input stringlengths 93 39k | output stringlengths 1 117 |
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Vasant, I spoke with Norma about getting a special reward for Sevil, in lieu of bonus.
Please, send to Norma the list of projects Sevil worked on.
Vince
| Sevile |
Paul, I am sending you modified bullet points.
The modifications are in red.
Apologies for a delay in responding to your messages.
By the way, Power2001 gets only more and more interesting every day.
Vince
| Bullet points |
A quick update on the status of Sandeep Kohli.
He is working currently in my group.
He is available on a very short notice to help you with any quantitative modeling that can be required in making decisions regarding our DPC strategy.
In case you need his help, he can also rely on the support of other members of my group with skills in different areas.
Vince Kaminski
| Moddeling support for DPC related issues |
Jeff, I would like to get on your calendar (together with Jeff Shankman) for 15 - 30 minutes to discuss the results of my visit at the Wharton School with Tom Piazze.
A separate message about this visit will follow.
I would like also to talk to you about the way we manage our relationships with different universities.
Historically, we were rather passive customers of the academic institutions, trying to hire the best students and limiting our presence on the campuses mostly to the recruiting trips and campus receptions.
We should rethink the way we work with universities.
The efforts to get the best students look more and more like a hand-to-hand combat and often we are not very successful.
It is critical that we increase our presence on the campuses and this can be accomplished in a number of different ways: 1.
Involvement in research projects.
For example, we are currently underwriting two research projects at Stanford University, involving Ph.D. students of Professor Nicholas Bambos (a top expert on communications networks).
We shall participate in formulation of the projects' objectives and will be given access to the results.
Involvement in research projects allows us to obtain access to current scientific developments in the leading universities and also to lock-up some very promising students.
Most companies in the high tech industries have such programs.
2.
Lectures and presentations by Enron employees.
Practically every presentation I have made so far at different universities resulted in a number of resumes and hiring decisions.
It is important that students get exposed to Enron early in their academic program.
In many cases, the best students have already made up their mind by the time we approach them during their senior years.
3.
Visits by faculty members in Enron.
Closer cooperation with the universities has many advantages in addition to getting the best students
| Managing Enron's relationships with the universities |
Jim, Can we meet on Friday to discuss this topic.
The person who supports power, Grant Masson, will be out for the next two days.
Vince
| IPPs in ERCOT |
Reviewed by Mark Williams, SVP Risk Management, Citizens Power The long awaited second edition of Managing Energy Price Risk has finally arrived.
It has been four years since the first edition was published.
During this hiatus, a lot has happened as risk management within the rapidly expanding energy industry has come of age as a respected discipline.
The second edition is a rich compilation of papers by a surprisingly representative group of industry leaders, practitioners and academics.
The books strength is that it reinforces the fact that risk management principles initially applied to a narrow band of energy commodities can and should be applied across a wide array of energy commodities including electricity.
As expected the book does a solid job in capturing an international perspective on the various challenges, which are not isolated to any one continent but are global in scope.
It includes a lengthy introduction that effectively frames risk management progress, advancements and innovations that started in the oil markets in the 1970's and migrated to the natural gas and most recently expanding to the electricity industry.
Managing Energy Price Risk is comprised of 15 chapters, all of which include an introduction, which minimises the disjointedness that you may expect from a book written by a large number of authors.
Other improvements in this second edition include expanded graphics, highlighted panels, detailed appendices and a separate glossary, which provides the reader with additional reference material.
In particular the chapter on energy options written by Michael Hampton is a useful primer and provides the reader with a concise explanation of option theory, pricing, basis risk, delta hedging as well as practical guidelines for distinguishing between hedging and pure speculation.
For the more advanced reader, the chapter on Energy Exotic Options, written by Vince Kaminski, Stinson Gibner and Krishnarao Pinnamaneni is particularly strong as it outlines the challenges associated with the exotics and effectively documents the latest methods used by leading practitioners in pricing such instruments.
Additionally, the chapter on Accounting for Derivative Contracts in the Energy Environment by three consultants from Arthur Anderson, is a well written summary which addresses the numerous tax related issues including a timely discussion on the US Financial Accounting Standards Board's Statement 133 (see EPRM October 1999, page 22).
Having this tax information housed in one concise chapter is of great value.
The second edition however is not without flaws.
In particular, it would have been useful to have more information on the current challenges risk managers are confronted with in the power industry including latest advancements in volatility and correlation estimation techniques.
Additional attention could have also been placed on the shortcomings of the current market structure and methods in finding and applying appropriate hedging strategies and instruments.
In the fledgling power market, this continues to be one of the primary challenges.
In summary, this second edition of Managing Energy Price Risk builds upon the sentinel work laid out in the prior edition and is a valuable reference book for the new recruit or seasoned veteran.
It is a welcome edition to any risk management library.
| Book review |
Teresa, It's OK to hire S. Tamarchenko as a summer temporary employee.
We need all the help we can get this summer.
I assume it will be 40 hrs a week, as long as ut conforms with all the external and internal regulations.
Vince
| S. Tamarchenko |
Celeste, I am forwarding you a letter from Prof. Duane Seppi from Carnegie Mellon University.
I have known Duane for many years and I know that he does not make his recommendations without very good reasons.
