mccormick hedge
beat casey narrowly, recount?
an 6 23
david McCormick, the former chief executive officer of the world's largest hedge fund, revealed in a March interview with Politico that he is weighing a run for the Republican nomination in Pennsylvania for the United States Senate in 2024.
"I believe that our political system always will self-correct," McCormick, who was defeated in the 2022 GOP Senate primary by failed candidate Mehmet Oz, told Politico. "We're in such a moment of self-correction in my opinion, and that's what I'm trying to do, is support that with the agenda here around educating our people and confronting China and securing America."
The Associated Press noted in April 2022 that "McCormick and his wife estimated the value of their assets between $116 million and $289 million, including a valuable stake in Bridgewater Associates."
READ MORE: 'Objectively Amazing': Economists cheer 'extraordinarily robust' jobs report
This week, Heartland Signal revealed that part of McCormick's massive net worth came from his experience consulting corporations on how to ship American jobs overseas.
"From 2001 to 2004, McCormick was the chief executive officer of a global software company called FreeMarkets. The company described its operations as a resource to help other businesses 'lower costs, reduce risks and increase profitability,'" Heartland Signal reported. "When FreeMarkets was purchased by Ariba in 2004, McCormick stayed and became the president of Ariba while FreeMarkets’ many services carried over, which included 'procurement outsourcing.'"
During McCormick's tenure as CEO, Ariba "released a guide for 'Low-Cost Country Sourcing,' which lays out strategies for businesses to cut costs and save money via shipping jobs overseas. The company also had a specific page on its website that outlined its strategy for 'low-cost country sourcing.' One of these 'low-cost countries' was India, which McCormick called an important location for country sourcing," Heartland Signal explained.
According to Heartland Signal, McCormick defended his work in 2004, stating that "big multinational companies are interested in doing business in India and, being in the business of spend management, we help them to work out what they buy and who they buy from. Services like the low-cost country sourcing program are a key differentiator for Ariba, as they enable it to offer complete spend management solutions to customers.
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open sec
dave McCormick (R)
| Contributor | Total |
|---|---|
| Goldman Sachs | $750,666 |
| Elliott Management | $214,535 |
| FedEx Corp | $123,533 |
| KKR & Co | $85,200 |
| Blackstone Group | $80,701 |
| Affiliated Managers Group | $70,400 |
| Bridgewater Assoc | $67,636 |
| Sullivan & Cromwell | $65,400 |
| Republican Jewish Coalition | $65,022 |
| Hunt Companies | $58,000 |
| Hci Equity Partners | $51,700 |
| Citigroup Inc | $51,362 |
| PNC Financial Services | $50,908 |
| Masterson Co | $45,500 |
| Sherman Financial Group | $43,000 |
| Bechtel Group | $42,304 |
| Arch Street Management | $42,200 |
| Paul, Weiss et al | $42,000 |
| Meta | $41,400 |
| Jane Street Group | $41,000 |
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no lnx
Meet the billionaires backing Republican Dave McCormick’s U.S. Senate run
Deep-pocketed Wall Street donors have lined up to donate to a super PAC backing the Republican Senate candidate
Matt Rourke / Associated Press
By Ryan W. Briggs and Sean Collins Walsh
Published Oct 31, 2024
Insurgent candidates frequently struggle to raise money against entrenched incumbents who already control the levers of power.
But Republican Dave McCormick, who is challenging three-term Democratic incumbent Bob Casey in Pennsylvania’s nationally watched U.S. Senate race, is not your average political newcomer.
A former CEO of the world’s largest hedge fund and a U.S. Treasury official in the George W. Bush administration, McCormick entered the race with a Rolodex of friends and supporters who are among the richest people on Earth. Many of them have stepped up by pouring millions into a super PAC backing the Republican.
Keystone Renewal PAC is the only major super PAC solely dedicated to Pennsylvania’s Senate race. A vast majority of the rest of the spending has come from the candidates’ campaigns or their parties’ Senate leadership funds.
The PAC has spent about $52 million, with three-quarters of its advertising dedicated to attacking Casey and a quarter to boosting McCormick, according to Open Secrets, the government transparency nonprofit.
