Hi Tracy!

Man!  What a revolving door lately!  (Got your resume ready?)

George

George F. Vaughn
Budget/Planning Analyst
ExxonMobil Global Services Company
GIS / Infrastructure Services / Americas & Global Operations / P&C
1301 Fannin #2080, Houston, TX  77002
Phone: (713) 656-4680   Fax: (713) 656-2076
e-mail: George.Vaughn@ExxonMobil.Com
----- Forwarded by George F Vaughn/B/Houston/ExxonMobil on 10/25/01 12:53
PM -----
                                                                                             
                    George F Vaughn                                                          
                                         To:     jlin@enron.com                              
                                         cc:                                                 
                    10/25/01 12:55       Subject:     Would I buy Enron?                     
                    PM                                                                       
                                                                                             
                                                                                             



Judy --

We're seeing Enron sell off just like a lot of other companies.  The CEO
(Skilling) and CFO (Fastow) have recently removed themselves and enough
cash to remain comfortable for some time.  There may be a good reason for
the sell-off.  Various accelerators on the way up could have turned into
brakes on the way down.  It looks like Enron has been bitten by too much
leverage and creative financing -- recently it appears that there are
contingent liabilities related to its water utility deals.  There is a lot
of off-balance sheet financing and potentially undisclosed risk.  So I
would not be surprised to see the stock continue to fall and not recover
much unto perceptions are set right with investors.  This isn't going to
happen overnight.

Anyway, I'm out of the stock market
a) until AAA corporate bonds start to turn up, indicating increased
prospects for corporate profitability
b) until it's clear that the middle east blowup is under control
c) maybe next year at this time - the 15 months from Oct - Dec before an
election year are best for the stock market.

I think there's still too much risk, prices are too high, and the bond
market may be the best choice for a few more years.
And I've been really, really busy.

George


George F. Vaughn
Budget/Planning Analyst
ExxonMobil Global Services Company
GIS / Infrastructure Services / Americas & Global Operations / P&C
1301 Fannin #2080, Houston, TX  77002
Phone: (713) 656-4680   Fax: (713) 656-2076
e-mail: George.Vaughn@ExxonMobil.Com