I used to think that all of Wall Street was on the level, that it facilitated investing, that it allowed people and institutions to put their money into something that they believed in and believed would be helpful and beneficial and grow and make money and especially help the economy and on the side create a lot of jobs and be good for our country and good for America, Ackerman said.
Now a lot of what were doing with this hedging and you can call it protecting your investment or whatever, but it is basically gambling youre just betting that you might have been wrong. It doesnt help anything succeed anymore, doesnt encourage anything anymore. It creates the possibility that people say, do these guys really know what theyre doing if theyre now betting against their initial bet and if you go and hedge against your hedge which means youre betting against your bet against your first bet it seems to me youre throwing darts at a dart board and putting a lot of money at risk just in case you were wrong the first time. I dont see how that creates one job in America.
