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arnold-j/discussion_threads/21.
|
subject:
content: To "Outstanding" Analysts and Associates:
I am writing to inform of a possible opening on the natural gas derivatives
trading desk. It is an opportunity to work on one of the most profitable and
demanding groups within Enron, as well as one of the largest financial
commodity trading desks worldwide. I envision the role as performing
analysis initially, to grasp an understanding of gas fundamentals and become
more familiar with the trading environment, and leading to a junior trading
role. Upside potential is limitless for the right person.
Candidates for the role need to possess the following qualities:
1. Have been ranked as outstanding on previous yearend reviews.
2. Excellent math and quantitative skills. Candidates should have 700+ math
SAT and/or 700+ GMAT
3. Basic understanding of economics including pricing differences under
monopolistic and competitive market scenarios.
4. Ability to work under intense pressure.
If you are interested please email with interest and attach a resume. Do not
call.
John Arnold
Vice President of Gas Derivatives Trading
| ||
arnold-j/discussion_threads/22.
|
subject:
content: Can we meet at 5:00 today?
| ||
arnold-j/discussion_threads/23.
|
subject:
content: Please use this vol curve for a dry run to figure out var for my book, NG
price, and Jim's book, Storage, and communicate the results. Thanks,John
| ||
arnold-j/discussion_threads/24.
|
subject:
content: Tanya:
On Friday I emailed a new vol curve to use for VAR testing. I was under the
impression that you could apply this vol curve to the price book and storage
book and have a new experimental VAR number by Monday. I have not received
any response. Please reply with status of this project.
John
| ||
arnold-j/discussion_threads/25.
|
subject: Re: using new FF vols
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 06/07/2000 08:43
AM ---------------------------
Tanya Tamarchenko
06/07/2000 08:33 AM
To: John Arnold/HOU/ECT@ECT
cc: Grant Masson/HOU/ECT@ECT
Subject: Re: using new FF vols
Hi, John,
following up the discussion with you on Friday we talked with Risk Control
people who are not excited to use that FF vol curve
you sent to me. Also in order to use your curves we would have to have them
for all the locations.
The suggested alternative solution was to calculate the Forward Forward vol
curves from historical data.
I implemented this solution based on 18 last business days forward price
curves for NG and
all basis locations. I used exponential weights with 0.97 decay factor.
I enclose these curves in the spreadsheet below. And here are the VAR numbers
based on these curves:
5/30/00 5/31/00
AGG-STORAGE (production) 3,027,000 4,516,000
AGG-STORAGE (test, 0.97) 2,858,543 3,011,761
AGG-GAS (production) 36,627,200 40,725,685
AGG-GAS (test, 0.97) 29,439,969 31,207,225
You see that the numbers are stable, lower than the official numbers.
I suggest that we use 0.94 decay factor as recommended by Risk Metrics which
would give more weight to recent data.
We need to test this approach for a period of time and also to collect
backtesting data for an educated choice of decay factor.
Tanya.
John Arnold
06/07/2000 07:40 AM
To: Tanya Tamarchenko/HOU/ECT@ECT
cc:
Subject:
Tanya:
On Friday I emailed a new vol curve to use for VAR testing. I was under the
impression that you could apply this vol curve to the price book and storage
book and have a new experimental VAR number by Monday. I have not received
any response. Please reply with status of this project.
John
| ||
arnold-j/discussion_threads/26.
|
subject:
content: Dave:
A couple of issues:
1. We continue to have a number of transactions that fail because of credit
exposure. These are companies that have excellent credit, such as Duke,
Dynegy, Equitable, Mieco, etc, but have a fixed credit line on EOL that they
blow through periodically. They get a failed trade and it often takes 5-10
minutes to rectify the problem, at which time we've lost the trade. We need
the major counterparties to have unlimited credit on EOL, just as they have
in normal trading.
2. As a corrallary, I am under the impression that when a trade fails
because of credit, the counterparty does not get an explanatory error message
describing what happened and what to do. When a credit failure happens, the
counterparty will often keep clicking on the same product, getting the same
error message
| ||
arnold-j/discussion_threads/27.
|
subject:
content: Tickets requisitioned for England/Germany. $1500!!!!!!
| ||
arnold-j/discussion_threads/28.
|
subject:
content: Vlady:
In preparation for our discussion tomorrow, can you run VAR numbers for some
mini-portfolios:
Portfolio 1. +1000 November Nymex
-1000 December Nymex
2. -1000 July Nymex Straddles
3. +1000 July 2002 Nymex
4. +1000 July 2002 Nymex
- 1000 August 2002 Nymex
5. +1000 July Socal Basis
6. +1000 July Chicago Basis
-1000 July Michcon Basis
7. +1000 July Henry Hub Index
8. +1000 July 2003 Chicago Basis
Again, these are separate portfolios. I'm trying to check that the VAR
numbers make logical sense.
Thanks,
John
| ||
arnold-j/discussion_threads/29.
|
subject: FW: trading
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 06/26/2000 04:17
PM ---------------------------
Steve List <[email protected]> on 06/26/2000 12:32:02 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: FW: trading
> -----Original Message-----
> From: Steve List
> Sent: Monday, June 26, 2000 1:26 PM
> To: '[email protected]'
> Subject: trading
>
>
> John,
>
> I hope all is well down in Houston, though it would seem your baseball
> team is, well, terrible.
> We may be close to resolving our internal issues as our CEO indicated on
> Friday. We are awaiting some
> confirmation but it seems we are close. How is the credit standing for
> Enron?
> Is there a chance of upgrade or well, you can tell me the status.
>
> Thanks
>
> Steve List
| ||
arnold-j/discussion_threads/3.
|
subject:
content: Hello:
I just wanted to arrange to meet for the Astros tickets.
I work and live downtown.
My cell phone number is 713-557-3330.
Thanks,
John
| ||
arnold-j/discussion_threads/30.
|
subject:
content: euro 2004 in portugal
| ||
arnold-j/discussion_threads/305.
|
subject: Vanderbilt presentation
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 09/29/2000 03:31
PM ---------------------------
From: Beth Miertschin 09/29/2000 02:31 PM
To: Jeffrey McMahon/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Brian
Steinbrueck/AA/Corp/Enron@Enron, Rick Buy/HOU/ECT@ECT, Barry
Schnapper/Corp/Enron@Enron, Katie Stowers/HOU/ECT@ECT, Nicole
Alvino/HOU/ECT@ECT, Russell T Kelley/HOU/ECT@ECT
cc: Sue Ford/HOU/ECT@ECT
Subject: Vanderbilt presentation
Open Presentation
Monday, October 2nd - 6:00 PM
Alumni Hall, room 203
Please meet in the lobby of the hotel at 5:15 PM or at the room by 5:30 PM so
we can set up and finalize the game plan.
After the presentation we are going to have a dinner for targeted candidates
and also a reception for the people who came to the presentation. You will
be informed about where you need to participate on Monday; for now just keep
the time open.
Hotel rooms: Lowe's Vanderbilt Plaza Hotel - 615-320-1700
Nicole Alvino - #6953024
Brian Steinbrueck - #7964648
Katie Stowers - #9216151
Beth Miertschin - #415172
Rusty Kelley - #414434
Thank you for helping out! Please let me know if you need anything else or
have questions.
Beth Miertschin
| ||
arnold-j/discussion_threads/31.
|
subject:
content: Please top level the following P&L out of my book because the market settled
limit down.
End of day position Amount settle was off in my estimation Total amount
V0 -1700 -.035 595,000
X0 6400 -.025 -1,6000,000
Z0 -1450 -.020 290,000
F1 4750 -.015 -712,500
---------------
-1,427,500
| ||
arnold-j/discussion_threads/32.
|
subject:
content: Dinner tonite....birthday boy???
| ||
arnold-j/discussion_threads/320.
