NEW YORK (Reuters) - Fallen Lehman Brothers Chief Executive Richard Fuld sold his $13.3 million mansion to his wife for just $100 last November, according to Florida real estate records.
The 62-year old executive, who could face civil lawsuits after overseeing the storied investment bank's collapse into Chapter 11 proceedings last September, transferred ownership of the 3.3 acres seaside home to Kathleen Fuld on November 10, records show.
The couple had jointly bought the home for $13.75 million in March 2004, as first reported by Cityfile.com.
Fuld has been blamed for Lehman's collapse on September 15 after it was weighed down by bad assets leading to the largest-ever U.S. bankruptcy when it was unable to find a buyer to come to its rescue.
He was widely criticized for not acting quickly enough to save the 158-year old bank.
Though Fuld told U.S. lawmakers he took full responsibility for his actions and felt "horrible about what has happened to the company," he insisted he shared the blame with U.S. regulators and Congress.
Fuld, who was awarded $22 million in compensation in fiscal 2007. Just another Republican doing what is right (right for him of course) Capitalism works when based on TRUST, HONESTY, and DOING THE RIGHT THING., otherwise we need REGULATIONS and lots of them.