Thursday, 4:30 PM
Patrick 'regrets' call on behalf of Ameriquest
By Globe Staff
Governor Deval Patrick this afternoon said he "regrets" calling a top official at the financial giant Citigroup and interceding on behalf of the owners of Ameriquest Mortgage, a subprime lender where he was a board member before taking office.
Patrick issued a statement in response to a story in today's Globe that described the telephone call two weeks ago between the governor and former US Treasury secretary Robert E. Rubin.
Patrick said he and Rubin spoke for "at most a couple of minutes" and he offered "any insight they might want on the character of the current management." Ameriquest Mortgage was seeking urgent financial help from Citigroup, where Rubin is a board member.
"Even though I made this call solely as a former board member, and I believe that was clear to Mr. Rubin, I appreciate that I should not have made the call," Patrick said. "I regret the mistake."
Patrick, who was criticized during the gubernatorial campaign for his involvement with Ameriquest, added that he does not have a financial interest in the lender or its parent company, ACC Capital Holdings.
“As a former board member, I was asked by an officer of ACC Capital to serve as a reference for the company and agreed to do so,” Patrick said.
Last year, Patrick resigned from the ACC board after serving nearly two years as a director, for which he was paid $360,000 a year.
Citigroup is the world's largest financial company and has many business interests in Massachusetts, many of which are regulated by the state. A key Citigroup subsidiary handles lucrative bond work for state agencies.
Ameriquest is licensed by the state Division of Banks.
