McCormick's hedge fund days are a double-edged sword in Pennsylvania's Senate race

abcnews.go.com:

Before he ran for the Senate in Pennsylvania, David McCormick was a big name on Wall Street as CEO of the world’s largest hedge fund

HARRISBURG, Pa. — Before he ran for the U.S. Senate in Pennsylvania, David McCormick was a big name on Wall Street.

He was the CEO of the world's largest hedge fund, a world-traveled executive who was sought after for speaking engagements and prominent board positions.

His wealth and connections got him flagged by Republicans as someone who could both raise campaign cash and pay his own way for a Senate campaign.

But McCormick's Wall Street days haven't been such an asset of late. They provided grist for attacks by Republican primary rivals in McCormick's failed 2022 run for Senate and now by Democrats in his challenge to third-term Sen. Bob Casey.

Casey, in speeches and ads, hammers away at investments made by Bridgewater Associates while McCormick was CEO, including in Chinese companies that are considered part of Beijing's military and surveillance industrial complex.

“While I was fighting for union rights and fighting for working families in Pennsylvania, he was making a lot of money investing in China," Casey recently told a union crowd at a Teamsters hall in suburban Harrisburg. «He not only invested in Chinese companies, he invested in companies that built the Chinese military.»

McCormick declined an interview request.

The need to fend off accusations that he profited at America’s expense comes at an unfortunate time for McCormick as China's relationship with Washington has grown increasingly tense.

But Bridgewater was hardly alone.

U.S. investment in Chinese companies surged while McCormick was Bridgewater’s CEO as hedge funds, institutional investors and fund managers plunged