Tuesday, January 25, 2022

Hedge Fund CEO Wins High Level Support in GOP Senate Race AP News

Harrisburg, Pa. ( Associated Press) — David McCormick, CEO of one of the world’s largest hedge funds and a former senior official in President George W. Bush’s administration, met longtime party fundraisers and officials in Pennsylvania even before the announcement formally Gathering support. His candidacy for the US Senate.

Christine Torretti, Pennsylvania’s longtime Republican National Committee woman, and former state party president Rob Gleason, are among McCormick’s supporters, as are fundraisers Pat Dion and Bill Sasso.

Whether McCormick’s high-level support will translate into victory in the May 17 primary remains to be seen.

McCormick, 56, prepares to enter a Republican primary field that’s in flux With the exit of Sean Parnell, the candidate backed by former President Donald Trump, and the entrance of Mehmet Ozzy, heart surgeon, author and TV personality who appeared on Daytime TV’s “Dr. Oz Show.”

Other candidates – including conservative activist Kathy Barnett, real estate investor Jeff Bartos and Carla Sands, Trump’s former ambassador to Denmark – has been circling party events for much of the year, while Bartos toured the state by bus.

Fundraising Dion called McCormick a “winner.”

“He is the salt of the earth man who served his country and worked hard,” Dion said in a text message. “He can relate to someone who wears a hard hat or sits in the boardroom.”

The race to replace retired two-time Republican U.S. Sen. Pat Tomei in Belvedere Pennsylvania has opened the doors for candidates who next year are expected to be one of a handful of competitive contests nationwide that will determine control of the Senate.

The presidential battleground is a major election prize for those who backed Democrat Joe Biden in last year’s election and Trump in 2016.

The Democrats have a strong primary field with far more electoral experience.

These include John Fetterman, the state’s lieutenant governor, U.S. Representative Conor Lamb of suburban Pittsburgh’s third term, state Representative Malcolm Kenyatta of Philadelphia, and Val Arkosh, former president of anesthesiology at Drexel University College of Medicine, who is the three-member president of the United States. Board of Commissioners in Montgomery County.

For Republican candidates, the rubber may begin to meet on the street on January 15, when the state party’s central caucus will conduct interviews with closed-door candidates. Leading up to the state party support meeting on February 5, other regional parties will follow.

McCormick has avoided the media except to speak with a conservative-friendly columnist, and has been meeting Republican officials in private meetings organized by Toretti and other supporters.

A campaign consultant said he is spending more than $1 million out of his own pocket to air a Christmas-themed TV ad in Pennsylvania this week and has filed paperwork with the IRS that prevents him from formally declaring The first allows you to raise funds for your candidacy, a campaign adviser said.

McCormick has lived in Connecticut since 2009 and worked for Bridgewater Associates, one of the largest hedge funds in the world. He is currently the CEO.

To re-establish residence, the Pennsylvania native purchased a home in Pittsburgh’s East End, where he lived two decades before moving in 2005 to serve in Bush’s administration.

He is married to Dinah Powell, herself a veteran of the Bush administration and the Republican National Committee, who was also Trump’s deputy national security adviser before returning to work at investment bank Goldman Sachs. This has helped introduce McCormick to Trump’s circle.

The wealthy, connected candidates — McCormick, Oz and Sands — from blue states in the pursuit of a Senate seat in purple Pennsylvania have increasingly become an issue in the campaign.

McCormick’s supporters tip-toe around it, insisting he grew up in Pennsylvania, graduated from high school in Bloomsburg, where he still owns a family Christmas tree farm, and in Pittsburgh. spends nearly a decade in the business, where he runs the online auction house Freemarkets Inc.

Some Republicans know McCormick through his father, who was the first chancellor of the state university system under the then government. Dick Thornberg.

After high school, McCormick went to West Point, served in the Gulf War and earned a doctorate at Princeton University before moving on to business in Pittsburgh, first as a consultant at McKinsey & Company.

He insisted on moving to McKinsey’s Pittsburgh office, he said on SiriusXM’s “Leadership Matters” radio show in 2020, because he “imagined that I might try to do something political and thought that coming back to Pennsylvania, I would I’ll be able to find out.”

He was a registered Democrat at the time, but the local party found it difficult to join and, instead, volunteered in a countywide race of Republican candidates, which began his transition to becoming a Republican, he said.

He served in three different positions in Bush’s administration, departing after serving as the Treasury Department’s Under Secretary for International Affairs.

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Follow Mark Levy on Twitter at www.twitter.com/timelywriter.

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