Ted,

Thanks for kind words.

I have a favor to ask. Jason Sokolov who works with us part-time (he is a Rice
MBA candidate) has been accepted as a summer intern. I suggested that he ask 
for
a position with your group for this summer. He works currently with Mike 
Roberts,
4 hours a day.

Jason is a very bright and hard working person and I can recommend him 
without reservations.

Vince





   


From:  Ted Murphy                                                             
03/24/2000 03:43 PM	
	
	
	                           
	

To: Vince J Kaminski/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT, Vasant 
Shanbhogue/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Vincent 
Tang/HOU/ECT@ECT
cc:  
Subject: Moody's Upgrade

To the great and powerful Research Group:

As you may know, Moody's has recently upgraded Enron from Baa2 to Baa1.
We had been on watch for an upgrade for a while and after their intitial 
credit meeting, they still had questions primarily related to our control of 
market and credit risk.  To that end, Jeff McMahon and Tim Despain had Rick 
Buy, Bill Bradford and I meet with eight members of the Moody's team.  The 
questions centered around policy and procedure in the Wholesale businesses.  
We discussed VAR, stress testing and potential credit exposure.  To make a 
long story short, subsequent to that meeting, they reconvened their committee 
and announced the upgrade.  

I want you to know how critical your contribution was to the discussion and 
will continue to be as the bar gets raised.  I am sure that next year they 
will continue to be concerned with our risk management capabilities as well 
as extensions of our current platform - tail risk, intra day risk, 
operational risk, and enterprise wide risk.

Thank you for your efforts in supporting RAC - it has tangible benefits.

Ted

p.s. - there is still lots of interesting opportunities to extend the paradigm