I would recommend looking at John Gordon as a very strong candidate: I think he will make a terrific contribution to Enron.
Vince
| Recommendation for John Gordon |
Greg, As you may know, Brad Romine's dot.com venture fell apart.
The offer from Enron looks much better now.
I have arranged for him a number of different interviews (including one with you).
I think we should not be too punitive and give him the 2nd chance.
I am also setting up for him interviews with RAC and EBS and he should be able to negotiate a good first rotation.
Please, give me a call if you have any other question.
Vince Kaminski
| Brad Romine |
Dale, Richard, I am ready to cover the cost of Steve's trip to Houston (one month in the summer).
I think very highly of Steve and think about coaching him a bit to expand his horizons.
I see him as a very valuable asset of Enron and a great leader in not too distant future.
He needs exposure to more diverse business problems and areas of research.
I think it will be in the best interest of the company to devote some resources to foster his development.
Vince
| Steve's trip to Houston |
Shirley, Sanjeev will come for an informal interview on Friday.
He will talk for 10-15 minutes to the following people: 1.
Stinson 2.
Grant 3.
Krishna 4.
Tanya 5.
Zimin 6.
Paulo 7.
Vasant 8.
Amitava I shall talk to him for 5 minutes Vince
| Confirmation of meeting |
Maureen, This is to remind you that we scheduled, at your request, regular weekly meetings.
We are supposed to meet every Friday at 8:00 a.m.
If I am not at the office, the meeting will be rescheduled.
Vince
| Weekly meetings |
Steve, Two internal presentations that use a few slides from Blake's presentation.
He developed it under a contract with Enron, but we don't want to use it verbatim.
Vince
| Presentations |
Shirley, My Power Point presentations for Peoples' presentation, I need color transparencies.
I don't know how many B&W copies we need.
You can ask Lynn Pitofsky about the number of participants.
Vince
| Thursday Power Point Preesentatios |
We can hire the person as a summer intern directly (outside the A&A pool).
Shirley, please arrange a phone interview as in the case of other candidates Osman found.
Vince
| Summer Intern |
1.
COMMENT & ANALYSIS: Stretching the figures: Calculating accurate values for companies in the new economy takes more than a grasp of mathematics - a dash of economics, politics and logic would not go amiss, says John Kay: COMMENT & ANALYSIS: Stretching the figures: Calculating accurate values for companies in the new economy takes more than a grasp of mathematics - a dash of economics, politics and logic would not go amiss, says John Kay: 87% match; Financial Times ; 24-Apr-2000 12:00:00 am ; 1170 words Do the math.
The slogan favoured by Jim Clark, creator of Silicon Graphics, Net-scape and Healtheon, has become the mantra of a generation of consultants and investment bankers.
The new economy, they claim, requires new principles of valuation.
C.com is one of the most exciting prospects in business-to-business commerce.
It is the world leader in a growing market - annual sales by 2010 are likely to be Dollars 500,000bn.
If C.com can maintain a 5 per cent share and earn only 1 per cent net margin its prospective annual earnings will be Dollars 250bn.
If we assume that market growth after 2010 is 5 per cent and discount future revenues at 10 per cent, the prospective value of C.com is Dollars 5,000bn - about 10 times the recent market capitalisation of Microsoft, Cisco or General Electric.
You don't have to wait for the IPO.
You can buy shares in C.com right now for less than 5 per cent of that value.
C.com is called Citigroup and in addition to its foreign exchange trading, which is the business I have described, you get its other wholesale, retail and investment banking activities and a leading insurance company thrown in.
Of course, nobody would be so stupid as to value Citigroup in this way.
Yet I have followed more or less exactly the methodology recommended in the latest McKinsey quarterly for the valuation of new era companies.
They use precisely analogous calculations to arrive at a valuation of Dollars 37bn for Amazon.com.
Paul Gibbs, head of merger and acquisition research at J.P. Morgan, recently used similar principles to confirm that assessment of Amazon.
He then performed the same calculation for internet service provider Freeserve.
Assume that UK retail sales grow at 5 per cent a year, that 25 per cent of sales take place on the net, that portals capture 50 per cent of these, that Freeserve gets 30 per cent of the portal share and maintains an 8 per cent commission on sales.
Multiply these together and you establish that in 2017 Freeserve will make profits of o2bn (Dollars 3.2bn).
This, he argues, justifies a value today of o6.50 per share.
| Valuation of Internet companies |
Rick, Aram is coming to Houston, in my view, to explore the possibility of coming back to Enron (given uncertain situation under the Scottish rule at the old Pacificorp).
I shall suggest that he meet with you and/or Ted Murphy as well.
I can wait for Karen to come back.
It's not urgent.
We are still working on the volumetric risk module and the team is making a very good progress.
They gave a presentation today to Rick Carson and me.
We have to decide what comes next (Asset/Liability Model or Operational Risk Model).
Vince
| Aram |
Richard, I would like to inform you that we decided against participation in your project.
Thanks for your interest in having Enron involved in the study.
Vince Kaminski
| Project |
Jesus, Friday, April 28, works for me.
I am free between 8:00 - 10:30 to meet with Aram.
Would you like to meet him for lunch or dinner?
