Joe Paterno Sold His House To His Wife For $1 Before Sandusky Scandal Broke
In fairness, he also offered to sell me this stadium for a buffalo nickel.
If there was ever any doubt that Joe Paterno wasn’t aware of his former defensive coordinator, and almost successor, Jerry Sandusky’s continual and repeated rape of young boys, The New York Times is reporting that in July, just months before the scandal broke, Paterno conveniently transferred full ownership of his house to his wife Sue to the tune of $1. While his lawyer claims it’s just a small element of a “multiyear estate planning program,” other legal experts say it shows the old man clearly knew this flying clusterfuck was coming home to roost:
Lawrence A. Frolik, a law professor at the University of Pittsburgh who specializes in elder law, said that he had “never heard” of a husband selling his share of a house for $1 to his spouse 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.”
Two lawyers examined the available documents in recent days. Neither wanted to be identified because they were not directly involved in the case or the property transaction. One of the experts said it appeared to be an explicit effort to financially shield Joe Paterno. The other regarded the July transaction, at least on its face, as benign.
Ever since the grand jury report broke, it’s been heavily asserted that Jerry Sandusky’s predilection for young boys was an “open secret” in State College, and there’s no way that Joe Paterno didn’t know what was happening all these years and therefore quietly condoned it with his silence/minimal action. And now we find out he suddenly transferred his half a million dollar home to his wife mere months before a massive child rape bomb exploded leaving himself and the university open to numerous lawsuits? C’mon. There’s no way that’s coincidental. At this point, I’m actually starting to believe Paterno might be one of the people Sandusky allegedly pimped kids to, as some of you have commented. Granted, I could be wrong, but the way this fucked up train is derailing, it’s literally just a matter of time until we find out the entire football team orchestrated 9/11 if not killed Caylee Anthony while making the stock market crash. “Coach said we get Pizza Hut if that Dow tanks.”
h/t Balloon Juice