Hey - times are tough all over - Peter Madoff
From
Yahoo News/Associated Press:
Peter Madoff can spend $10K a month on expenses
Bernard Madoff's brother Peter gets access to $10,000 a month for living expenses under an agreement approved Friday in a lawsuit accusing him of swindling a college student.
Peter Madoff was in a Long Island courtroom to appeal a judge's order last week freezing his assets. That order came in a civil lawsuit filed by Andrew Ross Samuels, who claims Madoff took $478,000 of his trust fund and invested it in his brother Bernard's Ponzi scheme.
New York state Supreme Court Judge Stephen Bucaria approved giving Peter Madoff access to the money. The pact carries the same terms as a Justice Department document signed by Madoff on Dec. 24, in which he voluntarily agreed not to dispose of his substantial fortune and to curtail his personal spending until further notice.
He is permitted to spend $10,000 a month on living expenses, the judge said.
And a bit more:
His lawsuit claims Peter Madoff had "full knowledge" his brother was operating "a fraudulent Ponzi scheme and nothing more than an unprecedented fraud."
Good Lord! We do quite well on a little over $3K/month as we are both pretty frugal and carry no debt. To be forced to live on $10K/month would be the lap of luxury...
Posted by DaveH at April 3, 2009 5:01 PM