Why Would a Banker Sell his $14m House to his Wife for $100?
Previous Lehman employer accused of attempting to full cover up assets from creditors
Dick Fuld, the CEO that is former of bankrupt Lehman Brothers (GETTY)
NEW YORK – Dick Fuld took house so money that is much the years before their company spiralled into bankruptcy which he could not also determine simply how much. Nevertheless now, the former Lehman Brothers employer is counting every cent and, as he prepares for the onslaught of legal actions against him, he discovers himself during the centre of the monetary secret.
Within the days after Lehman collapsed him a personal $1bn (?718m) loss on his stake in the firm, Mr Fuld transferred ownership of a $14m mansion in Florida to his wife, Kathleen around him, triggering the worst financial panic since the Great Depression and causing. She paid simply $100, the minimum permitted by Florida legislation.
The five-bedroom home, nestled on 3.3 acres of beachfront at breathtaking Jupiter Island, north regarding the well-to-do play ground of Palm Beach, is their “seasonal getaway” and another of five houses the few very very own.
As information on the transfer emerged yesterday, Wall Streeters and solicitors speculated that the few could possibly be wanting to shield as much of the assets as you are able to from legal actions, including bankruptcy procedures. Mr Fuld remained on at Lehman Brothers to help with bankruptcy procedures here, before the end of December. Lehman Brothers, which can be being run by the administrator, had no remark.
When you look at the congested competition become known as the state face of Wall Street greed, Mr Fuld is a nose ahead since their usually belligerent performance in the front of Congress in October, as lawmakers picked through the years of dangerous wagers that enriched Lehman professionals together with eventually capsized the 158-year-old company the prior thirty days.
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