Each of you have heard from either Mitch Taylor or myself regarding our 
concerns about the terms of our offers for new analysts.  I am forwarding 
this e-mail to each of you as further confirmation of the anecdotal evidence 
we have heard concerning how low our offers are as opposed to banks, 
consulting firms and even El Paso and Dynegy.  Steve and I have known each 
other since our undergraduate days and as you can tell from the attached he 
is a great Enron supporter on campus.  For everyone's information we have 
made 4 offers to Baylor undergrads and I will be surprised if we get any 
acceptances (one of the guys has already accepted with Chase for $20,000 more 
than our offer and told me that El Paso and Dynegy are both offering about 
$10,000 to $15,000 more than we are, not insignificant to an undergrad).  I 
am concerned that if we are low at Baylor (where we have concentrated on 
identifying the top 4 or 5 students) that the problem will be pervasive and 
our acceptance rate will be very low or only improved by students who didn't 
receive other offers (i.e. average performers).  

Thanks for your time.

---------------------- Forwarded by Bill W Brown/HOU/ECT on 12/02/2000 10:14 
AM ---------------------------


Steve Rich <Steve_Rich@baylor.edu> on 12/01/2000 03:59:11 PM
To: bill.w.brown@enron.com
cc:  
Subject: 


Hey Bill,

I've been asking around about job offers for some of our top students.  I
haven't talked to everyone who has received Enron offers but I thought you
might want to know that for everyone I've talked to thus far, Enron is the
low offer....sometimes by a large gap.  I know that one person got offered
one and a half times what you offered by another firm (not an investment
banker!).  I have heard through my sources that you were disappointed last
year that no one from Baylor accepted one of your offers.  I am also very
interested in you guys getting some Baylor folks.  I consider Enron to be a
premium place for our folks to go...for several reasons....including the
high praise I hear from my former students who have gone to work there.

The folks I talked to here didn't seem like they even wanted me to mention
this to you....but I wanted to make sure you knew that you were really
underbidding for our folks.

By the way...the 4 offers that Enron made to Baylor people (that I know of)
were all to top quality folks...but I guess you knew that.

Also, I hear you were promoted yet again.  Congratulations.

Steve Rich
Associate Professor of Finance
Baylor University