-----Original Message-----
From: Roy Ibasco [mailto:royibasco@hotmail.com]
Sent: Tuesday, October 30, 2001 1:35 PM
To: Arora, Harry
Subject: Hi


Hi Harry,
 
Just wanted to say hi.  I saw Miguel Vasquez lately and I heard from him that you moved back to trading.  Since I left Enron, I've done Telecom banking for a year in Asia with Lehman.   In that group, I've done a lot of valuation and financial analyses.   Deal flow suffered in the telecom industry with the downturn in market conditions.  On my second year at Lehman, I seized the opportunity to do coverage banking, i.e. winning clients in the Philippines and Taiwan.  With this step, I was fortunate to lead an M&A deal in the consumer goods sector.  It also gave me exposure in energy and financial institutions.   Thanks to my Enron background, I actually showed my value added to Lehman in energy.
 
It pays to be a generalist in times like this.  The layoffs in banking has been severe.   I have survived so far a big reduction among people of my level.  Good thing I still got a raise this year as many did not.  I don't know about the long term prospects of investment banking but I am thankful that I have a job.  Recently I caught up with my b-school friends in San Francisco and found out that it is equally bad there. Coincidentally, I caught up with a friend of mine who interviewed with Madhur Dayal who know works with Thomas Weisel in San Francisco.
 
My wife, Loreli, was able to find a job at the South China Morning Post last July.  So far, we are both enjoying Hong Kong.  Long term though, I believe the U.S. makes sense for both of us.  
 
Hope everything is going well with you.  Please let me know if you just happen to be in Hong Kong.
 
Best regards,
 
Roy



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