect @ ect , tani nath / lon / ect @ ect , steven leppard / lon / ect @ ect subject : exotica . xla hi anjam , i have quite a few questions / requests regarding the exotics libarary : 1 ) could you e - mail me instructions for building / compiling s : \ research \ exotica \ excel \ exotica . xla also if there is any more source code that i need please could you e - mail me that . you have all the code ( c & vba ) that makes up the library now - please see previou e - mails 2 ) also could you e - mail me documents on the changes you have made to s : \ research \ exotica \ excel \ exotica . xla changes are documented through aterations to comments on individual source code files as is the current method in houston and as adopted by me in london - version control occurs at the individual file level rather than through soiurce safe 3 ) the exotica . xla used in london and exotica . xll used in houston are quite different . what regression testing has been done ? how do we know if the two versions that we have been using produce the same results . i have not recently compared the xll from houston with our xla - this would be a useful exercise for you 4 ) judging from the documentation there are quite a few more functions available on the houston exotica like asian spreads , quantos , digitals etc . is there any reason why they have not been implemented in london ' s exotica . xla ? maintenance and upgrades to london exotica to ensure compatability with houston and vice versa is an on - going process - inevitably there will be some lag between a new model being implemented in houston and in london , as is the case with asian spreads and digitals . quantos are already available - see vba code . thanks in advance , sharad

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Subject: resume forwarded at request of brian mihura vince - this is the resume i told you about p - - - - - forwarded by paula corey / enron communications on 01 / 29 / 01 03 : 37 pm - - - - - mateog @ gofree . indigo . ie 01 / 29 / 01 02 : 58 pm to : paula corey / enron communications @ enron communications cc : subject : resume forwarded at request of brian mihura dear paula : my name is matt gunning and i am a friend and former colleague of brian mihura . brian mentioned that you would be interested in seeing my resume , which i have attached . if you have questions or need more information , please contact me . thank you for your consideration . - attl . htm - resumel . wps

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Subject: phone number in france : mes amis , in case of emergencies , you can reach me after july 3 at 011 33 4 50 02 22 12 . france is 7 hours later than houston , i . e . 11 : 00 am in houston is cocktail hour ( 6 : 00 pm ) in france . affecteusement , grant .

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Subject: msl 50 confirmation thank you for your involvement with the 2000 isuzu msl 50 bike tour , a texas cycling tradition . check the bottom of this email for a custom donation letter that you can use for on - line donations in your name . here is a copy of the information you submitted : isuzu msl 50 contribution confirmation contribution on behalf of : john norden / jnorden @ enron . com description : donations amount : $ 25 . 00 order _ id : 9910 name : wincenty j . kaminski company : enron addressl : 1400 smith address 2 : ebl 962 city : houston state : tx zip : 77002 country : united states of america phone : 281 367 5377 e - mail : vkamins @ enron . com account name : wincenty j . kaminski card type : visa total : $ 25 . 00

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Subject: congratulations vince , congratulations on your promotion to managing director . you certainly deserve it . zhiyong

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Subject: vince / stinson , please find the two attachments that give a more detailed calculation , as well as the revised statement that can be made to press . the numbers are not small , but really do not reflect the true magnitude of the genset issue . they do not take into account the capital costs of the gensets , and also do not focus on the many smaller units that are operating in homes , and commercial establishments . hope ths helps . regards , sandeep .

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Subject: re : energy finance conference participation - feb 22 - 23 thank you . we look forward to having you here . sincerely , angela * * * * * * * * * * * * * * angela dorsey assistant director center for energy finance education shirley . crenshaw @ enron . com ; vkaminski @ aol . com subject : re : energy finance conference participation - feb 22 - 23 angela , thanks for your message . i shall be glad to attend the conference , both days . i shall call dr . ronn to discuss my participation . vince kaminski " angela dorsey " on 01 / 16 / 2001 12 : 54 : 15 pm to : " vincent kaminski ( e - mail ) " cc : subject : energy finance conference participation - feb 22 - 23 vince : further to dr . ronn ' s e - mail dated 1 / 9 , please confirm your participation in the ut 2001 energy finance conference to be held on the university of texas campus feb . 22 - 23 rd . sincerely , angela * * * * * * * * * * * * * * angela dorsey assistant director center for energy finance education & research the university of texas at austin department of finance , cba 6 . 222 austin , tx 78712 angela . dorsey @ bus . utexas . edu * * * * * * * * * * * * * *

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Subject: request from our mexico city office vince do you or someone else down on the trading floor have a copy of this book ricardo can borrow ? ? ? if not any other ideas where i can get it > thx margaret - - - - - - - - - - - - - - - - - - - - - - forwarded by margaret carson / corp / enron on 04 / 18 / 2000 04 : 13 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - ricardo charvel 04 / 18 / 2000 04 : 02 pm to : margaret carson / corp / enron @ enron cc : subject : request margaret , first of all i apologize for not sending you the information to complete the chart that you gave me . i have been travelling because of work and then vacation , maybe i spent 3 or 4 full working days in the office in the last 4 weeks . now that i am going through my to do list i cannot find that page that you gave me . could you please send it to me again ? on the other hand i was wondering if maybe within enron possibly at info central or with one of your friends at the trading desk you could get me a copy of a book titled : chicago board of trade commodity trading manual isbn : 1579580025 publisher : fitzroy dearborn publishers , incorporated pub . date : december 1997 it si not in stock at the dot com libraries and it will take them a long time to deliver . i need this bbok in order to produce a document that steve kean requested from me a couple of weeks ago . thank you very much for your help . best , ricardo

