21.   Companies poured millions into their trading operations, confident they could earn tens or even hundreds of millions in return.

22.   Enron has aggressively lobbied, with some success in recent years, to limit regulation and disclosure of its trading operations.

23.   Enron effectively invented energy trading, and some companies have tried to distance themselves from Enron by playing down the importance of their trading operations.

24.   Even if Enron is able to salvage its trading operations, the clients it once had may be long gone by the time things are back to normal.

25.   Enron said it was also talking with leading financial institutions to restart its huge trading operations through a new joint venture.

26.   Fidelity also acquired the Nasdaq trading operation of Wagner Stott Mercator.

27.   For its part, Enron offers trading expertise to create once again a competitive trading operation.

28.   Firms are slashing trading operations, firing executives, and in many cases unloading hard assets to beef up balance sheets and avoid an Enron-like conflagration.

29.   Gifford and other senior executives said they had reorganized the trading operation and the private bank and were better equipped to monitor lurking problems in those areas.

30.   Greg Whalley, the current president, plans to leave to run the trading operation Enron sold to UBS Warburg, the Swiss bank.