Vince
| Aram's visit |
Krishna, We shall have meeting with Kim Watson on Thu at 10:00, 49 C2.
It will be followed by a Video Conference with Nebraska at 11:30.
Vince
| Kim Watson |
Scott, I spoke briefly with Edith Terry from our DC office.
There is not a good fit for my group but she could be a great asset for you.
I have her resume in case you are hiring and would like to take a look at her.
Vince
| Edith Terry |
Tanya, Can you coordinate, in my absence, the lunch with IT and credit.
We need the body count and reservation at the restaurant for the 14th.
Vince
| Lunch with IT and credit |
Trena, I have received your message.
Please, send the model for review to Zimin Lu.
Maureen Raymond and myself will work with Zimin to review the model.
Vince
| Model Validation |
Gary, Any interest in this service?
Do you want me to give this guy your name so that he can talk to you directly?
Vince
| Fresh IDEA |
Tom, I am forwarding to you a copy of the message from Nick Bambos.
I shall try to catch you for a few minutes today (Monday) to close the loop on this effort.
Vince
| Visit to Enron |
Karen, I have forwarded all the resumes to Charlene Jackson about 10 days ago.
I am resending 4 resumes (in the case of Paolo it's a copy of his E-mail message) I have in electronic format.
The resume for Gappy will be faxed to you.
Thanks for your help.
| Resumes |
Ken, It seems that there may be an Internet bias as well (more affluent and educated households are on-line).
One solution: develop a control group.
Arm-twist clerical employees of the School to fill out the questionnaire and also ask them to provide the questionnaire to their friends and families.
Vince
| Team 3 |
Charlene, I am sending you as promised the information I have about 3 of our summer interns.
I shall fax you this morning two additional resumes I have in hard copy.
In the case of Paulo Rocha we don't have a formal resume, just a letter from him with the summary of his skills.
Thanks for your help.
Enron desperately needs this talent.
Vince
| Resumes |
To all whom it may concern: I would like to register my associate Zimin Lu as my guest at Power 2000 conference in Houston in May.
Thanks.
Vince Kaminski
| power 2000 |
Celeste, I would like to ask you for a favor.
We would like to have Sevil as an intern in our group this summer.
She prepares a Ph.D. dissertation on transmission: a critical issue to the power markets everywhere.
I have also a few other students I would like to take in as summer interns.
I shall send you the resumes in separate messages.
Vince Kaminski
| Summer Internship Position |
Louise, Some time ago I sent you a message regarding Ed Krapels.
He is writing a book on energy commodity markets and would like to learn more about EOL.
Can you give him a call and chat with him for 10 minutes.
He is a good friend of Enron and it would be free ad for us.
Vince
| Ed Krapels |
David, I shall be in the office tomorrow (Fri) afternoon.
I am working with Maureen here to get some ammunition regarding the Korean economic conditions and prospects.
Vince
| Korea |
I have received an inquiry through one of our employees (David Barr) from Chicago Partners, a consulting firm in Chicago.
They specialize, among other things, in regulatory economics and could be useful as experts in our discussions with the government and regulatory agencies.
One of the partners, Christopher Culp, is a well known commodity markets expert.
Please, let me know if you are interested.
Vince Kaminski
| Chicago Partners |
Melissa, Please, take a look at this resume.
Any interest?
I got it from a headhunter (I don't know her, it was a cold call on her part and she did not make a good impression).
Vince
| Wayne Tow's Resume |
Rick & Ted, One more thing to watch.
California power prices next summer.
We see the possibility of higher prices and of spikes (bad hydro conditions in California, growing demand for power).
Vince
| California Power |
Shelley, My colleague, Clayton Vernon, who has a background in economics, wrote a short summary of arguments against the ROFR.
We are working on the second approach to the problem: we try to come up with a numerical estimate of the value of this option.
The fact that an incumbent shipper has this option has distributional consequences: he has something of value he never paid for.
Having a numerical estimate of the value of this option could help to argue against it.
The value of such an option is case specific; so we shall rather produce a template you can use for valuation case by case.
Vince Kaminski
| auctions with an incumbent's right of first refusal |
Rick, I read your memo regarding Global Risk Management Initiative.
I am sending you the information regarding a related initiative on which I have been working last year and which is moving now into the implementation stage.
It's Enterprise - Wide Risk Management and it's really an effort to measure business risks consistently across the company.
I hope my group can be helpful in designing the general approach to this problem.
Please, let me know what your thoughts are.
Vince
| Global Risk Management Initiative |
Greg, These are proposed bonuses: Managers: Superior 1.
Ravi Thuraisingham 40K 2.
Ronnie Chahal 40K 3.
Amitava Dhar 40K Excellent 1.
Osman Sezgen 35K 2.
Tanya Tamarchenko 35K 3.
Joe Hrgovcic 30K 4.
Vincent Tang 30K Directors: Superior 1.
Mike Roberts 100K 2.
Krishnarao Pinnamaneni 60K Excellent 1.
Zimin Lu 50K 2.
Maureen Raymond 40K Assistants: 1.
Shirley Crenshaw 6K 2.
Robert Moore 5K You already have the VP numbers.
Vince
| Proposed bonuses |
Elizabeth, We would like to invite Bob Lee for an interview, January 24, Monday.