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Subject: alliance info alert : richardson and ferc orders dear generation / power marketing executive : the following are summaries of two significant activities that occurred friday , december 15 1 . energy secretary richardson issuance of an emergency order . ( richardson ' s statement and fpa section 202 ( c ) order is posted on doe ' s web site at : http : / / www . energy . gov / hqpress / releaseso 0 / decpr / pro 0309 . html ) 2 . ferc ' s 12 / 15 / 00 final order to fix california wholesale markets ( ferc ' s order can be viewed at california supplies ordered by richardson o richardson orders listed entities to supply excess power to california iso o order is effective as soon as iso certifies shortage , but ends 12 / 21 / 00 , unless extended o prices to be agreed to by supplier and iso , or ferc will set rate later o fpa emergency power authority transferred to doe in 1977 as he said he would on december 13 , u . s . department of energy secretary bill richardson found " an emergency exists in california by reason of the shortage of electric energy " and issued an emergency order under section 202 ( c ) of the federal power act ( fpa ) requiring listed generators and marketers to provide any power in excess of the needs of their firm customers to the california iso . in a statement , richardson said the threat to the reliability of the california grid requires a long - term solution , but that in the short - term power must keep flowing to the state to avert blackouts . the 76 listed suppliers have 12 hours after the iso certifies to doe that it has been unable to acquire adequate supplies in the market to begin providing requested service to the iso . the iso must inform each supplier subject to the order of the amount and type of energy or services required by 9 : 00 pm , eastern standard time , the day before the services are needed . the order directs the iso to allocate , to the extent feasible , requested services among subject entities in proportion to each supplier ' s available excess power . the order is effective immediately and will terminate at 3 : 00 am , eastern time , december 21 , 2000 , unless extended . to continue to obtain supplies under this emergency authority , the iso must re - certify the shortage to doe headquarters every 24 hours . the terms of the provision of electric energy and other services by suppliers to the iso " are to be agreed to by the parties . " if no agreement is reached , then under the fpa ' s emergency authority secretary richardson " will immediately prescribe the conditions of service and refer the rate issue to the federal energy regulatory commission for a determination at a later date by that agency in accordance with its standards and procedures , and will prescribe by supplemental order such rates as it finds to be just and reasonable . " the authority of ferc to set rates for power supplied under emergency order at just and reasonable levels where the parties themselves do not agree to a rate is explicitly included in fpa section 202 ( c ) . the doe organization act of 1997 transferred the emergency powers of this section from ferc to doe . the 76 entities identified in the order ' s attachment are all the entities that have provided power to the iso over the last 30 days . those entities are ordered " to make arrangements to generate , deliver , interchange , and transmit electric energy when , as , and in such amounts as may be requested by the " iso , " acting as agent for and on behalf of scheduling coordinators . " [ source : doe secretary richardson ' s december 14 , 2000 statement and order ; electric power daily , december 15 , 2000 ] ferc de - federalizes california markets , adopts other structural reforms a summary of the december 15 order and commission discussion at its special meeting today , ferc unanimously approved its eagerly awaited final order reforming the california wholesale markets , adopting the major outlines of its november 1 proposed order and sending back to california the responsibility for addressing state - related matters , as discussed below . at the same time , ferc deferred consideration of retroactive refund issues as well as the imposition of region - wide price caps . ferc reiterated the november 1 conclusions that under certain circumstances , california ratepayers were subjected to unjust and unreasonable power rates due to california ' s " seriously flawed " market structure and rules in conjunction with tight demand and supply conditions throughout the west . while all four commissioners supported the order as a consensus - based outcome that appropriately balanced all competing interests , each commissioner expressed reservations with particular aspects of the order . chairman hoecker and comm . breathitt expressed the strongest endorsement , while comms . hebert and massey laid out their positions where they believed the commission had either " over - reached " or not gone far enough , just as they did on november 1 , as discussed below . highlights of key actions : ( 1 ) ferc adopted the november 1 proposal to eliminate , effective immediately , the state ' s mandatory requirement that the state ' s investor - owned utilities buy and sell electricity through the px , and allow these utilities to purchase electricity through forward contracts and other alternative mechanisms to manage supply risks . ferc terminated the px ' s rate schedules effective at the close of business on april 30 , 2001 . in effect , as chairman hoecker stated , the order de - federalizes 60 percent of the california wholesale market established under the state ' s restructuring law , returning ratemaking authority over company - owned generation to the california public utilities commission ( cpuc ) . ( 2 ) ferc modified the effective period of the november 1 $ 150 / mwh " soft cap " proposal , limiting its application through april 2001 , whereupon a " comprehensive and systematic monitoring and mitigation program which incorporates appropriate thresholds , screen and mitigation measures " must be in place . in a related move , ferc ordered a technical conference early next year to develop such a program by march 1 , 2001 , so that these measures can be place by the may 1 , deadline . in a major modification , ferc revised the refund conditions to clarify that while certain refund conditions will continue to apply , unless ferc issues written notification to the seller that its transaction is still under review , refund potential on a transaction will close after 60 days . as proposed , however , supply bids in excess of $ 150 will be prohibited from setting the market - clearing price for all bidders and sellers bidding above $ 150 / mwh will be required to report their bids to ferc on a confidential , weekly basis and provide certain cost support . ( 3 ) ferc adopted the november 1 proposal to require the establishment of independent , non - stakeholder governing board for the iso . the iso governing board must relinquish their decision - making power and operating control to the iso management on january 29 , 2001 . a future order will set procedures for discussion with state representatives on the board selection process . ( 4 ) in a major modification , ferc adopted a $ 74 / mwh " price benchmark " for assessing prices of five - year energy supply contracts . this benchmark will be used in assessing any complaints regarding justness and reasonableness of pricing long - term contracts . to facilitate prompt negotiation of longer term power contracts at reasonable rates , ferc announced that it will hold a settlement conference with market participants . ( 5 ) ferc adopted the november 1 proposal to require market participants to schedule 95 percent of their transactions in the day - ahead market and instituting a penalty charge for under - scheduling ( in excess of five percent of hourly load requirements ) , in order to discourage over - reliance on the real - time spot market . ( 6 ) ferc directed the iso and the three investor - owned utilities to file generation interconnection standards . ( 7 ) ferc affirmed the longer - term measures proposed in the november 1 order , including submission of a congestion management design proposal by april 2 , 2001 . ( 8 ) ferc deferred resolving key issues , including establishing new iso board selection procedures , developing appropriate market monitoring measures and negotiating protective orders associated with data collection . ( 9 ) ferc reiterated its november 1 call to california policy makers there to resolve state issues , such as : ( 1 ) immediately implementing the availability of day ahead markets for power purchases ; ( 2 ) development of demand responses ; ( 3 ) siting of generation and transmission ; and ( 4 ) assurance of sufficient reserve requirements . commissioner responses comm . hebert reluctantly concurred , calling the final order a " missed opportunity " to , among other things , send appropriate signals for new generation siting and conservation . reiterating his november 1 concerns , hebert recounted the remedial remedies that he maintained the commission should and should not have adopted . while expressing pleasure at the tone of the order ( " balanced and considerate " ) , the bid certainly reversal , and the role reserved for the state in the selection of the new iso board , hebert nonetheless objected to the benchmark prices established in the order , which he maintained appeared to be unreasonably low . hebert faulted the commission for not attempting to reconcile the instant order with the november 8 order approving the ca iso ' s emergency $ 250 / mwh " soft cap " proposal . hebert ended by challenging the cpuc to do what it can to encourage utilities there to forward contract , including easing the existing prudence review requirements . comm . breathitt endorsed the order , reiterating her support for progress towards open and competitive markets . she noted that the order properly " walked the line " by taking all of the competing interests into account , calling it less than ideal , but a step in the right direction . she also concentrated her remarks on the importance of creating stability which will be accomplished by encouraging long term contracts and the implementation of the $ 150 / mwh breakpoint . additionally she mentioned that any price below the $ 74 / mwh benchmark will be presumed just and reasonable . comm . massey concurred , but prefaced his remarks by expressing sympathy for california ratepayers , stating that he felt that market power had been exercised , that prices were not just and reasonable and that the marketers had profited too much at the expense of others in the market . he warned that , as he understood the legal precedents , the federal courts were poised to grant cost recovery relief to the retailers which would then be passed on to consumers . on the positive side , he approved of the de - federalization of 60 % of the market and the creation of long term contracts . however , he emphasized that california regulators must now take the responsibility of creating more generation and transmission . in the long term , comm . massey hoped that solutions could be reached starting with a technical conference and that the market would have rules more like pjm . finally , comm . massey articulated what he would have liked to have done differently . he stated that he disagreed with the fact that there is not enough evidence to show that market power existed and he pointed to the on - going investigation . he also disagreed with the $ 150 / mwh breakpoint , preferring instead a hard price per generator . the commissioner said he would have set the long term benchmark for only two years instead of five and that he would have opened a section 206 investigation in the west . finally , he stated that he would have liked to address the issue of refunds . chairman hoecker began his comments by saying that the commission was forced to act and act quickly because the stakes are so high . he feels that it is now time for the state regulators and markets to act . he noted that by shrinking the cal px , the responsibility is now with the cpuc to fashion the long term contracts and that hopefully we will exit this situation with the least amount of damage to the utilities . in regards to suggestions for a regional price cap , the chairman stated that this would not work due to the fact that the commission has no jurisdiction over bonneville , wapa and the public power producers and that there is no spot market in the northwest . however , he did urge secretary richardson to convene a conference in order to address regional issues . finally , in conceptually addressing the california situation , the chairman stated that competition or " deregulation " did not fail in california , but that there never was competition in california .

