Credit Suisse Group AG Chief Executive Officer Brady Dougan must pay a year's worth of interest on a late $7.5 million payment he made to his ex-wife under their 2005 divorce agreement, a Connecticut appeals court ruled.Dougan, 49, and Tomoko Hamada Dougan, 52, were divorced on June 17, 2005, under an agreement requiring him to pay $7.83 million within 30 days and another $7.5 million by June 16, 2006, according to an opinion released by the appellate panel yesterday in Hartford. Dougan made the second payment 12 days late, triggering a 10 percent interest payment provision.
Dougan "had use of $7.5 million for one year," according to the majority opinion by Judge C. Ian McLachlan. The bank CEO "could have made that payment at the time of the judgment. Instead, the plaintiff, an investment banker,* had the use of the money with the knowledge that he would lose the benefit of no interest for that year if he failed to pay the defendant on time."
Related: The Kind Of Perverse Genius Only The Swiss Could Develop
*Was this intended as a passive aggressive way of saying "he's not stupid, he knows how this money shit works"? If so we likely.
Posted by Lowly Assistant , May 15, 2009 12:22PM
Late on your credit card payment? You = Victim. Late on your divorce payment? You = Deadbeat.
Not fighting for either, just saying the irony is deliciously rich.
Posted by guest , May 15, 2009 12:27PM
What irony? Was his wife the CEO of Amex? Come on dude...
Posted by guest , May 15, 2009 12:28PM
likey
Posted by Lowly Assistant , May 15, 2009 12:29PM
2,
Generalized statement, not necessarily related to Dougan's pain. Just the general consensus through the states.
Posted by guest , May 15, 2009 12:29PM
Credit Suisse blows.
Posted by Investorcluzo , May 15, 2009 12:30PM
when will the obama administration weigh in on this type of excess?...just how much is too much for woman to sit at home and watch all my children? what did she do to “deserve”/”earn” or otherwise be owed said payment? did she bear a child for brady d? I’m sure there are plenty of surrogates out there willing to produce his offspring for much less…just sayin’
Posted by guest , May 15, 2009 12:32PM
@lowly- please. this was a purposely late payment, by a millionaire who could afford it.
Posted by guest , May 15, 2009 12:33PM
LA@#1...
That Brady clown is no "victim". No irony at all because Dougan clearly had the money to pay on time, but he decided to play with the courts instead.
Who sould even give a f'k about his thieving ass anyway?
The Guy from Delaware
Posted by Lowly Assistant , May 15, 2009 12:34PM
7,
Again. Generalized statement, not necessarily related to Dougan's pain. Just the general consensus through the states.
Posted by guest , May 15, 2009 12:35PM
Why do "gentle" latent homosexual Jew and Celt scribes use "Asian" women as beards? Undoubtedly, Dougan graduated at least magna cum laude from a top school and meticulously completed every homework assignment in high school while a virgin. In this case, "divorce" means "cannot erect or sustain an erection with women."
Posted by guest , May 15, 2009 12:38PM
Tool@#10...
WTF are you talking about? Go get some lunch and come back later when your mind is clear.
The Guy from Delaware
Posted by MoneyBoss , May 15, 2009 12:39PM
This is why I don't marry shrill japanese women
Posted by guest , May 15, 2009 12:41PM
so dougan has an asian fetish?
Posted by guest , May 15, 2009 12:48PM
Kinda looks like Conan.
Posted by guest , May 15, 2009 1:03PM
So Brady gets to be known as the guy that overpaid for an old ugly Japanese bitch.
Posted by Anal_yst , May 15, 2009 1:07PM
He is the CEO of a f*cking Swiss bank and he couldn't figure out how the f*ck to hide his assets better?
Where the hell is the Forehead Slapper on this one??
Posted by guest , May 15, 2009 1:14PM
As always TGFD your brain is too small to comprehend that @10 might be saying something truthful. Go back to your farm and f' your sheep.
