I would run up against Madoff’s ‘miracles’ quite a bit as well. People would say “well I am with Madoff, so I am very wary of risky hedge funds.” Madoff is the essence of the “confidence man” known as the “con man”… these are the people who actually trade on the syrupy language necessary to gain the confidence of their victims, while pretending to trade in something else. They prey on the hopes and therefore the weaknesses of the human condition. I believe it likely that he also plied his skill on the SEC… it is not plausible that after multiple warnings the SEC could not have found any evidence. There may be revelations of bribes on top of the apparent incompetence. I feel so sorry for those who were victimized by Madoff and to a large extent he preyed upon his own community.