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Subject: re : credit . com cv ' s my feedback : philip has an excellent cv and background - - - phd coursework at university of chicago , and work experience at long term capital ( hopefully he learned something ) . his views are somewhat idealistic - - - his aim is to make bid - offers in any product , and he could not really address how he would handle illiquidity . nevertheless , if bryan needs traders , he can fit the role . zak seemed somewhat unfocused . he has worked on a variety of projects , but does not have any specific view in mind as to what he would like to do . he seemed very academically oriented , and might be hard to communicate and work with . i do not see him working in the trenches , and i do not see him leading the group either . he would be a good person to brainstorm ideas with . vasant - - - - - - - - - - - - - - - - - - - - - - forwarded by vasant shanbhogue / hou / ect on 05 / 22 / 2000 08 : 22 am - - - - - - - - - - - - - - - - - - - - - - - - - - - bryan seyfried 05 / 20 / 2000 09 : 35 am to : vince j kaminski / hou / ect @ ect cc : vasant shanbhogue / hou / ect @ ect subject : re : credit . com cv ' s could we talk on monday pls . obtain the feedback of your team . thanks for the assistance vince j kaminski 08 / 05 / 2000 22 : 46 to : rosalinda resendez / hou / ect @ ect cc : vince j kaminski / hou / ect @ ect , shirley crenshaw / hou / ect @ ect , bryan seyfried / lon / ect @ ect subject : re : credit . com cv ' s rosie , we are making arrangements to bring them to houston for an interview . vince rosalinda resendez 05 / 08 / 2000 11 : 10 am to : vince j kaminski / hou / ect @ ect , shirley crenshaw / hou / ect @ ect cc : subject : credit . com cv ' s vince , i ' ve been asked to forward these resumes to you . rosie - - - - - - - - - - - - - - - - - - - - - - forwarded by rosalinda resendez / hou / ect on 05 / 08 / 2000 11 : 06 am - - - - - - - - - - - - - - - - - - - - - - - - - - - louise bratby 05 / 08 / 2000 10 : 11 am to : rosalinda resendez / hou / ect @ ect cc : subject : credit . com cv ' s rosalinda i work with melanie doyle in london hr . i have two candidates who i ' m trying to arrange ( for bryan seyfried ) to come in and see vince kaminski however i ' m finding it difficult to co - ordinate from this end . would it be possible for you to forward these cv ' s on to vince ' s assistant as i ' m not sure who the correct person is . thanks for your help and if you need more details my number is 44 20 7783 6945 . regards louise

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Subject: numbers for sharad agnihotri hi dale ( i would also like to arrange for a direct reporting line to me for sharad . regards , anjam x 35383 p . s . kate : i have attached the agencies terms and conditions below : - - - - - - - - - - - - - - - - - - - - - - forwarded by anjam ahmad / lon / ect on 05 / 07 / 2000 16 : 21 - - - - - - - - - - - - - - - - - - - - - - - - - - - enron capital & trade resources corp . from : alex blair 05 / 07 / 2000 15 : 29 to : " ' anjam ahmad ' " cc : subject : numbers anjam , ? ? ? ? ? ? ? as requested please find enclosed details on sharad ' s numbers : ? ? ? ? ? ? ? basic salary : o 40 , 000 ? ? ? ? ? ? ? car allowance : o 3 , 500 ? ? ? ? ? ? ? ( paid in cash ) ? ? ? ? ? ? ? annual bonus : ol 3 , 000 ( this bonus was paid for ? ? ? ? ? ? ? 99 - 00 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 8 mths work april - dec ) total o 56 , 500 sharad has been informed that his bonus payments for year 00 - 01 will be floored at o 25 , 000 . ? sharad ' s expectations therefore are to receive a base salary of between o 57 . 5 - o 60 k plus bonus . i hope this is of use and ask that if you have any questions that you do not hesitate to call . alex blair senior consultant alex . blair @ alexmann . com tel : 0207 891 6671 fax : 0207 905 1313 web : " the alexander mann group has a stated policy for the use of electronic mail which is rigorously enforced throughout the group . the contents of this e mail should meet the requirements of the policy - if you would like further details please forward this message to info @ alexmann . com or call 0207 242 9000 . the information contained in this electronic mail message is confidential . it is intended solely for the use of the individual or entity to whom it is addressed and others authorised to receive it . if the reader of this message is not the intended recipient , you are hereby notified that any use , copying , dissemination or disclosure of this information is strictly prohibited . "

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Subject: spvs hi , vince , merry christmas and happy new year ! please see attached brief descriptions of spvs , to my knowledge , there are a couple more and i will keep you posted . best regards , li

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Subject: re : eprm conferences hi paul , ? thanks for the e - mail . sorry i missed your calls this morning but i was at the dentist , where its difficult to speak at the best of times ! ? i ' m sorry but it doesn ' t look like we will be able to commit to ? the eprm var conference . we are still a small company and the trip would tie us up for over a week . i ' m sure you ' ll understand that internally we just can ' t justify ? the two senior members of the company ? to be away on eprm business and to have to pay money from our own pocket ? to run this course for you . it was a difficult decision originally to ? offer our services at expenses only with no fee , but we did so for the potential opportunity to work some more with vince . ? good luck in your search for alternative course leaders . ? best regards . ? chris . ? ? dr chris strickland ? director , lacima group ltd www . lacimagroup . com ? school of finance and economics , university of technology , sydney financial options research centre , university of warwick , uk ? ? ? - - - - - original message - - - - - from : paul bristow to : chris @ lacimagroup . com sent : thursday , february 22 , 2001 8 : 13 am subject : fw : eprm conferences hi chris , ? just an extra note regarding the course . if the reimbursements are suitable i would like to finalise the line - up asap ( vince and a european enron representative ) . if you were unable to participate i would need to offer alternative invitations by the end of this week . ? all the best , ? paul ? ? ? - - - - - original message - - - - - from : paul bristow [ mailto : pbristow @ riskwaters . com ] sent : wednesday , february 21 , 2001 9 : 13 am to : ' chris strickland ' subject : re : eprm conferences hi chris , ? i ' ve been looking at the forward plan and the total budget for speaker expenses is 5500 pounds ( us keyboard , no pound sign ) . at current exchange rates this comes to a little over 15 , 000 australian dollars . i would be happy to cover your expenses up to this figure . ? the course is scheduled to run in amsterdam ( not london as originally planned ) and houston . the dates are slightly flexible ? to ? work with your travel schedules . for instance , would you prefer to travel to sydney - houston - amsterdam - sydney , or in the opposite direction ? ? if you could contact me to ? let me know if this would ? enable you to commit to the course , i would be delighted to forward the notes from the research . i would plan to then work on the outline until march lst . i look forward to speaking with you soon . ? best wishes , ? paul bristow ? - - - - - original message - - - - - from : chris strickland [ mailto : chris @ lacimagroup . com ] sent : tuesday , february 06 , 2001 5 : 18 pm to : pbristow @ riskwaters . com subject : re : eprm conferences hi paul , ? bit of a busy morning here - i ' ll be out for about 1 . 5 hrs ( 9 . 15 sydney time ) . if we don ' t catch up today , i ' ll call tomorrow . ? chris . ? - - - - - original message - - - - - from : paul bristow to : ' chris strickland ' sent : tuesday , february 06 , 2001 1 : 33 am subject : re : eprm conferences hi chris , ? i would like to confirm the dates of some of the forthcoming eprm events : ? effective var and stress testing techniques for the us energy industry . this event will run on the 21 & 22 may in london and the 28 & 29 may in houston . michele du berry ( director of conferences ) and i are looking at how we have structured the training courses and are keen to present a different outline than on previous courses . i would like to run this event with 2 - 3 trainers per venue , rather than with 7 - 8 as we have done in the past . if you and les clewlow would be interested in leading this course ( possible with vince kaminski ) i would be delighted to discuss the event in greater detail . ? energy & power risk management , europe . our largest annual european event is scheduled to between september 19 - 21 . victoria kerridge will be producing this event from the london office and will be starting research in two weeks . i am going to be providing her with a brief and will ensure that she has your contact details . ? i have also been finalizing the details for the annual energy & power risk management event in houston . this will take place on may 14 th & 15 th and is close to completion . i would be happy to provide you with more details , without potentially running the risk of overloading your schedule with a number of events in a short space of time ( var and eprm , houston ) . my priority is to secure trainers for our var course . ? if you would be interested in any of the events listed , i would be happy to talk with you this week . my direct line is 212 925 6990 , extension 225 . ? best wishes , ? paul bristow ? ? - - - - - original message - - - - - from : chris strickland [ mailto : chris @ lacimagroup . com ] sent : sunday , january 28 , 2001 8 : 02 pm to : pbristow @ riskwaters . com subject : eprm conferences hi paul , ? just a note so that you have my address . do you have dates for the us and european conferences yet ? i ' m sure that we can arrange other work at the same time to offset the expenses of speaking at these events if you want us to participate . ? you also mentioned a training course on var and the energy area . we had an eprm article last year with vince on a comparison of the different techniques on a trial portfolio that might form the basis of something useful . anyway , let me know . ? best regards . ? chris . ? ? ? ?

