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Can someone please explain the Madoff scheme to me...

I'm having a really hard time believing that one man, orchestrating a relatively elementary ponzi scheme (as I understand), was able to dupe the SEC and other regulatory bodies, huge banks such as Bank of America, HSBC, and the Royal Bank of Scotland, huge hedge funds, and other individual investors all across the globe. How is that possible?


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Why are you surprised?

Both the Federal Government and the Federal Reserve do the same thing.

Not surprised

I'm not surprised in the least bit, but I'm trying to make sense of this (maybe that is my downfall).