I never wrote nor implied that I was intending to hedge currency exposure with a third party.  I implied that I will hedge with you guys when and where I deem appropriate in the term structure.

 -----Original Message-----
From: 	Shankman, Jeffrey A.  
Sent:	Monday, October 22, 2001 12:31 PM
To:	Zufferli, John
Subject:	

John, 

I don't have all the facts around this transaction, but I don't think you are authorized to hedge currency exposure with outside counterparties as you've outlined in your email to Hickerson, etc.  I'd appreciate some information.

Jeff