It's a sad thing that once something bad happens to a good person or group, that tends to be all they're remembered for. When most people think of Clinton, they think of the sex scandal. When people think of Nixon, they think of that scandal. And what about Germany? Hitler, Holocaust, World War II. That normally comes to mind. But with all these examples, notice none of them end up getting wiped from history.
Now why am I giving you a history lesson? Because it's a similar case, though of course, not government or war related. I think that, although Paterno apparently knew that was going on, his statue should remain. Penn State probably wouldn't even be as well known had it not been for him. Why would you remove that now? Why would you remove his name from anything Penn State related? Aside from that, he's not the main culprit in the scandal. If this were a Jerry Sandusky statue, then I think it would need to come down. But Paterno isn't even here anymore to give his piece on the whole story, and I hate that he passed away in the midst of all this. It really makes me sad.
Of course, that's not to say "oh keep statues of hitler and bin laden" and things. Though they may have at one time put they countries on the map and made it a name, they still were ultimately the downfall, and should have been taken down as such.
Maybe I should come back when I'm not tired and sick. This probably makes no sense and I probably just cornered myself into something I don't wanna deal with.
tl;dr non bs version: Keep the statue.