SEN. MACLEAN A KEY PLAYER IN STATE SAVINGS PLAN THIRD Edition

State Treasurer Robert Q. Crane, a third major player in the PEBSCO contract, also owns a condominium in Jupiter. Located less than 4 miles from the McCormack and [William Q. MacLean] villas, Crane's condo is right on the beach but a bit more modest, carrying a $130,000 price tag. Crane bought...

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Bibliographic Details
Published inThe Boston globe
Main Author This report was prepared by editor Gerard O'Neill and reporters Christine Chinlund and Dick Lehr of the Globe Spotlight Team. Mary Beth Knox assisted with the research
Format Newspaper Article
LanguageEnglish
Published Boston, Mass Boston Globe Media Partners, LLC 15.06.1989
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Summary:State Treasurer Robert Q. Crane, a third major player in the PEBSCO contract, also owns a condominium in Jupiter. Located less than 4 miles from the McCormack and [William Q. MacLean] villas, Crane's condo is right on the beach but a bit more modest, carrying a $130,000 price tag. Crane bought his in April of last year, four months after McCormack and MacLean's twin purchase. As with MacLean, Crane's land transaction papers indicate he paid for the property in full, without any recorded mortgage. The PEBSCO-run program is not the only business interest McCormack and MacLean share. Marjorie MacLean, the senator's wife, is a limited partner with McCormack in the Bostonian Hotel, obtaining half of McCormack's 9 percent share of the developer's equity in 1984 -- about the time municipal interest in the tax-deferred program began to take off. McCormack and the MacLeans have both been deeply involved in a development in Fairhaven. This was done in 1977, when from three finalists Crane selected a venture consisting of PEBSCO and Pilgrim Insurance Agency, a firm controlled by McCormack and several partners. PEBSCO had a very minor interest; [Pilgrim] ran the show.
ISSN:0743-1791