A Keystone Renewal spokesperson said the PAC is “committed to educating the American public on Bob Casey's radical policy record that is responsible for the record-high inflation and open borders.”
“Dave McCormick is the only candidate that will fix what Bob Casey has done during his tenure in office, and deliver safety and prosperity,” the spokesperson said in a written statement.
At a Tuesday event in Allentown, Casey countered that McCormick was being propped up by “out-of-state billionaires coming into Pennsylvania to lecture us about who's going to be our senator, to lecture us about rights.”
More than $289 million has been spent on the race, and a majority of both candidates’ financial support comes from outside Pennsylvania, which is common in modern Senate contests. McCormick, however, has a greater share of donors from elsewhere.
Both candidates have raised millions through their campaigns and are also benefiting from heavy spending by their respective parties’ leadership. Senate Democrats’ super PAC, for instance, has spent $53 million to help Casey, according to Open Secrets, and it raises money from super-wealthy donors across the country, including some who donated anonymously through a “dark money” nonprofit.
Notably, Keystone Renewal has disclosed almost all of its individual donors and is not structured as a dark money organization.
In addition to members of the Perot, DeVos, and Pritzker families, here are some of the notable donors backing Keystone Renewal PAC:
Donated $15,000,000
Ken C. Griffin
The Harvard-educated billionaire owner of Citadel Securities, a financial services company, was a prominent supporter of Republican Nikki Haley’s insurgent primary bid against Donald Trump. Both Griffin and fellow billionaire Stephen A. Schwarzman (more on the Blackstone CEO later) hosted early fundraisers for McCormick’s failed 2022 Senate primary bid. This year, Griffin became the largest individual donor to Keystone Renewal.
“I proudly support leaders like David McCormick, who have a proven record of service and commitment to our country,” Griffin said on Wednesday. “We need leaders in Washington who are committed to securing our borders, stopping inflation, and ensuring a strong national defense."
Donated $3,300,000
Thomas Peterffy
Thomas Peterffy, Founder, Chairman and CEO of Interactive Brokers.
Associated Press
The Hungarian-born CEO of Interactive Brokers, a Wall Street brokerage firm, owns a mansion along Palm Beach’s “Billionaire’s Row,” near Mar-a-Lago, along with other McCormick donors like Steve Wynn. After offering tepid support in 2020, Peterffy has joined other billionaires in aggressively backing Trump this year, and even used his company to dive into the political betting craze to speculate on the outcome of the election. In 2022, Peterffy supported Mehmet Oz, who beat McCormick in the GOP primary. But this cycle he’s all in for McCormick.
“I think the battle over free enterprise versus a socialist nanny state is going to be decided in Pennsylvania over the next several years,” Peterffy said in an interview. “I like David McCormick. … I know him quite well. He’s been fantastic as a soldier, as an officer, and as a private enterprise person.”
Donated $3,000,000
Richard and Elizabeth Uihlein
A Uline delivery truck
JHVEPhoto
This Wisconsin couple cofounded industrial packing supply company Uline, whose success made both into billionaires. An heir to the Schlitz beer fortune, Richard Uihlein is a reclusive but prolific conservative donor – but has historically favored conservatives disruptors, from Pat Buchannon to the Tea Party movement. Elizabeth is a onetime Clinton voter who later embraced traditional economic conservatism. The middle ground: Dave McCormick.
Donated $2,250,000
Jeffrey Yass
Jeff Yass
Courtesy of the Yass Foundation for Education
As Pennsylvania’s richest man, the Montgomery County-based cofounder of the investment firm Susquehanna International Group has long used his fortune to promote conservative and libertarian goals, particularly private school voucher programs. This year, he has spent millions to support Pennsylvania Republicans through donations to a PAC called the Commonwealth Leaders Fund. He has separately donated to Keystone Renewal to support McCormick.
“I support candidates, such as Dave McCormick, who support school choice,” Yass said in a statement. Casey’s policies, he said, lead to “lower income children trapped in failing, public schools.”
