Saturday, September 02, 2006

Tight Budget

I don't care to join the crowds who have gathered to jeer Conrad Black in his misfortune, out of respect for his service in founding the National Post and in proving that a modern billionaire can be accomplished in other matters than making money.

But I wish I could say that I was just barely scraping by on $200,000 a month:

Conrad Black and Barbara Amiel Black have been limited to a budget of $25,000 each a month for "reasonable" living expenses, according to a freeze order issued by an Ontario court.

The 10-page Mareva order stipulates that Lord Black and his wife may apply to the provincial court for additional funds after they have each filed a sworn affidavit listing the "nature, value and precise location" of their assets, and any encumbrances that may be attached to them.

The Ontario court appears to place significant restrictions on Lord Black and Ms. Black, who had listed monthly expenses of US$200,000, according to a Chicago judge.

As well, the freeze order restrains Lord Black, his wife, and persons or entities controlled by them directly or indirectly, or acting on their behalf from "transferring, conveying, encumbering, mortgaging, pledging, assigning, donating, gifting, settling, removing or otherwise disposing" of any assets.

It's easy enough for an upwardly mobile professional couple to go through $25,000 a month in Toronto, even if they're not particularly spendthrift but just class-conscious.

I can't imagine what economies the Blacks will have to make to live on it without feeling humiliated.

But hey, I'd be glad to afford to live on $25,000 a month. But knowing my habits, I'd run out of things to spend it on after about half that.

Source: National Post

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