Isn't there a way to go after these Robberbaron's Assets?(Lehman's Fuld sold mansion to wife 4 $100)

[mod mom]

IT SEEMS TO ME THAT THEY KNOWINGLY PROFITED WHILE THEIR COMPANIES WERE LEFT IN FINANCIAL RUIN AND NOW THEY ARE HIDING THEIR ASSETS (THINK OFF SHORE ACCOUNTS AS WELL). EXCUSE MY IGNORANCE, BUT CAN'T THE FEDS (OR SOMEONE) DO SOMETHING TO RECOUP SOME OF THE TRANSFER OF WEALTH INTO THEIR PRIVATE ACCOUNTS? IT IS SO INFURIATING TO READ ACCOUNTS SUCH AS THIS:

Lehman's Fuld sold Florida mansion to wife for $100

Sun Jan 25, 2009 7:59pm EST

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.

-snip
Fuld, who was awarded $22 million in compensation in fiscal 2007, stepped down as Lehman chief executive at the end of last year and did not receive any bonus or severance when he left.

-snip

http://www.reuters.com/article/newsOne/idUSTRE50P04A20090126

[Thothmes]

1. Don't know about the Feds

Individual or class action law suits by share holders can go after these assets.

[Vinnie From Indy]

2. Fuld is just one of many on Wall Street that should be in prison

Lehman's demise has taken a large chunk of my father's retirement with it. He was in their "safest" fund. It is heartbreaking to see a man who worked so hard his whole life worrying himself sick about his future. Fuld is one asshole I would love to meet up with personally. I can guarantee that the SOB would get a taste of worrying about his immediate future.

[mod mom]

4. This is my point-can't these guys be charged with something that will put their sorry asses in jail?

RICO perhaps? IANAL but if they are allowed to get away with this, then the practice will continue.

I'm very sorry to hear about your father. A whole lot of hard working individuals, who played by the rules got screwed while assholes like Fuld get to retire into the good life-doesn't sound right to me! Make an example of these assholes so others won't think twice about trying this in the future-imho.

[Ken Burch]

3. Maybe "eminent domain".

You could argue that their assets(and if need be, their mansions)are needed by the state for the greater good. Worth a try.

[notadmblnd]

5. Thats why they put the assets in their wives name. They knew they were breaking the law

This is SOP for criminals with money.

[annabanana]

6. Invade the Caymans!

Seriously. It'll be easier than Granada, and we might get some of our money back.

[boomerbust]

7. One more time

Bush and Cheney have a billion or two waiting for them somewhere.:tinfoilhat:

[mitchum]

8. Off with their heads seems a workable solution

[guitar man]

9. sadly

Probably not :(

After 28 years of rethug policy tilted toward protecting the lifestyles of the priveleged fucks like Fuld,starting with Reagan, I somehow doubt there is much of anything left of a legal framework left to go after them with. :(

This is what we get for buying into the myth that what is good for the robber barons is ultimately good for every one. What we are witnessing now is the painful proof positive that "trickle down, supply side" or whatever yo want to call it DOES. NOT. WORK. Never has, never will. :(

[TexasObserver]

10. Yes. It's called FRAUDULENT CONVEYANCE.

Simple. You sue the husband and the wife. You sue them both for conspiracy to defraud his creditors or claimants, an act committed to move value from him into her, for the purpose of hiding his assets, or for preventing his eventual judgment creditors from getting to those assets.

I've done it successfully before. A large company went into chapter 11. A senior officer arranged a sale of a very valuable cable company to a third party 6 weeks before the bankruptcy was filed. He then got a new job with the third party, running the cable company. I sued them all, and they had a major law firm defending them. Two years later, we won and collected a multi million dollar verdict from the third party, which was held liable.

Believe me, this dog won't hunt, if there is an aggressive litigation team pursuing these rat bastards and their schemes to keep ill gotten gain.

Most states, if not all, have a fraudulent conveyance statute, and the Bankruptcy Code has specific prohibitions against fraudulent conveyances. A creditors committee can go after the perps even if they go into bankruptcy. FRAUD is not dischargeable in bankruptcy.