|
subject: Recruiting Expenses
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 10/14/2000 05:25
PM ---------------------------
From: Beth Miertschin 10/05/2000 10:41 AM
To: Purvi Patel/HOU/ECT@ECT, Sheetal Patel/HOU/ECT@ECT, Beau
Ratliff/HOU/EES@EES, Jennifer Reside/HOU/ECT@ECT, Justin Rostant/HOU/ECT@ECT,
Sarah Shimeall/HOU/EES@EES, Cindi To/HOU/EES@EES, Otis
Wathington/HOU/EES@EES, Wes Colwell/HOU/ECT@ECT, Peter Bennett/Enron
Communications@Enron Communications, Bob Butts/GPGFIN/Enron@ENRON, Jeffrey E
Sommers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Edward Coats/Corp/Enron@ENRON,
Kevin M Presto/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Mark Wilson/Enron
Communications@Enron Communications, Lisa B Cousino/HOU/ECT@ECT, Faith
Killen/HOU/ECT@ECT, Gary Peng/GPGFIN/Enron@ENRON, Stephen
Schwarzbach/Corp/Enron@Enron, Jefferson D Sorenson/HOU/ECT@ECT, Julie
Goodfriend/Corp/Enron@ENRON, Molly LaFuze/Enron Communications@Enron
Communications, Khristina Griffin/NA/Enron@Enron, Ching Lun/HOU/EES@EES,
Chris Ochoa/NA/Enron@Enron, Heather Alon/HOU/ECT@ECT, Harry
Bucalo/HOU/ECT@ECT, Timothy Coffing/HOU/EES@EES, Colleen
Koenig/NA/Enron@Enron, Michael Kolman/HOU/ECT@ECT, Simone La
Rose/HOU/ECT@ECT, Mark Mixon/NA/Enron@Enron, Paula Rieker/Corp/Enron@ENRON,
Dan Boyle/Corp/Enron@Enron, Edward Coats/Corp/Enron@ENRON, Billy
Lemmons/Corp/Enron@ENRON, Kathy M Lynn/Corp/Enron@Enron, James
Coffey/ENRON@Gateway, Larry Fenstad/OTS/Enron@ENRON, Ryan
Siurek/Corp/Enron@ENRON, Scott Vonderheide/Corp/Enron@ENRON, Ron
Coker/Corp/Enron@Enron, Kevin D Jordan/Corp/Enron@ENRON, Gary
Peng/GPGFIN/Enron@ENRON, Tracey Tripp/Corp/Enron@ENRON, Dixie
Riddle/Corp/Enron@ENRON, Wanda Curry/HOU/ECT@ECT, Fred Lagrasta/HOU/ECT@ECT,
Georgeanne Hodges/HOU/ECT@ECT, Tommy J Yanowski/HOU/ECT@ECT, Ted C
Bland/HOU/ECT@ECT, Shirley A Hudler/HOU/ECT@ECT, Edith Cross/HOU/ECT@ECT,
Mark Friedman/HOU/ECT@ECT, Carrie Slagle/HOU/ECT@ect, Brandon
Wax/HOU/ECT@ECT, David Oliver/LON/ECT@ECT, John Alvar/HOU/ECT@ECT, Meredith M
Eggleston/HOU/EES@EES, Gayle W Muench/HOU/EES@EES, Patricia A
Lee/HOU/EES@EES, Christina Barthel/HOU/EES@EES, Dara M Flinn/HOU/EES@EES,
Holly Mertins/HOU/EES@EES, Travis Andrews/HOU/EES@EES, Jonathan
Anderson/HOU/EES@EES, Jonathan Anderson/HOU/EES@EES, Tom Baldwin/HOU/EES@EES,
Justin Day/HOU/EES@EES, Michael Krautz/Enron Communications@Enron
Communications, Shelly Friesenhahn/Enron Communications@Enron Communications,
Todd Neugebauer/Enron Communications@Enron Communications, Steven
Batchelder/Enron Communications@Enron Communications, Bucky
Dusek/HOU/EES@EES, Niclas Egmar/HOU/EES@EES, Brad Mauritzen/HOU/EES@EES,
Clifford Nash/HOU/EES@EES, Sara Weaver/HOU/EES@EES, Kyle Etter/HOU/ECT@ECT,
Nick Hiemstra/HOU/ECT@ECT, Heather A Johnson/HOU/ECT@ECT, Binh
Pham/HOU/ECT@ECT, Stanton Ray/HOU/ECT@ECT, Jason R Wiesepape/HOU/ECT@ECT,
Erin Willis/HOU/ECT@ECT, Christa Winfrey/HOU/ECT@ECT, Michelle
Zhang/HOU/ECT@ECT, Dan Feather/SA/Enron@Enron, Ryan Hinze/Corp/Enron@ENRON,
Michael Olsen/NA/Enron@Enron, Ryan Taylor/NA/Enron@Enron, John
Weakly/Corp/Enron@ENRON, Amy Lehnert/Enron Communications@Enron
Communications, Reagan Mathews/Enron Communications@Enron Communications,
Lisa Gillette/HOU/ECT@ECT, Rob Brown/NA/Enron@Enron, Bill
Gathmann/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Donald M- ECT Origination
Black/HOU/ECT@ECT, Jim Schwieger/HOU/ECT@ECT, Peter Ramgolam/LON/ECT@ECT,
Paul Choi/SF/ECT@ECT, Ron Baker/Corp/Enron@ENRON, Di Mu/Enron
Communications@Enron Communications, Will Chen/Enron Communications@Enron
Communications, Ted Huang/Enron Communications@Enron Communications, Eric
Mason/Enron Communications@Enron Communications, Lena Zhu/Enron
Communications@Enron Communications, Shahid Shah/NA/Enron@Enron, Ravi
Mujumdar/NA/Enron@Enron, David Junus/HOU/EES@EES, Paul Tan/NA/Enron@Enron,
Kristin Quinn/NA/Enron@Enron, Bryan Burnett/HOU/ECT@ECT, Michael W
Bradley/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, Thomas A
Martin/HOU/ECT@ECT, Adam Gross/HOU/ECT@ECT, Margaret
Rhee/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gerardo Benitez/Corp/Enron@Enron,
Hector Campos/HOU/ECT@ECT, Robert Fuller/HOU/ECT@ECT, Dayem
Khandker/NA/Enron@Enron, Sarah Mulholland/HOU/ECT@ECT, Jeffrey
Snyder/Corp/Enron@Enron, Gabriel Chavez/NA/Enron@Enron, Reza
Rezaeian/Corp/Enron@ENRON, Jennifer Fraser/HOU/ECT@ECT, Ozzie
Pagan/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Jeffrey McMahon/HOU/ECT@ECT,
John Arnold/HOU/ECT@ECT, Cheryl Lipshutz/HOU/ECT@ECT, Steve
Venturatos/HOU/ECT@ECT, Michelle Juden/HOU/EES@EES, Christine
Straatmann/HOU/EES@EES, Nicole Alvino/HOU/ECT@ECT, Ashley Dietz/Enron
Communications@Enron Communications, Russell T Kelley/HOU/ECT@ECT, Katie
Stowers/HOU/ECT@ECT, Jason Thompkins/Enron Communications@Enron
Communications, Justyn Thompson/Corp/Enron@Enron, Jodi Thrasher/HOU/EES@EES,
Kim Womack/Enron Communications@Enron Communications, James
Wininger/NA/Enron@Enron, Brian Steinbrueck/AA/Corp/Enron@Enron, Jeffery
Ader/HOU/ECT@ECT, Andy Zipper/Corp/Enron@Enron, Barry
Schnapper/Corp/Enron@Enron, Brian Hoskins/Enron Communications@Enron
Communications, Barry Schnapper/Corp/Enron@Enron
cc:
Subject: Recruiting Expenses
Below are the instructions and cover sheet for your expense reports and the
form that you need to use for your expenses. Please be sure to follow all of
the instuctions or your report will be sent back to you and your payment
delayed.
You do not need to code anything! Everything is coded down here so you do
not have to know any numbers except your social security number and your
phone number. Also, tape your receipts to a blank sheet of paper on ALL 4
SIDES. If you have any questions you can call me at 3-0322.
FYI - Milage is reimbursed at .325 cents to the mile.
Thank you!!
| ||
arnold-j/discussion_threads/33.
|
subject:
content: world cup 2006 -- Germany
BOO!
| ||
arnold-j/discussion_threads/34.
|
subject:
content: Hey,
Can Greg fit me in for about 30 minutes tomorrow afternoon?
--- Your secret admirer
| ||
arnold-j/discussion_threads/35.
|
subject:
content: Hello,
Bill Perkins of Small Ventures USA is having a party this Saturday at the
Mercantile bar downtown. He has rented out the place, has a band, open
bar... usually pretty fun. He asked me to give both of you an invite in
appreciation of the work you've done for him. If you have interest, ccmail
me with whether you need one or two invites each.
John
| ||
arnold-j/discussion_threads/350.
|
subject:
content: Andy:
I just spoke to a guy named Neil Hanover. He is a fund trader for a company
in London. He asked the head EOL marketer to give him a call about setting
him up on the system. Can you help?
his number is 011 44 207 397 0840
john
| ||
arnold-j/discussion_threads/351.
|
subject: Greetings from GARP - Mark your Calendars
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 12/18/2000 05:04
PM ---------------------------
Enron North America Corp.
From: Frank Hayden @ ENRON 12/14/2000 09:44 AM
To: John J Lavorato/Corp/Enron@Enron, John Arnold/HOU/ECT@ECT, Mike
Maggi/Corp/Enron@Enron, Larry May/Corp/Enron@Enron
cc:
Subject: Greetings from GARP - Mark your Calendars
---------------------- Forwarded by Frank Hayden/Corp/Enron on 12/14/2000
09:42 AM ---------------------------
From: Frank Hayden 12/14/2000 09:36 AM
To: [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected], Sunil
Dalal/Corp/Enron@ENRON, Naveen Andrews/Corp/Enron@ENRON, Vladimir
Gorny/HOU/ECT@ECT, Erik Simpson/HOU/ECT@ECT, [email protected],
[email protected], [email protected], [email protected],
Cassandra Schultz/NA/Enron@Enron, [email protected],
[email protected], [email protected], [email protected],
[email protected], Vince J Kaminski/HOU/ECT@ECT, [email protected],
Bharat Khanna/NA/Enron@Enron, David Port/Market Risk/Corp/Enron@ENRON, Rudi
Zipter/HOU/ECT@ECT
cc:
Subject: Greetings from GARP
GREETINGS FROM GARP! WE ARE HAVING THE NEXT MEETING JANUARY 30th AT ENRON.
TIME 6:30PM UNTIL 8:30PM
Vince Kaminski will lead a discussion regarding volatility in the energy
markets.
Please RSVP to Rita Hennessy. Her email address is [email protected]
| ||
arnold-j/discussion_threads/352.
|
subject:
content: can you program my steno in the offices like the ones on my desk?
| ||
arnold-j/discussion_threads/353.
|
subject: Plants Shut Down and Sell the Energy
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 12/22/2000 07:25
AM ---------------------------
[email protected] on 12/22/2000 07:11:26 AM
To: [email protected]
cc:
Subject: Plants Shut Down and Sell the Energy
Subject: Plants Shut Down and Sell the Energy
Plants Shut Down and Sell the Energy
By Peter Behr
Washington Post Staff Writer
Thursday, December 21, 2000; Page E01
Kaiser Aluminum Corp. had planned to spend December making aluminum at its
giant smelters in the Pacific Northwest, run by electricity from the
Bonneville Power Administration's Columbia River dams. Then it saw a better
deal. With California desperate for power and electricity prices hitting
unheard-of peaks, Kaiser shut down its two U.S. smelters last week. It is
selling the electricity it no longer needs -- for about 20 times what it
pays Bonneville under long-standing contracts.
It is a measure of this winter's fuel crunch: Some big industrial firms in
energy-intensive sectors such as paper, fertilizers, metals and even
oil-field operations can make more money by selling their electricity or
natural gas than manufacturing their products. The shifts by such large
industrial consumers of energy -- described as unprecedented by analysts --
will free up more fuel for households and businesses this winter. But they
also are sowing seeds of potential problems next year. Shortages of aluminum
and fertilizer, for example, are likely to give another upward jolt to
consumer prices and further weaken the economy, analysts said.
"The fertilizer picture is particularly worrying us because we don't know
what they're going to use to grow crops with," said David Wyss, chief
economist at Standard & Poor's. Some economists have recently increased
their warnings about the damaging impact of this winter's heating bills on
an already weakening economy. Goldman Sachs analysts last week estimated
that gas heating bills will double this winter to more than $1,000 for a
typical U.S. household.
