London Risk Reporting

Well,
today (or rather yesterday) it happened. We have been pushing our limits
hard and the makets here have been very volatile. We had a large increase in
North American Natural Gas VAR due to the breaking apart the Rockies/SoCal
basis correlation. This am, we were attempting to get firm numbers on the
effect on our corporate limits so that we could provide
Jeff/Delainey/Lavorato/Buy/.... the information to make decisions whether or
not to reduce positions. The number was not firm until 11 am houston time.
My understanding is that the Houston numbers were all in before 8 am and that
we were waiting for London. While I am sure that there are issues all around
and I do not think that anyone Senior in Houston is even aware, let alone
prepared to blame, I fear that this will not always be the case. I think
something needs to be changed in our process so that this can be avoided in
the future.

Please do not take this as a nasty-gram. No one is cc'd or bcc'd. I just
think that it will be deemed unacceptable.
Any thoughts/comments?
Ted