---------------------- Forwarded by Sheila Glover/HOU/ECT on 02/02/2001 10:49 
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	From:  Sheila Glover                           01/08/2001 08:23 AM
	

To: rmiron@bear.com
cc: Jeff Kinneman/HOU/ECT@ECT, Tom Doukas/NA/Enron@ENRON 
Subject: Re: Morgan Stanley Letter of Guarantee for Enron North America

Russ,
Enclosed you will please find a Form for a Letter of Guarantee  from Enron 
Corp.  As per Jeff Kinneman's conversations, we would like to explore using a 
guarantee to reduce the margin requirements on the Credit Trading portfolio 
for ENA.  
Please advise as to the  margin requirements' reduction we could achieve with 
this approach.
Thanks. Sheila Glover
---------------------- Forwarded by Sheila Glover/HOU/ECT on 01/08/2001 08:00 
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From: Clement Abrams@ENRON on 01/07/2001 09:14 PM
To: Sheila Glover/HOU/ECT@ECT
cc:  
Subject: Re: Morgan Stanley Letter of Guarantee for Enron North America  

Sheila,

Following is the form of Enron Corp. letter of guarantee.  Please call me if 
you have any questions.

Clement