ROCE

John,
I've had a couple of questions regarding ROCE, and trader's goals. If it is
okay with you, I would like to see the goals and objectives you laid out to
be of better service to desk heads. Right now I'm goal searching so that I
can be better. This type of information may help me in formulating a game
plan. I understand that all you've ever asked for is that the traders
understand VAR, and that VAR be more accurate, but I'm trying to take this
risk management game to the next level.

Let me know if this works for you if not maybe we could discuss this later
...maybe over beers..

Frank