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Why Would a Banker Sell his $14m House to his Wife for $100?

Why Would a Banker Sell his $14m House to his Wife for $100?

Previous Lehman employer accused when trying to cover up assets from creditors

Dick Fuld, the CEO that is former of bankrupt Lehman Brothers (GETTY)

NY – Dick Fuld took house therefore money that sri lankan women for marriage is much the years before their company spiralled into bankruptcy which he could not also determine simply how much. However now, the former Lehman Brothers employer is counting every cent and, as he makes for the onslaught of legal actions against him, he discovers himself in the centre of the monetary mystery.

Within the months 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 allowed by Florida legislation.

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

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

Within the congested battle become known as the state face of Wall Street greed, Mr Fuld is a nose ahead since their usually belligerent performance right in front of Congress in October, as lawmakers picked over time of dangerous wagers that enriched Lehman executives together with fundamentally capsized the 158-year-old company the last thirty days.