Governor to use a trust to avoid conflict

May 31, 2007|Associated Press

Governor Deval Patrick, who owns stock in dozens of companies from Citigroup to Domino's Pizza, said yesterday that he would put his finances into a blind trust to avoid potential conflicts of interest.

Patrick owns stock in more than 80 companies, some of which are regulated by the state or could be affected by legislation that might come across his desk, according to a statement of financial interest filed with the State Ethics Commission.

The blind trust, expected to be completed next week, is designed to create a firewall between Patrick's decisions as governor and his personal finances.

"I don't actively manage it now, but it's just to make sure that we have as much of an arm's length as possible," Patrick said.

Patrick said he hasn't made a final decision about who will manage the blind trust. He declined to say how much his stocks are worth.

Governor Mitt Romney created a blind trust for his stocks when he took office in January 2003.

The companies listed on Patrick's financial statement include such familiar names as American Express, Bank of America, Cisco Systems, Exxon, General Electric, Lockheed Martin, Office Depot, Payless Shoes, Raytheon, Rent-a-Center, Home Depot, and Marvel Entertainment.

The report also shows that Patrick earned $711,309 in outside income last year, when he was campaigning for governor.

That included $348,445 from the Coca-Cola Co., where he served as a senior executive; $209,804 from Reebok International Ltd., where he served as a director; and $2,174 from Texaco Group LLC, where he served as a senior executive.