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To: pater tenebrarum who wrote (95867)	4/18/2001 3:35:06 PM
From: LLCF	Read Replies (1) \| Respond to of 436258

FYI enron 4/17/01 3:15 PM ET Now this from the Enron conference call (as transcribed by Brian Harris, my assistant, after listening to the replay; it is a MUST MUST MUST read): Richard Grubman, Highfields Capital: "Can you tell us what the assets and liabilities from price-risk management were at quarter end?" CFO (I think): "We don't have the balance sheet completed. We'll have that done shortly when we file the Q. But, until we put all that together, we just can't give you that." Grubman: "Can I ask... I'm trying to understand why that would appear to be an unreasonable request in light of your comments about daily control of all your credits... You've got a trading desk with a $21 billion match-book. That's two times your book value and you can't tell us what the balances are?" CFO (or whomever): "I'm not saying we can't tell you what the balances are. We clearly have all those positions on a daily basis. But, at this point, we will wait to disclose those until all the proper netting and the right accounting is put together. Grubman: "You're the only financial institution that can't produce a balance sheet or a cash flow statement with their earnings." [laughter from managment on call] CEO: "Well, you're.... you... Well, uh, thank you very much. We appreciate it." Grubman: "Appreciate it." [laugher, again from management] CEO [apparently to others in the room]: "Asshole DAK