John,

A dangerous environment is brewing on the trading floor.  We have very large positions and people are becoming more frustrated with the work environment, uncertain about future employment and now with new information about Lay's "golden parachute", I am concerned that not everyone may act in the best interest of the Company (hero or zero attitude) or at a minimum may not be in the best frame of mind to trade.  I hate to suggest it but do you need to reduce the people allowed to take risk for the Company? (similar to what was done when we sold HPL).  The general feeling is that everyone at the top is taking care of themselves and the "little" people that have been making the money for the Company are left out in the cold.  I also suggest that you move quickly to ensure appropriate compensation for key traders into next year.

I know the first move I suggested would have the effect of reducing morale further but this group has a lot of risk on for people that may not be 100% commited to Enron.  This may be too drastic action at this point but I think it should watched closely.