Sounds like you are as busy as I am.   Yes, my parents still live in the same house in Kennewick.   My Dad retired from teaching in WA (collecting WA retirement) and has been teaching in Hermiston, OR for the last 7 years.

Just to clarify, Enron's international business model and North American business model are quite different.   I work in the Enron North American business unit which has been extremely profitable and has pioneered the deregulation of the natural gas and electricity markets in the US.   Enron NA's focus has been on creating efficient wholesale markets in gas, power, crude, pulp & paper, metals, etc and then providing the market with a logistical delivery and price risk management intermediation function.   We are very cost effective in this function because we achieve huge scale and scope in the market with minimal fixed costs.

Enron's international business model, on the other hand, entailed constructing capital intensive infrastructure power and gas projects with leveraged project financing (with project financing supported by long term sales to government utilities).   This model is OK provided the business risk, currency risk, international risk, change in law risk, legal risk, etc. is priced properly by the debt and equity providers.

I will let you conclude which business model is better.   I think you will see Enron applying our successful NA model into the international markets that have an economy and regulatory environment that supports a "free-market" model.

Later.

 -----Original Message-----
From: 	"Christine Engstrom" <christine_engstrom@fanniemae.com>@ENRON [mailto:IMCEANOTES-+22Christine+20Engstrom+22+20+3Cchristine+5Fengstrom+40fanniemae+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Friday, August 31, 2001 2:01 PM
To:	Presto, Kevin M.
Subject:	Re: BLS Alum?


I'm really surprised that this email found you -- it was a shot in the dark.  Glad to hear that you are doing well.   You have a better memory than mine, but I believe that you are right.  The last time that I did see you was at the wedding.  That was a long time ago.  I have not stayed in touch with anyone from that area.  Although, my parents still live outside of Pasco.  I haven't been to the Tri-Cities in years, though, since my family usually meets in Seattle where my sisters live.  Do your parents still live in the Tri-Cities?  How do you like Houston?  I almost moved there a couple of years ago to take a job with Unocal.

Since the last time I saw you, I went to the U.W. for undergrad and then headed East to go to grad school at the University of Virginia where I did a M.A. in international affairs and econ.  I gravitated to the D.C. area for international work where I have remained since then.  I worked for the International Finance Corporation with the World Bank for about five years covering investments in South Asia.   The travel to India was fun, but a little crazy at times.  I would inevitably get sick when I went there.  The early 90s was an interesting time to be in India, as the country was just starting to privatize.  If you were in Bombay's financial district, you would still see piles of notes being wheeled around in rickshaws to the stock exchange.

I eventually left the IFC (Wall Street hours w/o the pay) and moved to the Overseas Private Investment Corporation, where I spent about five years doing partial risk guarantees for Turkey and that region.  I encountered Enron's project finance team in Houston and your D.C. rep., John Hardy.  Enron has a plant in Turkey for which OPIC guaranteed and provided financing.  Enron was/is one of OPIC's largest clients, receiving support for Dabhol, etc.  However, I know that Enron is now pulling back from these types of ventures, which is where your work is focussed, I gather.  It must be an interesting job, I would like to hear more about it.  I haven't really followed Enron's move into the power trading sector.

I just changed jobs about a month ago and now work at Fannie Mae (still in D.C.) buying and pricing mortgage-backed securitizations.  I cover the West Coast and Dallas area.   It is a big switch from IFC and OPIC b/c it is all domestic, so my boondoggles to Turkey, etc. have been cut off.  So far, I like the company.  I had worked on providing wraps on bonds to mitigate some sovereign risks for emerging market issuers while at OPIC.  I spent a fair amount of time with capital market investors and investment banks, so I made the move to Fannie Mae to concentrate specifically on the secondary market.  I'll probably roll this experience into international structured transactions in a year or two.  I'm also doing my MBA at Georgetown right now.  It should be a busy year...CAE


Kevin.M.Presto@enron.com wrote:

> You have the right Kevin Presto.   I have been employed at Enron now for
> almost 7 years.   I currently oversee the company's power trading and
> marketing business in the Eastern US.    Unfortunately, I spend entirely
> too much time at work, but I love the job and Enron's culture in general.
>
> How are you doing?   I have not seen any of my Tri-City classmates in many
> years.   I think the last time I saw you was at Mark Bayless' wedding
> (85-86?) if my memory is correct.
>
> Where is your job located and what work have you done with Enron?
>
>     -----Original Message-----
>    From:   "Christine Engstrom" <christine_engstrom@fanniemae.com>@ENRON
>              [mailto:IMCEANOTES-+22Christine+20Engstrom+22+20+3Cchristine+5Fengstrom+40fanniemae+2Ecom+3E+40ENRON@ENRON.com]
>
>    Sent:   Wednesday, August 29, 2001 5:07 PM
>    To:     Presto, Kevin M.
>    Subject:  BLS Alum?
>
>    Hi Kevin,
>
>    Apologies if this is the wrong Kevin Presto, but I ran across your name
>    on the Enron website.  In my previous job, I used to do a lot of work
>    with Enron on overseas ventures and was surprised to see your name on
>    the website.  Did you grow up in the Tri-Cities, Washington, and attend
>    Bethlehem Lutheran School?  If so, I am not sure if you remember me, but
>
>    I also went to BLS and was your classmate.
>
>    Drop me a line if I have the right person.  Would be interested to
>    hear about your work at Enron and what you have done in the interim
>    after leaving Washington state.
>
>    Chris Engstrom
>
> **********************************************************************
> This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
> **********************************************************************