Why Patrick won't quit Ameriquest

In the wake of today's report that subprime lender Ameriquest is closing shop here in Massachusetts, Blue Mass Group's David Kravitz makes a strong argument for Deval Patrick's resignation from the board of ACC Capital Holdings, Ameriquest's parent company. Most compelling, to my mind, is the third point David brings up--i.e., the political liability represented by Patrick's ties to the company.

Here's my prediction: it's not going to happen. Patrick seems genuinely loyal to Ameriquest founder Roland Arnall, your new ambassador to the Netherlands, who asked Patrick to join ACC's board. (Hard to say why, if this is the way Arnall does business.) In addition, Tom Reilly would inevitably spin Patrick's resignation as proof positive that his involvement with Ameriquest was tawdry: instead of having to explain why he's on the board, Patrick would have to explain why he quit. Finally, Patrick hasn't been farsighted in his handling of this issue to date--why do we know that he makes more than $100,000 annually for serving on ACC's board, but not the actual amount?--and there's no reason to expect him to change now.

To be clear, I think David's right. I just don't think Patrick will take his advice.
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