Democratic presidential candidate Deval Patrick, a late entrant to the 2020 primary contests, won’t be participating in the first-in-the-nation Iowa caucuses Monday night; he’ll be training his focus on early-voting states New Hampshire and South Carolina as he looks to propel his languishing campaign.
As the former Massachusetts governor looks to make up for lost time — his poll numbers are minuscule, and he’s yet to qualify for any of the Democratic debates — he could draw scrutiny for the years he spent at Bain Capital, the private equity firm that contributed to Mitt Romney's defeat in 2012 presidential election.
“There is a place for private equity in the private economy,” the 63-year-old said during a November interview, shortly after declaring his candidacy. “There is a place for business in our lives. But there is — it is also true that capitalism, generally, has a lot to answer for —that is so. And we need to be able to confront that and that’s exactly the work I’ve been doing at Bain Capital.”
Patrick gave voters a closer look at his ties to Bain and his finances, at the end of 2019, when he filed a personal financial disclosure report in accordance with federal law, which requires candidates running for president to list their financial holdings, debt and incomes sources so that voters can identify possible conflicts of interest.
The largest holding on the filing, which lists the values in broad ranges, is a $1 million to $5 million interest from Bain Capital. There are almost 40 other Bain holdings, worth between $670,000 to $1.7 million at the end of 2018. \
Patrick, who’s served on the boards of multiple companies, also disclosed some of the lucrative holdings he had in those businesses. For instance, American Well, a private telemedicine company based in Boston, paid him $150,000 in directors’ fees. Patrick served on the company’s board beginning in 2015. He also sat on the board of Global Blood Therapeutics, where he received $105,000 in director’s fees and at least $500,000, but up to $1 million, in vested stock options.
However, Patrick’s disclosure does not include his home and land that he owns in Massachusetts; according to Forbes, that property is valued at $2.2 million by local appraisers.
According to the Center for Responsive Politics, Patrick could be worth anywhere from $2.5 million to $10.5 million.