Daily News | GOP senate candidate Mehmet Oz says his opponent’s hedge fund cost Pa. taxpayers billions
officials, including executive director Glen Grell and chief investment officer James L. Grossman Jr. Board critics said PSERS performed poorly, with expensive private investments such as Bridgewater’s that underperformed compared to U.S. stock indexes.
McCormick campaign spokesperson Jess Szymanski said PSERS invested more money with Bridgewater after the 2008 financial crisis to protect against future downturns. “This conservative approach reflected the risk PSERS wanted to take for its retirees and delivered results in line with expectations,” he said. “Pennsylvania retirees made $3.9 billion in net profits and did not lose a penny over the life of the relationship under Bridgewater management.
It’s also another attempt by Oz to turn McCormick’s time leading Bridgewater into a liability, after previously attacking McCormick over the company’s major investments in China. Bridgewater, the world’s largest hedge fund, was founded in 1975 by Dalio, a legendary figure in financial circles known for the unusual culture he established at his business. At its headquarters in Westport, Conn., 1,500 analysts, junior and senior, are encouraged to question each other’s decisions in confrontational, some say cutthroat, ways. “Radical transparency,” Dalio calls it. Forbes estimated his net worth at $20 billion.
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