re: Jeff McMahon named CFO ,
 Mr. Lay-

It was galling of you to blame employee rumors for Enron's falling share
price, as you did in your last eSpeak.

Most of us "employees" have never met an analyst. Most of us have not
left Enron, and continue to work hard here, unlike the large number of
Senior Management who have bailed ship. Most of us continue to buy Enron
stock, unlike Senior Management who remain brutal sellers of the stock.
And, most of us are compelled to be profitable on an almost daily basis
in our tasks, unlike Senior Management and its pet projects.

We are entitled to contrition from you, not spin. You made $140 million
last year as CEO of Enron, and none of us complained. We simply followed
you and your self-annointed protege' Jeff.

We didn't cause these recent events, Mr. Lay, in any way. You and Jeff
are almost solely responsible for the drop in Enron's share price. So
far, it's tragic for Enron that you choose to spin. Contrition would
have been accepted by most of us without question. And it probably still
would be.

Why don't you send out another email and accept personal responsibility
for the share price decline? As Joe Sutton would say, "step up and be a
leader."

Clayton Vernon
Manager, EWS Power Fundamentals


PS Before you dismiss me as a troublemaker, you might know my PEP's are
for unquestioned loyalty to Enron. When I make a promise to my superiors
I deliver, even if that means working nights, weekends, or from home.
klay@enron.com