Path 2
FILE PHOTO: David McCormick, President Bridgewater Associates, speaks on a panel at the annual Skybridge Alternatives Conference in Las Vegas May 7, 2015.  REUTERS/Rick Wilking/File Photo

Tuesday, Feb 1 2022

McCormick Denies Outsourcing Allegations, Despite Offshoring Expertise

Feb 01, 2022

According to a new report from the American Independent, Connecticut-based hedge fund millionaire turned Pennsylvania GOP U.S. Senate candidate David McCormick claimed “his businesses had never been involved in outsourcing of jobs” despite previously bragging about “his experience sending jobs offshore.”

McCormick – who’s repeatedly denied the outsourcing accusations – told the Pittsburgh Tribune-Review in 2005 that his work sending jobs overseas would be an asset” for his new role in the Bush administration. 

Since launching his campaign, McCormick has been relentlessly attacked by his Republican primary opponents for laying off Pittsburgh workers in 2003 ahead of his company’s expansion in New Delhi. 

American Independent: GOP Senate candidate denies outsourcing jobs despite bragging about it previously

By: Josh Israel | January 31, 2022

Key Points

  • “A Republican candidate for Senate claimed Friday that his businesses had never been involved in outsourcing of jobs. But in a 2005 newspaper interview, he bragged of his experience sending jobs offshore.”
  • “Dave McCormick, a Connecticut-based hedge fund CEO turned Pennsylvania Senate hopeful, was asked during an appearance on a Pittsburgh radio station about allegations that he had outsourced positions — costing 50 jobs in the city.”
  • “McCormick, who is trying to frame himself as a job creator, has been accused by both Republicans and Democrats of having outsourced jobs during his business career. Most recently, a conservative super PAC that supports Dr. Mehmet Oz’s Senate campaign released an ad accusing McCormick of outsourcing Pennsylvania jobs.”
  • “‘The things that are being said in those ads are not true,’ told the Pittsburgh radio station KDKA. ‘Certainly, there was never any outsourcing of jobs to any country, and there was certainly no outsourcing of jobs to China. And the businesses I ran had very, very little business at all with China. The firm I led had 2% of its revenue coming from China.’”
  • “But McCormick appeared to contradict his recent claim in a 2005 Pittsburgh Tribune-Review interview.”
  • “Days after being confirmed by the Senate to be then-President George W. Bush’s undersecretary of commerce for export administration, McCormick told the newspaper that his work sending jobs overseas would be an asset to him.”
  • “Though that story did not include the direct quote, its author wrote, ‘McCormick said his experience as a corporate CEO helping companies to move work offshore, and as a platoon leader in the Army during the first Gulf War, will serve him well in his new post.’”
  • “The same paper also reported in February 2003 that McCormick, then the CEO of an online auction company called FreeMarkets Inc., announced a new monitoring center in New Delhi with more than 100 jobs. The company had announced 50 layoffs at its Pittsburgh headquarters just one month earlier — though the company disputes the idea that the two moves were related.”

Read the full report here.


Published: Feb 1, 2022 | Last Modified: Feb 4, 2022

Jump to Content