“It is a bad company that engaged in despicable practices in cheating people – cheating people out of the equity in their home. Personally, I would have absolutely nothing to do with this company.”
Hmm – and upon whom might Reilly be casting aspersions with that little comment? Couldn’t be Deval Patrick, board member of Ameriquest’s parent company, could it?
Of course it could. Expect much, much more of the same from Reilly. As I said yesterday, Patrick needs to get out in front of this story in a big way. His involvement with this company is fair game – he obviously thinks he joined the board for the right reasons and thinks he’s made a positive contribution, so let’s hear about it! So far, all we’ve heard is Patrick’s press guy saying that Patrick doesn’t intend to resign from the board and that he’s “devoted his career to ensuring people are treated fairly.”
This story is actually a real opportunity for Patrick, if he’s willing to take it on. He can use this case as an object lesson in how to encourage good corporate citizenship, or in what constitutes good lending practices especially where you’re dealing with people with bad credit, or lots of other things. But we need to hear it from him (not his flack), and we need to hear it in more detail than we’ve heard so far. Some candidates for office (*cough* John Kerry *cough*) seem to think that if they ignore a story that might be seen as unflattering to them, it will go away. It doesn’t work that way, folks.