Please print and put in green binder.

Thanks.

 -----Original Message-----
From: 	Furrow, Dale  
Sent:	Tuesday, January 29, 2002 10:41 AM
To:	Calger, Christopher F.; Presto, Kevin M.; Belden, Tim
Subject:	Research report referenced in today's MW Daily

All,
FYI, thought you might find this interesting.  This is the research report, by Ray Niles at Salomon, referenced in today's MW Daily.  A lot of it is pretty basic, but there were some interesting things--note thoughts on transaction hierarchy, comparison between energy marketers and financial institutions, thoughts on VAR and accounting standards.

Dale