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Joe Paterno sold his house to his wife for $1

November 16, 2011 | celebrity | editor | 0 Comments

When the Jerry Sandusky scandal first broke, Joe Paterno said, “If true, the nature and amount of charges made are very shocking to me and all Penn Staters,” and, “If this is true we were all fooled.”

Oh that poor man! Sandusky fooled him! Paterno had no idea any of this was happening! And yet, as reported by the NY Times

Joe Paterno transferred full ownership of his house to his wife, Sue, for $1 in July, less than four months before a sexual abuse scandal engulfed his Penn State football program and the university.
According to documents filed with the county, the house’s fair-market value was listed at $594,484.40.

Hmm. Well I bet law professors hear about husbands selling a house to their wife for $1 all the time. It’s probably just for tax purposes.

Lawrence A. Frolik, a law professor at the University of Pittsburgh, said that he had “never heard” of a husband selling a house to his wife for $1 for tax or government assistance purposes.
“I can’t see any tax advantages,” Frolik said. “If someone told me that, my reaction would be, ‘Are they hoping to shield assets in case if there’s personal liability?’ ” He added, “It sounds like an attempt to avoid personal liability in having assets in his wife’s name.”

So is that why he did it? To make sure those greedy parents couldn’t sue him in civil court just because he helped protect a pedophile rapist from the law? When asked about this earlier today, Paterno said…

“Well those little kids didn’t cover their ass so now I have to cover mine.”

No he didn’t really say that. That would have been a good joke though.

Tags: jerry sandusky joe paterno penn state



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