STEVE: And that's what it comes down to. I haven't -I mean, we didn't have any, ah, I'm in
charge of the East and we have like zero relationships in everything, so we're startin' from scratch.
5 ELLEN: Mm.

6 STEVE: So, it's hard.

ELLEN: Yeah?
STEVE: and for power the East is a different region than the West. The West is like, there's only
a few players and people are desperate. In the East, no one's desperate and there's about a
IO gazillion players.

ELLEN: Right.
[REDACTED]
STEVE: - but either way, every day, I'm - I'm learning something new and -and - from being
here in the power area for 2 months, vs. the six months I was at Enron, I've learned easily about
200 times what I learned over there. Over there I was just like a spreadsheet monkey and -
ELLEN: Oh.
STEVE: - try to learn and they're like, yeah, you don't have to worry about that -just do this.
And like here, it'sjust like, you know, there's no -there's no one to ask, so you have to do it
19 yourself.

ELLEN: Right. Right. Yeah.
STEVE: So, ah -
ELLEN: Well, that sounds very different.
STEVE: Yeah.
ELLEN: Yeah, and I often think, man, Enron really did a good ajob ofall that, but then it's like -
but we're the ones that are bankrupt, so maybe it wasn't very [laughs]
STEVE: No, you know, I mean, they did, but it wasjust, hey, you know, I mean, it'sjust -some of
the things, I mean, I - I mean, I knew some of the structures that they had, and I'm sure a lot of
people do, and that's why I don't believe anyone when all these people say they had no idea. I
mean, if you -
30 ELLEN: Yeah.



STEVE: -talk to the right people, or you know people, then you absolutely knew everything that

was going on.
ELLEN: Mm.
STEVE: So, I mean -and, ah, it's just, I mean, it's a shame, but, you know, I mean it was just,
everyone knows, I mean, it was just all about leverage. Everyone knew -
6 ELLEN: Right.

STEVE: - I mean, I knew it was a freakin' basically a Ponzie scheme and it was just about
earnings.
ELLEN: Yeah, yeah.
IO STEVE: And I mean, it wasn't realistic to think that you can grow like that forever.

ELLEN: Right.
STEVE: Com -completely unrealistic, but unfortunately, you know, I mean, that's what
happened, and -
ELLEN: [sigh]
STEVE: - and a lot of people that had nothing to do with it, get -get harmed for it.
16 ELLEN: Right.

17 STEVE: And -and then they're just trying to pair off, like, the power and gas area-

18 ELLEN: Yeah.

19 STEVE: And that's it.

20 ELLEN: Yeah.

STEVE: And that's all they were trying to do -
ELLEN: Yeah.
STEVE: And it's like, you know, they've fired everyone except for the people they deem
necessary to run the business.
25 ELLEN: Right.

STEVE: And they're trying to sell it.
ELLEN: Yeah.
STEVE: I mean, when -you know, that's not too fair.
29 ELLEN: Yeah, so it - it is kinda sad. I mean, the whole thing is kinda -

30 STEVE: Yeah.



ELLEN: -weird. [REDACTED]

[REDACTED]
STEVE: - if Stew's available, transfer me over -
ELLEN: Yeah.
5 [REDACTED]