The top executive from the world's largest hedge fund has announced that he left his position with the fund in order to run for Senate as a Republican in Pennsylvania. Bridgewater Associates
McCormick has been replaced by a pair of co-CEOs: Nir Bar Dea and Mark Bertolini. Dea was promoted from his position as Deputy CEO, and Bertolini previously served as the co-Chair of operating for the board of directors. Bertolini has also served as the CEO of insurance company Aetna Inc, now a subsidiary of CVS Health Corp
In the spring of 2020, McCormick's co-CEO, Eileen Murray, left the fund after serving in the position for seven years. Prior to her exit, Murray was one of the top women in the hedge fund industry. According to Murray, she left Bridgewater to look for new opportunities and challenges. A few months after leaving the fund, the renowned Wall Street financier became the chairperson at the Financial Industry Regulatory Authority (FINRA), though she no longer holds that position.
McCormick and Murray are far from the first Wall Street executives to get into politics and governance. In the past, Bloomberg LP CEO Michael Bloomberg served as mayor of New York City, and former Goldman Sachs
The tradition of having top financial executives move into government roles is an old one. In 1932, President Franklin D. Roosevelt chose Goldman Sachs CEO Sidney J. Weinberg, known as "Mr. Wall Street", to serve as director of the War Production Board during World War II. Goldman Sachs is now well-known for the high number of Goldman alumni holding government positions.
McCormick himself has served as the Under Secretary of the U.S. Treasury for International Affairs, as well as a number of other roles during the George W. Bush administration.
McCormick will be running to replace Senator Pat Toomey, PA-R, who is set to retire from politics at the end of his term in 2022. First, he will need to win the Republican primaries, a race that's expected to be especially contentious. McCormick's Republican competitors include Carla Sands, a former ambassador to Denmark, conservative commentator Kathy Barnette, and celebrity doctor Dr. Mehmet Oz.
The outcome of the race to replace Toomey could determine which party has control of the Senate in the coming term. PA's second Senate seat is held by Bob Casey Jr., a Democrat.
