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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."
"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."
Paterno by Nittany Lyin' November 8, 2011
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.
paterno by murakka November 10, 2011
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!"
Paterno by J-tard November 23, 2011
A man that has a really big dick.
New Girlfriend: "Oh my God, you're a Paterno! I've hit jackpot! Thank you God!"
paterno by anonymous March 31, 2004

Paterno Party 

Wild, Gatsby-esque affair filled with references to furniture, "snow-storms", designer clothing and expensive watches. Nearly always overseen by "Papa" Paterno as he angrily scrambles around the kitchen cooking for about 108655677675753747 people. Usually a pretty big hit and has gained a semi cult status on campus. Cops rarely (if ever) show up and people usually return for the next rendition.
Experienced partygoer: Where are you going Saturday night?
Kid: Not sure, why what's up?
Experienced Partygoer: Paterno's having a party! He told me to invite people!
Kid: Awesome! I love Paterno Party's!
Experienced Partygoer: Did you see the Rolex?
Paterno Party by Rolexman121 June 14, 2013