Mr Lay,
To suggest that I am merely disappointed by Enron's
performance in both the public markets and the broader
corporate universe is an understatement.

Enron is at a crossroads with one path leading to
irrelevance assigned to companies unable to rise in
the face of crisis, and the other path being reserved
for those that not only survive, but come out
stronger. I'm sure you can easily identify examples of
each without my help.

Every individual in management and oversight (the
Board of Directors) shares the blame and
responsibility to take drastic action and come clean.
Enron now has a higher bar of corporate governance
than other publicly traded companies due to the
reckless squandering of trust that resulted from
actions of many individuals who believed they were
clever and crafty, or just plain greedy. Furthermore,
I strongly suggest to you that many senior managers
within the corporate suites of Enron no longer have a
place in the company, quite possibly that may include
yourself. A clean break and a thorough cleaning is
clearly required.

In years past, when asked about the companies that I
admired and watched, Enron always was on the short
list. Sadly, I can no longer say that.

Jeff Nolan, an Enron shareholder

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