Ruth Madoff downsizes to $2.5 million settlement with Feds

Wife of infamous Wall Street ponzi schemer Bernie Madoff has agreed cut a deal with federal prosecutors according to Reuters. Instead of pursuing claims that she is entitled to about $70 million in assets from her “marital estate” she will give up all claims to all but $2.5 million in assets. She will vacate the marital residence on the Upper East Side, she will forego any claim to the Palm Beach home, and the Montauk Long Island vacation home. And the place in France too. Didn’t they have a place in Cap D’Antibes?
In return for all her forfeitures, she gets $2.5 million. It sounds like peanuts when you think about it. But when was the last time I got my grubby little paws on $2.5 million dollars? Hm? Ruth is still a millionaire. She can still do angel investing. (Hey, Ruth, wanna invest in my reality show?!)  She can live on $2.5 million. She’s 68 years old! Come on.  She can totally live on that. She can get a 40 year mortgage on a place that is worth a million dollars and more than likely, she will never pay off that mortgage because, well, she’s 68! Know what I mean? Plus, she can put down a sizable downpayment, then get a reverse mortgage. So she’s not even paying nothing for the place. And after she dies, the bank confiscates it. I am sure Andrew and Mark, her sons, could care less about inheriting it. They have their own macmansions and have not been charged. They will go Scott free–unless the feds have something up their sleeves.
No, I think Ruth did okay under the circumstances. She can invest in distressed real estate right now just about anywhere in the country, fix em up, and make out like a bandit–whether it is commercial or residential real estate. She can even invest in REITS. She should talk to Donald Trump about that. Although, Donald doesn’t have a high opinion of Bernie. But what’s that got to do with Ruth?
I would say, all in all, given that she has her freedom, the $2.5 million is icing. Not a bad divorce settlement agreement at all, for Ms. Ruth Alpern Madoff.
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