David McCormick’s financial disclosures in Senate race reveal his wealth


We can say this 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 applicants for federal office, paints the picture of an accomplished New York and Washington insider.

Last year alone, McCormick took home more than $22 million in salary from Bridgewater Associates, the Connecticut hedge fund of which he was chief executive until his resignation in January. He sold options on Bechtel, a politically connected global construction firm of which he was a board member, for an additional $2.2 million. For serving on the board of In-Q-Tel, a nonprofit venture capital firm close to the US intelligence community, he earned an additional $70,000. (McCormick is also a member of the Defense Policy Board and maintains a security clearance.)

And that’s just revenue. Because federal disclosure forms require applicants to list assets only within broad ranges, it is not possible to calculate McCormick’s net worth with precision. But this is clear: if McCormick won the Senate seat, which is vacated by retired Pat Toomey, he would rank among the wealthiest members of Congress.

It would be the same for his main rival, Mehmet Oz.

Winning against Oz, Carla Sands and Jeff Bartos in next month’s primary won’t be an easy task. Oz, the celebrity doctor, won Donald Trump’s endorsement last week, despite McCormick’s diligent efforts to woo the former president. An average of public polls shows McCormick clinging to a roughly 4-percentage-point lead, though it should be noted that statewide racing polls are notoriously unreliable.

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, or even more.

They own a Christmas tree farm in Pennsylvania, which was once owned by his parents; an investment property on a ranch in Colorado; and rental properties in several other cities. McCormick often mentions the farm, which he bought 10 years ago, in his campaign ads and appearances. He expanded it to grow soybeans and other crops, the campaign says, but with a value of $1 million to $5 million, that’s only a fraction of his wealth.

The couple have tens of millions spread across various funds — notably, they have at least $50 million worth of stock in Bridgewater, his former employer. McCormick has faced questions about the company’s investments in China, as well as its handling of teachers’ pensions in Pennsylvania.

McCormick is also an investor in ArcelorMittal, a multinational steel company that competes with Pittsburgh-based US Steel through a revocable trust, a type of trust that can be changed during lifetime and is often used to manage assets and avoid probate upon death. .

The couple also hold 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 US Treasuries.

The McCormicks’ liabilities also showcase their extraordinary wealth and connections.

They listed between $20 million and $93.5 million in liabilities, including for two mortgages and a line of credit of up to $25 million. Their other liabilities relate to various “capital commitments”, i.e. potential private equity investments, including up to half a million dollars for the seed fund “Rise of the Rest” of Revolution.

The fund, led by AOL founder Steve Case, invests in startups outside of the usual Silicon Valley and East Coast venues. Investors in the fund include Amazon founder Jeff Bezos; Governor Glenn Youngkin of Virginia; Eric Schmidt, former CEO of Google; James Murdoch, son of Fox News founder Rupert Murdoch; Tory Burch, the fashion designer; and David Rubenstein, founder of the Carlyle Group.

An interesting coincidence here: JD Vance, who was once the managing partner of Revolution, is now running for Senate in neighboring Ohio. Vance’s personal story from poverty to wealth, as detailed in his book “Hillbilly Elegy,” was integral to the fund’s sales pitch.

Although Vance is nearly 20 years younger, the two have led remarkably parallel lives. Like McCormick, Vance served in the U.S. military and went on to an Ivy League education before beginning a career in finance. Both reinvented themselves as MAGA warriors when they decided to run for Senate seats in the Midwest.

But Vance got Trump’s endorsement, unlike McCormick.

In Pennsylvania, McCormick fought bitterly with Oz, trading accusations about the man who has closer ties to China, who is a more committed conservative, and who is the state’s most authentic representative. Each has poured millions of their own money into the Senate contest — with McCormick donating nearly $7 million to his campaign and Oz contributing more than $11 million to his efforts.

McCormick took advantage of his ties to Wall Street. More than 60 Goldman Sachs executives have contributed the maximum amount allowed to his campaign, according to a Bloomberg analysis.

A super PAC supporting McCormick, Honor Pennsylvania, raised $15.3 million. Almost a third of that money comes from Ken Griffin, a billionaire hedge fund manager who backs Republican candidates. Another of the super PAC donors is Harry Sloan, a former MGM executive who backed Hillary Clinton’s presidential bid in 2016.

Curiously, Arjun Gupta, the founder and “manager” of TeleSoft Partners, also contributed $100,000. He usually donates to Democrats. McCormick’s statement indicates that he is a limited partner of a TeleSoft investment fund. Until McCormick decided to run for office, the pair were trustees of the Aspen Institute, a think tank that aims to “solve the greatest challenges of our time.”

Alyce McFadden contributed research.

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how they run

Two new Nebraska TV ads show how the sexual assault charges against the Republican gubernatorial frontrunner will play out in the final weeks of the campaign.

Neither the frontrunner’s announcement, Charles Herbster, nor that of his main Republican rival, Jim Pillen, mentions the charges. Not directly, at least.

Herbster, who has been accused of groping several women, including a Republican senator, denied the allegations in a radio interview and on Twitter.

“Just like the establishment attacked President Trump, now they’re lying about me,” Herbster said in the ad he posted, which quickly moved on to other issues. Herbster, a farmer and wealthy businessman, has Trump’s backing in his bid to replace Governor Pete Ricketts, which is time-limited.

The advertisement for Pillen, who is also a farmer and a wealthy businessman, features his young grandchildren asking him political questions. He responds with short, pig-inspired answers. Do you want to reduce property taxes? “Whole pig.” Do politicians spend too much? “Like pigs in a trough.” Forbid homework? “When pigs fly.” The scene seems meant to convey that Pillen is not just a conservative, but a guy you can trust in your family.

As Jonathan Weisman has reported, Republican candidates in several states are facing allegations of sexual assault and domestic violence — but few of their main rivals, even in competitive races, want to talk about it.

On Tuesday, Trump announced he would hold a rally in Nebraska in late April. A guest speaker: Herbster.

— Blake and Lea

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