That and higher electricity prices will cost consumers $20 billion in higher
energy costs compared with a year ago, they estimated, cutting the expected
growth in the nation's economic output by one percentage point on an annual
rate in the first three months of next year. "Overall, the recent energy
price developments have thus added to the risk of a sharp economic
slowdown," the Goldman Sachs report concluded. Terra Industries Inc., in
Sioux City, Iowa, has closed three of its six U.S. ammonia plants, which use
natural gas as a main ingredient for fertilizer production. Like Kaiser, the
company realized it would be much more profitable to stop production in
December and sell the natural gas back to the market at current prices,
which are much higher than the price Terra was obligated to pay under its
existing December supply contract, said Mark Rosenbury, chief administrative
officer.
"We looked at these [current] prices and said, 'This is crazy,' " he said.
Terra hasn't disclosed the profit it will make selling its gas, but
Rosenbury said it would be "substantial." In coming months, Terra's good
fortune could be reversed. It usually buys gas a month at a time, and the
prices for January delivery most likely will be well above its break-even
point. That would keep Terra's plants closed, Rosenbury said, but eliminate
the opportunity to sell the natural gas at a profit. "If this persists,"
Rosenbury said, "it's going to be a real problem."
He estimates that out of a total annual U.S. production capacity of 18
million tons of ammonia, about 4 million tons of production isn't operating
now. "Could we be short of fertilizer next spring? It's possible that
farmers will not have as much as they want," Rosenbury said. Royster-Clark
Inc., a Norfolk and New York City-based fertilizer manufacturer and
distributor, has shut down its one plant in East Dubuque, Ill.,
indefinitely, and 72 production workers will be laid off, beginning next
month. The story is the same -- natural gas prices are too high to justify
continued production. "We believe it's likely this is a speculative bubble
[in natural gas prices] that will burst and in a few weeks we'll be able to
buy gas at a more reasonable price, but that remains to be seen," said Paul
M. Murphy, the company's managing director for financial planning. A
continuation of high natural gas prices would likely shrink production and
raise fertilizer prices to a point that could affect farmers' decisions to
plant feed corn, he said. "It's sticker shock."
According to Wyss, if this winter remains unusually cold and natural gas
remains above $7 per million cubic feet -- double the level a year ago --
farm products could rise significantly a year from now and into 2002. In the
aluminum industry, several smaller producers have joined Kaiser, the
industry's No. 2 manufacturer, in closing down, noted Lloyd O'Carroll, an
analyst with BB&T Capital Markets in Richmond.
Aluminum production in November was 8.3 percent below that of November 1999,
and December's production will be lower still, he said. "We'll get more
production cut announcements, I think," he said. A slowing in the U.S. and
world economies next year could ease the impact of reduced aluminum
supplies. "But if the world economy doesn't fall completely apart, then
[aluminum] prices are going to rise, and they could rise significantly more
than the current forecast," he said. In Kaiser's case, it's an open question
how much of its electric windfall it will keep. Kaiser is contractually
entitled to buy electricity from Bonneville at $22.50 a megawatt per hour,
says spokesman Scott Lamb. That is the power it has sold back to Bonneville
for $550 a megawatt hour for December.
But the Bonneville Authority is pressuring Kaiser to use these and future
profits from power resales to compensate employees at the shut-down plants,
to invest in new electric generating capacity, or even to refund to
Bonneville's other customers, said Bonneville spokesman Ed Mosey. Kaiser and
Bonneville have negotiated a new power purchase deal to take effect after
next October, but the power authority says it intends to reduce deliveries
to Kaiser if the company tries to pocket the electricity sale profits. "Out
here, a deal is a deal, but it has to be a moral deal. There has to be an
ethical dimension to this and we're not shy in trying to make sure they live
up their advantage in having access to this publicly-owned power," Mosey
said.
, 2000 The Washington Post Company
| ||
arnold-j/discussion_threads/354.
|
subject:
content: Here is the name of an available options trader:
Jeremy Sorkin
VP, Deutsche Bank
713 757 9200
Would fit Enron culture, but have had little contact with him professionally.
Might be worth bringing him in. Tell me if you want me to call him.
| ||
arnold-j/discussion_threads/355.
|
subject:
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 12/27/2000 02:55
PM ---------------------------
Jim Schwieger
12/27/2000 02:49 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:
| ||
arnold-j/discussion_threads/356.
|
subject:
content: torrey:
please set me up to trade crude.
John
| ||
arnold-j/discussion_threads/357.
|
subject:
content: Torrey:
Can you also approve Mike Maggi to trade crude as well. Thanks for your help.
John
| ||
arnold-j/discussion_threads/358.
|
subject:
content: if we were open today, where would you open it?
| ||
arnold-j/discussion_threads/359.
|
subject:
content: i'm paying you in stock options
| ||
arnold-j/discussion_threads/36.
|
subject:
content: I spoke to Vlady this afternoon regarding the alternative VAR methodologies.
I think changing to a Riskmetrics historical VAR system is more defendable
and objective, will provide more consistent results, and will create more
realistic results. I understand Vince has a similar opinion.
John.
| ||
arnold-j/discussion_threads/360.
|
subject:
content: Ed:
I am starting options on EOL in about two weeks. As we discussed earlier, I
don't have the appropriate manpower to run this in certain circumstances,
such as when I'm out of the office. As such, I'd like to bring in John
Griffith for anohter round of interviews for an options trading role with
your permission.
John
| ||
arnold-j/discussion_threads/361.
|
subject:
content: are you free for a drink/dinner Wednesday night?
| ||
arnold-j/discussion_threads/362.
|
subject:
content: greg:
what is the (correct) formula you devised for profitability on last trade is
mid?
| ||
arnold-j/discussion_threads/363.
|
subject:
content: John:
I would like for you to come talk to a couple more people on the gas floor
about a possible position down the road. My assistant Ina Rangle is going to
schedule a couple interviews. Please coordinate with her.
John
| ||
arnold-j/discussion_threads/364.
|
subject: Important - EOL Data
content: what's this about?
---------------------- Forwarded by John Arnold/HOU/ECT on 01/03/2001 04:12
PM ---------------------------
Ina Rangel
01/03/2001 03:52 PM
To: John Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron, Larry
May/Corp/Enron@Enron, Dutch Quigley/HOU/ECT@ECT, Craig Breslau/HOU/ECT@ECT,
Phillip K Allen/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Keith
Holst/HOU/ECT@ect, Frank Ermis/HOU/ECT@ECT, Steven P South/HOU/ECT@ECT, Jane
M Tholt/HOU/ECT@ECT, Monique Sanchez/HOU/ECT@ECT, Tori
Kuykendall/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, Kenneth
Shulklapper/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT
cc:
Subject: Important - EOL Data
---------------------- Forwarded by Ina Rangel/HOU/ECT on 01/03/2001 03:49 PM
---------------------------
From: Amanda Huble @ ENRON 01/03/2001 03:43 PM
To: Becky Young/NA/Enron@Enron, Laura Vuittonet/Corp/Enron@Enron, Jessica
Presas/Corp/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Airam Arteaga/HOU/ECT@ECT,
Kimberly Brown/HOU/ECT@ECT
cc:
Subject: Important - EOL Data
Please forward to your groups IMMEDIATELY.
Thank you,
Amanda Huble
---------------------- Forwarded by Amanda Huble/NA/Enron on 01/03/2001 03:42
PM ---------------------------
Colin Tonks@ECT
01/03/2001 03:39 PM
To: Amanda Huble/NA/Enron@Enron
cc:
Subject: Important - EOL Data
If you are currently accessing the EOL database via Excel, Access or any
other means, please contact Colin Tonks (x58885).
EOL intends to stop access to the data within the next month. This means that
any spreadsheets or Access databases will not function subsequent to this
change.
We are currently working with EOL to attain a solution, and need your help to
build an inventory of all potential problems.
Colin Tonks
| ||
arnold-j/discussion_threads/365.
|
subject:
content: please schedule a round of interviews with john griffith with scott, hunter,
phillip, and tom asap (today if possible).
thx
| ||
arnold-j/discussion_threads/366.
|
subject: EnronOnline Broker Client
content: Recently we signed Letters of Interest (LOI's) with three brokers. The
letters contemplate our interest in providing these brokers with the ability
to execute on behalf of their customers on EnronOnline. Below are the terms
of these transactions as outlined in the LOI's. I have contacted many of the
desk heads prior to entering into the LOI's and outlined the general terms of
these transactions (J Arnold, J Nowlan, K McGowan, U Ek, S Hastings, K
Presto,J Hawthorn). We are also in discussions with the following brokers E
D & F Man (US Gas and US Power), GFI (global gas, power, coal and emissions),
PVM (European Crude and Products), and Prebon (world-wide gas & power). We
would appreciate if you could give us the names of additional brokers we
could talk to that are active in your products.
Please pay particular attention to the Amerex terms which include the ability
to initiate executions telephonically using website prices. Enrons
obligation to transact telephonically on website prices are good faith only.
This term allows Amerex to get around a exclusivity clause with Altra which
they are trying to negotiate out of.
Please review the terms and contact me at (ext 3-0397) concerning any
comments or concerns that need to be addressed prior to the execution of
definitive agreements.
Amerex Natural Gas I, Ltd./Amerex Power, Ltd.
Products: Worldwide Gas, Power, Crude, Crude Products and Bandwidth
Broker Fee: No fee for transactions executed on EnronOnline (or initiated
with a website price)
Other: Ability to initiate execution telephonically using a website price
with good faith effort by Enron.
License Fee: $250,000
Term: One year
Liquidated Damages: Payable on broken transactions up to dollar amount of
collateral deposit and accounts payable due to broker. No limit on
Broker fraud or misrepresentation.
Natsource LLC
Products: US Gas and US Power
Broker Fee: No fee for transactions executed on EnronOnline
License Fee: $250,000
Term: One year
Liquidated Damages: Payable on broken transactions up to dollar amount of
collateral deposit and accounts payable due to broker. No limit on
Broker fraud or misrepresentation.
Power Merchant Group
Products: Nymex Natural Gas
Broker Fee: No fee for transactions executed on EnronOnline
License Fee: $100,000
Term: One year
Liquidated Damages: Payable on broken transactions up to dollar amount of
collateral deposit and accounts payable due to broker. No limit on
Broker fraud or misrepresentation.
| ||
arnold-j/discussion_threads/367.
|
subject:
content: Bubbie:
You are hereby invited to the tenth annual Spectron/Enron Celebrity Tony's
dinner featuring Brian Tracy, John Arnold, and Mike Maggi.
