“Wealth is not the problem, greed is the problem,” explained Deval Patrick, who resigned yesterday as Bain Capital’s managing director for “Double Impact,” investments that bring a “environmental and social capital return” as well as a financial return.
Back in 2006, the Boston Globe reviewed Patrick’s finances:
Income: ACC Capital Holdings $360,070; The Coca Cola Company $3,129,126; Coca $33,799; Reebok International $295,266; Ford Foundation $10,000; Texaco Group $1,880; Abt Associates $449
Securities: Holds stock in more than 250 companies
Real estate: Primary residence in Milton assessed value more than $100,000; residence on 77 acres in Richmond, Mass., more than $100,000; cottage on 14 acres in Richmond, more than $100,000; apartment in Atlanta, Ga. (sold May 2006) more than $100,000
Back in 2006, Patrick refused to disclose his tax returns, but the disclosure of tax returns didn’t become the ultimate test of a presidential candidate’s character and honesty until late 2015 or so.
Over at Axios, Dan Primack helpfully explains, “Patrick’s Bain Capital experience is much different than Mitt Romney’s, in terms of both type and tenure.” See, Patrick’s work at Bain was different, it couldn’t possibly be a political liability the way Democrats insisted Mitt Romney’s work was in 2016.
Either way, it’s reassuring to know that we can all aspire to be as wealthy as Deval Patrick and know that it’s not greedy.