From the onset I was outraged by Paterno's actions and I feel I basically saw things for what they were.
Part of this was from my prior experience with Penn State. I used to date a girl who was on an athletic scholarship at Penn State. I would go to visit her about once a month from my then home in Upstate NY. The football players were rather notorious for getting in trouble with the law, having it cleaned up by police and then nothing happen. The school (and students) were basically brainwashed into thinking 'Joe Pa will handle it', but when these players were still playing on Saturday it seemed to me that it was hogwash. Furthermore, when she was there, there was a fairly famous player who beat up his girlfriend akin to the way Lawrence Phillips beat up his gf at Nebraska. And NOTHING was done about it. She was in the dorms where they roomed most of the other female athletes and they all knew about that player and steered clear from him after the incident. But again, the mindset of 'Joe Pa will handle this' was in effect. And the player never got suspended.
So my experience told me that PSU wasn't a squeeky clean program. In fact, less than 10 years ago PSU players were finally building up quite the rap sheet and ESPN asked Paterno about this and Paterno left in a huff and called it a 'witch hunt.' ESPN, which has no backbone or sense of morality, mysteriously dropped it and then started to pump the 'Joe Paterno is all things holy' hype machine.
Go figure.
All of that being said, I know I would personally not devalue a person's Penn State degree because of the incident. If they can do the job and have some brains along with integrity and ethics, then I have no qualms in hiring them. Even still, I can't say that everybody will have the same rationale. But I believe most will because when it comes to money, people tend to put beliefs aside.
I just devalue the person who still tries to spin Paterno as the good guy. It's not that I think these people are evil or that they really condone molestation. Or even if they favor football over kids being molested. I think it speaks to them having this unwavering motive to never admit that they are wrong and that really bothers me. Particularly if I'm going to hire somebody who may be wrong on something and then try to lie to cover their tracks or pass the blame onto somebody else. If they do that for Paterno, a person they probably didn't even know, then they'll certainly do it for themselves at the drop of a hat.
YR