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To: dennis michael patterson who wrote (40204)	1/6/2001 11:52:08 PM
From: Gersh Avery	Read Replies (1) \| Respond to of 42787

Hi dennis .. It's funny .. before the cut lots of people were saying that there would be a interim rate cut .. then when it hits lots of folks are saying that there must be something very special wrong .. kinda odd .. Anyway, just my guess, based on the time frame, if there was somethin' that spooked AG, it was probably lower than expected Christmas season sales.

To: dennis michael patterson who wrote (40204)	1/7/2001 5:56:09 AM
From: Square_Dealings	Read Replies (2) \| Respond to of 42787

""The big question now is "what spooked AG?""" dennis, don't you think its the bank exposure to the CA energy debacle? PCG for example is losing about $24 Mln a day which probably isnt going to get paid back any time soon to its creditors. SoCal Edison is laying off 1400 workers. There isn't a quick fix for this, the rate cut only eases the pain temporarily while they try to figure out what to do. These utilities are racking up some huge losses for Al's friendly bankers. M.