help needed please cross commodity reporting please excuse long e mail knew never get chance get together somewhat urgent complete finance committee presentation upcoming bod meeting end next week include trading results lst quarter reported accordance risk management policy due issues noted may require immediate attention staff short days come best quality numbers talked beth already mrm met chris abel group see short cut joint conclusion business unit controllers need involved process experts businesses apply best judgment decide trading results reported bod probably need go best estimate 3 30 end day next tuesday wednesday latest recall february 12 th bod meeting resulted clarification bod approved trading limits limits generic commodity groups defined accordingly trading results must reported consistent limit structure management reporting different course chris abel global energy operations group prepared rac dpr attempts aggregate commodity groups accordance risk management policy top management bod see enron exposure individual commodities consolidated basis dpr impact actual sharing p l management reporting business unit perspective purely market risk management purposes reporting bod commercial management need review sign rac dpr monitor limits accordingly limits enron level specific trading results need bod presentation first quarter p l average daily var commodity group first rac dpr available 3 30 cumulative p l var 3 30 note also comparing lq 2000 going attempt resolve cross commodity reporting period except high level participation needed resolving 1 cross commodity reporting per new rac dpr retroactively lst quarter going forward 2 rovar return average daily var commodity group lst quarter aggregation cross commodity activity completed chris 3 30 believes p l aggregated quarter accordance policy var daily basis first time calculated aggregated basis 3 30 obviously going able go back calculate daily var entire quarter commodity group aggregated new manner especially within week appears need swag average daily var reviewing cross commodity positions aggregated 3 30 considering cross commodity activity aware took place throughout quarter using best estimate impact var cross commodity activity due adjustment historical reporting practices feel certain level due diligence required us feel confident reporting bod accordance policy since days thought team approach tackling review would facilitate prompt resolution material issues chris group work processes procedures handle going forward see fit consider materiality please involve market risk contact transaction position book may material gas power may material global products weather etc would please help us following confirm review chris aggregation rac dpr 3 30 chris staff walk cross commodity positions aware reported correctly cross commodity activity present 3 30 consequently aggregated quarter results actually present first quarter material estimate impact p l average daily var expecting exhaustive search analysis perhaps simply discuss issue traders handle type activity get feel point specific material transactions address determine best approach certain books risktrac cross commodity positions imbedded combined either held currently generated significant var p l quarter going forward need reported separately facilitate risk reporting next week need estimate impact corresponding commodities conclusion impact immaterial reviewed summary cross commodity activity per rac dpr per knowledge help us estimate impact respective commodities average daily var quarter discuss market risk contact recommendation reasonable swag approach considering information please provide assessment whether fact able capture report cross commodity activity identify issues involved whether something market risk needs address simply take time resolve reporting details recommendations get comfortable trading results quarter please feel free pursue mean imply know jobs simply want coordinate ensure report bod numbers agree completely accurate given recent implementation able articulate estimate potential misstatement experts businesses results simply wanted make sure closed loop mrm understand regarding reporting cross commodity activity trading results application policy separate note need identify p l related special transactions flowed dpr really represent trading activity examples past sfas 125 transactions unique gain loss events reporting lq 2001 lq 2000 whatever recall last year also considered sending reconciliation dpr bod package use document special adjustments discuss come agreement adjustments dpr reporting derive true trading activity adjustments minimal like input conclude thank cooperation regards cassandra schultz x 30429 713 858 2618 cell 936 321 2185 home example north american electricity limits represent enron consolidated na electricity trading activity without regard business unit commodity group actually executes trades holds positions power gas positions hedges reasons gas trades need removed power var p l combined gas var p l etc heating oil positions held outside global products aggregated global products global products positions gas power aggregated gas power corresponding adjustment global products results