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Subject: organizational announcement enron is off to a fantastic start this year as we continue strong growth in our wholesale energy businesses and begin rapidly developing a global market for premium broadband services . to help accomplish our goals in these businesses , the following management appointments are effective immediately : kevin p . hannon has been appointed chairman and ceo of enron global risk management . in his new role , kevin will devote the vast majority of his time and efforts to building a successful bandwidth intermediation business for enron , in addition to providing global risk management oversight . kevin will report to enron
, s office of the chairman and will serve on the executive committee . because of his efforts to build bandwidth intermediation capabilities , he also will report to the office of the chairman of enron broadband services . greg whalley has been named president and coo of enron north america , where he will fully dedicate his efforts to ena
, s continued growth and success . greg will retain responsibility for ena
, s risk management functions but will transition his global responsibilities to kevin . please join us in congratulating greg and kevin in their new positions .

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Subject: enron metals hi tanya thanks for your time last week - i ' ve been travelling a bit but i ' m now back in london at mg to commence obtaining information for you . i ' m not really sure where to start on this , so initially i propose to get : a complete data set ( i . e . all live trades from all entities ) which includes prices and volatilities a separate file of options any written valuation methodologies used by the core systems there is a project to obtain a data feed from an mg system called mercur . this is their risk management system but we are proposing to use it along the lines of a data warehouse , not a risk system . i ' d be happy to talk you through any other current issues . let me know if there ' s anything else you need at present . regards

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Subject: re : project tracking database access hi sandy : yes he does . actually in our group meeting today , vince kaminski said that he wants most of his group to have access . i believe stinson gibner is working on the list . is there a way we could submit a request to incorporate a list of people to give them access ? they would need writing access also . thanks ! shirley from : enron messaging security @ enron 11 / 30 / 2000 03 : 26 pm to : shirley crenshaw / hou / ect @ ect cc : subject : project tracking database access shirley , the default access is read only . does this person need more rights , i . e . editor ? thanks , sandy - - - - - - - - - - - - - - - - - - - - - - forwarded by enron messaging security / corp / enron on 11 / 30 / 2000 03 : 24 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - security resource request system application line item pending provider processing application name : unlisted lotus notes appliction how to process this request . . . for : kenneth parkhill / na / enron request type : grant comments : efc \ research \ projtrak . nsf - needs access to project tracking database click . if you wish to approve this request , select " approve " in the dialog box . otherwise , select " reject " . enter comments ( if any ) . provider approval section provider ( s ) : enron messaging security / corp / enron status : e - mail message : comments : sr general request : scrw - 4 rjl 94 requested by : shirley crenshaw / hou / ect phone : 3 - 5290 company : 0413 rc # : 107043 priority : normal application icons added : expiration date : unix db required : no network login id : kparkhil unix login id : required information : general comments kenneth parkhill is a new research employee that needs access to the project tracking database editing history ( only the last five ( 5 ) are shown ) edit # past authors edit dates 1 2 information risk management enron messaging security 11 / 29 / 2000 02 : 47 : 37 pm 11 / 30 / 2000 10 : 00 : 43 am

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Subject: gpcm summary 1999 this has been a great year for rbac and gpcm . during the year we have doubled to 10 the number of gpcm licensees . this means we ' ve also doubled the number of wonderful people we ' ve trained and are supporting . and , i sincerely mean it when i say it has been a real pleasure working with you all . one of the things we stress when we are selling gpcm is that it takes a strong commitment on the part of the licensee , a commitment to find skilled and dedicated people to make optimal use of this sophisticated tool . and , i ' m happy to report that we have that quality in the gpcm teams we work with . next year we have some big challenges . we will be converting the system from office 97 to office 2000 and will also need to make sure it will run in the windows 2000 environment . we will be adding new flexibility in defining our transportation zone price curves to enable users , especially pipeline users , to test variations of pricing strategies for their impacts on basis and utilization . we will be adding a capability for modeling future ft contracting . we will upgrade our existing database comparison program to allow you to select those items you want to have automatically updated in your own databases . we will continue to work with rdi to improve pipeline and storage infrastructure representations , to provide interfaces between gasdat and gpcm , and to give you regular optional updates for your own databases . we are beginning to plan out a new website dedicated to gpcm licensees ( and possibly prospects ) . we have acquired gpcm . rbac . com and gpcm . net for this purpose . in making these various changes , we look also to you , our existing licensees , for enhancement and improvement ideas . we are planning to conduct interviews of our licensees during the next 30 - 60 days to find out what you like , but also what you would like to see improved , as well as some new ideas for gpcm . i would like to thank the following people for their contributions to gpcm during 1999 . o liam leahy for his excellent marketing , sales , and planning support o charles carr for his quality work on our website and support with subtle visual basic programming issues o richard berman for thorough research on design tools and skilled windows programming o richard mcbride for continuing support and development of his emnet optimization program o aaron and james brooks for design and production of the powerpoint pipeline maps now available in gpcm o mike farina and rdi for their continuing improvement of the gpcm data and gasdat database o gpcm users who have found data bugs and reported them to use so that we could get them corrected o gpcm users who have suggested new features which would make gpcm a better product o gpcm users who have given us sales leads during the year o gpcm users who have used gpcm to help their companies make better plans and decisions , which is , after all , the purpose for which it was designed we hope all of you have a wonderful holiday season and look forward to an even better year 2000 . bob brooks

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Subject: approval is overdue : access request for paul . d . thomas @ enron . com mike , following request has been made for a number of people . the access requested is : o : \ research \ power meteorology \ weather temperatures - read / write data approval grant this is what i wrote , denying the request : the reason for the rejection has been communicated several times . the person who requested the access does not want it any more . granting both read / write access could threaten the integrity of the data . any comments ? vince - - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 01 / 29 / 2001 08 : 19 am - - - - - - - - - - - - - - - - - - - - - - - - - - - arsystem on 01 / 26 / 2001 07 : 16 : 10 pm to : " vince . j . kaminski @ enron . com " cc : subject : approval is overdue : access request for paul . d . thomas @ enron . com this request has been pending approval for 2 days and you are the alternate . please click approval to review and act upon this request . request id : 000000000015384 approver : stinson . gibner @ enron . com request create date : 1 / 25 / 01 7 : 59 : 02 am requested for : paul . d . thomas @ enron . com resource name : \ \ enehou \ houston \ common \ research - [ read / write ] resource type : directory

