David McCormick once ran the world's largest hedge fund. Democratic Senator Bob Casey has been attacking the Republican for his time on Wall Street.
Before he ran for the Senate, Republican David McCormick was CEO of the world’s largest hedge fund. But McCormick’s Wall Street days have provided grist for attacks by Democratic Sen. Bob CaseyHe 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.His wealth and connections got him flagged by Republicans as someone who could both raise campaign cash and pay his own way for a Senate campaign.
America's political community soured on China as early as 2016, but the U.S. financial sector “plowed right through that,” said Derek Scissors, a China specialist at the American Enterprise Institute in Washington who served on the U.S.-China Economic and Security Review Commission. But McCormick also defends himself, both minimizing Bridgewater’s investments in China, saying it was 2% of the company’s assets, and describing investment in China as “unavoidable” because of client expectations and the rapid growth of that country's economy.
But if he is not talking up his Wall Street days, Wall Street does not seem to care. In his two campaigns for Senate, super political action committees that support McCormick have raised tens of millions of dollars and counting from the finance world. “The Chinese economy was doing well for a long time and there was money to be made there,” said Greg Brown, a University of North Carolina at Chapel Hill professor of finance who researches hedge funds.
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