Former Lehman Bros. CEO Richard Fuld -- the man who drove the company into extinction -- is proving himself to be one of the most shameless persons on the planet.Five years ago, he and his wife bought a $13 million mansion in Jupiter Island, Florida. He just sold it to his wife for $10. The reason seems obvious: with shareholder class-action lawsuits breathing down Fuld's neck, he's looking to preserve his assets from potential creditors or even a possible bankruptcy filing.
Lawyers tell The New York Times that the sale may not do much to protect Fuld's assets because the low price could qualify it as a case of fraudulent conveyance.
The Times reports on some additional Fuld shamelessness: "When Mrs. Fuld went shopping at Hermès over the holidays, she requested white bags - rather than the brand's signature orange ones - to try to disguise her purchases."
It's amazing that Fuld doesn't have more shame. He's more concerned about keeping his mansion than preserving whatever is left of his reputation as a human being. Is it even possible for him to enjoy his $13 million mansion at this point? Does he have any conscience at all? I wonder if the headlines trashing him even bother him. It's possible that he's deluded himself into thinking that he's done nothing wrong.
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Reader Comments (Page 1 of 1)
1-26-2009 @ 10:53AM
BHarrison said...
Richard Fuld is as much a criminal as Madoff is . . . and he should be indicted and prosecuted to the fullest extent allowable by Law; and ALL of his ill gotten gains should be seized and returned to the corporation. Any means by Fuld to hide his assests can certainly be undone by court actions.
Richard Fuld should be criminally prosecuted for felony fraud for the pyramid and Ponzi type schemes and the other forms of frauds that he oversaw the orchestration and perpetuation of.
Richcard Fuld should minimally be senetenced to 25 - 50 years in prison; and all of his assests should be seized and sold to repay the corporation and the stockholders for the damage that he has caused due to his use of FRAUD to financially benefit his personal wealth.