Louise -

While we were looking at opportunities for Offline and the value proposition a potential software vendor might make to banks, we stumbled across 
"Asset Backed Securities" and its complete lack of market making.    It appears to be a very large market, controlled by "dealers" who control issuance
of ABS commercial paper, and among themselves control an informal secondary market.   

Given the size of the market, and the players who seek to issue the paper (GE, Siemen, Ford, credit card companies, etc.), I was curious as to how Enron would
view the opportunity.   My original intention for this piece was to talk to a bank or two about how they might use our system to do this themselves and 
outmanuever the "controlling dealers".

Also a firm has opened for business that purports to bypass the "issuance process" at a much lower cost, but has no way to help a secondary market
along.  If we could work with them on a "secondary market", perhaps this could evolve.

We have had some positive feedback from Rahil, Brandon, and Tom Gros  but I thought you might provide an overall corporate view!

Thanks -

David

 -----Original Message-----
From: 	Knop, Kara  
Sent:	Friday, April 06, 2001 9:27 AM
To:	Berberian, David
Subject:	ABS Pres

David,
Per our discussion, attached is the latest presentation.
Regards,
Kara