Pittsburgh CNN —In the years that Pennsylvania Senate candidate Dave McCormick led one of the world’s largest hedge funds, the firm bet millions of dollars against some of the state’s biggest and most iconic companies, financial filings show.
For financial institutions, short positions can be lucrative.
The fund shorted about four dozen companies from Pennsylvania during McCormick’s tenure, the records show.
The fund did invest in stocks of some of the same Pennsylvania companies it shorted in other years, and overall, it reported spending more money buying stocks of Pennsylvania companies than shorting them in four of the five annual reports reviewed by CNN.
She argued that the short positions Bridgewater took in Pennsylvania companies didn’t negatively impact employees because they represented a small fraction of each company’s overall value.
Persons:
Dave McCormick, McCormick, “, ”, Kevin Boltz, Democratic Sen, Bob Casey –, Casey, Luke Sharrett, Elizabeth Gregory, Dave, ” Gregory, Bridgewater, ” McCormick wasn’t, Andrew Jennings, Dan Mallinson, “ They’re, ” Mallinson, “ That’s, ” Eric Talley, Talley, I’m, Justin Merriman, McCormick’s, Biden, Bernie Hall, ” Hall, Gregory, Michael M, Eric Hovde of, Tim Sheehy, Bernie Moreno, dogging McCormick, Mallinson
Organizations:
Pittsburgh CNN —, Bridgewater Associates, The Hershey Company, US Steel, CNN, US Department of Labor, Republican, Hershey, Democratic, Bridgewater, Bloomberg, Getty, McCormick’s, Bridgewater Equity Fund, Labor, Securities and Exchange Commission, Comcast, Penn National Gaming, Emory University School of Law, Penn State, Columbia University, Steel, Japan's, Nippon Steel, Keystone, Nippon, Pennsylvania, United Steelworkers, Senate, Penn
Locations:
Pennsylvania, Bridgewater, Harrisburg, Pittsburgh, China, Eric Hovde of Wisconsin, Montana, Ohio