At no time did you infer that, tell them that, or state that, at any time with ACA?

So they might straddle that for their own insurance, but that is it?

Just to be clear, I have a little difference with the Chairman on the idea of shorts.

Your job also is to keep customers, isn't it?

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?

Well, it would certainly look like it would be since the email is directed to you.

I want to get your assessment.

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 of the knowledge that we as a firm have and make more money for the firm, yet ignore the…

To me, buying protection on senior layers of risk means being short.

Is that an accurate assessment of the trading strategy?

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 maker.