Why would a banker offer his $14m household to his spouse for $100?

Why would a banker offer his $14m household to his spouse for $100?

Previous Lehman employer accused of attempting

Dick Fuld took house therefore money that is much many years before their company spiralled into bankruptcy which he couldn’t also determine just how much. However now, the former Lehman Brothers employer is counting every cent and, while he makes for the onslaught of legal actions against him, he finds himself during the centre of the monetary secret.

Within the days after Lehman collapsed around him, triggering the worst economic panic because the Great Depression and causing him your own $1bn (?718m) loss on their stake within the firm, Mr Fuld transferred ownership of the $14m mansion in Florida to their spouse, Kathleen. She paid simply $100, the minimum permitted by Florida legislation.

The five-bedroom home, nestled on 3.3 acres of beachfront at gorgeous Jupiter Island, north associated with well-to-do play ground of Palm Beach, is their “seasonal getaway” and something of five domiciles the few very very very own.

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As information on the transfer emerged yesterday, Wall Streeters and solicitors speculated that the few might be wanting to shield as numerous of the assets as you possibly can from legal actions, including bankruptcy procedures. Mr Fuld remained on at Lehman Brothers to help with bankruptcy procedures here, until the end of December. Lehman Brothers, which will be being run by an administrator, had no remark.

The previous month in the congested race to be named the official face of Wall Street greed, Mr Fuld has been a nose ahead since his often belligerent performance in front of Congress in October, as lawmakers picked over the years of risky bets that enriched Lehman executives and had ultimately capsized the 158-year-old firm. More