Regrets only,
John
| ||
arnold-j/discussion_threads/368.
|
subject: daily charts and matrices as hot links 1/10
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 01/10/2001 07:42
AM ---------------------------
[email protected] on 01/10/2001 06:42:29 AM
To: [email protected]
cc:
Subject: daily charts and matrices as hot links 1/10
The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. , 2000 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude82.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas82.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil82.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded82.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/Stripmatrix82.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG82.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL82.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| ||
arnold-j/discussion_threads/369.
|
subject:
content: Can you put a notice on EOL that due to MLK day, we will be closed Sunday and
be offering Nymex products only from 4-7 on Monday.
Thanks,
John
| ||
arnold-j/discussion_threads/37.
|
subject:
content: Per:
Can you give the Campbell fund read-only access to EOL. It may speed up the
process if they see they can trade pre-market.
John
| ||
arnold-j/discussion_threads/370.
|
subject:
content: http://www.baltimoresun.com/content/cover/story?section=cover&pagename=story&s
toryid=1150540202173
| ||
arnold-j/discussion_threads/371.
|
subject:
content: speed on eol
message for monday
how to move to algorithms
dave or tom moran
| ||
arnold-j/discussion_threads/372.
|
subject:
content: ina
telerate on my computer at home is not working. can you get fixed?
john
| ||
arnold-j/discussion_threads/373.
|
subject: PLEASE NOTE THAT THE DATE FOR THE 1ST MEETING IS JANUARY 16
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 01/13/2001 08:54
PM ---------------------------
Jennifer Burns
01/12/2001 12:46 PM
To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Michael W
Bradley/HOU/ECT@ECT, Jennifer Fraser/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT,
Adam Gross/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, John J
Lavorato/Corp/Enron@Enron, Kevin McGowan/Corp/Enron@ENRON, Vince J
Kaminski/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT,
Fletcher J Sturm/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Bill
White/NA/Enron@Enron
cc: Jeffrey A Shankman/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT
Subject: PLEASE NOTE THAT THE DATE FOR THE 1ST MEETING IS JANUARY 16
As mentioned during the fourth quarter, Gary and I would like to begin
regular meetings of our Trader's Roundtable. The ideas generated from this
group should be longer term trading opportunities for Enron covering the
markets we manage. In addition, this forum will provide for cross commodity
education, insight into many areas of Enron's businesses, and promote
aggressive ideas.
Each week, we'll summarize commodity trading activity, and provide an open
forum for discussion. Your input is valuable, and we've limited this group
to our most experienced traders, and would appreciate regular participation.
Our first meeting will be Tuesday, January 16 at 4:00pm in EB3321.
| ||
arnold-j/discussion_threads/374.
|
subject: Spring Recruiting at Vanderbilt
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 01/17/2001 07:03
PM ---------------------------
From: Beth Miertschin 01/16/2001 03:21 PM
To: Nicole Alvino/HOU/ECT@ECT, Brian Steinbrueck/AA/Corp/Enron@Enron, Katie
Stowers/HOU/ECT, James Wininger/NA/Enron, Ashley Dietz/Enron
Communications@Enron Communications, John Arnold/HOU/ECT@ECT, Jodi
Thrasher/HOU/EES@EES, Russell T Kelley/HOU/ECT@ECT, Cheryl
Lipshutz/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT, Michelle
Juden/HOU/EES@EES, Christine Straatmann/HOU/EES@EES
cc: Jeffrey McMahon/HOU/ECT@ECT, Sue Ford/HOU/ECT
Subject: Spring Recruiting at Vanderbilt
Hello Vanderbilt Team!
First, Congratulations on a wonderful Fall! Of the 13 offers extended, we
have 3 declines, 3 outstanding, and 7 acceptances!
Now its time for Summer Intern recruiting. Jeff McMahon and I met to
finalize the schedule and assigned each of you a time to participate. If you
are unable to attend the event for which you are scheduled, please find a
replacement and let me know as soon as possible. I will assume that everyone
is attending their assigned event unless I am told otherwise.
Jan. 22, 7:00 PM - Outstanding and Accepted Offer Dinner - Nicole Alvino,
Brian Steinbrueck, Katie Stowers, Jim Wininger, Ashley Dietz
Jan. 23, 1 - 5 PM - Intern Career Fair - Jim Wininger, Ashley Dietz, Brian
Steinbrueck
Jan. 23, TBD - Enron Research Fellows Interviews - Nicole Alvino, Katie
Stowers
Jan. 31, 7:00 PM - Open Presentation - Jeff McMahon, John Arnold, Jodi
Thrasher, Rusty Kelley
Jan. 31, 8:00 PM - Dinner with Research Fellows - Jeff McMahon, John Arnold,
Jodi Thrasher, Rusty Kelley
Feb. 11, 7:00 PM - Pre-Interview Reception - Cheryl Lipshutz, Steve
Venturatos, Michelle Juden, Christine Straatman
Feb. 12, 8 - 4 - First Round Interviews - Cheryl Lipshutz, Steve Venturatos,
Michelle Juden, Christine Straatman
Feb. 13, Second Round Interviews - Jeff McMahon, Jeff Ader, Andy Zipper
If any of you have any questions or need additional information, please call
me at 3-0322 or Shawna Johnson at 5-8369. You will receive detailed event
sheets as we get closer to each event. Thanks again to everyone who helped
make this Fall so successful!
Beth
| ||
arnold-j/discussion_threads/375.
|
subject:
content: jeff:
checking to see if you're still on for dinner. wine room at aldo's at 7:00.
drinks at your place before?
john
| ||
arnold-j/discussion_threads/376.
|
subject:
content: Tom:
My assistant spoke to Judy Smith about myself and my partner grabbing an
extra seat on the jet to Tampa.
My partner and I were invited to the game by a couple of gentlemen from New
York that I do business with. Unfortunately, since I run the nat gas
derivatives desk and February expiration is next Monday, the only way we
could go is if the jet were coming back Sunday night. No commercial flights
would get us back in time.
Judy indicated it was fine if we caught a ride on the way back, so my
contacts in NY booked the trip, including buying game tickets. I am now
hearing that you may be leaving early Sunday night. I was just wondering if
your plans had firmed up. Obviously, it would be tremendously helpful to me
if the plane were leaving after the game.
Please advise,
John
| ||
arnold-j/discussion_threads/377.
|
subject:
content: Hey:
Sorry I've taken a few days to respond. Just the more I think about it, the
worse of an idea it seems for both of us. There is nothing good that can
come of it either professionally or personally. I still regard you as a good
friend. Nothing has changed that nor do I think we need to act weird around
each other going forward. Something I think we both wanted to try and we
did. Maybe best left there though.
John
| ||
arnold-j/discussion_threads/378.
|
subject:
content: Gentlemen:
The following champagne is available at 70% of approximate retail price. Also
have interest in trading for red wine. Retail prices derived from Spec's
website or Winesearcer.com. Wine has been stored at temperature controlled
private wine storage facility.
Quan Vintage Wine Retail
3 1990 Perrier Jouet Brut Fleur de Champagne 110
1 1988 Piper Heidsek Reserve 65
2 1990 Dom Perignon 125
1 1990 Veuve Cliquot Ponsardin La Grande Dame 100
1 1988 Taittenger Millesine Brut 85
1 1992 Jacquart Millesine 29
3 1990 Roederer Cristal 200
Any interest??
| ||
arnold-j/discussion_threads/379.
|
subject:
content: Hey:
Any interest in King Biscuit after work??
| ||
arnold-j/discussion_threads/38.
|
subject:
content: Frank:
Just following up on two topics.
One: Larry May's book continues to run at a VAR of 2,500,00 despite the fact
his P&L is never close to that. Can you check that his exotics book
positions are being picked up in his VAR calcs.
Second: Have you looked into applying a band-aid to the understating longer
term Vol problem until we change formulas?
John
| ||
arnold-j/discussion_threads/380.
|
subject: daily charts and matrices as hot links 1/24
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 01/24/2001 07:12
AM ---------------------------
[email protected] on 01/24/2001 06:25:43 AM
To: [email protected]
cc:
Subject: daily charts and matrices as hot links 1/24
The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. , 2000 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude13.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas13.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil13.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded13.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/Stripmatrix13.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG13.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL13.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| ||
arnold-j/discussion_threads/381.
|
subject:
content: you bot 475 at 11.75
| ||
arnold-j/discussion_threads/382.
|
subject:
content: make that 450 @ 11.75
| ||
arnold-j/discussion_threads/383.
|
subject: KCS VPP
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 01/24/2001 09:52
AM ---------------------------
From: Ross Prevatt 01/24/2001 08:19 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: KCS VPP
| ||
arnold-j/discussion_threads/384.
|
subject:
content: Greg:
Somehow I talked Lavo into it. Can you reserve your jet for this Sunday
around midnight?
Thanks,
John
| ||
arnold-j/discussion_threads/385.
|
subject:
content: Guys:
We are going to run EOL on Sunday from 2-4 pm due to the big game. Can you
post a message on EOL to that respect.
Thx,
John
| ||
arnold-j/discussion_threads/386.
|
subject:
content: Andy:
I just briefed Lavorato on the credit issues. His comment was that Bradford
is going through defcom 3 over California right now and to give him a week
when things start to get sorted out there.
John
| ||
arnold-j/discussion_threads/387.
|
subject: Eloy Escobar Review
content: Please respond to Jennifer
---------------------- Forwarded by John Arnold/HOU/ECT on 01/26/2001 12:06
PM ---------------------------
From: Jennifer Fraser 01/26/2001 11:04 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Eloy Escobar Review
Are you going to do this? I am happy to--- I just need you to print the
forms--- i'll do it and we can jointly sign and keep everyone happy. IF it's
okay with you I am going to give him his numbers
JF
| ||
arnold-j/discussion_threads/388.
|
subject: Natural update
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/04/2001 09:12
PM ---------------------------
"Mark Sagel" <[email protected]> on 02/04/2001 09:03:25 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Natural update
?
