To be aware of something very important and very serious that requires immediate action, but choose to do nothing.
"Eddie heard someone screaming for help outside his window, but paternoed instead."
To turn a blind eye on unspeakable crimes.
"Hey, I just saw a kid being raped. Should we call the police."
"No way, dude. We've got Paterno this, or else it might splash back on us."
v. to paterno: to watch something horrible happen then do nothing about it.
Jack paternoed me when he watched 5 men burgle me.
Quick sitting there and paternoing, get over here and help me fend off these zombies.
A Paterno is unit of currency equal to 6 million US dollars. Paternos are typically paid in cases of covering up for child rape.
"The Roman Catholic Archdiocese of Boston was forced to pay 14 Paternos to victims of child rape by priests in 2003."
"Penn State got fined 10 Paternos for turning a blind eye to child rape on their campus."
To be blamed for someone else's crime, even though you told someone about it.
"Man, I didn't even do it! I'm totally being Paterno'd here!"
A man that has a really big dick.
New Girlfriend: "Oh my God, you're a Paterno! I've hit jackpot! Thank you God!"