There is continuing misunderstanding about my Enron stock transactions. I believed in the company so much that rather than sell more of my stock over of the years, I increased my ownership of Enron stock and borrowed against the stock to make other non-Enron investments in order to diversify my investments as my advisors were instructing me to do. I believed that Enron stock would only increase in value over time. I disposed of some of my Enron stock in 2001 because as the stock price declined, I received cash and margin calls, my bankers and had to use the Enron stock to meet these calls. Even then, I sold as little of my stock as possible to satisfy the calls because I was convinced that it was undervalued and would increase in value. In September, 2001, I even used a 10 million dollar cash bonus I received from the company to pay down debts. Rather than use Enron stock.

The Enron collapse was enormous tragedy. I continue to grieve, as does my family, over the loss of the company, my failure to be able to save it, and the tremendous hardship that caused so many employees, retirees, and others. But failure does not equate to a crime. Although my lawyers and I believe I should not have been indicted, now that I have been, I have instructed my legal team that I want a speedy trial and I hope it will begin by early September this year.

Not only are we ready to go to trial, but we are anxious to prove my innocence. I also believe, as chairman and CEO of Enron when it collapsed it is my duty and obligation to go to trial as soon as possible. As you know the indictment entered in the court earlier today is long and complex and many of the specific allegations and issues in the indictment can not be addressed until we have time to fully evaluate them, but with that caveat, I and my legal team and I do have Mike Ramsey with me and Bruce Collins with me, I and my legal team are now ready to take a few questions, so questions, please?