The New York Times exposes the real David McCormick while the Connecticut hedge fund executive flails in KDKA interview
PENNSYLVANIA — It’s been another tough news cycle for Connecticut hedge fund executive David McCormick and his struggling campaign.
In an interview with KDKA’s Jon Delano, McCormick was asked about losing the Trump endorsement sweepstakes to New Jersey daytime TV host Mehmet Oz, how his wealth prevents him from understanding real Pennsylvanians, and the impact of nasty attack ads in this messy GOP primary.
The highlight of the interview came when McCormick was forced to admit he did indeed cut Pittsburgh jobs:
Delano: I do believe that in one of my interviews with you, you acknowledge that you did cut up the 60 jobs. In that’s right
McCormick: That’s right. That’s right.
New reporting from the New York Times looked into Connecticut hedge fund executive David McCormick’s financial disclosure, exposing him as a “consummate New York and Washington insider”.
See below for highlights from the piece, and here for the full story.
For David McCormick, the Christmas Tree Farm Is a Fraction of His Wealth
- The Republican Senate candidate’s financial disclosure statement depicts a wealthy man comfortable walking the halls of power.
- We can say this much with confidence about David McCormick: The man is rich.
- In ads and campaign appearances, McCormick, who is running in the Republican primary for a Pennsylvania Senate seat, emphasizes his roots in Bloomsburg, a small town along the state’s Susquehanna River.
- But his personal financial disclosure statement, which is required of all candidates for federal office, paints the picture of a consummate New York and Washington insider.
- Last year alone, McCormick pulled in more than $22 million in salary from Bridgewater Associates, the Connecticut hedge fund where he was chief executive until stepping down in January.
- If McCormick were to win the Senate seat, which is being vacated by the retiring Pat Toomey, he would rank among the wealthiest members of Congress.
- McCormick is married to Dina Powell McCormick, a former Trump administration official who now works for Goldman Sachs. The couple listed assets worth between $116 million and $290 million, and possibly more.
- They have at least $50 million worth of stock in Bridgewater, his former employer. McCormick has faced questions about the firm’s investments in China, as well as about its handling of teacher pensions in Pennsylvania.
- McCormick is also an investor in ArcelorMittal, a multinational steel company that competes with the Pittsburgh-based U.S. Steel
- The couple also owns corporate bonds in Delta Air Lines, Ford, General Electric, General Motors, Hilton, Oracle and UPS. For good measure, they own a few million dollars’ worth of U.S. Treasuries.
- In Pennsylvania, McCormick has fought bitterly with Oz, trading accusations over which man has closer ties to China, who is a more committed conservative and who is the more authentic representative of the state.
- McCormick has benefited from his Wall Street ties. More than 60 executives at Goldman Sachs have contributed the maximum allowable amount to his campaign, according to a Bloomberg analysis.
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