Citigroup Chair, Model Have Love Child

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.” (More Citigroup stories.)