HEREWITH A LETTER THAT KEN MIGHT WANT TO SEND TO CALLUM MCCARTHY
Dear Callum,
    I much enjoyed chatting with you in Aspen: it is always a relief to meet
a regulator who tries to get the process right, and then lets the chips fall
where they may.
    In its efforts to remain open to new ideas, Enron has established an
advisory council consisting of academics, business people, political gurus
and the like (Irwin Stelzer is a member). This council meets twice a year
with Enron executives. Our next meeting is scheduled for October 31 at our
London headquarters ( we have a dinner the previous evening, at which we
review the state of political play around the world; you might find it
interesting).
    One of the suggestions at the Aspen meeting was that traditional
regulation of energy markets might usefully give way to, or at least learn
some lessons from, financial regulation. Since you are one of the few
regulators who has had experience both in financial markets and in utility
regulation, we are hoping that you might be willing to share some ideas with
us on this subject. A 30-minute talk followed by what I promise will be a
very lively discussion would be perfect from our point of view.
    We know how pressed you are for time, but are hoping you will favor us
with your thoughts on this interesting and difficult subject.
    KEN: I don't think you can offer him a fee.