Re: MEC

Thanks for the email. Reorganize and grow this business? Not me??! Upon
first look, this business appears to have huge opportunities and ones that
can be executed upon, especially if they consider themselves a core
business. It will be a big challenge but we will make it work in a big
way. A lot of people have tried to make this business work.

I'll follow-up on Treasury Connect, thanks for the heads up.

By the way, science is Gary's passion and he has an undergraduate and MS in
chemistry. He might be an interesting guy to get involved (at least at the
edges) with this project. I told him about it and he really would like to
get invited to the next meeting. What do you think? It always helps to have
an avid supporter in a new business.

Mike

To: Mike McConnell/HOU/ECT@ECT
cc:
Subject: Re: MEC

Congrats! Those guys better watch out, you might organize them.

FYI, we have an investment in a company called Treasury Connect that has an
interest rate swap portal. Gary is working with them to do a trade. They
are currently negotiating with the World Bank to provide a private label
product to them.

TC's clients include Xerox, GE, Duke and us. I know with the webification of
everything that we will be looking at those markets, but I would like to make
sure our guys evaluate their technology offering before you move to far into
their market. They are focused on the very low value, commoditized
transactions, so I don't know if it is an area Enron will compete for.

Thanks,
Mark