He will be interviewed by me, Stinson Gibner, Zimin Lu, Paulo Issler, Vasant Shanbhogue, Krishnarao Pinnamaneni, Grant Masson.
Thanks
| Interview |
Greg, Two things I did not manage to mention to you at the meeting on Monday.
1.
Joe Carson.
I was very positively impressed by Joe Carson.
Enron badly needs a senior economist of his stature and experience.
He has many contacts in the industry and can represent Enron well.
He is very pragmatic and, also, I expect a cool head on old shoulders.
One negative is that he wants to work out of New York.
The tradeoff is between maintaining his contacts and working closer with the desks.
2.
Tony Mends.
I think you, or Louise, should explore the possibility of using the skills of Tony Mends.
Tony and I are good friends so I may be biased.
I think that he is a very smart and efficient person and can contribute a lot to the organization that relies on processing huge volumes of information.
Vince
| Joe Carson |
Greg, Liz, Here are the instructions how to get to Stinson's house.
Directions from major freeways: From Southwest Freeway (59): Exit on Buffalo Speedway and go south.
(Greenway plaza is on the north side of the freeway.)
Pass through stoplights on Bissonette, Sunset, Rice, and University.
Turn right on Cason (the last small street before the next stoplight, which is at Holcomb Blvd.)
House is on your left in 2.5 blocks.
From West Loop 610 : Exit on Bellaire Blvd.
and go east (inside the loop).
After you pass the stoplights at Auden and at Edloe street, start watching for JiffyLube on your right.
When you near JiffyLube, turn LEFT onto Sewanee Street.
At first intersection, turn Right onto Cason House is on your right.
If you miss the turn at JiffyLube, just turn LEFT at the stoplight at Buffalo and turn left again onto Cason.
Vince
| Invitation |
Celeste, I am recommending Jason Sokolov for summer internship with Enron.
Jason is currently working part-time for Mike Roberts and makes very valuable contribution to a number on-going projects.
We are very happy with his performance and see him as a valuable future Enron employee.
Vince
| Petition for Summer Internship |
Pavel, A commentary on IMF policy with respect to Russia and other countries.
Stiglitz is a very bright person and I agree completely with his points.
Privately, he is even more outspoken.
Vince
| (no subject) |
Shirley, Can you, please, call him and ask what would be best timing.
The last week of July would be best.
I would like Grant, Alex, Zimin, Krishna and Stinson to meet him.
Vince
| Hello |
Paige, Thanks a lot for your presentation.
It was an eye-opener in many cases.
I shall schedule a meeting with you next week to discuss how we can help you in this project.
I have some ideas I would like to run by you.
Vince P.S.
Shirley, please see if Monday is OK for 30 mins?
| Thanks |
John and Krishna, I am sending you an outline of a conference at Stanford on topics related to demand-side pricing and management in the power markets.
Please, let me know if you are personally interested and who else in your respective organizations would like to attend.
Vince
| RTP project |
Jeff, I fully support Sandeep's request to move Anshuman Srivastav to Houston.
I anticipate that we shall be working on Dhabol related issues for the next two years until all the business problems are successfully resolved.
Anshuman is a very capable employee, with the right combination of skills to attack the Dhabol modeling challenge.
He understands the Indian markets as well as international fuel markets.
He has also a very good grasp of power industry fundamentals and of the technology used at the Dhabol power plant.
Vince
| Help on DPC LNG Options |
I encourage everybody very strongly to join other Enron employees at this event.
It's a great opportunity to contribute to the growth of our city and to make sure that Enron is not embarrassed if other energy companies show up in strength.
Vince
| Enron Earth Day "Trash Bash" |
Yannis, I have looked at the outline of the proposed course and find that practically all the topics of the program are the staple of what we do every day.
I don't think Research should spend money for this class.
If we want to establish a relationship, we can easily do it by asking him to work on a research project.
Vince
| Prof. Carmona |
Sheila, Some minor differences between the draft and the final executed version.
I have forgotten to bring the draft today, I shall send a copy to you tomorrow.
There were some hand-written changes made by Greg ijn the draft that were not transferred to the final version.
Vince
| Contract update |
Barbara, I called Vlady Gorny and explained that the presentation by Jorion is not offered under the umbrella of the seminar sponsored by Enron and that it is a closed meeting for the School faculty.
I don't think that Enron would open its job interviews to Rice observers who expressed interest and I made this comment to Vlady.
He is OK with this.
You can let his program director know that I have explained to Vlady that it is a meeting for limited audience and that he does not expect to be invited.
Please, let me know the details of the dinners.
Vince
| Vlady Gorny |
Celeste, It seems that the process lasted too long for some students and only Kim Whitsel is interested in the internship at this point.
Her resume has been forwarded to you.
I am enclosing it just in case.
Thanks for your help.
| summer internships at Enron |
Molly, Please, make arrangements for the interview with this candidate for a trading position.
Interviews with John Lavorato, Jeff Shankman, Gary Hickerson, Stinson Gibner.
I talked to him in New York and he is considering other opportunities, so we have to act fast.
I think John will like him more than Punit.
Thanks
| A resume for John Lavorato |
Phillip, How can I install new programs on my laptop, without the administrator's privileges?
