McCormick Steps Down From Bridgewater While GOP Rivals Attack Him For Outsourcing PA Jobs And Ties To China

Banker from Connecticut can’t hide his record of putting wealthy interests ahead of PA workers

PENNSYLVANIA – According to reporting from Bloomberg, Connecticut hedge fund executive David McCormick is stepping down from his role as CEO of Bridgewater Associates. 

As the article notes, “Bridgewater’s work for Chinese clients may open McCormick to criticism among Republicans, who as a whole are mistrusting of China’s motives. The firm manages about $1.6 billion in China.”

Pennsylvania Democratic Party spokesperson Jack Doyle issued the following statement.

“McCormick can run from the fact that he’s a carpetbagging Connecticut Hedge Fund Executive, but his Republican rivals will ensure he can’t hide from it: he’s already being attacked for outsourcing Pennsylvania jobs to Asia, his close ties to China and pushing the interests of the ultra-rich at the expense of working families at every turn. And every day, this  GOP Senate primary gets even nastier.” 

McCormick has already come under fire from fellow Republicans for his hedge fund’s relationship with the Chinese Communist Party and record of outsourcing jobs. The below is from Congressman Guy Reschenthaler:

“He’s got a serious, glaring issue…McCormick is the CEO of Bridgewater Associates, for those that don’t know that, that’s the largest hedge fund in the world, also one of the largest foreign investment managers in communist China. There’s serious ethical concerns and at a time when we need to hold China accountable. We need to counter China’s various actions and malign influences around the world. Do we want somebody who has made a career and outsourcing jobs to China, bringing capital into Communist China so they can do the PLA, the People’s Liberation Army and the Communist Party itself? Or do you have somebody like Dr. Oz who’s routinely spoken out against China? Or do we want somebody like Dr. Oz who’s routinely spoken out against China? David McCormick, Chairman of Bridgewater, has been on the record, kowtowing to the Chinese Communist Party, apologizing for the Communist Party.  I’ve got a series of quotes from Bridgewater where they talk on China, this is a disqualifier. It should be a disqualifier if anyone is bringing money into China. The voters are going to make it a disqualifier. Anybody that’s been capitulating to the Chinese, acquiescing to the Chinese Communist Party, they should not be able to represent a state in the United States Senate.