[jeffreyrogers]

Jane Street isn't a hedge fund so I'm not sure why you're lumping in criticism of hedge funds with criticism of Jane Street.

I'm sure some hedge funds have been scams, and probably a decent percentage are frauds in the sense that they have no alpha even before fees (this isn't a crime though). There's not much evidence that the fund you're referring to is a fraud. There are published strategies now that if implemented in the 90s and early 2000s would've earned returns of >50% after transaction costs so their results seem attainable though obviously exceptional.