One example: when I travel I use AOL to get access to my mail and to communicate with the office.
Windows 2000 does not allow me to install it.
Also, I have my private statistical software I often use when I work at night during business trips.
I would like to load it as well.
Vince
| Installation of new programs |
Michelle, The name of the DB Administrator for Enpower is Charlene Fricker, 5-3487.
Alex will contact her regarding the access to the curve.
I think it's a problem many layers below Gary Hickerson's level of responsibility and I hope we can handle it without using his valuable time.
Vince
| DBA Administrator |
Pam, The term papers arrived at my Internet mailbox.
I shall be sending you the information as I make progress reading the papers.
First group of students: Helen Demianenko Javier Lamas Lynn Nazareth Shauywn Smith Carlos Wheelock Sarah Woody Grade: A Please, confirm receipt of this message and please double check that all registered students have been graded (to make sure no student falls through the cracks).
Vince
| Grades |
Andy, I am sending you a draft oof a proposal regarding national forum for top finance practitioners and academics.
The idea came from a professor at Rice University who has already received a commitment from a number of most distinguished CFOs.
Please, read the outline and see if you would be interested in joining this forum.
I shall be glad to help to arrange a meeting with Prof. Ikenberry.
Vince
| The National Forum on Corporate Finance |
Dan, I am sending you a resume of one of my compatriots who lives in Houston.
I met him socially a few times.
He graduated from the same university I did.
Vince
| message from Bogdan |
Mark, This is the latest draft (Fri afternoon), of the paper by John Martin from Baylor.
Please, review the draft from the point of view of our PR policy.
I shall read it as well.
Vince
| Draft from the editor with questions. I'll call |
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
| Approval is Overdue: Access Request for paul.d.thomas@enron.com |
Julie, We received the shipment of 50 books.
Thanks.
The book was an instant hit.
We need 50 more books.
Vince P.S.
I understand Paul sent you the check for the remaining 50%
| Book order |
David, A reminder.
We discussed a few days ago a consulting arrangement with Prof. Sheridan Titman from UT.
Any feedback from Rick Buy?
Please, let me know.
Vince
| Consulting arrangement with Prof. Sheridan Titman from UT |
Neil, I would like to apologize for the confusion regarding Anshuman.
We have floated a number of possible scenarios regarding his trip to Houston and there was a lot of confusion regarding the terms (given that I was talking to Sandeep every few days).
Currently, we expect Anshuman to come to Houston for one month to work on the DPC project (at Jeff Shankman's request).
The lawyers advised me that we need an L1 visa for him, irrespective of the duration of his stay.
Sorry for the confusion.
| Anshuman |
Molly, We want to hire this very bright young man as a part-time employee, reporting to Mike Roberts.
Mike will be contacting you regarding the details.
Vince
| Resume for Chris Pernoud |
Norma, I am sending you an Excel spreadsheet with proposed merit and equity increases.
I have slightly exceeded the merit quota.
The equity increases address two issues: retention and and an error in setting a salary at hiring (I tend to be too stingy).
Please, let me know if there are any questions.
I am forwarding a copy of the spreadsheet to my home address so I can work on it tonight, if necessary.
Vince
| Merit and Equity Increases |
David, I am sending you the questions submitted by Petronas for our meeting on Feb 8.
Are you going to invite additional RAC people to the meeting (Bill Bradford would be helpful with credit questions, Bjorn may be interested as well).
Vince
| Benchmarking questionnaires |
Norma, It seems that there is a bug in the system.
I made an error mixing equity and merit raises in one column.
The system does not allow me to correct the mistake by moving the entries from one column to another.
I can enter the changes, but after I save them the system reverts to original designations.
As a result, the columns contain mixed entries related to merit and equity raises.
The column totals are misleading.
| Merit increases |
Molly, This is an update on Anshuman.
Please, see below.
It seems that his transfer is not an issue for the time being.
We can put it on a back-burner till he gets here.
Vince P.S.
The relevant section.
I also spoke about Anshuman, and there was resistance to his leaing for such a long time.
However, I have agreement from folks here to send him to Houston for a shorter stint on DPC budget.
I will try to finalize that before I leave.
I will call you in the evening to just chat.
| Transition to Research Group - An Update |
Bryan Please, take a look at the resume of Howard Haughton.
He looks like an answer to your prayers.
It's the first attachment.
Vince P.S.
Jeff, the headhunter, can be reached at (949) 813 2241.
Please, set up the interview, if interested, through him.
| 1 Candidate and 2 interns |
Jeff, Please, take a look at the resume I got from my friend.
Vince P.S.
what follows is a copy of his message to me: Dear Vincent, I very much would like to ask you for a career advice.
I am looking for new challenges and new professional opportunities.
Possibly there would be such opportunity around yourself at Enron Corporation.
I trust that my strongest asset is my intellectual capital and ability to look from new angles into complex issues.
Beside of the experience of working under Jacob Goldfield an Paul Jacobson at Goldman on the interest rate swaps and proprietary desks, I was a part of research effort of John Meriwether group at Salomon Brothers, I headed the European interest options desk at DKBI in London and I have managed a small hedge fund in partnership with Albert Friedberg.
