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.” (Read more Citigroup stories.)