“State officials said the state lost nearly 21,000 jobs in September [2010] – mostly from the tourism industry. They also mistakenly claimed a job increase in August when they had lost 3,000 positions.” [Deval Patrick] added: “No one is saying we’re done (with creating jobs). You know, I didn’t cause the global economic collapse. But I’m doing everything I can” to aid recovery.”
But in fact, the Boston Globe reports, that Deval Patrick and Ameriquest played a significant role in the economic collapse. Deval Patrick served for two years as a member of the Board of Ameriquest (1 of 5 members), one of the largest subprime mortgage and mortgage backed securities makers. Patrick was paid $360,000 per year to serve on the Board, even though it required only attending a monthly meeting. He also voted to pay a $50 million severance package to Wayne Lee, the Ameriquest CEO who was trying to reform Ameriquest.
The Globe says: ‘Wayne Lee, had run afoul of [owner] Arnall for pushing reforms to mortgage operations to combat charges that the company was deceiving borroweres, the sort of practice that helped sink the economy into recession.”
So, Deval Patrick was paid $360,000 per year in order to vote to silence the reformer who was trying to prevent deceptive mortgage tactics that led to the collapse. Deval Patrick did cause at least a part of the collapse…and profitted handsomely from it.
So what happened to Ameriquest? It collapsed eventually, but not before Deval Patrick, as Governor, made an inappropriate [Deval’s term] call to Robert Rubin to try to get the federal governemnt to save it.
For more info see http://www.boston.com/news/loc… and http://www.boston.com/news/pol…
See also http://www.boston.com/news/loc… for more info on how wealthy Deval Patrick is.
