But it was an email addressed to you?
So you double-insured, basically?
So you would not think it would be prudent for somebody in risk management like you to maximize a position for Goldman Sachs to take advanta...
You bought puts?
I have never seen anything like it.
Is there a Board process that leads on that? What are the standards? If I go to work for Goldman Sachs, what am I going to hear about ethics...
I just have a couple of other questions.
Portfolio manager, OK. That fits.
Nobody would do that?
Markets have to have people on both sides of them. My concern is where is the ethical standard on when you expose your position as a market ...
Is that an accurate assessment of the trading strategy?
To me, buying protection on senior layers of risk means being short.
Well, let me ask you this, if you would. Does it make sense to you somebody would tout a philosophy that says, I am going to take advantage ...
I want to get your assessment.
Well, it would certainly look like it would be since the email is directed to you.
Why would somebody not buy protection on the lowest potential performing component of the deal and buy long on the top end of the deal?
Your job also is to keep customers, isn't it?
Just to be clear, I have a little difference with the Chairman on the idea of shorts.
