Sources of Income
Patrick is a broadcaster who owns and operates talk radio stations in Houston and Dallas.
Patrick and his wife are partners in several businesses: Houston Broadcasting, Dallas Broadcasting, Patrick Broadcasting, Pat-Rich Management, Dan & Jan Management, Plaid Shirt Pictures; and Goeb Investments.
In his most recent financial disclosure, Patrick and his wife reported stock holdings in more than 97 companies, including several prominent oil and gas, real estate, financial, pharmaceutical, manufacturing, and technology firms. These stock holdings include Tata Motors, Boeing, Berkshire Hathaway, Baker Hughes, Chevron, Apple, ConocoPhillips, Alphabet Inc (Google’s parent company), Pfizer, Herbalife, the Carlyle Group and JP Morgan Chase.
After several years in the Texas Senate, Patrick was elected lieutenant governor in 2014.
Patrick owns two properties in Harris County: a 3,418-square-foot home valued at $591,750 and a 6,481-square-foot home valued at $1,191,869
On his 2010 personal financial statement, Patrick, an ardent abortion opponent, revealed ownership of stock in the company that makes Plan B One-Step, the so-called "morning after" pill. The investment was made by Goeb Investments, an investment partnership held by Patrick and his wife. (Goeb was the senator’s last name before he changed it to Patrick.) Patrick told The Texas Tribune that the stock was both purchased and sold by a broker without his knowledge.
Patrick, a fiscal conservative, walked away from $800,000 in debt and filed for personal bankruptcy during the 1980s following the failure of his chain of sports bars. Patrick told The Dallas Morning News that he has never tried to hide his bankruptcy.
Despite his determination to halt illegal immigration across Texas' southern border, the sports bars Patrick owned in the 1980s hired at least four undocumented immigrants. Though workers described him as a compassionate boss, Patrick told The Dallas Morning News that he had nothing to do with the hiring and that managers at each establishment made those calls.
The Dallas Morning News reported that Patrick "took over a Houston radio station years ago with funds borrowed from a businessman later convicted of looting tens of millions of dollars from a Louisiana savings and loan." Patrick told the newspaper he had no knowledge of the businessman's financial behavior when he asked him to become the lead investor.
Ahead of his initial bid for Texas Senate, Patrick used his radio show to promote his candidacy. He signed off the air once he filed for the seat because Federal Communications Commission rules would've required him to give equal time to his opponents. But The Houston Chronicle reported at the time that Patrick's son and several other "favorable" talk show hosts took his place.
Upon being elected lieutenant governor, Patrick announced the creation of six advisory boards led by 55 business and industry leaders. The money-in-politics watchdog Texans for Public Justice found that 43 of the board members had donated a total of $1.94 million to Patrick since 2005. Critics claimed that the boards and their members created the potential for conflicts of interest.