Donated $2,000,000
Paul Singer
FILE - In this May 12, 2014, file photo, Paul Singer, founder and CEO of hedge fund Elliott Management Corporation, speaks at the Manhattan Institute for Policy Research Alexander Hamilton Award Dinner in New York. Prominent athenahealth investor Elliott Management Corp. is offering about $6.5 billion to take the medical billing software maker private after saying it has grown frustrated with the company's performance. Shares of athenahealth soared early Monday, May 7, 2018, after the shareholder outlined its proposal. (AP Photo/John Minchillo, File)
Associated Press
The New Jersey-born founder of Elliott Investment Management earned an immense fortune – and scorn – investing in distressed debt, notably buying up sovereign obligations from nations teetering on financial collapse The self-described libertarian has advanced varied causes, both advocating for government deregulation and promoting gay marriage. Singer initially supported Marco Rubio in the 2016 presidential campaign, only later warming to Trump. He has historically been one of the largest donors to Republican Senate campaigns, and individuals linked to Elliott Management made up the second-largest pool of donors to McCormick’s 2022 campaign, after Goldman Sachs.
Donated $2,000,000
Antonio Gracias
In this sketch former Tesla board member Antonio Gracias testifies in a courtroom in Wilmington, Del., on Wednesday, Nov. 16, 2022.
In this sketch former Tesla board member Antonio Gracias testifies in a courtroom in Wilmington, Del., on Wednesday, Nov. 16, 2022.
Elizabeth Williams via AP
Gracias is the founder of Valor Equity Partners, a $16 billion private equity firm. He is a confidant of Tesla owner Elon Musk, and earned much of his wealth from stock options in the electric car manufacturer, where he worked until 2021. Forbes values his net worth at $1.3 billion. He has donated to Keystone Renewal through a trust.
Donated $1,500,000
Jan Koum
Billionaire Jan Koum
Associated Press
Koum is a Ukranian American billionaire and former CEO of WhatsApp – a popular messaging program widely used internationally – and a fixture in Silicon Valley. Ethnically Jewish, Koum has donated extensively both to Ukranian wartime aid and pro-Israel groups. A major Haley backer, he has more recently donated to Keystone Renewal through an LLC.
Donated $1,500,000
Stephen A. Schwarzman
Stephen A. Schwarzman CEO Blackstone speaks during the session 'Shaping a New Market Architecture' at annual meeting of the World Economic Forum in Davos, Switzerland, Tuesday, Jan. 22, 2019. (AP Photo/Markus Schreiber)
Associated Press
The CEO of the Blackstone Group, a trillion-dollar global private equity firm, is associated through his company with aggressive buyouts of everything from the Hilton hotel chain to railroads and grocery stores. But he is also a Philadelphia-area native and a longtime donor to Republican causes – and among the most prominent Wall Street supporters of Trump’s latest presidential campaign. One of McCormick’s early political supporters, along with Griffin, Schwarzman is back this year. He is also pumping millions into the U.S. Senate candidacy of Republican Tim Sheehy in Montana.
Donated $1,000,000
Howard Lutnick
Howard Lutnick speaks before Republican presidential nominee former President Donald Trump at a campaign rally at Madison Square Garden, Sunday, Oct. 27, 2024, in New York. (AP Photo/Evan Vucci)
Associated Press
A Haverford College graduate who rose to the top of the financial services firm Cantor Fitzgerald, Lutnick stayed under the radar politically in 2016, but began hosting fundraisers for Trump in 2019. He has since been featured as an outspoken Trump surrogate, cochairing his transition team and even speaking at the recent Madison Square Garden rally.
Donated $1,000,000
Stephen Wynn
Stephen Wynn arrives at the State Department for the Kennedy Center Honors State Department Dinner on Saturday, Dec. 7, 2019, in Washington. (AP Photo/Kevin Wolf)
Associated Press
The founder of Wynn Resorts in 2018 stepped down as CEO of his eponymous hotel and casino empire amid sexual misconduct allegations that he has denied. Nonetheless, his donations continue to be welcomed by Republican political campaigns, and he served as a vice chairman of Trump's inauguration committee after the 2016 election and was a major donor in 2020.
The Inquirer attempted to contact all individual donors listed in this article and included comment from those who responded.
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[### Meet the billionaires backing Republican Dave ...
