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. But McCormick’s Wall Street days have provided grist for attacks by Democratic Sen. Bob Casey.
This combination of photos taken in Pennsylvania shows Sen. Bob Casey, D-Pa., left, at a campaign event, Sept. 13, 2024, in Wilkes-Barre, and David McCormick, the Republican nominee for Senate in Pennsylvania , at a campaign event, April 25, 2024, in Harrisburg. He was the CEO of the world’s largest hedge fund, a world-traveled executive who was sought after for speaking engagements and prominent board positions.
“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.”Biden is taking on cheap products from China. It could mean higher prices
As Bridgewater’s CEO in 2019, McCormick described China as America’s “most defining bilateral relationship of our time,” even as calls began in Washington to block American investments in Chinese companies that could pose a threat to U.S. security. 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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