The alternative theory for the energy team leaving is they lost all the phantom profits on the Amaranth trade. Why would anyone leave prior to bonus payouts after what appears to be a monumental gain and large subsequent bonus? Because of MTM they recognize all the gains upfront (adjusted for reserves) despite holding a highly volatile position. It will interesting to see JPM response to the 4Q energy trading profits. The moves after the transfer of the position from Amaranth to JPM could not have been kind to the holder of the position (probably short front to backs). The H/J7 position has gone nowhere but down and the further H/J position have held ground but probably once people notice the loftiness of those positions they will get pounded and there is little the holder of the position can do.