How about this for a business model for an origination and trading outfit.

salesperson talks to customer
customer agrees to trade
salesperson phones trading desk and gets price (trading desk is London or NY 
- NB: all lines are taped) 
salesperson tell customer
customers says ok
salesperson says "done" to customer and trading desk
trading desk books deal, middle and back office processes kicks in, sends out 
and chases up confirm etc
accounting process identifies value added by salesperson and gives them a 
piece of the price as a credit
no bank accounts or signing authority in sales office 
no accountants, middle office people or other similar humans in the sales 
office, just sales people
all hedging and risk taking resident in trading books in NY or London

Can we not make this work ?
DP



To: Bjorn Hagelmann/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Shona 
Wilson/NA/Enron@Enron, David Port/Market Risk/Corp/Enron@ENRON, Mike 
Jordan/LON/ECT@ECT, Robert Soeldner/LON/ECT@ECT, Tim 
Poullain-Patterson/LON/ECT@ECT 

Subject: Re: Authorised Traders : Montreal & Chicago

Bjorn

As discussed, given Joe's comments below, a note to confirm that this being 
dealt with internally. 

Rob Soeldner has made it clear to Joe that:

Enron places great importance on trading controls. These are non-negotiatable.
The suggested course of action is not an option 
We aren't seeking to close any of the Agency offices given implemetation of 
these controls.

Joe is not in yet - Rob will be discussing with him further when the US gets 
in.

Of note - Joe is on the commercial side,  Marcelo Parra who is responsible 
for the operational side is fully onboard for the operational changes made.

Regards
Andy


---------------------- Forwarded by Andrew Cornfield/LON/ECT on 09/11/2000 
11:07 ---------------------------


Joe Robertson@MGUSA
08/11/2000 20:38
To: Tim Poullain-Patterson/LON/ECT@ECT
cc: Andrew Cornfield/LON/ECT@ECT, Lloyd Fleming/LON/ECT@ECT, Marcelo 
Parra/NYC/MGUSA@MGUSA, Michael Farmer/EU/Enron@ENRON@ECT, Naomi 
Connell/LON/ECT@ECT, Robert Soeldner/LON/ECT@ECT, Sam 
Hainsworth/EU/Enron@Enron@ECT 

Subject: Re: Authorized Traders : Montreal & Chicago  

As a practical matter the procedures outlined are not workable. We need to 
find a way to go forward that works and can satisfy all concerned. 

Either the people in these offices can be entrusted to transact and execute 
business or we should consider closing these offices and relocating some of 
the people which I do not believe makes any sense at all. 

Joseph E. Robertson, Jr.
Enron Metals & Commodity Corp.
520 Madison Avenue
28th Floor
New York, NY 10022
Tel: 212.715.5254
Fax: 212.715-2357
E-mail: joe.robertson@enron.com