In summation, the energy traders of Amaranth were well aware of the large size of their positions and either did not care (i.e. the free option) or did not realize how perilous such a position could be. As far back as May, they seemed to be aware of the large size of their positions. In interviews by the Senate Subcommittee with Amaranth traders, they stated after the losses in May that they were waiting to see if the liquidity in the markets would come back so that they could reduce the size of their winter/summer spread positions at favorable prices.