As CEO of Bridgewater, David McCormick Oversaw the Investment of Tens of Millions in Chinese Military Companies
PENNSYLVANIA — David McCormick’s record of selling out to U.S. adversaries — including investing millions in blacklisted Chinese military companies — is under new scrutiny as he’s at odds with the Republican Party’s plan to promote standing up to China at the Republican National Convention this week.
Pennsylvania Democratic Party spokesperson TaNisha Cameron issued the following statement:
“This week’s convention raises questions about where David McCormick’s record differs from the RNC’s platform. As a hedge fund CEO, McCormick invested millions in Chinese military companies. Now, one of the GOP’s top policy goals is standing up to China.”
Read More About David McCormick’s Record:
McCormick invested millions in blacklisted Chinese military companies, helping to prop up the Chinese military with advanced weapons and equipment.
- As the CEO of Bridgewater, McCormick oversaw millions of dollars of investments into Chinese companies that produced fighter jets, bombers, planes equipped to jam enemy radars, and aircraft carriers for the Chinese military.
- These companies were blacklisted by Presidents Donald Trump and Joe Biden for being part of the country’s military-industrial complex and surveillance efforts.
McCormick increased investments in China by at least 108,000% as CEO of Bridgewater, including companies blacklisted by the U.S. government.
- He increased investments in China from $1.6 million to over $1.77 billion in less than five years.
David McCormick profited from China trade policies he helped shape.
- David McCormick “helped open up China to U.S. investment” as an official in the Bush administration, then, as a hedge fund manager he profited from the lower investment barriers he lobbied for.
- His work “actually made offshoring jobs easier.”
- McCormick also bemoaned growing calls in the U.S. for restrictions on trade with China.
- McCormick “showed no concern” about the estimated loss of 2.4 million US jobs due to the normalization of trade with China.
- By expanding the presence of U.S. banks and other investment firms in China, McCormick’s work expedited the offshoring of domestic U.S. manufacturing jobs.
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