re : authorised traders : montreal & chicago how about this for a business model for an origination and trading outfit .
salesperson talks to customer
customer agrees to trade
salesperson phones trading desk and gets price ( trading desk is london or ny
- nb : all lines are taped )
salesperson tell customer
customers says ok
salesperson says " done " to customer and trading desk
trading desk books deal , middle and back office processes kicks in , sends out
and chases up confirm etc
accounting process identifies value added by salesperson and gives them a
piece of the price as a credit
no bank accounts or signing authority in sales office
no accountants , middle office people or other similar humans in the sales
office , just sales people
all hedging and risk taking resident in trading books in ny or london
can we not make this work ?
dp
to : bjorn hagelmann / hou / ect @ ect
cc : sally beck / hou / ect @ ect , ted murphy / hou / ect @ ect , shona
wilson / na / enron @ enron , david port / market risk / corp / enron @ enron , mike
jordan / lon / ect @ ect , robert soeldner / lon / ect @ ect , tim
poullain - patterson / lon / ect @ ect
subject : re : authorised traders : montreal & chicago
bjorn
as discussed , given joe ' s comments below , a note to confirm that this being
dealt with internally .
rob soeldner has made it clear to joe that :
enron places great importance on trading controls . these are non - negotiatable .
the suggested course of action is not an option
we aren ' t seeking to close any of the agency offices given implemetation of
these controls .
joe is not in yet - rob will be discussing with him further when the us gets
in .
of note - joe is on the commercial side , marcelo parra who is responsible
for the operational side is fully onboard for the operational changes made .
regards
andy
- - - - - - - - - - - - - - - - - - - - - - forwarded by andrew cornfield / lon / ect on 09 / 11 / 2000
11 : 07 - - - - - - - - - - - - - - - - - - - - - - - - - - -
joe robertson @ mgusa
08 / 11 / 2000 20 : 38
to : tim poullain - patterson / lon / ect @ ect
cc : andrew cornfield / lon / ect @ ect , lloyd fleming / lon / ect @ ect , marcelo
parra / nyc / mgusa @ mgusa , michael farmer / eu / enron @ enron @ ect , naomi
connell / lon / ect @ ect , robert soeldner / lon / ect @ ect , sam
hainsworth / eu / enron @ enron @ ect
subject : re : authorized traders : montreal & chicago
as a practical matter the procedures outlined are not workable . we need to
find a way to go forward that works and can satisfy all concerned .
either the people in these offices can be entrusted to transact and execute
business or we should consider closing these offices and relocating some of
the people which i do not believe makes any sense at all .
joseph e . robertson , jr .
enron metals & commodity corp .
520 madison avenue
28 th floor
new york , ny 10022
tel : 212 . 715 . 5254
fax : 212 . 715 - 2357
e - mail : joe . robertson @ enron . com