The New York Times has reported that Joe Paterno worked out an amendment to his contract with Penn State the same month he testified in front of the grand jury about his friend and former Penn State defensive coach, pedophile rapist Jerry Sandusky.
This amendment changed the contract Paterno had with Penn State, guaranteeing the coach $3 million if 2011 was his final season. It also required the university to “forgive” $350,000 in interest-free loans Paterno had made over the years. It also provided his family a luxury box at Beaver Stadium for the next 25 years. The deal was made with former Penn State president, Graham Spanier without the knowledge of the full board of trustees.
Paterno knew the Sandusky scandal was about to break and break badly. He did what he could to make sure he was protected financially.
I knew Joe Paterno was a raging hypocrite. What I didn’t know what that he was a deadbeat. Why was he borrowing money from the university in the first place? He wasn’t making enough money from his various endorsement deals, especially with Nike? Don’t tell me Nike CEO Phil Knight was stiffing his hero. That would be really sad.
If Paterno was borrowing money from his employer Penn State, a public university, was he borrowing money from any of his other employers too? I can’t imagine borrowing money from your employer and then not paying it back. What a leader of young men coach Paterno really was.
The more the public learns about Joe Paterno, the more there is not to like.