Citi chairman Dick Parsons has love child with younger model

Former CEO of Time Warner (TWX) -- which ultimately owns DailyFinance, through AOL -- and current Citigroup (C) chairman Richard Parsons, 61, has a little problem. Seems he had an affair with a 32-year-old model, MacDella Cooper, and she somehow managed to get pregnant and give birth to a little girl last August. Between then and today, Parsons was able to keep that little problem secret from his family and co-workers. Not anymore.

It looks like Parsons is doing the right thing by Cooper -- setting up a trust to take care of his daughter. But he must also have a little conversation with his wife of 31 years and his three grown children. I am sure that this conversation, if it has not yet happened, will be a difficult one. And it remains to be seen whether his wife will be comfortable with his explanation or ask for a divorce which could cost him half of what must be his substantial holdings.