Ruth Madoff put on a spending leash

Imagine facing the hassle of having to report everything you spend over $100 to a federal bankruptcy judge. That's exactly what Ruth Madoff will have to do based on an agreement she reached with the court appointed trustee.

This agreement is part of a lawsuit filed last week by trustee Irving Picard. Picard's lawsuit against Ruth Madoff seeks to recover $44 million on behalf of victims of the Bernard Madoff fraud. Ruth Madoff says she already signed away her rights to the property identified in this lawsuit. It seems that Picard thinks there are more funds hidden somewhere so he wants to monitor her spending.