Deval Patrick in TheDailyBeast.com

On Corporations: Served on board of corporate parent of predatory lender

From 2004 to 2006, Patrick was on the board of ACC Capital, corporate parent of Ameriquest, the nation's largest originator of subprime loans--described as one of "the worst" lenders in the country by the Treasury Department. It used high-pressure sales tactics to get people who already owned their homes to refinance themselves out of straightforward mortgages and into loans that featured skyrocketing interest rates and balloon payments. It particularly targeted the African-American community.

Patrick joined the board after it was already under investigation and has argued he used his position to help change the bank's culture. In May 2005, with Patrick on its board, the company settled a $50 million class-action lawsuit charging it had defrauded borrowers in four states. The following year, it agreed to pay $325 million to end a lawsuit brought by 49 state attorneys' general that alleged systemic fraud. Patrick quit the board shortly after the $325 million settlement.

Source: DailyBeast.com on 2019 Democratic primary Nov 24, 2019

On Principles & Values: I never left my conscience at the company door

Patrick retorted that "progressives are sometimes uncomfortable in principle with people who work for companies," adding that he had "never left my conscience at the door." But there's no evidence that he raised any objection to Ameriquest's actions when he was inside the door. After then-President Bush appointed Ameriquest's principal owner, Ronald Arnall, ambassador to the Netherlands in 2005, Patrick wrote to leaders of the Senate Foreign Relations Committee, urging he be confirmed. Source: DailyBeast.com on 2019 Democratic primary Nov 24, 2019

The above quotations are from Columns and news articles on TheDailyBeast.com. Click here for other excerpts from Columns and news articles on TheDailyBeast.com. Click here for other excerpts by Deval Patrick. Click here for a profile of Deval Patrick.
Please consider a donation to OnTheIssues.org! Click for details -- or send donations to: 1770 Mass Ave. #630, Cambridge MA 02140 E-mail: submit@OnTheIssues.org (We rely on your support!)

Page last updated: Jun 23, 2024