Preheat oven to 325 degrees. Grease and flour a 10 cup Bundt pan well and set aside. (I use a non-stick cooking spray with flour in it called Baker's Joy.)
In a food processor, pulse cookies until you have a fine crumb. Set aside.
In a large bowl using an electric hand mixer blend together butter and sugar until fluffy and light in color about 2 minutes. Beat in eggs one at a time until well combined. Beat in crushed wafers and milk.
Stir in vanilla and pecans by hand using a spatula until well mixed. Spoon batter into prepared Bundt pan and spread evenly.
Bake in preheated oven for 1 hour and 10 minutes until toothpick inserted in center comes out clean. Cool cake completely in the Bundt pan. Place a serving plate over pan and flip pan & plate over to release cake. Dust with a fine coating of powdered sugar. Slice & enjoy.