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Citigroup Chair, Model Have Love Child

Parsons struggled with breaking news to wife of 31 years

By Evann Gastaldo,  Newser Staff

Posted May 22, 2009 2:17 PM CDT
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(Newser) – The credit crisis isn’t the only problem that's been on Citigroup chairman Richard Parsons’ mind in recent months—there’s also the love child he fathered with a Ralph Lauren model, the New York Daily News reports, and how to tell his wife of 31 years about it. The 61-year-old Parsons met MacDella Cooper, 32, through his support of her charity, founded to help Liberian children. A source says Parsons will support baby Ella, born last August, and has set up a trust fund.

That fund will likely be well funded—Parsons receives no cash from federally subsidized Citigroup, but his 2008 compensation from former employer Time Warner was more than $10 million. Parsons—who has three grown children—regularly credits his wife for his success, telling one author, “I’m certain I would not have followed the career track that I ended up following if it hadn’t been for my wife.”

Citigroup chief executive officer Richard Parsons listens as President Barack Obama, not pictured, speaks about the economy at Business Roundtable in Washington, March 12, 2009.
Citigroup chief executive officer Richard Parsons listens as President Barack Obama, not pictured, speaks about the economy at Business Roundtable in Washington, March 12, 2009.   (AP Photo/Charles Dharapak)
In this 2003 file photo, CEO and Chairman of AOL Time Warner Richard Parsons is seen in Chicago.
In this 2003 file photo, CEO and Chairman of AOL Time Warner Richard Parsons is seen in Chicago.   (AP Photo/Stephen J. Carrera, file)
Richard Parsons, then-chairman and CEO of Time Warner, arrives for the annual Allen and Co.'s media conference Wednesday, July 11, 2007, in Sun Valley, Idaho.
Richard Parsons, then-chairman and CEO of Time Warner, arrives for the annual Allen and Co.'s media conference Wednesday, July 11, 2007, in Sun Valley, Idaho.   (AP Photo/Douglas C. Pizac)
MacDella Cooper
MacDella Cooper   (The MacDella Cooper Foundation)
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COMMENTS
Showing 3 of 3 comments
lindamae
May 23, 2009 8:43 AM CDT
She was one year old the year he married for love. Oh, well. It's better than buying stock. The market will tank but child support will go on for 18 years at least. Plus a trust fund. Smart cookie. Why do stupid old men believe young chickies really LOVE them?
Observer
May 22, 2009 8:19 AM CDT
It's funny when a supposedly respectable CEO knocks up a NY model and he's anquished about telling his wife. He's anguished because she will clean him out. Parson's will have a much smaller fortune when the wifie's lawyers get into it. Ever heard of condoms Big Shot?
RobN
May 22, 2009 8:01 AM CDT
But he struggled with telling his wife. Awww. Is that supposed to make him less of a Richard? Cause it doesn't.

MacDella's charity
The MacDella Cooper Foundation

 
Citigroup • Richard Parsons • affair • love child • MacDella Cooper

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