Republican Senate candidate’s hedge fund managed $415m in Russian debt
#David #McCormick, the Republican candidate for US Senate in #Pennsylvania,
led the largest hedge fund in the world while it managed and advised funds holding hundreds of millions of dollars in Russian debt,
documents obtained by the Guardian show.
Filings with the US Department of Labor, known as "form 5500s", show that ⚠️from 2017 to 2021, #Bridgewater #Associates managed funds holding as much as $415m in Russian sovereign bonds.
Since 2019 👉these types of investment have been subject to increasingly stringent US #sanctions, in response to Russian aggression in Ukraine.
Holding such assets is not illegal, but ♦️the question of McCormick’s work with foreign investments and how it might influence his political career has already coloured his current campaign, against the incumbent Democratic senator, #Bob #Casey.
McCormick stepped down as Bridgewater CEO in 2022, in order to run for Congress and a month before Russia mounted a full-scale invasion of Ukraine.
But sanctions were first levied three years before that when, according to the firm itself, as co-CEO from 2017 to 2020 and then as sole CEO, McCormick was responsible for “overseeing the firm’s strategy, governance, and operations”.
McCormick himself has saidabout his time as Bridgewater boss: “Whatever we did I’m responsible for.”
https://www.theguardian.com/us-news/2024/oct/10/pennsylvania-senate-david-mccormick-investments?CMP=Share_iOSApp_Other
