If your boss was having an affair with a peer, would you expose it?

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I have a boss that is having an affair with another manager in my district. It is getting to the point where that person is getting the favoritism, etc, and is becoming hard for others in my district to do their own job. Rumors are going around, etc.. Is this something that you would expose? The reason I ask, is I am sure if it were exposed, Human Resources would try to find a way to get rid of the person who did. They are like the MOB. What would you do in this case?