Happy Valley, Pennsylvania
JoePa was negotiating a golden parachute even while the Sandusky row was raging in the background.
Veteran Penn State football coach Joe Paterno began talks that resulted in a sweetened retirement contract in the same month that he testified before a grand jury in the Jerry Sandusky sex-abuse case, and all members of the board of trustees weren’t informed of the new package before the scandal engulfed the university, according to a published report.
Paterno and the university reached agreement on the amended contract that eventually totaled $5.5 million in August, months before charges were filed against Sandusky, but they began negotiating in January, The New York Times reported Saturday.
The amended contract, which was reported on by The Associated Press in April, included a $3 million career bonus if Paterno retired at the end of the 2011 season, as well as well as forgiveness of $250,000 in outstanding indebtedness and an additional $100,000 in loans.
The package also included access to a stadium box for his family for 25 years as well as parking privileges and access to on-campus hydrotherapy equipment for his wife.
Even as bad as some corporate parachutes are, I’ve never heard of stadium boxes and hydrotherapy for a bailing CEO. I have heard, but not been able to corroborate, that Paterno family use of school private jets was part of this deal.
Needless to say, the school ripped up this deal and straight out fired him when the row broke the public event horizon.
Also, if the Freeh Report is right, then JoePa committed perjury in front of the Grand Jury.