I hold Ph.D. in mathematics from MIT and I have studied under Nobel Laureate in Economics, Bob Merton.
I very much would like to apply my knowledge of capital markets, trading and research in the field of energy markets.
With my very best regards and personal wishes,
| A resume |
John, This is a resume I received today from my friend.
Please, take a look at it.
What follows below is a copy of his message to me: Dear Vincent, I very much would like to ask you for a career advice.
I am looking for new challenges and new professional opportunities.
Possibly there would be such opportunity around yourself at Enron Corporation.
I trust that my strongest asset is my intellectual capital and ability to look from new angles into complex issues.
Beside of the experience of working under Jacob Goldfield an Paul Jacobson at Goldman on the interest rate swaps and proprietary desks, I was a part of research effort of John Meriwether group at Salomon Brothers, I headed the European interest options desk at DKBI in London and I have managed a small hedge fund in partnership with Albert Friedberg.
I hold Ph.D. in mathematics from MIT and I have studied under Nobel Laureate in Economics, Bob Merton.
I very much would like to apply my knowledge of capital markets, trading and research in the field of energy markets.
With my very best regards and personal wishes,
| A resume |
John, I am sending you an old write-up on the risk management system.
This is for "your eyes only", though this info is out already.
Some people left the company and also the consultants who audited the model use these ideas.
Vince
| Risk Model |
I would like to invite you to a meeting with Jeff Shankman on Tuesday January 16, 3:30 p.m. at Jeff Shankman's office.
We are meeting to plan the agenda for the Tiger Team, a group of about 20 Wharton School students visiting Enron.
A Wharton tiger team works through a semester on a special project, proposed by a corporation.
The team sponsored by Enron works on project regarding the impact of electronic trading on the energy markets.
The semester long project will result in a report that will be submitted to Enron for review and evaluation.
I hope that you will find this report useful.
We have invited our tiger team to visit Enron.
The students will arrive on Thursday, January 18, and will spend Friday at Enron.
I would appreciate if you could find 30 minutes on Friday to talk to the students.
The meeting with Jeff on Tuesday should not last longer than 10-15 minutes.
Vince
| Tiger Team meeting Jeff Shankman's office |
SK - we will forward the necessary information to him (the claim form).
It's just not the same here without you.
Happy New Years.
Mo Steve, Happy holidays.
It is hard to know where to begin except to say that we certainly have followed the Enron story closely.
Not for the obvious business reasons, of course, but because people, like you, that we came to know and like were going through such difficulty.
Naturally, we all hope that as 2002 arrives with it will come easier and better times and that ultimately this all plays out in a way that is good for you.
You know that we very much enjoyed working with Enron and spared no effort to do the best job we could.
For this reason, we were delighted when we received, prior to the announcement of Enron's bankruptcy a check for the final payment of our truncated agreement.
However, that check has now bounced twice.
We are a small company and while the payment was not immense, only $120K, it is still meaningful.
Do you have any advice for us as to how we can get this check honored?
Clearly, it was the intent to pay us and we are now caught in the system.
Among the many things you must have to do, I know this is small.
But to us it is large and if there is a way that you can help we would be most grateful.
Many thanks and best wishes for the New Year, David
| Greetings |
This is a notice to inform you that the server where your Outlook mailbox resides is scheduled for an outage tonight.
Your mailbox will be temporarily unavailable starting anytime after 11pm and may continue to be unavailable until 1 a.m., when all server maintenance work have been completed.
Outlook Web Access (OWA) will also be unavailable during this time.
Blackberry users: Message delivery may be delayed for a few minutes.
If you have any questions, please call the Resolution Center at x31411.
| CORRECTION: Outlook Outage - Friday, December 28, 2001 |
Hi, I am sorry to have to tell you this but 2001 refuses to go out quitely for allof us.
Someone who had us in their address book infected our computer with a nasty > virus.
It can be transferred to all in our address book -- and you happen
| virus warning for your C Drive |
Steve - Question has come my way regarding bus - mass transit subsidy for '02.
Employees want to be sure they will not need to set aside pre-tax $, via open enrollment now in place, to cover anything less than 100% bus subsidy.
Currently (and throughout '01) Enron subsidizes bus passes to employees @ 100% of cost.
This will be a $2.5 mill.
expense in '02.
During budget cycle several months ago it was discussed that Enron could cut this expense in half if subsidy was capped at $50/mo.
- same as Parking subsidy.
My records show this was not accepted and we plan to continue with 100% subsidy next year.
Just checking if you.
Given temper of average employee today, I assume this is still the right decision.
- Bill
| Bus Subsidy - '02 |
Mr. Kean, I realize a person in your position does not have time for sales calls that is why I am e-mailing you today.
My name is Adam Morton and I am with Tucker Anthony located in Stamford CT.
I work with J.
Powers Shepard, a Senior Vice President and long time member of our prestigious President's Advisory Counsel, who has been with Tucker for 15 years.
We would like to cordially invite you to receive a free review of your bond portfolio.
Together we can take a comprehensive look at your entire bond portfolio and help you design an investment strategy that suits your individual needs.
E-mail me today to receive your no cost, no commitment review of your bond portfolio.
We hope all is well and look forward to speaking with you soon.