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Subject: talon vince : here is the document sent by ryan today . i did not have the chance to look at it yet . paulo issler - - - - - - - - - - - - - - - - - - - - - - forwarded by paulo issler / hou / ect on 04 / 12 / 2000 04 : 19 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - ryan siurek @ enron 04 / 12 / 2000 10 : 05 am to : paulo issler / hou / ect @ ect cc : subject : re : draft analysis fyi - - - - - - - - - - - - - - - - - - - - - - forwarded by ryan siurek / corp / enron on 04 / 12 / 2000 10 : 05 am - - - - - - - - - - - - - - - - - - - - - - - - - - - enron capital management from : trushar patel 04 / 11 / 2000 09 : 49 am to : ryan siurek / corp / enron @ enron cc : subject : re : draft analysis - - - - - - - - - - - - - - - - - - - - - - forwarded by trushar patel / corp / enron on 04 / 11 / 2000 09 : 49 am - - - - - - - - - - - - - - - - - - - - - - - - - - - ian . c . dsouza @ us . pwcglobal . com on 04 / 04 / 2000 01 : 42 : 34 pm to : trushar . patel @ enron . com cc : steven . j . stampf @ us . pwcglobal . com , timothy . luehrman @ us . pwcglobal . com subject : re : draft analysis hi trushar please find attached our draft analysis . it is still very preliminary as we have not been provided the latest version of legal documents and so the analysis reflects our understanding of the economics of the transaction as outlined to us based on discussions with enron and available prior draft documentation . . the analysis uses the enron share price as of march 28 , 2000 ( $ 72 . 81 ) and assumes the ljm 2 distribution is based on $ 30 m or 25 % irr . we anticipated that this might reach 30 % irr based on enron discussions with ljm 2 . please call steve stampf ' s phone number for tomorrow ' s conference call at 9 . 30 am our time on 212 597 3162 . regards ( see attached file : raptor v 5 . ppt ) the information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and / or privileged material . any review , retransmission , dissemination or other use of , or taking of any action in reliance upon , this information by persons or entities other than the intended recipient is prohibited . if you received this in error , please contact the sender and delete the material from any computer . - raptor v 5 . ppt

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Subject: pricing default and our may 22 conference call > dear vince : i spoke with ms crenshaw yesterday afternoon about a conference call about developing internet course material . if you have already discussed this with your colleagues , it might be helpful if you could very briefly outline the questions and issues they might raise in the conference call so that i can be a bit better prepared . ms crenshaw also mentioned that you never received my earlier email regarding the credit spread model i developed with stathis and sergey . my earlier email follows , and the nondisclosure agreement is attached . i look forward to talking with you next week . regards , sheridan sheridan titman department of finance college of business administration university of texas austin , texas 78712 - 1179 512 - 232 - 2787 ( phone ) 512 - 471 - 5073 ( fax ) titman @ mail . utexas . edu > - - - - - original message - - - - - > from : sheridan titman > sent : friday , may 05 , 2000 12 : 48 pm > to : ' vince . j . kaminski @ enron . com ' > cc : stathis tompaidis > subject : pricing default > > > dear vince : > > i really enjoyed meeting with you yesterday and learned a lot from our > discussions . > > the ut office of technology licensing and intellectual property has given > us the attached form which they would like you to sign before we send you > a copy of our paper on pricing default . please let me know if this is > agreeable to you . > > i hope we have the opportunity to work with you in the future , either on > the debt pricing models or on the other issues we discussed . > > i look forward to hearing from you . > > regards , > > sheridan > > > > sheridan titman > department of finance > college of business administration > university of texas > austin , texas 78712 - 1179 > > 512 - 232 - 2787 ( phone ) > 512 - 471 - 5073 ( fax ) > > titman @ mail . utexas . edu > - nondisclosure agreement . doc

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Subject: re : raptors no - - - - - original message - - - - - from : bharati , rakesh sent : thursday , march 15 , 2001 4 : 42 pm to : port , david cc : kaminski , vince subject : raptors hi david , i would like to check with you just to be on the safe side . i left our last meeting with the impression that only naveen and i would be working together on the raptors . however , i heard from naveen earlier today and he wanted to include thomas ( mark , i presume ) in the meeting as well . i would like to ensure if that is indeed your intention . please advise . thanks . rakesh

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Subject: re : lsu visit ( resume ) datren , i am forwarding your resume to our analyst / associate program . i talked to them about my needs for the summer and i don ' t see any problem . they should contact you shortly . vince kaminski datren williams on 02 / 05 / 2000 03 : 46 : 43 pm to : vince j kaminski / hou / ect @ ect cc : subject : lsu visit ( resume ) mr . kaminski , it was a pleasure and honor to have lunch with you . i also enjoyed your presentation in our graduate class . i hope you enjoyed your visit to baton rouge . come back to visit us sometime ! ! attached is my resume as you suggested . thank you for your interest in lsu and me . sincerely , datren l . williams - resume . doc

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Subject: your approval is overdue : access request for tom . halliburton @ enron . com this request has been pending your approval for 2 days . please click approval to review and act upon this request . request id : 000000000003619 request create date : 9 / 27 / 00 9 : 18 : 21 am requested for : tom . halliburton @ enron . com resource name : unlisted application / software resource type : applications

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Subject: returned mail : see transcript for details the original message was received at tue , 19 jul 2005 12 : 57 : 50 + 0200 from [ 218 . 159 . 229 . 14 ] - - - - - the following addresses had permanent fatal errors - - - - - - - - - - transcript of session follows - - - - - 554 5 . 0 . 0 username or alias unknown 550 5 . 1 . 1 . . . user unknown

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Subject: derivative classes i discovered that clewlow and strickland have at least two books , " implementing derivative models , " and " exotic options . " i gather that " exotic options " is the one you intend to use in your class , correct ? by the way , i queried participants in my class , and i heard that the case study approach we occaisionally used was appreciated by several . the var class i taught was from jorian ' s book , which has no exercises and which assumes a particular background in finance and statistics . i created a problem ( not exactly a case study ) that required participant to learn some statistics and try some different approaches . from this , participants got a better idea of why one bothers with certain issues . some liked the " real world " flavor of this kind of approach . ( without the case approach , you could provide good counterexampes as a partial remedy . ) best regards and season ' s greetings , michael

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Subject: bring on the best software . . . at the most reasonable prices ! best software prices . why can ' t they invent something for us to marry instead of women ? ah ! the clock is always slow ; it is later than you think .

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Subject: re : enron / stanford program stinson , how about monday , august 21 st or monday , aug . 28 ? mondays are especially effective , because i would like to come on saturday and work over the weekend together with giuseppe before the meetings on monday . stinson gibner wrote : > > nick , > > vince asked me to coordinate the planning for you august visit to enron . vince > and i are free almost any date except august 14 and 15 th , but we would like to > try and schedule your visit at a time when you could meet with other key ebs > executives such as kevin hannon and perhaps ken rice and john echols . if you > could send me a few of your preferred choices of dates , i will try to optimize > getting you on the calendars of these individuals . > > by the way , giuseppe is doing a great job and has already made a very good > impression on everyone he has worked with . it ' s been a real pleasure having him > here for the summer . i ' m very happy to hear that . he is also very excited to be there working with your team ! thanks , nick

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Subject: re : vacation vince : i just found out that it is friday , april 7 and not friday , march 31 st that i want to take for vacation . is this alright ? thanks ! shirley vince j kaminski 03 / 08 / 2000 06 : 18 pm to : shirley crenshaw / hou / ect @ ect cc : subject : re : vacation shirley , no problem . vince shirley crenshaw 03 / 08 / 2000 03 : 56 pm to : vince j kaminski / hou / ect @ ect cc : kevin g moore / hou / ect @ ect , william smith / corp / enron @ enron subject : vacation vince : i would like to take the following days as vacation : wednesday , march 15 th friday , march 31 st . please let me know if this is ok with you . thanks ! shirley

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Subject: my new info please respond to dear friends and colleagues , i have switched again my employment status between self - employment and employment by joining the txu energy trading on the capacity of their managing director of risk management operations . will commute home on weekends , but otherwise , will be stationed in dallas . the new email address is mjermakl @ txu . edu , and the phone number is ( 214 ) 875 - 9603 . regards , martin jermakyan www . txu . com - winmail . dat

