Footnote 8

2001, that CSFB’s analysts dropped their rating – by which time Enron’s stock price had fallen to$4.71 per share. Around that time, a CSFB analyst wrote Chase’s: “Okay Wade, how about now?Now will you give some credit for saying NO to buying ENE at 50, at 40, at 30, at 20?”, to whichChase’s analyst replied, “no dude, you get squatola.” The CSFB analyst’s rejoineder? “From $50to $30, lucky, from $30 (when the first skelton [sic] came out) to now, I was in the know….thefunny thing is, Gibbons [another CSFB analyst] was also in the know, yet bought the thing.”JPMBKR-E0817430 (quoted in Exam. IV, App. L at 34-35 n.123).597. During the investigation following Enron’s filing for bankruptcy, the CSFB andChase analysts continued to exchange e-mails regarding CSFB’s early knowledge of Enron’sdeteriorating financial condition and the Insiders’ misuse of the off-balance sheet SPEs tomanipulate Enron’s financial statements. For example, on December 20, 2001, the Chase analystwrote, “man, you guys are the ones that helped set up these partnerships…not to mention you guysas analysts knew about it and didn’t say a word to clients in your research…who’s hiding what???I’m sure the SEC would be very interested in this…don’t you think?” CSFBCO 006172707 (quotedin Exam. IV, App. L at 34-35 n.123).598. On February 26, 2002, the day before CSFB’s lead equity analyst on Enron, CurtLauner, was scheduled to testify before the Senate Committee on Governmental Affairs about therole Wall Street analysts played in the collapse of Enron, the Chase analyst wrote his CSFB friend:“I’m sure Curt [Launer’s] testimony will NOT include the fact that you guys knew about this crapin august [sic] (at the latest) but still didn’t write about it or bring it to the attention ofinvestors…shall I forward your e-mails to the justice department??? the ones warning me to stayaway from ENE – these date waaaaaay back…now, if you telling me and everyone on yoursalesforce (as you claim) to stay away, don’t you think Congress would like to know about this???”CSFBCO 006173455 (quoted in Exam. IV, App. L at 34-35 n.123). In fact, Launer had written a604041v1/007457-202-