New Senate Ad Highlights 'Toxic' Environment At GOP Candidate's Former Hedge Fund

Source: Huff Post

Oct 23, 2024, 08:00 AM EDT


A new ad from Sen. Bob Casey (D-Pa.) attempts to highlight allegations of a toxic work environment at the hedge fund formerly run by Republican Senate candidate Dave McCormick. The ad specifically cites “The Fund,” the 2023 book from New York Times finance reporter Rob Copeland, which says McCormick allegedly told a former employee to remain silent about her claims of sexual misconduct or face litigation.

McCormick led Bridgewater Capital from 2017 to 2022, before leaving the hedge fund to launch his first race for U.S. Senate in Pennsylvania. The firm, based in Westport, Connecticut, is known for its intense culture of “radical transparency” fostered under its founder, Ray Dalio.

Democrats have dug into McCormick’s time at Bridgewater to attack him in one of the country’s most competitive Senate races. They have pointed out that under McCormick, the fund shed jobs while accepting tax dollars and benefiting from trade policies he helped shape as a top Treasury Department official in George W. Bush’s administration.

McCormick’s spokesperson has previously downplayed reporting from “The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend” as “retread.”

Read more: https://www.huffpost.com/entry/dave-mccormick-bob-casey-pennsylvania-senate_n_6717f683e4b0da23cf60e9e8

---

As a note, back in 2022, he lost the GOP primary to Oz in the race for Teabagger Toomey's seat that John Fetterman ultimately won. This time, the GOP decided to back him in this race against Casey.