???????  
?
??? ??? Dear  Vince:
?
??? ??? Thank you for  the invitation yesterday. It was a pleasure to meet 
you all and learn more about  the group, it's structure and to some extent 
what you are involved in. Please  extend my thanks to all of them.
?
??? ??? I am  particularly interested in the Credit Swap trading platform 
that Enron has  recently started. Such a platform will provide unique 
visibility into the Credit  markets. As you suggested I tried to learn more 
about this from Tanya.?I  would like to learn more and if possible meet other 
people more directly linked  to the effort.
?
??? ??? Just simple  instruments like Credit Swaps will require serious 
modelling capability for the  pricing and the hedging of these apparently 
simple intruments. The market  visibility I mention above can be explored 
through Credit Derivatives Trading  successfully if Enron possesses superior 
(vis a vis Morgan Stanley, Salomon  Smith Barney, Chase Manhatan, 
etc.)?modelling technology in Credit  Derivatives. I can and would like 
to?consider the possibility of doing this  for Enron. I would like to help 
develop and participate in putting together that  business.
?
??? ??? As I  mentioned to you I have done some work in Credit Derivatives 
and am deeply  familiar with virtually all the work of the principal 
academics in Credit  Derivatives namely: Duffie, Lando, Tuffano, Duffee, Das, 
Lelland, etc. I have  read carefully most of their work (published as well as 
working papers) on the  subject to date.
?
??? ??? I look  forward to hearing from you.
?
??? ??? Best  regards
?
??? ???  Joao