- ng2001-0204.doc
| ||
arnold-j/discussion_threads/389.
|
subject: daily charts and matrices as hot links 2/5
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/05/2001 07:30
AM ---------------------------
[email protected] on 02/05/2001 07:11:21 AM
To: [email protected]
cc:
Subject: daily charts and matrices as hot links 2/5
The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. , 2000 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude11.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas11.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil11.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded11.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/Stripmatrix11.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG11.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL11.pdf
Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
[email protected]
http://www.carrfut.com
| ||
arnold-j/discussion_threads/39.
|
subject:
content: Hello:
A recent posting on the Enron bulletin board indicated that you are looking
for academic tutors. I may be available to help at nights in math. Can you
please respond with details about the program, how old the kids are, the
commitment required, etc.
Thanks,
John Arnold
| ||
arnold-j/discussion_threads/390.
|
subject: re: options
content: Mr Sturm:
Due to the California power crisis, Enron Gas Trading is unable to extend
sell authorization on options to Enron Power Trading. Please call if you
should desire to sell any options and credit will be extended on a
trade-by-trade basis. We apologize for any inconvience.
Sincerely:
John Arnold
Vice President, Gas Trading
Enron North America
---------------------- Forwarded by John Arnold/HOU/ECT on 02/05/2001 12:55
PM ---------------------------
Larry May@ENRON
02/05/2001 12:51 PM
To: Stephanie Sever/HOU/ECT@ECT
cc: John Arnold/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT
Subject: re: options
Please enable Flecther Sturm to sell options
| ||
arnold-j/discussion_threads/391.
|
subject: FW: A crossroads we have all been at ...
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/05/2001 05:11
PM ---------------------------
[email protected] on 02/03/2001 01:45:57 PM
To: [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected], [email protected],
[email protected], [email protected]
cc:
Subject: FW: A crossroads we have all been at ...
but we all know ourselves which way we turned most often
- Crossroads.jpg
| ||
arnold-j/discussion_threads/392.
|
subject: swaps
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/06/2001 10:44
AM ---------------------------
Parker Drew <[email protected]> on 02/06/2001 09:58:41 AM
Please respond to [email protected]
To: [email protected], Kenneth E Girdy <[email protected]>
cc:
Subject: swaps
Deals #852287, 851654, 851191 unintentionally were traded as Gas Daily
swaps instead of last day average swaps. Could you see to it that they
are switched. Thank you. Parker
| ||
arnold-j/discussion_threads/393.
|
subject: remove from email list
content: remove from email list
| ||
arnold-j/discussion_threads/394.
|
subject:
content: cute girlfriends.... I'm in
| ||
arnold-j/discussion_threads/395.
|
subject:
content: hey hon:
had a great time last night. you're one ok chick.
john
| ||
arnold-j/discussion_threads/396.
|
subject:
content: can you change deal 27 (paribas) today to NYMEX from gas daily
| ||
arnold-j/discussion_threads/397.
|
subject:
content: can you change #23 and #375 to Nymex
| ||
arnold-j/discussion_threads/398.
|
subject:
content: Ina:
Can you change my meeting with Sheriff's boys to Tueday after 3:00 from
Monday.
Also, stick me on thedistribution for the Enron press pack that has all the
articles in which Enron is mentioned.
Thanks
| ||
arnold-j/discussion_threads/399.
|
subject: Natural update
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/12/2001 07:29
AM ---------------------------
"Mark Sagel" <[email protected]> on 02/11/2001 08:00:51 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Natural update
FYI
- ng2001-0211.doc
| ||
arnold-j/discussion_threads/4.
|
subject:
content: lyle lovett national anthem
nolan ryan first pitch
dwight gooden first real pitch
| ||
arnold-j/discussion_threads/40.
|
subject:
content: Frank:
The $5,000,000 extra VAR disappears in about a week. There MUST be a
band-aid to the term VAR curve before this expires. Again, the back of the
board is realizing 35-60% vol and it's being credited with 15% vol.
Thanks,
John
| ||
arnold-j/discussion_threads/400.
|
subject:
content: Liz:
I have 4 tickets for Destiny's child for you. They're pretty good seats.
I'll put these on hold while I still try to get a box...
John
| ||
arnold-j/discussion_threads/401.
|
subject: Enjoy Bud
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/12/2001 05:22
PM ---------------------------
Rory McCauley <[email protected]> on 02/12/2001 01:47:46 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Enjoy Bud
- Jerky Boys - Prank Call to Chinese Restaurant.mp3
| ||
arnold-j/discussion_threads/402.
|
subject:
content: Yesterday, Aquilla sold March at 5.77 and 5.76 for HeHub. Please change it
to Nymex
| ||
arnold-j/discussion_threads/403.
|
subject: Enjoy Bud
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/13/2001 11:36
AM ---------------------------
Rory McCauley <[email protected]> on 02/12/2001 01:47:46 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Enjoy Bud
- Jerky Boys - Prank Call to Chinese Restaurant.mp3
| ||
arnold-j/discussion_threads/404.
|
subject: Deal# 863626 from 2001-02-07
content: Please change as indicated
---------------------- Forwarded by John Arnold/HOU/ECT on 02/14/2001 07:32
AM ---------------------------
"Gencheva, Daniela" <[email protected]> on 02/13/2001 11:06:52 AM
To: "'[email protected]'" <[email protected]>
cc: "Liszewski, Pete" <[email protected]>
Subject: Deal# 863626 from 2001-02-07
John,
During a telephone conversation with Pete Liszewski, at 2.12 pm on February
7th, you agreed that the price for deal#863626 - NYMEX nat gas swap for
15,000 Apr 01 should have been $5.815 NOT $5.83 as you system wrongfully
indicated.
Would you correct the price in your system or inform your contract
administrator of the correction.
If you have any questions please feel free to contact Pete Liszweski at
405-553-6430.
Daniela Gencheva
Energy Trading Analyst II
OGE Energy Resources
TEL: 405-553-6486
FAX: 405-553-6498
| ||
arnold-j/discussion_threads/405.
|
subject:
content: Ina:
Can you get a small drink refrigerator for the office stocked with:
Water (lots)
Diet Coke
Coke
Dr. Pepper
Diet Pepsi
Various Fruit Drinks
Thanks,
John
| ||
arnold-j/discussion_threads/406.
|
subject:
content: Andy:
Can you remove ICE from mine and Mike Maggi's computer.
Also, do we have a list of who has it installed. I hate supporting our
competition.
John
| ||
arnold-j/discussion_threads/407.
|
subject:
content: We will open EOL 4-7 on Monday for everyone's trading pleasure.
| ||
arnold-j/discussion_threads/408.
|
subject: Enjoy Bud
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/15/2001 02:51
PM ---------------------------
Rory McCauley <[email protected]> on 02/12/2001 01:47:46 PM
To: "'[email protected]'" <[email protected]>
cc:
Subject: Enjoy Bud
- Jerky Boys - Prank Call to Chinese Restaurant.mp3
| ||
arnold-j/discussion_threads/409.
|
subject:
content: Are you free for drinks either Monday or Wednesday?
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arnold-j/discussion_threads/41.
|
subject:
content: Jim:
The following are the authorized floor brokers to accept trades from:
Man
Paribas
SDI
Refco
Carr
the old Fimat group (don't know what their name is now)
Flatt Futures
ABN
Thanks,
John
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arnold-j/discussion_threads/410.
|
subject:
content: Kim:
2 tix for Rent this Sat night will be waiting for you at will call at the
theatre. Bring ID.
If you have any problems call the ticket agency at 212 302 1643 or me at 713
557 3330.
Have fun,
John
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arnold-j/discussion_threads/411.
|
subject: Natural update
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/25/2001 06:28
PM ---------------------------
"Mark Sagel" <[email protected]> on 02/25/2001 06:26:01 PM
To: "John Arnold" <[email protected]>
cc:
Subject: Natural update
Latest natural update
- ng022601.doc
| ||
arnold-j/discussion_threads/412.
|
subject:
content: Just a reminder about drinks Monday night..
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arnold-j/discussion_threads/413.
|
subject: FW: "Chinese Wall" Classroom Training
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/26/2001 08:30=
=20
PM ---------------------------
From: Mark Frevert/ENRON@enronXgate on 02/23/2001 01:12 PM
To: Jeffery Ader/HOU/ECT@ECT, Berney C Aucoin/HOU/ECT@ECT, Edward D=20
Baughman/HOU/ECT@ECT, Dana Davis/ENRON@enronXgate, Doug=20
Gilbert-Smith/Corp/Enron@ENRON, Rogers Herndon/HOU/ECT@ect, Ben=20
Jacoby/HOU/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT,=20
Fletcher J Sturm/HOU/ECT@ECT, Bruce Sukaly/Corp/Enron@Enron, Lloyd=20
Will/HOU/ECT@ECT, Mark Tawney/ENRON@enronXgate, George McClellan/HOU/ECT@EC=
T,=20
Fred Lagrasta/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,=
=20
Hunter S Shively/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Thomas A=20
Martin/HOU/ECT@ECT
cc: =20
Subject: FW: "Chinese Wall" Classroom Training
Chinese Wall training of one hour has been scheduled on the dates listed=20
below. The training is mandatory and allows EWS to continue operating all=
=20
its businesses including equity trading without violating the securities la=
ws.
Please register for one of the four one-hour sessions listed below. Each=
=20
session is tailored to a particular commercial group, and it would be=20
preferable if you could attend the session for your group. (Your particula=
r=20
group is the one highlighted in bold on the list below.) =20
Monday, March 5, 2001, 10:00 a.m. =01) Resource Group
Monday, March 5, 2001, 11:00 a.m. =01) Origination/Business Development
Monday, March 5, 2001, 3:30 p.m. =01) Financial Trading Group
Monday, March 5, 2001, 4:30 p.m. =01) Heads of Trading Desks
Each of the above sessions will be held at the downtown Hyatt Regency Hotel=
=20
in Sandalwood Rooms A & B. Alternatively, two make-up sessions are schedul=
ed=20
for Tuesday, March 13, 2001 at 3:30 p.m. and 4:30 p.m. Location informatio=
n=20
for the make-up sessions will be announced later.
Please confirm your attendance at one of these sessions with Brenda Whitehe=
ad=20
by e-mailing her at [email protected] or calling her at extension=
=20
3-5438.