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Subject: contact - joao c . neves & enron dear vince : it is my understanding that ms . kate szablya ( whom you apparently met this past week ) of power brokers has expressed to you my interest in considering the possibility of working at enron . in addition i belive that she has forwarded to you my cv . my communication with ms . szablya has been less than satisfactory for some time . therefore ms . szablya is nolonger representing me and i would like ms . rita de claris ( whom i cc ) of de claris & associates ( 713 - 868 - 4440 ) to represent me in the future in this search . i have instructed her to forward my cv to you once more . forgive me for this , perhaps unusual , step but i regard highly the opportunity of working at enron and do not feel i am being adequately represented at present . i look forward to hearing from you soon . best regards joao

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Subject: invitations to presentation only hi christie , when do you sleep ? 2 am , ugh ! ok , you were correct , my invitation was to those people within enron that the students talked with before interviewing competitors , and it was an invitation to the presentation only . i didn ' t think any of them would be invited to the dinner , and probably none will even come to the presentation . the invitation did elicit one request for the final report though , so maybe it wasn ' t a complete waste . i didn ' t realize that the dinner had turned into a box visit . that sounds great . i wish the group could have made it to dinner before the first game , that would have made the whole slumming experience better . now they ' ll get the royal treatment at enron field . it ' ll be great . vince invited 4 people from rice : dennis w . loughridge , director of energy consortium ; lounghrid @ rice . edu carrie miller , director of mba program ; cmiller @ rice . edu deborah barrett , inst . communications , barrett @ rice . edu dr . wil uecker , associate dean for executive education , uecker @ rice . edu loughridge wrote back saying he ' ll come , i don ' t know about the others here are the 6 students emails : " ritwik \ ( ronnie \ ) ghosh " , " ivy ghose " , " luigi calabrese " , " pravas sud " , " syed \ ( farhan \ ) iqbal " your 2 from rice makes a total of 12 from rice , i guess let me know if you would like me to do anything else related to monday look forward to seeing you then ken

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Subject: bonds hello , vince . we still have the 2 other bonds in our inventory . are you interested ? david c . walkup financial consultant 713 - 658 - 1685 800 - 456 - 9712 caution : electronic mail sent through the internet is not secure and could be intercepted by a third party . for your protection , avoid sending identifying information , such as account , social security or card numbers to us or others . further , do not send time - sensitive , action - oriented messages , such as transaction orders , fund transfer instructions , or check stop payments , as it is our policy not to accept such items electronicall

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Subject: re : rabi de fyi , i do not send out a written offer package until the verbal offer issues are resolved and a final offer is made . so , i ' d like to put the details below in writing and send out to him for tuesday delivery . i ' m playing phone tag with him regarding the other details and will follow up with him again in the morning . thanks toni from : grant masson @ ect 09 / 15 / 2000 11 : 24 am to : toni graham / corp / enron @ enron cc : norma villarreal / hou / ect @ ect , vince j kaminski / hou / ect @ ect subject : rabi de toni : we talked to rabi . he ' s sitting on the fence for some good reasons , and he has to weigh what is fairly comfy job situation for one that starts out at a lower level but has more potential . wrt the green , vince verbally offered salary of $ 105 k plus a guarantee that his bonus at year end would be a minimum of $ 15 k cash . that ' s in addition to the $ 15 k sign on bonus . vince said that we would not bother working up a revised offer letter unless and until rabi came back with a verbal ok . he will ponder the offer ; probably for a few more days and get back with us . he may well call you to discuss the exact details of the benefits . esop , 401 ( k ) contributions , etc . regards , grant .

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Subject: working paper list & etc dear vince : i have put together a list of finance working papers ( some of which i brought to the interview last wednesday ) which i have written since 1995 mostly in support of my work but also ( at least initially ) as a learning tool . several of them , however , do contain innovations . i have asked ms . de claris to forward a copy to you . as i expressed to you earlier i am particularly interested in enron credit swaps trading platform and the business opportunities that it will spawn . i also think that there are tremendous opportunities to be explored in the secondary mortgage maket in the us . i do not know if enron has considered or is active in this market . this would be an area that i am also very interested and in which i think much better can be done than most of the players in the street . the question in my mind ( hopefully not prematurely ) is : if there is interest here would enron consider letting me put together this business ? i look forward to hearing from you soon . best regards joao

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Subject: re : ruewan ' s resume no interest for global risk markets . his background does not address the needs . vasant

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Subject: re : mountaintop meetings next week ravi , it ' s fine with me . i think the expense is justified ( as it ' s equal to the cost of the alternative ) . vince ravi thuraisingham @ enron communications on 03 / 09 / 2000 12 : 44 : 01 pm to : stinson gibner / hou / ect @ ect , vince kaminski cc : subject : mountaintop meetings next week fyi , i may have to stay over weekend . vince , if that is the case , i may have to bring my wife or allow her to go to her sister for a week etc . i may ask john to cover some of that cost as ( i think ) he is done with other people . i ' ve seen other guys family members showup . this cost would equal what ebs would have spend to send me home and bring me back again , etc . ravi . - - - - - forwarded by ravi thuraisingham / enron communications on 03 / 09 / 00 12 : 36 pm - - - - - jeanette busse 03 / 09 / 00 10 : 16 am to : dayne relihan / enron communications @ enron communications , dorn hetzel / enron communications @ enron communications , jeanette busse / enron communications @ enron communications , jim irvine / enron communications @ enron communications , john bloomer / enron communications @ enron communications , john griebling / enron communications @ enron communications , kelly williams / enron communications @ enron communications , kenny burroughs / enron communications @ enron communications , kevin kohnstamm / enron communications @ enron communications , laura beneville / enron communications @ enron communications , phil sisneros / enron communications @ enron communications , ravi thuraisingham / enron communications @ enron communications , rob kolosvary / enron communications @ enron communications , scott smith / enron communications @ enron communications , steve elliott / enron communications @ enron communications , steve mcnear / enron communications @ enron communications , tom huntington / enron communications @ enron communications , kenton erwin / enron communications @ enron communications , rebecca lynch / enron communications @ enron communications , stewart seeligson / enron communications @ enron communications cc : sheryl lara / enron communications @ enron communications , judy timson / enron communications @ enron communications , cheryl kondo / enron communications @ enron communications subject : mountaintop meetings next week team , all meetings with hamachi during march 14 - 17 are located at the hamachi campus . negotiations - - the negotiation meeting room is 21 - 10 . this is in building 2000 ( main building with circular drive ) , the conference room is on the ground floor , right hand side . - - all morning drinks , lunches and afternoon refreshments are scheduled ( 20 people ) - - the schedule is as follows : tue 3 / 14 1 : 00 pm - until both parties agree to end . wed 3 / 15 9 : 00 am - until both parties agree to end . thu 3 / 16 9 : 00 am - until both parties agree to end . fri 3 / 17 9 : 00 am - 3 : 00 pm the negotiation team includes : john griebling steve elliott stewart seeligson tom huntington kenton erwin breakout meetings the following rooms reserved for full days , tuesday through friday in building 3000 . 34 a - 302 34 a - 702 34 a - 703 34 a - 705 - - coffee , lunch and afternoon drinks for 25 people , starting tuesday @ lpm is also scheduled for delivery in 34 a - 302 as well . the breakout team participants include : laura beneville jeanette busse kenny burroughs jim irvine rebecca lynch dayne relihan scott smith ravi thuraisingham rob kolosvary kelly williams please let me know if you have any questions . jeanette

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Subject: re : follow - up eric , mandeep chahal , ainsley gaddis , sofya tamarchenko , elena chilkina , james aimone should not count . m . chahal was transferred to the new company , the rest are summer interns ( gone back to school ) , or part - time high school or college kids . i shall walk around and remind the rest of the crowd about the deadline . vince eric thode @ enron 08 / 25 / 2000 02 : 31 pm to : vince j kaminski / hou / ect @ ect cc : subject : follow - up vince - - we have been working the last few days to get ena ' s united way participation rate up as high as possible . i called earlier about your cost center because the following 16 employees were listed in power trading , but i believe are part of the research organization . if you have a chance , could you encourage them to log onto http : / / unitedway . enron . com on the intranet and make a contribution to the united way . the deadline is today . thanks . eric employees in your cost center : ainsley gaddis elena chilkina james aimone jose marquez kevin moore mandeep chahal maureen raymond osman sezgen paulo issler peyton gibner pinnamaneni krishnarao samer takriti sofya tamarchenko thomas halliburton william smith yana kristal

