OUCH

Ruth Madoff Gives Up Cash

$80 million in assets dwindles to $2.5.

Ruth Madoff just reached a deal with prosecutors that will allow the wife of the Ponzi schemer to continue riding New York subways—provided there are no additional fare hikes. Bernie Madoff originally asked prosecutors to allow his wife to keep $70 million in assets, but on Friday she gave up the claim and kept only $2.5 million in cash. Madoff’s wife reached a settlement that will sell off her properties in Palm Beach, Montauk, and Manhattan to shore up money for the victims. The settlement, however, doesn't prevent the SEC or the Madoff trustee from coming after her funds in the future. On Monday, Bernie Madoff will be sentenced in federal court where prosecutors are pushing for 150 years in prison.