Inquirer.com
https://www.inquirer.com › Politics › Philadelphia](https://www.inquirer.com/politics/philadelphia/inq2/dave-mccormick-super-pac-wall-street-donors-20241031.html)
Oct 31, 2024 — Deep-pocketed Wall Street donors have lined up to donate to a super PAC backing the Republican Senate candidate.
[### Pennsylvania Senate 2024 Race
OpenSecrets
https://www.opensecrets.org › races › contributors](https://www.opensecrets.org/races/contributors?cycle=2024&id=PAS2&spec=N)
Top Contributors. These tables list the top donors to candidates in the 2019-2024 Senate election cycle The organizations themselves did not donate, rather the ...
[### $240M floods Pa. Senate race; McCormick's super PAC ...
WHYY
https://whyy.org › articles › bob-casey-dave-mccormic...](https://whyy.org/articles/bob-casey-dave-mccormick-campaign-finance-senate-race-megadonors/)
Oct 17, 2024 — Let us know. Megadonor money is flooding the Pennsylvania Senate race between three-term incumbent Democrat Bob Casey and Republican challenger ...
[### McCormick Brings in Groundbreaking $6.4 Million in Fourth ...
Dave McCormick for U.S. Senate
https://www.davemccormickpa.com › 2024/01/08 › mc...](https://www.davemccormickpa.com/2024/01/08/mccormick-brings-in-groundbreaking-6-4-million-in-fourth-quarter/)
Jan 8, 2024 — PITTSBURGH, PENN. — Dave McCormick raised $5.4 million from over 15,000 individual donors and invested an additional one million dollars in ...
Missing: funder | Show results with: funder
[### Dave McCormick (R-Pa) Contributions from Lobbyists
OpenSecrets
https://www.opensecrets.org › top-recipients-details](https://www.opensecrets.org/federal-lobbying/top-recipients-details?cycle=2024&id=N00050244)
These lobbyists were active for at least one quarter in the selected election cycle. Family totals are calculated by adding together a lobbyist's contributions ...
[### Republican Dave McCormick, who floated stripping Penn ...
The Daily Pennsylvanian
http://www.thedp.com › article › 2024/11 › penn-bob-c...](http://www.thedp.com/article/2024/11/penn-bob-casey-loses-reelection-mccormick)
Nov 7, 2024 — Republican candidate Dave McCormick will win the highly contested race for Pennsylvania's United States Senate seat, defeating incumbent Sen. Bob Casey.
[### Claudia Vargas | We took a deep dive on where the money is ...
byclaudiavargas
10+ likes · 1 month ago](https://www.instagram.com/byclaudiavargas/reel/DBzF_GEoLT8/?hl=en)
[
3:12](https://www.instagram.com/byclaudiavargas/reel/DBzF_GEoLT8/?hl=en)
Pennsylvania resident and Republican donor Jeff Barteau's donating $2000 to Dave McCormick but he also donated more than $40, 000 to ...
[### Wealthy GOP Senate Candidate Appears to Have Illegally ...
The Daily Beast
https://www.thedailybeast.com › wealthy-gop-senate-can...](https://www.thedailybeast.com/wealthy-gop-senate-candidate-dave-mccormick-appears-to-have-illegally-spent-donor-cash/)
Apr 17, 2024 — Dave McCormick gave more than $14 million to his own 2022 campaign, but he still spent tens of thousands of donor dollars he wasn't allowed ...
[### McCormick has banner $8.4 million fundraising quarter
Axios
https://www.axios.com › Axios › Politics & Policy](https://www.axios.com/2024/07/15/dave-mccormick-fundraising-pennsylvania-senate)
Jul 15, 2024 — Pennsylvania's GOP Senate candidate David McCormick — who was on stage with former President Trump during Saturday's assassination attempt – ...
[### McCormick Taps Hedge Fund Riches in Bid for Pennsylvania ...
BGOV.com
https://news.bgov.com › bloomberg-government-news](https://news.bgov.com/bloomberg-government-news/dave-mccormicks-hedge-fund-past-propels-complicates-senate-bid)
Oct 22, 2024 — David McCormick, once the leader of the world's largest hedge fund, stood in a windswept parking lot in rural Schuylkill County, assailing Sen. Bob Casey.
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