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Subject: personal time on tuesday , nov . 21 , 2000 shirley : just a reminder that i had requested time - off on tuesday , november 21 , 2000 , to attend a school function that i attend every year for a little friend of ours . i know you will be on vacation but leann will be here to help vince or any of the rest of the department . i would not normally take off when you are gone , but this is really important to riley and i hate to disappoint him . his school has grandparents day the tuesday before thanksgiving every year . he does not have grandparents that can attend so he has always asked my husband and i to come as his special friends . usually , al could just go alone but as you know he is in hawaii taking care of his father and will not be here tomorrow . i have worked enough extra hours to cover the time i will be off ( 9 : 00 am to 1 : 00 pm or 1 : 30 pm ) . i appreciate your consideration and thanks in advance if we can work this out . anita

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Subject: friday night dinner itinerary dinner team itinerary date : friday , december 1 , 2000 restaurant : la columbe d ' or 3410 montrose 713 - 524 - 7999 cocktails : 7 : 30 pm dinner : 8 : 30 pm
) 10 : 30 pm table no . 7 executive host : vince kaminski associate / analyst co - host : joana ryan dinner details : all super saturday candidates will be arriving at the restaurant by shuttle . a member of the associate and analyst program staff will greet them . this staff member will also be there to assist you . there will be a short cocktail reception prior to dinner . during the reception , you will have the opportunity to meet many of the candidates . a table has been reserved in the executive host
, s name . students will not have seating assignments this year . the hosts should feel free to invite up to four students to sit at their table if desired . dress for the evening is business attire . hosts are no longer responsible for the bill . if you would like to provide feedback on any candidate , an evaluation form is attached or you may discuss your input with the associate and analyst staff member after dinner . the evaluation form must be faxed to 713 - 646 - 5935 , prior to 12 : 00 p . m . on saturday to be included in the decision meeting .

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Subject: re : price process parameter esimator michael , i think you mean price process parameter esimator . it is under o : \ research \ exotica \ prices \ reversion 97 _ trend . xls tanya " michael schilmoeller " on 05 / 11 / 2000 05 : 04 : 20 pm to : ttamarc @ enron . com cc : gmasson @ enron . com , vkamins @ enron . com , mike _ niman @ pgn . com subject : price process simulator hi tanya , hope things go well for you . can i get a copy of the price process simulator you wrote ? it would be helpful in developing a plant dispatch module for monet , the power systems simulation model i co - authrored . thank you , michael

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Subject: re : site license for power world richard et al under the new electricity trading arrangments ( neta ) in the uk and looking forward i think it will be increasingly important in modelling market behaviour and transmission related costs to have some form of system model incorporating opf and atc . therefore , in principle i am happy to support option 3 and to pay a 1 / 3 share of the cost . however , before i commit to this particular package , i would like to be comfortable that the generic powerworld software could be suitably customised to capture the special features of neta . i understand marco verreschi who initiated interest from our end is pursuing this with martin lin ( research , houston ) . however , due to commitments next week , and my desire to see powerworld in action etc it is likely to be the following week before he and i can say " lets do it " . michael wilks manager , uk power analytics enron europe ltd tel : ( 44 ) 207 783 2405 richard lewis @ ect 05 / 01 / 2001 15 : 10 to : michael wilks / eu / enron @ enron cc : subject : site license for power world can you recommend or otherwise this software and whether we should pay a third share of the cost ? r - - - - - - - - - - - - - - - - - - - - - - forwarded by richard lewis / lon / ect on 05 / 01 / 2001 15 : 12 - - - - - - - - - - - - - - - - - - - - - - - - - - - lance cunningham @ enron on 20 / 11 / 2000 20 : 02 : 22 to : vince j kaminski / hou / ect @ ect , richard lewis / lon / ect @ ect , tim belden / hou / ect @ ect , tim . heizenrader @ enron . com , kevin m presto / hou / ect @ ect , george hopley / hou / ect @ ect cc : subject : site license for power world gentleman , kevin presto concurred on the purchase of a site license as recommended by vince . what are the thoughts of others ? i am available to demo the package if others would like to see it . thanks , lance - - - - - - - - - - - - - - - - - - - - - - forwarded by lance cunningham / na / enron on 11 / 20 / 2000 01 : 51 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - vince j kaminski @ ect 11 / 10 / 2000 09 : 16 am to : vince j kaminski / hou / ect @ ect , richard lewis / lon / ect @ ect , tim belden / hou / ect @ ect , tim . heizenrader @ enron . com , kevin m presto / hou / ect @ ect , george hopley / hou / ect @ ect cc : lance cunningham / na / enron @ enron subject : site license for power world gentlemen , i recommend that we purchase this package and split the cost 3 ways between 3 power trading desks . i think that we should go for option 3 ( ~ $ 15 , 000 ) . lance cunningham in my group looked at this software package and found it very useful for modeling transmission problems . please , feel free to ask him for technical details in support of this recommendation . vince - - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 11 / 10 / 2000 09 : 17 am - - - - - - - - - - - - - - - - - - - - - - - - - - - lance cunningham @ enron on 11 / 09 / 2000 06 : 15 : 14 pm to : vince j kaminski / hou / ect @ ect cc : vasant shanbhogue / hou / ect @ ect subject : site license for power world vince , we have three options to increase our availability across enron for the power world load flow software . option 1 , upgrade to a site license for the load flow software only . price $ 9 , 990 . 00 this would give all of enron the ability to perform load flows , but not determine marginal cost or available transfer capacity ( atc ) because only the optimal power flow ( opf ) version can perform that task . option 2 , site license for the load flow and purchase 1 opf package for walter coffer ' s group . price $ 11 , 240 . this would give all of enron the ability to perform load flows and one other group the ability to determine marginal cost and atc . option 3 , site license for load flows , opf and atc . price $ 14 , 990 . 00 this would give all of enron the ability to perform load flows , marginal cost , and atc . regards , lance

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Subject: yen outlook vince , as a followup to our meeting with david port and rudi zipter re enron ' s investment in sk - enron , maureen and i wrote the attached position paper on the japanese yen . as we have discussed , the volatility of the won closely tracks fluctuation in the yen , and this yen position paper is intended to complement the won outlook piece for a broader perspective on currencies that takes into account the yen ' s influence on asian currencies . . we would like to distribute this outlook to david and rudi , but wanted to send it to you for initial reaction prior to internal distribution . thank you , and let me know if you have any questions or comments re the attached . gwyn

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Subject: request submitted : access request for leann . walton @ enron . com you have received this email because you are listed as an alternate data approver . please click approval to review and act upon this request . request id : 000000000005168 approver : stinson . gibner @ enron . com request create date : 10 / 18 / 00 2 : 06 : 37 pm requested for : leann . walton @ enron . com resource name : \ \ enehou \ houston \ common \ research - [ read / write ] resource type : directory

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Subject: customer profiling meeting - amendment bob shults is scheduled to be in atlanta , ga on the 17 th of march and would like to reschedule the " customer profiling meeting " , to friday , march 24 th at 1 : 30 p . m . , location to be announced . if you are unable to attend please let me know . lydia 3 - 9975

