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

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

Dick Fuld took house so money that is much the years before their firm spiralled into bankruptcy he could not even determine just how much. However now, the former Lehman Brothers employer is counting every cent and, at the centre of a financial mystery as he prepares for an onslaught of lawsuits against him, he finds himself.

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 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 something of five domiciles the couple very own.

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As information on the transfer emerged yesterday, Wall Streeters and solicitors speculated that the few could possibly be wanting to shield as much of these assets as you can from legal actions, including bankruptcy procedures.

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