Maybe we need to rethink entire process. I haven't been totally comfortable with it anyway but it hasn't been high enuf on the list. Maybe after BOD mtg. Rick

 -----Original Message-----
From: 	Port, David  
Sent:	Friday, July 20, 2001 12:29 PM
To:	Buy, Rick
Subject:	RE: Gas Curve Validation May 2001

He's right in that looking at curves where we generally don't have much of a position, will not add much value. I'm having Frank Hayden check this assertion. 
Bottom line is, again, the middle office groups are either poorly staffed, poorly skilled or too distracted to administer the risk process effectively.

When Frank comes back to me I'm tempted to suggest two things, for which I'll need Whalley/Lavorato/Beck to buy into:

1	Curve validations are submitted to us before anybody else;
2	They concentrate on more significant factors (e.g. Volatility, correlation, the Alberta Power curve)

DP

 -----Original Message-----
From: 	Buy, Rick  
Sent:	Friday, July 20, 2001 11:46 AM
To:	Port, David
Subject:	FW: Gas Curve Validation May 2001


Whats up with this comment?? Rick
 -----Original Message-----
From: 	Lavorato, John  
Sent:	Wednesday, July 11, 2001 1:46 PM
To:	Buy, Rick
Cc:	Whalley, Greg
Subject:	FW: Gas Curve Validation May 2001

This person has no clue.  Reviewing gulf coast basis locations probably won't find the next EES lock box problem.  

Regards

John
 -----Original Message-----
From: 	Nguyen, Jennifer  
Sent:	Thursday, July 05, 2001 10:34 AM
To:	Gorny, Vladimir; Gossett, Jeffrey C.; Hall, Bob M; Lavorato, John; Reeves, Leslie
Subject:	Gas Curve Validation May 2001

Please do not hesitate to contact me with any questions.

Thanks,
Jennifer
x5-7590

 << File: Curve Val Gas Memo.doc >>