On December 16, 2008, the Securities Investor Protection Corporation initiated liquidation proceedings with respect to Bernard L. Madoff Investment Securities LLC.  In some respects, the events surrounding that filing recall, though with larger numbers, the fall of the Bayou hedge funds in the summer of 2005.  Bayou too was a complex, multi-year pyramid scheme that deceived even sophisticated investors with falsified books approved by obscure (or in Bayou’s case, nonexistent) auditors.  We discuss the implications (and limits) of the analogy between the Bayou and Madoff cases, and lawsuits and the likelihood of future suits against Madoff feeders.  Also, we explore the question: is it possible that Madoff feeders will make investors whole for Madoff-related losses, as some major banks have done for their clients in other contexts?