Deval Patrick is also considering a late entry into Democratic presidential race

(Image credit: Saul Loeb / Getty Images)

Former Massachusetts Gov. Deval Patrick (D) is preparing to enter the crowded Democratic presidential race as soon as this week, two people with knowledge of his plans told multiple news organizations Monday. He will presumably decide by Friday, the filing deadline for the New Hampshire primary. Patrick, 63, served as governor from 2007 to 2015. Democratic voters say they are pleased with the current crop of Democratic candidates, but some wealthy donors and Wall Street executives have expressed concerns about Sen. Elizabeth Warren's (D-Mass.) rise and the stalled prospects of more moderate former Vice President Joe Biden. Patrick is one of the candidates they have been trying to lure into the race; another candidate, former New York City Mayor Michael Bloomberg, made his own late forays into the race last last week.

Patrick brings a strong résumé and compelling biography, but he's also trying to extricate himself from Bain Capital, the private equity firm co-founded by Mitt Romney, and has some family baggage. When he announced he wouldn't run last December, Patrick cited "the cruelty of our elections process" and how it would "splash back" on people he loves. Patrick's reconsideration "is coming from Wall Street," a source tells Politico. "They're terrified of Warren. And these guys would help Biden. But they've been in a room with him up close and they have doubts. ... Deval wants this. He regrets not having done it. His wife was ill. But since then, she has gotten better. But the field has gotten worse."

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.