Per:

I am told that Mark Taylor sent an email in December to Bob Shultz at EOL 
addressing the hedge fund issues (and CTA issues) associated with online 
trading and that you and Caroline received that email.  Apparently the hedge 
fund crises of last year have heightened regulatory scrutiny of the funds' 
derivatives activity.  EOL does not want to be subjected to any regulatory 
oversight.  I have not seen the email yet.  I will broach the subject with 
Mark when he returns to the office.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com