Mark Frevert and Mark Haedicke
=20
| ||
arnold-j/discussion_threads/414.
|
subject: Drift Meeting
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/26/2001 08:31
PM ---------------------------
Shirley Tijerina@ENRON
02/26/2001 09:53 AM
To: Wes Colwell/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, John
Arnold/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Harry Arora/HOU/ECT, Joseph
Deffner/HOU/ECT
cc: Anita DuPont/NA/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Judy
Zoch/NA/Enron@ENRON, Barbara Lewis/HOU/ECT, Megan Angelos/NA/Enron
Subject: Drift Meeting
The above mentioned meeting has been scheduled as requested on Wednesday,
2/28 from 3:30 - 4:30pm in EB3321.
If you have any questions, please call me at X58113.
Thanks.
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arnold-j/discussion_threads/415.
|
subject: EnronOnline Spreads Information Session
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 02/27/2001 06:51
PM ---------------------------
Enron North America Corp.
From: Savita Puthigai @ ENRON 02/27/2001 04:43 PM
To: John [email protected], [email protected], [email protected],
[email protected], John Arnold/HOU/ECT@ECT, Peter F Keavey/HOU/ECT@ECT,
[email protected]
cc:
Subject: EnronOnline Spreads Information Session
We have scheduled an information session regarding the new spreads
functionality .
Date Time Location
2/28/01 4.00 - 5.00 p.m. 27C2
I would appreciate it if you could forward this message to all the traders on
your desk.
Thanks
Savita
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arnold-j/discussion_threads/416.
|
subject:
content: Forgot, I'm leaving town tomorrow afternoon. Will be back Thursday morn.
We'll do it some other time.
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arnold-j/discussion_threads/417.
|
subject: Invoice for advisory work
content: Ina:
Can you get this paid on a rush basis?
thanks,john
---------------------- Forwarded by John Arnold/HOU/ECT on 02/28/2001 06:53
AM ---------------------------
"Mark Sagel" <[email protected]> on 02/02/2001 10:39:38 AM
To: "John Arnold" <[email protected]>
cc:
Subject: Invoice for advisory work
Attached is an invoice that covers the three-month trial period.? Hope all
is well.
?
Mark Sagel
- invoice enron 9938.doc
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arnold-j/discussion_threads/418.
|
subject:
content: are you free at 3:00 today to go over the aga model?
| ||
arnold-j/discussion_threads/419.
|
subject: CANCELLED - Trader's Roundtable
content: Are you around next Tuesday?
---------------------- Forwarded by John Arnold/HOU/ECT on 03/02/2001 04:22
PM ---------------------------
From: Jennifer Burns/ENRON@enronXgate on 03/02/2001 03:29 PM
To: Phillip K Allen/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Michael
Bradley/HOU/EES@EES, Jennifer Fraser/ENRON@enronXgate, Mike
Grigsby/HOU/ECT@ECT, Adam Gross/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect,
Kevin McGowan/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT, John L
Nowlan/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT,
Hunter S Shively/HOU/ECT@ECT, Bill White/NA/Enron@Enron, Gary
Hickerson/HOU/ECT@ECT, Jeffrey A Shankman/ENRON@enronXgate, John J
Lavorato/ENRON@enronXgate
cc: Ina Rangel/HOU/ECT@ECT, Judy Zoch/NA/Enron@ENRON, Gloria
Solis/ENRON@enronXgate, Helen Marie Taylor/HOU/ECT@ECT, Tamara Jae
Black/HOU/ECT@ECT, Angie Collins/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT,
Kimberly Hillis/ENRON@enronXgate
Subject: CANCELLED - Trader's Roundtable
The trader's roundtable meeting for Tuesday, March 6 at 4:00PM has been
cancelled.
Thanks!
Jennifer
| ||
arnold-j/discussion_threads/42.
|
subject:
content: Jim:
The list I gave you is a list of brokers that can clear through you, NOT
brokers that you clear exclusively. You do not clear any of my brokers
exclusively. All trades that clear through you will be done on discretionary
trade-by trade basis. You MUST have your floor personnel reverse everything
they they told my brokers this morning.
I am not happy.
John
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arnold-j/discussion_threads/420.
|
subject:
content: dinner or drinks tonight?
| ||
arnold-j/discussion_threads/421.
|
subject:
content: yes...please change griffith to trading.
thanks,
john
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arnold-j/discussion_threads/422.
|
subject: RE: Pops Order Number 20267 John Arnold
content: Not impressive
---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 07:06
AM ---------------------------
[email protected] (Pops wine Sales) on 03/05/2001 02:28:38 PM
To: <[email protected]>
cc:
Subject: RE: Pops Order Number 20267 John Arnold
Thank You for your on-line order!
The item(s) you ordered are currently out-of-stock. You will be
automatically notified when they become available.
Thanks!!
Pop's Wines & Spirits
256 Long Beach Road
Island Park, New York 11558
516.431.0025
516.432.2648, fax
[email protected]
www.popswine.com
| ||
arnold-j/discussion_threads/423.
|
subject: Enron Mentions - 03-04-01
content: ---------------------- Forwarded by John Arnold/HOU/ECT on 03/06/2001 07:48
AM ---------------------------
From: Ann M Schmidt@ENRON on 03/05/2001 08:23 AM
To: Ann M Schmidt/Corp/Enron@ENRON
cc: (bcc: John Arnold/HOU/ECT)
Subject: Enron Mentions - 03-04-01
Utility Deregulation: Square Peg, Round Hole?
The New York Times, 03/04/01
3 Executives Considered to Head Military
Los Angeles Times, 03/04/01
Bush leaning toward execs for military
The Seattle Times, 03/04/01
Enron's Chief Denies Role as Energy Villain / Critics regard Kenneth Lay as
deregulation opportunist
The San Francisco Chronicle, 03/04/01
Enron boss says he's not to blame for profits in energy crisis
Associated Press Newswires, 03/04/01
The Stadium Curse? / Some stocks swoon after arena deals
The San Francisco Chronicle, 03/04/01
Money and Business/Financial Desk; Section 3
ECONOMIC VIEW
Utility Deregulation: Square Peg, Round Hole?
By JOSEPH KAHN
03/04/2001
The New York Times
Page 4, Column 6
c. 2001 New York Times Company
WASHINGTON -- IN the forensic pursuit of what caused California's power
failure, the Bush administration, the energy industry and many analysts have
granted immunity to deregulation.
Robert Shapiro, a managing director of Enron, the giant electricity marketer,
says the California mess should in no way affect deregulation in other
states, ''because California didn't really deregulate.'' Spencer Abraham, the
new energy secretary, said Californians simply goofed, setting up a
''dysfunctional'' system. It is the way California deregulated, not
deregulation itself, that should take the blame, they say.
Yet some economists argue that California's troubles should inform the debate
about whether -- not just how -- to deregulate. Among them is Alfred E. Kahn,
the Cornell University economist who helped oversee the creation of free
markets in the rail, trucking and airline industries.
''I am worried about the uniqueness of electricity markets,'' Mr. Kahn said.
He is still studying whether the design flaws in California's market explain
the whole problem. But he is sounding a note of skepticism.
''I've always been uncertain about eliminating vertical integration,'' he
said, referring to the old ways of allowing a single, heavily regulated power
company to produce, transmit and distribute electricity. ''It may be one
industry in which it works reasonably well.''
Mr. Kahn's comments might sound a little heretical. When this former Carter
administration official was pushing deregulation, it was still a novel and
politically risky concept. Today, getting government out of most businesses
is part of the Washington economic canon.
Moreover, few people believe that California, the first state to overhaul its
electricity sector from top to bottom, has proved a good laboratory. To
satisfy interest groups, the markets were designed in an awkward way, which
soured some deregulation experts on California before the first electron went
on the auction block.
Among the quirks: The state required utilities to buy nearly all their power
on daily spot markets, rather than arranging long-term contracts that might
have allowed them to hedge risk. Consumer prices were also fixed, making it
impossible for utilities to pass on higher wholesale costs.
Paul L. Joskow, an expert on electricity markets at the Massachusetts
Institute of Technology and a former student of Mr. Kahn's, remains hopeful
that the kinks can be ironed out.
In New England and the the Middle Atlantic states, as well in as Britain,
Chile and Argentina, all places that have restructured electricity markets,
regulators have had to adjust market rules to correct flaws. They have found
ways to check the tendency of power sellers to exploit infant markets and
charge high prices, Mr. Joskow said.
Regulators have also had to establish new markets that, through price
signals, encourage power companies to build enough generating capacity so
that they have reserves for peak hours. During peak hours, shortages and
price spikes can substantially raise average prices.
''If they can do it in Britain, Chile and Argentina, then I think we can do
it here,'' Mr. Joskow said.
Still, he warns that proper regulation requires tough political choices.
Allowing high prices to pass through to consumers is one. Making sure
Nimbyism does not prevent the construction of power plants is another.
''The political system must rise to the task,'' Mr. Joskow said, or the ''old
way might be the best we can do.''
Mr. Kahn knows a bit about the old way. In the mid-1970's, he headed the New
York Public Service Commission, which oversaw electricity and other regulated
industries. The drawbacks were legendary. Local utilities had an endemic
tendency to overestimate demand to justify new power plants, for which
consumers paid through steady rate increases. Nearly everyone assumed that
competition would slash prices.
But though free markets do a better job managing rail, phone and airline
prices, they have yet to match regulators' ability to juggle the complexities
of electricity, Mr. Kahn said.
Regulators tended to apply heavy political pressure on utilities to keep
prices as low as possible and profit margins steady but thin. The vertical
integration of electricity monopolies may have also had advantages, Mr. Kahn
said. Engineers coordinated power plants and transmission lines in ideal
ways. Planners who saw the need for new plants helped find a place for them
to be built. ''The players all depended on one another,'' he said.
California has probably not derailed deregulation efforts. But it has made
people wonder anew whether market forces work for kilowatts as they do for
widgets.
Photo: Alfred E. Kahn
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
National Desk
3 Executives Considered to Head Military
From Associated Press
03/04/2001
Los Angeles Times
Home Edition
A-25
Copyright 2001 / The Times Mirror Company
WASHINGTON -- Three corporate executives are under consideration to lead the
Air Force, Army and Navy, administration officials said Saturday.
The three have been interviewed by Defense Secretary Donald H. Rumsfeld, and
the White House was expected to announce this week that it will send their
names to the Senate for confirmation, the Washington Times reported, quoting
unidentified sources.