Posted by Lowly Assistant , May 15, 2009 1:15PM
2,7, & 8,
Let me break it down for yous.
Our populist rage demonizes corporations and firms that lend us (the borrowers) money, claiming unfair rate-jumps and late fees. The borrower is labeled the victim, even if he/she has taken on a ridiculous amount of debt with no plan/ability to pay it.
In the realm of divorce court, the exact opposite occurs, in that one party owes the other a specific amount of money, on court appointed terms. If he/she is unable to meet those terms or simply is late, that person is immediately deemed a deadbeat, wages are garnished, and a "debtors prison" sometimes exists.
My point (particularly, with regards to "irony") is in response to our (the country's) ethical compass when it comes to owing someone v. "some thing" money. My statement really had nothing to do with Dougan, but rather the demonization of flesh "entities" v. those which are "abstract."
My argument has absolutely nothing to do with the article.
Posted by guest , May 15, 2009 1:29PM
Is it 10% interest for 12 days or a 10% penalty? Because if it is the later, then the U.S. courts are way worse than any credit card company. Not likely to see Obama cracking down on payments to lazy ex-wives, though.
Posted by guest , May 15, 2009 1:30PM
@10 beat me to the punch....always find that these guys who are probably gay end up with asian chicks. not sure what it is, but this picutre makes me think he's a kid toucher to boot!!!
Posted by guest , May 15, 2009 1:31PM
@ 12 and 15
If he had married a white woman he probably won't get this prejudice and hatred shit from you even if she'd married him for money.
If you've married an Asian woman and divorce you later, something is horribly wrong with you.
Posted by guest , May 15, 2009 1:31PM
@ 12 and 15
If he had married a white woman he probably won't get this prejudice and hatred shit from you even if she'd married him for money.
If you've married an Asian woman and divorce you later, something is horribly wrong with you.
Posted by Anal_yst , May 15, 2009 1:44PM
@ Lowly
How dare you point that out? Credit card companies and big banks are just horrible evil entities out to screw you every chance they get. When someone lends you money though, its only right that you pay them back.
Posted by guest , May 15, 2009 2:13PM
That's a dealbreaker, ladies.
- Liz Lemon
Posted by guest , May 15, 2009 2:16PM
In general agreement with Lowly and Analyst here, and I realize the initial comment wasn't related to this specfic story - but even in broad terms, the issue of paying interest on a delayed divorce settlement makes very basic economic sense. A lender (CC biz or divorcee) is due interest on the principal owed, duh.
Posted by guest , May 15, 2009 2:51PM
I don't feel so bad I make about $200k at citi bank and I'm paying my ex-wife $2100 a month.
Posted by guest , May 16, 2009 1:58PM
This story sure doesn't make a lot of sense for a guy who made $20,000,000 annually during this time period.
It sounds like he needs to find a better lawyer next time he takes on the ex.
Brady seems to have a very low profile, I would imagine he's pissed off about the amount of press this episode generated.
The guy worked in Japan for a long time, not surprising he married a Japanese woman
who could handle the domestic scene while he jetted around the globe running his piece of the firm's business.
I hear from my ex, on the back of my check's!
Posted by guest , May 16, 2009 2:08PM
That tool Brady gets dumber-looking every time I see his photo.
CS should dismiss his sorry ass for:
1) Being so f'n stupid by marrying that ugly witch in the first place.
2) Second, having kids with her. Ugh!
3) Being so f'n stupid by trying to scam the court.
What in his personal life would cause one to question his judgement? Answer...1, 2, & 3 above.
The Guy from Delaware
p.s. BTW, Brady is one ragged-looking 49-yr-old. Rough-looking, indeed.
Posted by guest , May 16, 2009 6:50PM
That's the way we all became the Brady Bunch.
The Brady Bunch.
Posted by guest , Jun 03, 2009 9:46AM
Yellow Fever eventually kills.
Posted by guest , Jun 03, 2009 9:46AM
Yellow Fever eventually kills.