McCormick on Bridgewater’s China Investments: “Ray [Dalio] and I Didn’t Have a Dispute on That. I Was the CEO, so Whatever We Did, I am Responsible For”
PENNSYLVANIA — Tomorrow, David McCormick is giving a speech on the threat China poses to America as he tries to hide from his record of selling out to China. But in a March 2023 speech, the former CEO took full responsibility for the hedge fund’s investment decisions and even bragged about how much money he had invested in China.
Pennsylvania Democratic Party spokesperson Maddy McDaniel issued the following statement:
“David McCormick is desperately trying to erase his record of selling out to China, but he increased Bridgewater’s investments in China by 108,000% just two years ago — and bragged about it. Pennsylvania voters won’t fall for McCormick’s pathetic lies about being tough on China, just like they won’t fall for his lies about where he lives and his dangerous abortion record.”
Watch the Video Here:
“While I was [at Bridgewater] 2% of our assets were in China, but we had $160 billion dollars, so 2% is not an insignificant amount.
“Ray and I didn’t have a dispute on that. I was the CEO, so whatever we did, I am responsible for.”
Here’s What to Know About David McCormick’s Disqualifying Record on China:
- David McCormick increased investments in China by 108,000% as CEO of Bridgewater, including companies blacklisted by the U.S. government.
- McCormick increased investments in China from $1.6 million to over $1.77 billion in less than five years.
- McCormick invested in blacklisted Chinese companies with ties to human rights violations and the Chinese military.
- McCormick made his fortune by investing in China while cutting jobs here in Pennsylvania.
- As CEO of Bridgewater, McCormick managed billions of dollars for the Chinese government, making the firm one of the largest foreign money managers in China.
- As CEO of FreeMarkets, McCormick cut jobs in Pittsburgh and opened a new office in China.
- As Treasury Under Secretary for International Affairs in the Bush administration, McCormick said “When China succeeds, the United States succeeds.”
- McCormick: “When China succeeds, the United States succeeds…We owe much of the strength and vitality of our economic relationship today to the remarkable success of China’s economic development over the last three decades …No one here should have any doubt about our admiration for what China has achieved.”
- McCormick opposed initiatives aimed at keeping manufacturing jobs here in America.
- McCormick repeatedly criticized “Buy American” provisions and refused to say he supported Trump’s tariffs on China.
- McCormick bragged about his work in China.
- When asked if he regretted any of his investments, McCormick replied that he was actually “blessed” by China.
- McCormick was even attacked by Trump for his history with China.
- At a rally in Pennsylvania, Trump slammed McCormick saying “I do know that he was with a company that managed money for communist China, and he is absolutely the candidate of special interests and globalists and the Washington establishment.”
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