Sincerely,
| hello |
Steve, I've recommended below the Enron officers and directors who should participate in this year's survey.
Please add/delete as needed.
Please advise if okay.
P.S.
-- New this year: Fortune is combining America's and the World's lists into one.
| Fortune's Most Admired Survey |
I know you're in high demand these last remaining days, but if you don't already have lunch plans, Vance and I would love to take you to lunch tomorrow.
Let me know.
kd
| Lunch |
The following reports have been waiting for your approval for more than 4 days.
Please review.
Owner: John Brindle Report Name: JB 014 Days In Mgr.
Queue: 9
| Expense Reports Awaiting Your Approval |
Hartsfield Atlanta International Airport Update November 16, 2001 (2:45pm) Three hours after up to 10,000 travelers were evacuated from Hartsfield Atlanta International Airport, police officials reopened concourses at the world's busiest airport.
Officers blew whistles and issued orders on bullhorns about 2:45 p.m. for employees to first return to the terminals.
The thousands of people who had flooded the street outside the airport were asked to make room first for wheelchair passengers to enter the airport.
Police indicated that employees would be allowed back into the terminals.
Police also said people in wheelchairs, and the elderly would be allowed back into the concourse first.
The doors then opened for other passengers, who were forced to go back through the long screening process in order to reach their terminals.
The U.S. Department of Transportation ordered the evacuation of between 5,000 to 10,000 people at Hartsfield Atlanta International Airport Friday after a man rushed past a security checkpoint.
| Atlanta Airport Re-opened |
Here is something close to the note I wrote for Cindy in the meeting.
I think we can advocate consistency as an employee advocacy issue.
If we think the HR department can make this happen without a note, great.
TO: Management Committee As you know, we have announced broadly that restructuring activities are imminent.
At this sensitive time, it is fair and right to employees to communicate consistently across the company in a coordinated fashion.
Therefore, please ask your management teams to refrain from speculating about specific reductions or communicating preliminary information to their people.
This creates a situation where there are have's and have not's -- those with information (preliminary at best), and those who are left anxious and wondering why they've heard nothing.
| DRAFT |
The International Bar Association Section on Energy & Natural Resources Law and the Section of Business Law Utility Committee presents, the Sixth Electricity Conference.
The conference "Restructuring Revisited: Has Electricity Reform Gone Awry?
will be held on February 25-26, 2002, at the Claremont Resort and Spa in Berkeley, California.
This conference will focus on the challenges that electricity restructuring initiatives are facing in different regions of the Americas, with special emphasis on the recent experiences in California and other parts of the USA, Mexico, Brazil, Argentina and Canada.
It will examine the implementation of advanced restructuring concepts on governments, regulators and power industries, as well as the implications of future electricity restructuring, reform and privatisation initiatives around the world.
Here are the titles of the sessions that will be presented: * The Current Status of Electricity Restructuring and Reform: Where are Electricity Markets Going?
A Global View * California: A Case Study * Experiences in Restructuring from Latin America * Implementing Electricity Restructurings: Specific Lessons from California and Abroad * Expanding Supply: The Tension Between Facility Expansion and Environmental Protection * Protecting Competition in Restructured Markets: New Challenges for Regulation and Antitrust/Competition Law Enforcement * Governing, Managing and Regulating Through Crisis: Lessons from California and Elsewhere: Panel Discussion To get the complete program schedule and to obtain registration information, visit the meetings and events page on the EBA website by clicking on the link below.
| International Bar Association conference |
Steve, here is the contact list that you requested.
By NO means is this a complete list, as I was not able to get hold of everyone in our group.
Christie will be back tomorrow and will add/delete/amend accordingly.
Mike will provide you with phone numbers for U of C, Northwestern, LSU, UT.
As an aside, I believe the general consensus from my counterparts is the most beneficial route to take would be to allow those who already have an existing personal relationship with key faculty and deans to be at the forefront of any contact and/or communications.
Enron's credibility has been very publicly damaged by a few of Enron's key executives and schools are reluctant to have discussions with someone from our camp whom they don't already know.
Hope this document helps in the interim.
Regards,
| University Affairs Contact List |
Enron has begun its executive solicitation for United Way.
You should have received an email providing the intranet address where you can pledge online.
(Please note: when entering the information online - enter 4 digits for your birth year).
I encourage you to be the leaders in giving for Governmental Affairs/Public Relations and make your pledge this week.
Further, please invite the generous participation of the people in your groups.
Thank you for your involvement.
| UNITED WAY |
Attached are the RSVP lists for tonight's reception.
Enron/Azurix=20 City Officials DETAILS OF TONIGHT'S RECEPTION: Monday, July 31st from 6-7 pm in the 50th floor lobby area.
=20 This reception is an opportunity for us to update city officials about Enro= n=01, s businesses, and an opportunity for you to meet your local representatives= .
| Houston City Officials Reception July 31 |
See below.
this is one of the issues that concerned us more than price caps, because it could limit our ability to move power to other markets in the west.
In addition, if you get questions from the analysts on "reregulation" or price caps it is worth pointing out that the high prices prevailing in many markets help our retail sales pitch to end use customers and create opportunities for our wholesale price risk management services .
.
