A Hedgie is not a market maker, An institution is not a market maker, I'm not a market maker. FNM and FRE are on ARCA which is now an ECN. The majority of the orders are never touched by a market maker. I have new software that doesn't even show market makers.
When I hear that line "The market maker did it" I know I have either a newbie who doesn't know better or a liar trying to take a newbies money. That's got to be the biggest lie told on Ihub.