Bernard Madoff may be accused of running a "$50 billion ponzi scheme", but he certainly professed to have a high regard for the system of regulation that he allegedly beat for so long.

At a roundtable discussion on "the future of Wall Street" held last year, he noted at one point:

In today's regulatory environment it is virtually impossible to violate rules ... It's impossible for a violation to go undetected, certainly not for a considerable period of time.

He also said, later in the same discussion, that by using computers instead of humans, he had helped his firm to avoid violating the law. Although, he added, laughing, "I guess you could also program your computer to violate regulation, we haven't got there yet."

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