Madoff’s Largest Victim or Facilitator?

The Fairfield Greenwich Group lost more money to Bernard Madoff than any other investor, but does it qualify as a victim? Since 2003, Fairfield’s executives collected over $500 million in fees from the money they invested with Madoff (while investing only about $60 million of their own money with him). It promised its investors that it would monitor and track Madoff’s investments, but it’s unclear what, exactly, it did. It’s possible, suggests The New York Times, that Fairfield was more “facilitator” than “victim.” According to The Times, Fairfield’s founder, Walter M. Noel owns at least five luxury homes.