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Have had problems with my computer but I found this memo unread. | dev12 |
(May be because I have 2000 emails). | dev12 |
Should we still pursue this? | dev12 |
I know Jack is working on copper mines. | dev12 |
Maybe you guts started without me getting involved. | dev12 |
Lets discuss. | dev12 |
Rick | dev12 |
How is progress on this? | dev12 |
Rick | dev12 |
Mark- here is my response to your request. | dev12 |
Call with questions. | dev12 |
Goal: Total Foreign Exchange Exposure quantified and communicated to BOD. | dev12 |
Performance: Project completed with final tranche of results reported to Finance Committee Dec 11. | dev12 |
The notional exposure as well as impact on potential impact on earnings and CTA accounts have been quantified and reported to the BOD over the past year according to a schedule that has strictly adhered to. | dev12 |
Also, a template and process has been established to be able to easily report changes in the future. | dev12 |
Enron has never had a comprehensive review of FX exposure prior to this activity. | dev12 |
As an aside, there has been a fair amount of hedging activity resulting from this effort. | dev12 |
Goal: Establish risk and trading control processes for risks unique to EES. | dev12 |
Performance: Systems have been established and monitoring controls are in place across EES. | dev12 |
A thorough study of the DSM business has been completed and the results presented to the Finance Committee. | dev12 |
A RAC task force has been put in place which has established a work plan consisting of 53 elements that EES has agreed to put in place to get the overall back office and trading and credit control systems where they need to be. | dev12 |
Significant progress has been made against these recommendations. | dev12 |
DSM projects have been spot tested with outside measurement firm and the results reported to EES. | dev12 |
These tests have highlighted focus areas to determine where the capital dollars are best employed. | dev12 |
Goal: Solidify the global risk management policy beyond Houston and London. | dev12 |
Performance: Complete and Ongoing. | dev12 |
During 2000, Project Doorstep was initiated by RAC which inspected every office within Enron to determine if trading was taking place and if so whether the Enron controls were being adhered to. | dev12 |
A data base system was developed to routinely prompt surprise inspections of these offices and also monitor if the recommendations are being adhered to. | dev12 |
Doorstep was a huge effort involving RAC, AA, and operations to really understand where we have risks. | dev12 |
It also helps in defining where we don't have responsibility such as EOTT, Azurix and The New Power Company. | dev12 |
test | dev12 |
fyi, rick | dev12 |
have been unable to return your call. | dev12 |
will do tomorrow. | dev12 |
it has been crazy here to say the least. | dev12 |
rick | dev12 |
No- the conclusion is incorrect. | dev12 |
The peakers help to mitigate the risk created by market positions. | dev12 |
Maybe just change the last sentence to read "Because the peakers offset the contract, the VAR is substantially reduced. " Rick | dev12 |
Just met w/ Skilling and Whalley. | dev12 |
Var for gas has temp increase of $15MM until next friday (12/15/2000). | dev12 |
Jeff is calling for an executive comm mtg to ask for an additional $40 MM of corp var until next wed (12/13/2000). | dev12 |
One issue is UK power will be over VAR everyday starting probably thurs or fri of this week, unless we increase them as well. | dev12 |
(They sweep retail deals into book once a week on this day). | dev12 |
This increase only needs to be $2-3- million. | dev12 |
Fasten seat belts and apply oxygen masks. | dev12 |
Rick | dev12 |
good info. | dev12 |
i don't believe there will be many more "ei" type asset acquisitions any time soon. | dev12 |
rick | dev12 |
Thanks, we are in bounds for the moment. | dev12 |
Rick | dev12 |
tx- caps were eliminated so this should improve?? | dev12 |
rick | dev12 |
will not attend, tx rick | dev12 |
Send him what was in books but no notes. | dev12 |
Tell him it changes daily in a huge way. | dev12 |
Tx Rick PS I stopped down earlier to thank you for a great job on the BOD meeting. | dev12 |
See you at 4:30. | dev12 |
thanks, they do a great job and are an under-appreciated asset at enron. | dev12 |
rick | dev12 |
Per your voice mail I would like to defer 100% of my ECT Phantom Stock into the Stable Asset fund. | dev12 |
I only want to defer that which I have to defer due to my Section 16b status. | dev12 |
Thanks, Rick Buy | dev12 |
Probably a smart decision. | dev12 |
Rick | dev12 |
Need your help on the following: Each day we are delayed in finalising var, p&L and positions because the UK must wait for a USD interest rate curves before submitting their data to Houston. | dev12 |
I am also told that it is really not necessary to wait for this curve and the data could be submitted close of business London. | dev12 |
Even if there was some minor inaccuracy from this method it would be better than what we have now. | dev12 |
This would greatly improve the efficiency (by 4 to 6 hours) in reporting to senior management. | dev12 |
Can you guys initiate this change or get me to the right person there. | dev12 |
Thanks, Rick | dev12 |
Everyone in RAC is invited to attend Underwriting mtg on Friday at 10:30 am. | dev12 |
Rick | dev12 |
fyi, please respond, tx rick | dev12 |
Deal needs to go to Skilling (or OOC) because capital price exceeds return. | dev12 |
Otherwise Frevert could sign. | dev12 |
I am authorised to sign for Jeff up to $25 MM after I leave him a voice mail. | dev12 |
After I review deal I will voice mail Jeff and that should work. | dev12 |
Rick | dev12 |
fyi, rick | dev12 |
fyi, rick | dev12 |
Thanks for note. | dev12 |
Mike Jordan in UK is coordinating an effort on this. | dev12 |
I'm worried we have more than initiative going on here. | dev12 |
Hopefully everyone will coordinate. | dev12 |
Rick | dev12 |
ok, but can't do anything until jan. | dev12 |
rick | dev12 |
I have two nominations for MD and one for VP. | dev12 |
VP David Port MD Ted Murphy Dave Gorte All of the above would be in the Specialized Technical category. | dev12 |
Call me if a problem, Rick Buy | dev12 |
The continued growth of the Enron Europe office and related businesses has prompted a change in the management of Risk Assessment and Control (RAC) in London. | dev12 |
Effective in early January, 2001, Ted Murphy will transfer to the London office and mange the RAC activities which include credit and market risk and underwriting. | dev12 |
Ted will continue to manage the Enron Global Market Risk activities. | dev12 |
Steve Young, currently managing RAC in London, will begin a new assignment within EBS, also in London. | dev12 |
The Houston Market Risk group will be managed by David Port As Enron continues to expand its trading and risk management businesses, it is vital that trading and credit policies are administered in a consistent and accurate manner across the company. | dev12 |
Hopefully this realignment will accomplish that goal. | dev12 |
Please join me in congratulating Ted, David and Steve on their new assignments. | dev12 |
I would like Bill Bradford there unless someone is trying to llimit headcount. | dev12 |
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