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The stunning criminal complaint not an indictment, as some are reporting filed in the case gives no perspective on how long Madoff has been operating a $50 billion (his estimate) Ponzi scheme. But the possibility is mindboggling that he has been doing it for years, under the very noses of regulators (to the extent that what he did was regulated at all).

The SEC complaint says that he was doing it for an "indeterminate period." Wrong. He was engaged in that scheme for a determinate valentino uk online period, but the geniuses at the SEC simply haven't got the foggiest notion how long. Why should they? They're just the friggin' market regulators, after all.

Here are some excerpts from an article that ran in Barron's in 2001. The title is, ahem, "Don't Ask, Don't Tell." (The subhead: Bernie Madoff is so secretive, he even asks investors to keep mum."). That's enough to rank Madoff's operation among the world's three largest hedge funds, according to a May 2001 report in MAR Hedge, a trade publication.

What's more, these private accounts, have produced compound average annual returns of 15% for more than a decade. Remarkably, some of the larger, billiondollar Madoffrun funds have never had a down year.

When Barron's asked Madoff Friday how he accomplishes this, he said, "It's a proprietary strategy. I can't go into it http://www.valentinoshoessale.co.uk/ in great detail."

Nor were the firms that market Madoff's funds forthcoming when contacted earlier. "It's a private fund. And so our inclination has been not to discuss its returns," says Jeffrey Tucker, partner and cofounder of Fairfield Greenwich, a New York Citybased hedgefund marketer. "Why Barron's would have any interest in this fund I don't know."

Was Bernie Madoff running a Ponzi scheme when these immortal words were written? Was he running a Ponzi scheme when he was vicechairman of Nasdaq? And what about SEC filings like this one, in which he listed stocks that were supposedly in his portfolio? Did he actually own those stocks?