Corporate accountability

The promise and peril of Deval Patrick’s business background
By ADAM REILLY  |  February 16, 2006

OIL AND SUGAR WATER Deval Patrick's big business history could help or hurt him at the polls.Maybe, In the wake of his landslide win at this month’s democratic caucuses, Deval Patrick Is the new front-runner. Maybe he’s neck-and-neck with the former favorite, Attorney General Tom Reilly, who’s stumbled more in the past six weeks than most politicians do in a year. Whatever you make of Deval Patrick’s chances in the race for the Democratic gubernatorial nomination, one thing is clear: his years as a high-powered corporate executive are about to get some serious scrutiny.

There’s a political paradox at work here. Patrick’s business bona fides could be invaluable in a general-election fight with Lieutenant Governor Kerry Healey, the likely Republican nominee, and Big Dig whistle blower Christy Mihos, who may run as an independent. At the same time, Patrick’s Fortune 500 roots practically beg Reilly, who’s been cultivating an Everyman persona, to play the economic-populist card with a vengeance. Whether Reilly can do this skillfully is unclear — but so is Patrick’s ability to reconcile his abiding business loyalties with the exigencies of his candidacy.

Nice work
Patrick had an impressive career as an attorney — with stints at the NAACP Legal Defense Fund and Hill & Barlow, the storied Boston law firm — before joining the Clinton administration as an assistant US attorney general in 1994. But after leaving the US Department of Justice (DOJ), where he was Clinton’s top civil-rights enforcer, he entered the corporate stratosphere. From 1997 to 1998, Patrick headed a task force charged with implementing a $176 million settlement of a discrimination lawsuit at Texaco. (In a recent interview with the Phoenix, Patrick emphasized that neither he nor the DOJ were involved in this case.) Texaco then asked Patrick to come aboard as an employee. From 1999 to 2001, he served as Texaco’s vice-president and general counsel, overseeing the company’s legal affairs and a high-stakes merger with Chevron.

Next, Patrick joined the Coca-Cola Company, which had recently reached a $193 million discrimination-suit settlement of its own. From 2001 until 2004, Patrick served as Coke’s general counsel and executive vice-president; he was elected corporate secretary in 2002. He’s also served on several corporate boards — including Coca-Cola Enterprises, United Airlines, and Reebok — and he still sits on the board of ACC Capital Holdings, the parent company of Ameriquest, the embattled mortgage-brokerage house. Patrick has been well compensated for his efforts: in 2003, Corporate Counsel magazine ranked him as the fourth-highest-earning GC in America, with salary and bonuses totaling nearly $1.75 million.

Add it all up, and it’s possible that, if a Patrick-Healey general-election fight materializes, a Democrat will be the preferred candidate of many Republicans and independents. After all, while the state’s business elite may appreciate Healey’s determination to reduce the income tax to five percent, Healey herself brings no comparable experience to the table. (She’s a criminologist, after all.) Which means the 2006 governor’s campaign could be a mirror image of 2002, when Mitt Romney’s private-sector background helped him defeat Democrat Shannon O’Brien. (One problem with this scenario: the Globe’s recent revelations that Patrick and his wife had a tax lien placed on their home several years ago, and are carrying mortgages totaling approximately $6 million, give Patrick’s opponents in both parties an opening to question his financial judgment. Another problem: the possible entry of Chris Gabrieli, the wealthy Democratic venture capitalist and 2002 lieutenant-governor candidate, into the primary race.)

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Related: Plogging away, Christy’s choice, Reversal of fortune, More more >
  Topics: Talking Politics , Deval Patrick, Deval Patrick, Coca Cola,  More more >
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State House horse race

$37 million: approximate cash on hand for Reilly at the end of 2005

$500,000: approximate cash on hand for Patrick at the end of 2005

$345,000: approximate cash raised by Patrick in January 2006

$246,000: approximate cash raised by Reilly in January 2006

$5 million: amount of his own money that Chris Gabrielli was reportedly willing to spend as Reilly's running mate.

?: amount Gabrielli, who is considering jumping into the governor's race late, would be willing to spend

2-1: initially reported magnitude of Patrick's win at the Democratic caucuses earlier this month

4-1 or greater: likely magnitude of Patrick's win, based on recent reports

4: number of declared Democratic lieutenant-governor candidates Reilly irked by flirting with Gabrielli and then naming Marie St. Fleur as his running mate.

2: number of days spanned by St. Fleur's abortive candidacy

More on this story:

Justice delayed: Tom Reilly's initiative on wrongful convictions stalled the legislature for two years - for what? By David S. Bernstein.

Reilly should exit: Why the Democrats should look for another candidate for governor. The Phoenix Editorial.

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