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Subject: var numbers for the 26 th hi vince , i apologise that i did not send you the following mail . . . kirsteee - - - - - - - - - - - - - - - - - - - - - - forwarded by kirstee hewitt / lon / ect on 28 / 07 / 2000 20 : 21 - - - - - - - - - - - - - - - - - - - - - - - - - - - enron europe from : kirstee hewitt 27 / 07 / 2000 20 : 33 to : andreas . barschkis @ mgusa . com cc : bjorn hagelmann / hou / ect @ ect , grant masson / hou / ect @ ect subject : var numbers for the 26 th hi andreas , i have run the var model for the 26 th july and have attached a zip file of the results : the total var is $ 4 , 170 , 653 and the cu position is $ 1 , 852 , 876 . i have had trouble getting hold of you so i thought i would summarised what i wanted to talk about ( also i thought i would give your ears a rest ! ) basically it is wrt the second point in your mail yesterday ( we briefly discussed it earlier ) . the fax you sent me to explain the risk calculation suggested that you use a 5 day period of adjustment to calculate the risk ( in this case it is called capital at risk ) . the var calculation for our model is for a one day holding period which means that your risk factor will be reduced by a factor equal the sqrt ( 5 ) or 2 . 24 . since : old risk factor ( % ) = 1 . 65 * ( std of the price movement ) = 3 . 99 % new daily risk factor = 3 . 99 / 2 . 24 = 1 . 78 % which actually equates to std of approx 1 . 1 % a day . i am happy with this as a estimate of the vol as the annualized spot vol we are showing for cu is approx 19 % which equates to approx 1 . 2 % daily . using this new risk factor for the daily var the cu positions would give a var ( for the 19 th ) of approx $ 2 m which is less that the figure we estimated ( $ 3 , 100 , 568 ) . the other thing is that by taking net numbers we are disregarding the term structure of the price curve / vol curve and position curve and are hence collapsing everything into a one factor model which means that it is difficult to compare the numbers . i hope that this helps to explain our number . hopefully we can talk tomorrow , cheers kirstee

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Subject: enron : wefa luncheon may 1 lloyd : vince asked me to forward this to you and invite you to the wefa presentation on may lst at 11 : 00 am and then go to lunch with the group . the presentation will be in 49 cl . please let me know if you will be able to attend . thanks ! shirley 3 - 5290 - - - - - - - - - - - - - - - - - - - - - - forwarded by shirley crenshaw / hou / ect on 04 / 24 / 2001 03 : 41 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - vasant shanbhogue 04 / 11 / 2001 01 : 41 pm to : shirley crenshaw / hou / ect @ ect cc : subject : enron : wefa luncheon may 1 shirley , i would like to attend this presentation and go to the luncheon . thanks , vasant - - - - - - - - - - - - - - - - - - - - - - forwarded by vasant shanbhogue / hou / ect on 04 / 11 / 2001 01 : 41 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - vince j kaminski 04 / 11 / 2001 12 : 36 pm to : lance cunningham / na / enron @ enron , vasant shanbhogue / hou / ect @ ect , alex huang / corp / enron @ enron , sevil yaman / corp / enron @ enron cc : shirley crenshaw / hou / ect @ ect , vince j kaminski / hou / ect @ ect subject : enron : wefa luncheon may 1 would you like to attend the presentation and join me for lunch with wefa . any other suggestions re attendance . please , let shirley know . vince - - - - - - - - - - - - - - - - - - - - - - forwarded by vince j kaminski / hou / ect on 04 / 11 / 2001 12 : 36 pm - - - - - - - - - - - - - - - - - - - - - - - - - - - " peter mcnabb " on 04 / 11 / 2001 11 : 52 : 47 am to : cc : " kemm farney " subject : enron : wefa luncheon may 1 dear vince thanks for your voicemail and delighted to have you confirm lunch on may 1 . kemm farney the head of wefa ' s electric power services will be travelling with me this time . i expect there may be other enron colleagues that may care to join us for lunch so don ' t hesitate to invite as you see fit . for reservations purposes , perhaps you arrange to let me know numbers . kemm would also be prepared to informally present our current power outlook to a larger group at 11 : 00 , if this would be of interest . as you know , these types of presentations are part of all your wefa energy retainer package . i will also plan to update you with respect to our current multi client study schedule for the remainder of the year . regards , peter peter a . mcnabb vice president energy , north america wefa inc . 2 bloor st . w . toronto , canada m 4 w 3 rl 416 - 513 - 0061 ex 227 - 2001 energy brochure . doc - wefaenergy _ factsheet for energy scenarios 2001 . doc

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Subject: re : eol pricing algorithm hi bob , some comments : 1 . you request enron position after successful market order , but not after limit order - - you may want it after limit order as well to be consistent . i am not clear on how you would use enron position . it is possible that the trading desk will have a target position in mind and they will set bids and offers in such a way as to try to achieve that target position , but this target position probably changes continuously and is not stored anywhere , and without this target position there is nothing to compare actual enron position to . of course , enron position may still provide some insights . 2 . you request bid - mid - ask prices for each trade - - - given that a successful trade may execute later than time of order ( especially for limit orders ) , would you need the evolution or range of bid - mid - ask over this time interval ( time of order to time of execution ) ? also , for failed trades , you may need the evolution or range of bid - mid - ask over the time interval from time of order to time of rejection . this again mainly applies to limit orders , as the time intervals may not be significant for market orders given the speed of execution ( something to check ) . - - - - - original message - - - - - from : lee , bob sent : monday , april 23 , 2001 8 : 33 am to : kaminski , vince ; shanbhogue , vasant ; barkley , tom cc : lu , zimin ; huang , alex ; gibner , stinson subject : eol pricing algorithm a draft data request for eol data we would use to study p & l patterns for the " george " pricing algorithm is attached for your review . i would like to send this to andy zipper and jay webb this afternoon . bob >

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Subject: re : digitals many thanks . gillian .

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Subject: charity sees the need not the cost . . . dear friend , as you read this , i don ' t want you to feel sorry for me , because , i believe everyone will die someday . my name is mr . reza abdulla , a merchant in safat , in ( kuwait ) i was married with two children . my wife and two children died in a car accident six years a go . i have been diagnosed with esophageal cancer . it has defiled all forms of medical treatment , and right now i have only about a few months to live , according to medical experts . i have not particularly lived my life so well , as i never really cared for anyone ( not even myself ) but my business . though i am very rich , i was never generous , i was always hostile to people and only focused on my business as that was the only thing i cared for . but now i regret all this as i now know that there is more to life than just wanting to have or make all the money in the world . i believe when god gives me a second chance to come to this world i would live my life a different way from how i have lived it . now that god has called me , i have willed and given most of my property and assets to my immediate and extended family members as well as a few close friends . i want god to be merciful to me and accept my soul so , i have decided to give alms to charity organizations , as i want this to be one of the last good deeds i do on earth . so far , i have distributed money to some charity organizations in the u . a . e , algeria and malaysia . now that my health has deteriorated so badly , i cannot do this myself anymore . i once asked members of my family to close one of my accounts and distribute the money which i have there to charity organization in bulgaria and pakistan , they refused and kept the money to themselves . hence , i do not trust them anymore , as they seem not to be contended with what i have left for them . the last of my money which no one knows of is the huge cash deposit of ten million seven hundred thousand american dollars ( u . s . $ 10 . 700 , 000 ) that i have with a finance / security company abroad . i will want you to help me collect this deposit and dispatched it to charity organizations . i have set aside only 20 % for you and for your time and also 5 % as miscellaneous expenses . reply me at your earliest convenience for more directives to my private email address : reza _ abdulla @ walla . com god be with you . regards , mr . reza abdulla

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Subject: almost - guaranteed issue term almost guarantee issue term for impaired risk market 10 year level term - 8 medical questions issue ages 20 to 55 - $ 10 , 000 to $ 75 , 000 face amount a + carrier you won ' t sleep tonight thinking about all the prospects you have for this product ! you have several cases in your desk drawer for this product ! call or e - mail us today ! visit our web site www . impairedriskterm . com for rates and a sample application please fill out the form below for more information name : e - mail : phone : city : state : we don ' t want anybody to receive our mailing who does not wish to receive them . this is professional communication sent to insurance professionals . to be removed from this mailing list , do not reply to this message . instead , go here : http : / / www . insurancemail . net legal notice

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