Gordon R. England, 63, who retired recently from General Dynamics Corp.,
would be nominated as Navy secretary; James G. Roche, 61, a vice president at
Northrop Grumman Corp., is the pick to head the Air Force; and the choice to
head the Army is Thomas E. White, 57, a retired Army general and an executive
with Enron Corp. White also once worked as an assistant to Colin L. Powell,
Bush's secretary of State.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
News
Bush leaning toward execs for military
The Associated Press
03/04/2001
The Seattle Times
Sunday
A9
(Copyright 2001)
WASHINGTON--Three corporate executives are under consideration to lead the
Air Force, Army and Navy, administration officials said yesterday.
The three men have been interviewed by Defense Secretary Donald Rumsfeld, and
the White House was expected to announce next week that it will send their
names to the Senate for confirmation, The Washington Times reported
yesterday, quoting unidentified sources.
But two Bush administration sources, speaking on condition of anonymity, told
The Associated Press that President Bush has not made a decision and that the
nominations were not a certainty.
The Times said Gordon England, 63, who retired last week as a vice president
at General Dynamics, would be nominated as Navy secretary. England was
responsible for the company's information systems and international programs.
The newspaper also said James Roche, 61, a vice president at Northrop
Grumman, was the pick to head the Air Force. Roche, a retired Navy captain,
worked in the State Department during the Reagan administration and later was
Democratic staff director for the Senate Armed Services Committee.
The nominee for Army secretary was said to be Thomas White, 57, a retired
Army general and an executive with Enron, a Houston-based energy company.
White was executive assistant to Secretary of State Colin Powell when Powell
was chairman of the Joint Chiefs of Staff.
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
NEWS
Enron's Chief Denies Role as Energy Villain / Critics regard Kenneth Lay as
deregulation opportunist
David Lazarus
Chronicle Staff Writer
03/04/2001
The San Francisco Chronicle
FINAL
A1
(Copyright 2001)
Kenneth Lay is one of the energy "pirates" accused by California's governor
of fleecing consumers. As chairman of Enron Corp., the world's largest energy
trader, Lay is arguably the biggest, baddest buccaneer of them all.
But that's not how he wants to be seen. And he certainly doesn't like taking
knocks from Gov. Gray Davis for having contributed to California's energy
mess.
"It's very unfair," Lay said, his brown eyes taking on a puppy- dog quality.
"He's trying to vilify us. But we didn't make the rules in California. We had
nothing to do with creating the problem."
He gazed out from his plush, 50th-floor office. Houston's downtown
skyscrapers jutted like sharp teeth against the overcast sky.
"Everyone played by the rules," Lay said. "Now our reputations are being
maligned."
In a sense, he's right. The ultimate blame does rest with California
policymakers for deregulating the state's electricity market in such a
ham-fisted way that power giants like Enron cleaned up by exploiting
loopholes in the system.
But Enron was no innocent bystander during the restructuring process.
"Enron and Ken Lay were one of the major players behind the push for
deregulation in California," said Janee Briesemeister, senior policy analyst
in the Austin office of Consumers Union. "A lot of what's happening in
California was their idea."
Those familiar with the state's deregulation efforts said Enron was
especially eager to ensure that a newly created Power Exchange, where
wholesale power would be bought and sold, was separate from the Independent
System Operator, which would oversee the electricity grid.
"This fragmented the wholesale market, making it harder to monitor," said
John Rozsa, an aide to state Sen. Steve Peace, D-El Cajon, widely regarded as
the godfather of California's bungled deregulation measures.
"Enron isn't in the business of making markets work," Rozsa said. "They're in
the business of making a buck."
In an ironic twist, however, Enron now could play a pivotal role in helping
the state remedy past errors and find its energy footing. The company has
that much clout.
SEEKING LAY'S BLESSING
Thus, as the governor pushes ahead with a scheme to purchase the transmission
lines of California's cash-strapped utilities, he didn't hesitate to call
recently seeking Lay's personal blessing for the plan.
This must have been a sweet moment for the man who just weeks earlier had
been castigated by Davis in the governor's State of the State speech.
"I told him we couldn't support it," Lay said, a hint of a smile playing
across his lips. "It will lead to an even less efficient transmission grid
and, longer term, it could make things worse."
Why would Davis swallow his pride and court favor with Enron's big cheese?
Simple: Davis will need the Bush administration's backing to make the
power-line sale fly, and, many believe, there's no faster way to reach the
new president than via the Houston office of his leading corporate patron.
Lay, 58, and his company have donated more than $500,000 to Bush's various
political campaigns in recent years, and he placed Enron's private jet at
Bush's disposal during the presidential race.
So great is Lay's influence with the president that some insist he is now
serving effectively as shadow energy secretary, shaping U.S. energy policy as
he sees fit.
"There's a long history of Enron pulling the levers of its political
relationships to get what it wants," said Craig McDonald, director of Texans
for Public Justice, a watchdog group. "What Ken Lay thinks energy policy
should be isn't very different from what George Bush and Dick Cheney think it
should be."
ANOTHER VIEWPOINT
Lay, of course, sees things differently. At the mere mention of his close
rapport with the president, his eyes glazed over and he mechanically recited
the words he has repeated numerous times in recent months.
"I have known the president and his family for many years," Lay said. "I've
been a strong supporter of his. I believe in him and I believe in his
policies."
He insisted that reports of his having sway over Bush on energy matters are
"grossly exaggerated."
Still, it is striking that Bush's quick decision after taking office to limit
federal assistance in solving California's energy woes virtually mirrored
Lay's own thoughts on the situation. So, too, with the administration's
hands-off approach to resolving the crisis.
Whatever else, California's power woes have been very kind to Enron's bottom
line. The company's revenues more than doubled to $101 billion last year.
They haven't hurt Lay, either. According to company records, his pay package
more than tripled last year to $18.3 million.
Lay and other Enron officials steadfastly refuse to break out the company's
California earnings from other worldwide business activities. But Lay
conceded that Enron's profit from California energy deals last year was "not
inconsequential."
"We benefit from the volatility," he said.
CAPTIVE MARKETPLACE
That's putting it mildly. It could be said that California's energy mess was
tailor-made for Enron, which is almost uniquely positioned to prosper from a
captive marketplace in which electricity and natural gas prices are
simultaneously soaring skyward.
To understand why that is, one must look closely at Enron's complex business
model. The company is much more than just a middleman in brokering energy
deals.
Lay, with a doctorate in economics and a background as a federal energy
regulator, set about completely reinventing Enron in 1985 after taking over
what was then an unexceptional natural-gas pipeline operator.
As he saw it, the real action was not in distribution or generation of
energy, but in transacting lightning-fast deals wherever electricity or gas
is needed -- treating energy like a tradable commodity for the first time.
Enron is now the leader in this fast-growing field, and uses that advantage
to consolidate its position as the market-maker of choice for energy buyers
and sellers throughout the country.
It also exploits its size and trading sophistication to structure unusually
creative deals. For example, if electricity prices are down but natural gas
prices up, Enron might cut a deal to meet a utility's power needs in return
for taking possession of the gas required to run the utility's plants.
Enron could then turn around and sell that gas elsewhere, using part of the
proceeds to purchase low-priced electricity from another provider, which it
ships back to the original utility.
"We do best in competitive markets," Lay said. "These are sustainable
markets."
TRADING FRENZY
Enron's trading floors buzz all day long with frantic activity as mostly
young, mostly male employees scan banks of flat-panel displays in search of
the best deals. Rock music blares from speakers, giving the scene an almost
frat-party atmosphere.
The company's trading volume skyrocketed last year with the advent of an
Internet-based bidding system, which logged 548,000 trades valued at $336
billion, making Enron by far the world's single biggest e-commerce entity.
Kevin Presto, who oversees Enron's East Coast power trades, called up the
California electricity market on his computer. With a few quick mouse clicks,
he showed that Enron at that moment was buying power in the Golden State at
$250 per megawatt hour and selling it at $275.
"Some days we're at $250, some days $300 and some days $500," Presto said
over the steady thump-thump of the trading floor's rock 'n' roll soundtrack.
"There's truly a problem out there."
This is a recurring theme among Enron officials: California's electricity
market is broken and Enron would prefer it if things just settled down. As
Lay himself put it, "The worst thing for us is a dysfunctional marketplace."
In reality, California's dysfunctional marketplace means Enron isn't just
making piles of money, it's seeing profits both coming and going.
LOTS OF BUSINESS IN CALIFORNIA
The company's energy services division, which handles the complete energy
needs of large institutions, counts among its clients the University of
California and California State school systems, Oakland's Clorox Co., and
even the San Francisco Giants and Pac Bell Park.
Enron purchases electricity on behalf of these clients from Pacific Gas and
Electric Co., which by law must keep its rates frozen below current market
values. At the same time, Enron sells power to PG&E at sky-high wholesale
levels.
In other words, Enron is buying back its own electricity from PG&E for just a
fraction of the price it charges the utility.
"These guys are the pariahs of the power system," said Nettie Hoge, executive
director of The Utility Reform Network in San Francisco. "Why do we need
middlemen? They don't do anything except mark up the cost."
To be fair, energy marketers such as Enron can help stabilize an efficient
marketplace by promoting increased competition between buyers and sellers.
This has proven the case in Pennsylvania, where Enron actively trades among
about 200 market participants.
But in an inefficient market such as California, a company like Enron can
easily exacerbate things by exploiting loopholes in the state's ill-conceived
regulatory framework.
Sylvester Turner, a Houston lawmaker who serves as vice chairman of the state
committee that oversees Texas utilities, said he can't blame Enron and other
power companies for pursuing profits in California.
"California set up some bad rules, and these companies played by the rules
California set up," he said. "At the end of the day, they will behave to
enhance their bottom lines."
But as Texas proceeds toward deregulation of its own electricity market next
year, Turner said he has learned from California's experience -- and is
taking steps to prevent Texas' power giants from shaking down local
consumers.
LESSONS FROM GOLDEN STATE
He has written a bill intended to give the Texas Public Utility Commission
more authority in cracking down on market abuses. The power companies are
fighting the legislation as hard as they can.
Not least among Turner's worries is that Texas will see what California
officials believe happened in their state: A deliberate withholding of power
by leading providers until surging demand had pushed prices higher.
"I have that concern," he said. "I don't necessarily take these companies at
their word."
