Bridgewater Alum McCormick Uses Fox Business For Campaign Debut


(Bloomberg) – Former Bridgewater Associates CEO David McCormick has joined a crowded Republican primary field for the U.S. Senate in Pennsylvania, saying he’s running to fight “socialist policies” he says have led to soaring inflation and threaten the American dream.

“I’m a self-made person,” McCormick said during his announcement on Fox Business on Thursday. “I owe no one anything and I would fight for the people of the Commonwealth of Pennsylvania to push back against these terrible policies.”

In a video posted to his website, McCormick cast himself as a fighter, soldier and business leader and said, “Now I’m running for the United States Senate to fight the woke mob that hijacks the America’s future.”

McCormick, 56, who recently quit the world’s largest hedge fund to pursue the Senate bid, filed paperwork with the US Federal Election Commission on Wednesday to become a candidate in one of the key races to decide which party controls bedroom.

The main GOP field to replace retired U.S. Senator Pat Toomey includes famed physician Mehmet Oz, who announced his candidacy Nov. 30; Carla Sands, who was Trump’s ambassador to Denmark; real estate investor Jeff Bartos; and conservative political commentator Kathy Barnette.

The Republican race was rocked in November when Sean Parnell, the candidate former President Donald Trump endorsed, suspended his campaign after a judge sided with his wife in a custody battle. Trump did not say if he would make another endorsement in the race.

McCormick, a West Point graduate and Gulf War veteran, served as US Treasury Undersecretary for International Affairs in the administration of President George W. Bush. His wife, Dina Powell McCormick, is an executive at Goldman Sachs Group Inc. and a former deputy national security adviser under Trump.

Even before McCormick officially announced his candidacy, American Leadership Action, an Oz-supporting Super PAC, created a website and launched an ad calling McCormick “a friend of China” for his previous comments supporting the Asian nation and the fund. billion dollar Bridgewater there. .

McCormick told Fox Business that Bridgewater had done business in China but was in a good position to deal with China after negotiating with the Chinese throughout his business career.

“We need people who really understand and can come up with a tough set of policies with China,” he said. “That’s what I will do, and that’s what I will portray in my campaign.”

McCormick’s fledgling campaign is already backed by some on Wall Street.

Blackstone CEO Steve Schwarzman backs McCormick’s offer, according to people familiar with the matter, who asked not to be named to discuss nonpublic information.

Bob Steel, a partner at Perella Weinberg Partners who worked with McCormick in the Bush administration, compared McCormick’s pedigree to that of Glenn Youngkin, the former co-CEO of the Carlyle Group, who beat Democrat Terry McAuliffe in of the Virginia gubernatorial election in November.

“Youngkin’s campaign was less about his career in finance and more about his values, skills and ability to get things done,” Steel said. McCormick has “had these tightrope jobs — military front lines, intense time in Washington, and running a major alternative investment firm, and he’s still cool under pressure.”

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