.
even a $250 price cap is 5-10 times what large customers are accustomed to paying.
| GREAT NEWS ****FERC Order on Morgan Stanley Complaint Against ISO |
Message from Steve Kean: We understand that the Governor's advisors are not prepared to discuss credit issues at this time.
The conference call scheduled for Friday, May 18th has been cancelled.
Please let me know when you are ready for us to set up the call.
Thank you.
| FRIDAY'S CONF CALL CANCELLED |
I agree with Mark's points.
While we have advocated our merger with PGE (which did not concentrate market power) we have intervened in opposition to most others.
Moreover, there is some hope that the German government will take the opportunity to use the proposed utility merger to force greater open access.
We will likely encourage that action and may oppose the merger otherwise.
Most mergers in this industry are defensive, not procompetitive, and, in my view, deserve no credit for convergence, innovation, or liberlization.
| Speech to the British Institute of Energy Economists |
PLEASE NOTE: This email includes several items.
(1) the call in information for Friday's conference call; (2) a summary of yesterday's conference call (from Jeff Dasovich, Enron); (3) two documents that list the contact information we have received to date (please email Steve Kean @ skean.enron.com if any changes/additions need to be made to the list).
As we receive more contact information, revised lists will be emailed to everyone.
| FROM STEVE KEAN re Friday Conf Call, etc. |
Sorry - the # on his printed itinerary was missing the country code.
Here what to dial 011-81-3-3211-5211 He should be on his conf call until about 4:00 pm (Central).
Sorry about that
| PHONE # FOR Steve |
Last week you received the email announcing Enron's executive solicitation.= =20 The process for donating is very easy by simply clicking on the United Way= =20 link.
I did it myself!
Please make your donation this week and thank you = to=20 those that have already pledged.
=20 The Enron kick-off is next Wed and I ask you to encourage your groups to gi= ve=20 to this worthy cause.
=20 Thanks.
| UNITED WAY |
Attached is the document I mentioned.
You will get a separate e-mail from Karen Denne which will include the invitation and the invited for the Thursday meeting.
My contact information: Steven J Kean EVP and Chief of Staff Enron Corp
| California Power Crisis |
Steve wanted you to know that he will be attending the Gov.
Davis meeting tomorrow with Greg Whalley.
Just in case you need it, here is Steve's bio.
| Steve's Bio |
FYI.
I think they should try to get in to see Lundquist, but I don't think we need to participate in this.
We have been focussed on nation-wide issues when we have had the opportunity to meet with Lundquist and I don't think we should use our limited shots here.
| Additional Lobbying Efforts |
I forgot to email myself the brief to track changes, but here are my changes in writing: p. 1: Para starting "focusing on the latter," that sentence, change "get creative" to be innavotaive in its approach."
p. 2: 1st full Paragraph, Second sentence, change "uniting" to "common" and there is a typo on line5, reduction n consumption.
Should be "of" page 6: We need the RR for PG&E.
Under Part VII, Rate Design, can we insert a sentence that our proposal, unlike the others, does not arbitrarily allocate costs to peak period.
We told Scott we wuold insert the arbitrariness of other proposals several times in the brief.
We also need ro insert discussion about relation of peak to offpeak prices, as a 3:2 ratio, which is not what other parties have proposed.
page 8: 2.
Derivation of Threshold Usage:, first sentence, delete "between" in first sentence.
page 9: Second full paragraph, begining "Again, the UDS's, " Second sentence, sited should be "cited" p. 12: First full paragraph beginning "A primary component," Insert a sentence after the second sentence to mention, again, the arbitrariness of proposals allocatin costs between peak and offpeak.
Second full parag, beginning, "Enron's proposal, can stick a sentence about arbitrariness in there too.
And change "more necessary goal" in 4th sentence to "more critical goal" I don't have the email I sent out about what we agreed to insert with Scott, so if you have a chance, check it to make sure we did everything we agreed to.
I am going to try to come into the office very early tomorrow and will check email again, but my son has an appointment with the neurologist here in Houston at 9:20 am tomorrow, and that is where I will be when you have the 9:30 call (we made this appointment months ago).
But I will communicate with Harry and everyone else before then.
Thanks.
| Some comments on the brief |
Ken talked to Sen Kinder.
He made the points you had prepared.
Kinder agreed to shelve the legislation for this session.
He said he had been hearing from several others, including Proctor and Gamble (which has a big facility in his district) that the legislation was not going to help competition develop in the state.
He expressed willingness to work with us on a better package and also expressed interest in coming to Enron's offices.
He is going to be in San Antonio in August and would like to come to Houston around that time.
| call to Sen Kinder |
We need to communicate with Massey before he gets completely carried away blaming the interstate pipeline business for gas price spikes.
We need to get him the information regarding Cal LDCs failure to fill storage and their opposition to additional pipeline construction in the state.
Shelley --
| Some Background on California Gas Price Spikes--The Other Side of the Story |
We can create significant mutual benefit by partnering with a firm which is focussed on developing IT systems for bulk power systems: We need to take our deregulation model to the next level of detail by having IT solutions which will support our view of how the market ought to work.
The IT firm would benefit from our access to the policy makers (domestic and international) whose decisions will make the IT firm's systems either successful or obsolete.
Call me if you would like to discuss.
| Ross Perot's EMS company |
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