For his part, Lay insists that Enron has never deliberately manipulated
electricity prices.
"I don't know of any of that," he said. "It's so easy to conjure up
conspiracy theories."
As a sign of Enron's commitment to solving California's energy troubles, Lay
said he supported Davis when the state began negotiating long-term power
contracts on behalf of utilities.
So how many contracts has Enron signed?
Suddenly, the hurt, puppyish expression vanished from Lay's face, and a
harder, more steely look glinted from his eyes.
"None," he said. "We won't be signing until we're certain about recovering
our costs."
Consider this a shot across California's bow.
PHOTO; Caption: Chairman Kenneth Lay said Enron had "nothing to do with
creating the (energy) problem."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron boss says he's not to blame for profits in energy crisis
03/04/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
SAN FRANCISCO (AP) - Yes, his business has profited handsomely from
California's energy crisis, but Enron Corp. Chairman Kenneth Lay says he
shouldn't be a scapegoat in California's energy crisis.
That hasn't swayed Gov. Gray Davis, who has skewered energy companies such as
Houston-based Enron for selling expensive power to California.
"Never again can we allow out-of-state profiteers to hold Californians
hostage," Davis warned in his State of the State address.
More recently, however, Davis called Lay to discuss negotiations as the state
looks to buy power transmission lines from troubled utilities.
"I told him we couldn't support it," Lay told the San Francisco Chronicle in
an interview at his Houston office. "It will lead to an even less efficient
transmission grid and, longer term, it could make things worse."
Lay is not just any private-sector energy czar - Enron Corp. is the world's
largest energy trader and Lay is a close friend of President George Bush. Lay
and his corporation have donated more than $500,000 to Bush's various
political campaigns in recent years and he offered Bush use of Enron's
private jet during the presidential race.
But Lay said it's economics, not politics, that matter in California's energy
crisis. And he thinks it unfair that Davis has blamed out-of-state energy
brokers for the protracted problems.
"We didn't make the rules in California," Lay said. "We had nothing to do
with creating the problem."
The problem, many analysts agree, began with the state's deregulation of the
power industry in 1996. Enron encouraged deregulation, and the state's
ensuing power crisis has been lucrative for the corporation.
Enron's stock jumped 86 percent in 2000 and its revenues more than doubled to
$101 billion. Lay, 58, was compensated accordingly - he received nearly $16
million in stock and cash beyond his $1.3 million salary last year, compared
with less than $4 million in bonuses in 1999.
Lay refused to say how much Enron has made off California's crisis, though he
conceded the profit was "not inconsequential."
"We benefit from the volatility," said Lay, who took over Enron in 1985 and
has helped turn the corporation into a major player in the trading of
electricity as a commodity.
But Lay rejected suggestions that Enron has manipulated prices upward by
insisting California pay dearly for last-minute power that has helped keep
the lights on in recent months.
"I don't know of any of that," he said. "It's so easy to conjure up
conspiracy theories."
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
BUSINESS
NET WORTH
The Stadium Curse? / Some stocks swoon after arena deals
Kathleen Pender
03/04/2001
The San Francisco Chronicle
FINAL
B1
(Copyright 2001)
Is buying the name of a big-league stadium the kiss of death for a company,
or does it only seem that way?
From Network Associates Coliseum in Oakland to the unfinished CMGI Field
outside Boston, the nation is dotted with sports venues named after companies
whose stocks have been sacked.
The Super Bowl champion Baltimore Ravens play in a stadium named after
PSINet, whose stock has fallen 92 percent to $1.25 a share since it bought
naming rights.
The problem names are not all tech.
The owners of the TWA Dome in St. Louis and Pro Player Stadium in Miami are
looking for new corporate sponsors because their current ones are bankrupt.
TWA is an airline. Pro Player was part of underwear-maker Fruit of the Loom.
The home of the Anaheim Angels could be in the market for a new name if
Edison International, parent of electric utility Southern California Edison,
runs out of juice.
Of course, these companies were not in trouble when they promised to pay tens
or hundreds of millions of dollars to have their names plastered on a
ballpark or arena.
In fact, many were at their peak.
Which begs the question: Should investors get worried when a company in which
they own stock puts its name up among the floodlights?
Brian Pears, head of equity trading with Wells Capital Management, wonders if
companies are susceptible to some weird strain of the "Sports Illustrated
curse." It seems as if any athlete who is pictured on the cover of SI
magazine invariably loses his next game or pulls a groin muscle.
Business celebrities suffer from a similar phenomenon: Amazon.com Chief
Executive Officer Jeff Bezos was named Time magazine's 1999 person of the
year just before his company's stock price tanked.
Don Hinchey, who advises buyers and sellers in naming-rights deals, doesn't
think the curse holds true in stadium and arena deals.
"You can make a case that a company is doing well when it acquires a naming
rights sponsorship, but you can't necessarily say it corresponds with a peak
in its business," says Hinchey, director of creative services for the Bonham
Group in Denver.
TRACKING NAMING FIRMS
To find out if Hinchey is right, I tracked the stock market performance of
publicly held companies since they bought naming rights to 47 big-league
sports venues in North America.
I excluded facilities named after subsidiaries of larger companies, including
Miller Park in Milwaukee (Miller Brewing is part of Philip Morris) and Pac
Bell Park in San Francisco (Pacific Bell is owned by SBC Communications,
which is putting its own name on an arena in San Antonio).
I used the announcement date as a starting point because stadium naming deals
are, after all, marketing endeavors. The announcement of a deal generates
tons of publicity, which is considered positive, even if the publicity is
negative and even if the stadium won't open for several years.
Then I compared each company's stock market performance with the Standard &
Poor's 500 index during the same period.
The bottom line: 29 of the 47 companies that bought stadium or arena names
are trading at a higher stock price today than when the deals were announced,
according to data from FactSet Research Systems. (Two companies each bought
two names and were counted twice.)
But -- and this is a big but -- only 13 of them beat the S&P 500 during the
period since their respective deals were announced.
So buying a stadium name might not be a curse, but it's no guarantee the
company will beat the market.
WINNERS, LOSERS
The companies that have done best since buying a name come from a wide
variety of industries.
The biggest winner is Qualcomm, a wireless telecommunications company.
Although its stock is down 65 percent from its peak, it's still up 746
percent since it agreed to slap its name on a San Diego stadium.
The next-biggest winners include Target (discount stores), Ericsson (telecom
equipment), Coors (beer), Fleet Financial (banking), Pepsi (soft drinks) and
Enron (energy).
The biggest losers are TWA, PSINet (Internet service provider), CMGI
(Internet incubator), Savvis Communications (telecom services) and Network
Associates (network security software).
Network Associates' stock peaked about three months after it bought naming
rights to the Oakland Coliseum in September 1998. Since then, it has suffered
a string of setbacks. After the Securities and Exchange Commission questioned
its accounting practices, it restated its financial results for 1997 and
1998. Its CEO resigned in December.
Network Associates is paying slightly more than $1 million per year for the
coliseum name. It can get out of its 10-year deal after five years.
The company "has been paying us," says Deena McClain, general counsel with
the Oakland-Alameda County Coliseum Authority. "We haven't had any
discussions with them" about changing the contract.
Most naming-rights contracts have "out clauses that allow the parties to
extricate themselves if they want, can or need to in the event of financial
difficulties or if a team moves," says Hinchey.
Although nobody likes to be associated with a loser, stadium owners may
benefit if a troubled company cuts out of a deal early.
That's because stadium name prices have skyrocketed since the mid- 1990s,
when $1 million a year -- give or take -- was average.
In 1999, FedEx agreed to pay $205 million over 27 years to be named home of
the Washington Redskins.
In 2000, CMGI agreed to pay $114 million over 15 years to have its name on
the new home of the New England Patriots. It's questionable what kind of
shape CMGI will be in when the stadium opens next year.
The "10-gallon hat of naming rights deals," says Hinchey, is in Houston,
where Reliant Energy will pay $300 million over 32 years to name the
Astrodome and a new football stadium after itself.
Some customers of Reliant's utility subsidiary were outraged when the deal
was announced because the company was also raising electricity rates.
Some shareholders also get perturbed when their company spends money on a
stadium instead of a new plant or stock dividends.
But Jim Grinstead, editor of Revenues from Sports Venues, says, "you have to
look at the (stadium) purchase in light of total marketing budget. It sounds
like big money, but frequently it's over 20 to 30 years. If you take out
things the company might buy anyway, like tickets and luxury suites, it's
small potatoes."
WHAT A DEAL IS WORTH
The main benefit of a stadium deal is the exposure a company gets when a game
is broadcast on TV or radio or mentioned in print.
"This is the biggest bang for your buck in terms of branding," says Jennifer
Keavney, a Network Associates vice president who negotiated the stadium deal.
She says the cost of her deal, about $1 million a year, "won't even buy you a
Super Bowl ad. It will buy five commercials on a nationally televised
football game, maybe."
The Coliseum, perched beside Interstate 880, also acts like a giant billboard
for the company, which frequently gets mentioned in traffic reports.
Hinchey says most naming deals also include tickets and luxury boxes; on-site
exposure through signage and kiosks; premium nights when the sponsor might
offer samples at the park; and inclusion in programs, tickets and flyers.
Most companies that strike stadium deals want to become a household name
because they sell consumer products or services.
But not always.
3Com sold nothing but corporate networking gear when it bought the name to
Candlestick Park in San Francisco in 1995.
"It was a good move for them," says Jim Grinstead, editor of Revenues from
Sports Venues. "They got the employees they were looking for, the visibility
they were looking for. At the time, they were a player in a crowded field,
and they wanted to look like a fun place to work."
Last April, 3Com extended its original 4-year contract for two more years.
The biggest risk companies run is that the team that plays in their facility
will be a loser.
"Companies invest in an entity that can enhance their brand, their sales and
hospitality efforts. Certainly that loses its luster if the team is not
performing well," Hinchey says. "But corporations realize the team's success
on the field fluctuates. It could be a champion one year, next year in the
dumps."
The same can be said about the corporate sponsors, which is something stadium
owners -- be they taxpayers or business tycoons -- must realize when they
sell a name.
PHOTO; Caption: Rich Gannon of the Oakland Raiders scored in Oakland's
Network Associates Coliseum last year. / Frederic Larson/The Chronicle 2000
Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
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