Before he ran for the Senate in Pennsylvania, David McCormick was a big name on Wall Street as CEO of the world’s largest hedge fund.
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“While I was fighting for union rights and fighting for working families in Pennsylvania, he was making a lot of money investing in China," Casey recently told a union crowd at a Teamsters hall in suburban Harrisburg."He not only invested in Chinese companies, he invested in companies that built the Chinese military.
As a candidate, McCormick has described China as an “existential” threat to the United States. He called for the federal government to develop a comprehensive strategy for America to outperform China economically and technologically, and said his experience with China means he can go “toe to toe” with its government on trade issues.
Instead, he dwells on other entries on his resume. Those include playing football and wrestling in high school, graduating from the U.S. military academy at West Point and serving with the Army in the first Gulf War, where he won a Bronze Star. When Bridgewater Associates hired McCormick in 2009 to be president, its founder, Ray Dalio, had a reputation for being bullish on China.Regulatory disclosures in China show that it has at least 10 billion renminbi — or at least $1.4 billion, and maybe much more — invested in Chinese assets there, said Harry Handley, a senior associate at Z-Ben Advisors, a financial advisory firm based in Shanghai.
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