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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 assets from creditors

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

NYC – Dick Fuld took house so much profit the years before his company spiralled into bankruptcy which he could not also determine exactly 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 at the centre of the monetary secret.

When you look at the months after Lehman collapsed around him, triggering the worst monetary panic considering that the Great Depression and causing him your own $1bn (?718m) loss on their stake when you look at the company, 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 breathtaking Jupiter Island, north associated with the well-to-do play ground of Palm Beach, is their “seasonal getaway” and another of five homes the few very very own.

As information on the transfer emerged yesterday, Wall Streeters and solicitors speculated that the few might be attempting to shield as numerous of these 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 an administrator, had no remark.

The previous month in the congested race to be buy a bride online 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.

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