Former Massachusetts Gov. Deval Patrick is making a late entrance into the 2020 Democratic presidential primary, a surprise run funded primarily through massive contributions to an affiliated outside group.
Patrick, an executive at investment firm Bain Capital, reportedly sees himself as a moderate candidate who can win over progressives. But his time in the private equity field — and financial backing from private equity executives — could make him a target of progressive challengers.
Patrick’s Reason to Believe PAC, launched in 2018, brought in hundreds of thousands of dollars from just a handful of wealthy donors. It then spent a large chunk of that cash on campaign consulting and polling to prepare Patrick for a presidential run.
As a hybrid PAC, Patrick’s group was able to accept unlimited contributions. And it did. Just six donors accounted for $620,000, making up nearly 85 percent of its total. A massive $350,000 came from Paul and Dan Fireman, who manage a private equity firm in Massachusetts. Another $70,000 came directly from a corporation, New England real estate firm Mark Development LLC.
Entering 2020, Patrick’s PAC took in $114,500 from three donors, including $50,000 from Joshua Boger, founder of Boston-based Vertex Pharmaceuticals.
The PAC swiftly put that cash to use. Between the last two cycles, the PAC shelled out $240,000 on campaign strategy and consulting and $12,700 on polling. It also spent six figures for “software development” to bolster Patrick’s campaign infrastructure.
Although independent expenditure groups are barred from coordinating with candidates, Patrick was not a candidate for office when his PAC was spending big to prepare for a presidential run.
It’s common for presidential hopefuls to launch PACs that pay for the groundwork needed to launch a campaign. South Bend, Ind., Mayor Pete Buttigieg similarly launched a hybrid PAC in 2017 before kicking off his presidential bid. Several other current and former presidential candidates, including John Hickenlooper and Joe Biden, launched leadership PACs that spent on consulting and polling.
Patrick’s entrance comes as Democratic power players yearn for a candidate who they believe can beat President Donald Trump in 2020. A recent New York Times poll found that Biden performs better than Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) in key swing states. But major donors aren’t convinced Biden has what it takes to win the primary, which is what reportedly prompted billionaire Michael Bloomberg to consider a White House run.
Unlike Bloomberg, Patrick has already missed the deadline to appear on the primary ballot in Arkansas and Alabama. Faced with Democratic National Committee rules that require candidates to have at least 200,000 unique donors to appear in December’s debates, Patrick has an uphill battle ahead.
“I recognize running for president is a Hail Mary under any circumstances. This is a Hail Mary from two stadiums over,” Patrick told the Boston Globe.
Help us Prepare for Trump’s Day One
Trump is busy getting ready for Day One of his presidency – but so is Truthout.
Trump has made it no secret that he is planning a demolition-style attack on both specific communities and democracy as a whole, beginning on his first day in office. With over 25 executive orders and directives queued up for January 20, he’s promised to “launch the largest deportation program in American history,” roll back anti-discrimination protections for transgender students, and implement a “drill, drill, drill” approach to ramp up oil and gas extraction.
Organizations like Truthout are also being threatened by legislation like HR 9495, the “nonprofit killer bill” that would allow the Treasury Secretary to declare any nonprofit a “terrorist-supporting organization” and strip its tax-exempt status without due process. Progressive media like Truthout that has courageously focused on reporting on Israel’s genocide in Gaza are in the bill’s crosshairs.
As journalists, we have a responsibility to look at hard realities and communicate them to you. We hope that you, like us, can use this information to prepare for what’s to come.
And if you feel uncertain about what to do in the face of a second Trump administration, we invite you to be an indispensable part of Truthout’s preparations.
In addition to covering the widespread onslaught of draconian policy, we’re shoring up our resources for what might come next for progressive media: bad-faith lawsuits from far-right ghouls, legislation that seeks to strip us of our ability to receive tax-deductible donations, and further throttling of our reach on social media platforms owned by Trump’s sycophants.
We’re preparing right now for Trump’s Day One: building a brave coalition of movement media; reaching out to the activists, academics, and thinkers we trust to shine a light on the inner workings of authoritarianism; and planning to use journalism as a tool to equip movements to protect the people, lands, and principles most vulnerable to Trump’s destruction.
We urgently need your help to prepare. As you know, our December fundraiser is our most important of the year and will determine the scale of work we’ll be able to do in 2025. We’ve set two goals: to raise $115,000 in one-time donations and to add 1365 new monthly donors by midnight on December 31.
Today, we’re asking all of our readers to start a monthly donation or make a one-time donation – as a commitment to stand with us on day one of Trump’s presidency, and every day after that, as we produce journalism that combats authoritarianism, censorship, injustice, and misinformation. You’re an essential part of our future – please join the movement by making a tax-deductible donation today.
If you have the means to make a substantial gift, please dig deep during this critical time!
With gratitude and resolve,
Maya, Negin, Saima, and Ziggy