Taking $725MM from the investors of Amaranth for two weeks of risk is definitely the prudent thing to do. I don't think it was a lack of confidence of management on the expertise of the energy trading team, but rather locking in astronomical gains for a short time period. People fail to remember that in 2005 JPM made +500 MM in 2Q and promptly gave back +60% in 4Q. My guess that for this year they were waffling along in the "zero sum" market until the Amaranth bonaza came along. If these guys left then they gave up a good opportunity in cash in at a later time period.