Message-ID: <28698423.1075862888104.JavaMail.evans@thyme> Date: Tue, 13 Nov 2001 11:38:01 -0800 (PST) From: w..pereira@enron.com To: kenneth.lay@enron.com Subject: ENRON - A Study in How So Few Could Screw So Many Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: quoted-printable X-From: Pereira, Susan W. X-To: Lay, Kenneth X-cc: X-bcc: X-Folder: \KLAY (Non-Privileged)\Lay, Kenneth\Inbox X-Origin: Lay-K X-FileName: KLAY (Non-Privileged).pst Mr. Lay- After reading the news of your $60,000,000 to $80,000,000 payout, I am disg= usted and appalled all over again. Unfortunately, that's a daily occurrenc= e.=20 I have been employed with Enron since May of 1993, when Enron purchased LRC= . I was very skeptical of Enron back then and was unsure of my future with= the company. As time went on, I got more comfortable with the Enron way a= nd learned how to survive and even be a little successful here. I became a= believer in the things Enron could accomplish, a champion of our hard-nose= d, driven executives (at least some of them). I bought Enron stock and hel= d on to those valuable options. Over the last 18 months, my coworkers and I have viewed the weekly, sometim= es daily, selling of Enron stock and exercising of options by our top execu= tives (past and present and including you). We came up with all kinds of r= easons that the executives would be doing this -- they're so overly compens= ated that they have to cash out some every now and then, divorce settlement= s, mistress settlements, buying a new home in Aspen, buying an island in th= e Caribbean, etc., etc. etc.... We never wanted to admit that they knew so= mething we didn't. Things were great, weren't they? Jeff Skilling told us= that Enron was going to be the "World's Leading Company." He even put the= goofy acronyms on his car license plate. He told us gas traders in Februa= ry how the stock was going to $126 by the end of the year. Now, being the c= ynic that I am, I didn't believe the $126, although I have to admit I was h= opeful; I figured that if Jeff had the audacity to throw out a number that = high, then it was reasonable to expect the stock to be fairly stable, i.e.,= +/- 20%. =20 Needless to say, I didn't sell my stock and didn't exercise any more option= s. In fact, I bought more stock when it first started going down. I'm afr= aid that there are many more just like me. I'm fortunate in that I have ma= ny working years ahead of me (where, I don't know) to try to build up my sa= vings again. Many others are not that fortunate. So many have spent their= entire careers here, helping to build this company up. They were looking = forward to retiring soon and enjoying the fruits of their labor. And let m= e remind you that their retirement accounts were in many cases a lot less t= han a month's compensation for you. Now even that is essentially gone. Ot= her employees were just ready to cash in some of their options to pay for t= heir children's college tuition. The stories are too numerous to list, and= the more I think about it, the more sickened I become. It is painfully obvious to me and my coworkers, as well as the rest of the = industry and Houston, that Enron's executives knew that there were skeleton= s in the closet and began cashing in ahead of this freefall. The employees= and the rest of the world were fed a bunch of half-truths and mystery mumb= o-jumbo. There should be an accounting for this behavior. You and your co= horts have ruined so many lives. Think about that while you're spending yo= ur millions..... Susan Pereira ENA Gas Trader