Tuesday, November 15, 2011

Oh, My God! Joe Paterno transferred ownership of his home to his wife!!

Oh, that just PROVES he KNEW that the sexual assault investigation was going to land him in hot water! I mean, why else would an 84-YEAR-OLD MAN consider a reasonable action such as ensuring that the deed to his home was in his wife's name? Especially when the wife is in her early 70s?

No, not according to the New York Times, which, in this story that lasts more than 15 paragraphs, seems determined to find out if Joe Paterno was covering his assets (so to speak) by transferring over the deed, as he did last summer.
Documents filed in Centre County, Pa., show that on July 21, Paterno’s house near campus was turned over to “Suzanne P. Paterno, trustee” for a dollar plus “love and affection.” The couple had previously held joint ownership of the house, which they bought in 1969 for $58,000.
According to documents filed with the county, the house’s fair-market value was listed at $594,484.40. Wick Sollers, a lawyer for Paterno, said in an e-mail that the Paternos had been engaged in a “multiyear estate planning program,” and the transfer “was simply one element of that plan.” He said it had nothing to do with the scandal.
Now, of course if the New York Times establishes this "Oh, My God!" moment, then the media, bloggers and others have to pick up the story.  So....

-The Free Republic website posted the Times' story on its site

-The Democratic Underground posted the story and has added an accompanying chat page (you can guess where most of the sentiments are leaning)

-The State Bar of Michigan blog added the story to its site

-The Lakeshore Laments blog posted the story and the lusciously tantalizing nugget that Paterno's decision was a sure sign that only "the tip of the iceberg" has been spotted in the Penn State scandal.

So, for now, I will take comfort (or fright) in believing that I'm the only person comfortable enough to suggest that perhaps what was motivating Mr. Paterno was good estate planning.

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