FW: Research report referenced in today's MW Daily

Please print and put in green binder.

Thanks.

-----Original Message-----
From: Furrow, Dale
Sent: Tuesday, January 29, 2002 10:41 AM
To: Calger, Christopher F.; Presto, Kevin M.; Belden, Tim
Subject: Research report referenced in today's MW Daily

All,
FYI, thought you might find this interesting. This is the research report, by Ray Niles at Salomon, referenced in today's MW Daily. A lot of it is pretty basic, but there were some interesting things--note thoughts on transaction hierarchy, comparison between energy marketers and financial institutions, thoughts on VAR and accounting standards.

Dale