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The Big Take

The Bridgewater CEO Who Went Full MAGA

David McCormick, who once championed diversity and inclusion under Ray Dalio, is now trying to out-Trump Dr. Oz in a Pennsylvania race that could become the most expensive Senate primary ever. 

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McCormick at a rally in Pittsburgh with Sarah Huckabee Sanders on March 30. 

McCormick at a rally in Pittsburgh with Sarah Huckabee Sanders on March 30. 

Photographer: Ross Mantle for Bloomberg Businessweek

If you were to pick the high point of David McCormick’s career in finance, it might’ve come on a bright summer day in 2019 at the Belle Haven Club, a Gatsby-esque waterside retreat in Greenwich, Conn., that’s popular with local billionaires. Among them on this occasion was McCormick’s boss, Ray Dalio, the founder of the world’s biggest hedge fund, Bridgewater Associates. Dalio had gathered the financial elites of Bridgewater and Goldman Sachs Group Inc., and brought in Harry Connick Jr. for entertainment, to celebrate McCormick’s marriage to Dina Powell, who’d recently left a top role in Donald Trump’s administration to return to Goldman.

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