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Connecticut-Based, Wall Street Executive Dave McCormick Had Deep State Ties  

Dave McCormick’s shady financial ties to China, his role as a Wall Street executive, and his insider career have all come under heavy scrutiny as McCormick awkwardly attempts to appeal to Pennsylvania voters. But new reporting from the Daily Beast further discredits McCormick’s efforts by revealing his deep financial ties to Deep State programs.

While President and Co-CEO of Bridgewater, McCormick also sat on the board of In-Q-Tel, the venture capital firmed backed by the Central Intelligence Agency. This role placed McCormick squarely in a position to profit from and support controversial technology that tracks and monitors people in the workplace and in daily life.

This news reporting also ties McCormick to China more than ever. According to the Daily Beast, McCormick was also a part of an “oppressive internal employee monitoring program” at the company that was styled directly after the Chinese Communist Party’s Politburo. This news comes after McCormick has come under fire for his extensive ties to China.

Click here to read the full McCormick news story, or see below for key excerpts:

  • Despite his claims to the MAGA movement, McCormick is steeped in the nexus of government, intelligence, and big business that Donald Trump and his acolytes ambiguously refer to as “the deep state.”
  • Those connections range from colleagues to boards to corporate investments, with additional ties to notorious surveillance systems and an internal monitoring project at McCormick’s firm—the legendary hedge fund Bridgewater Associates—that was directly modeled after the Chinese Communist Party’s autocratic surveillance state.
  • Aside from Comey, the most prominent of McCormick’s “deep state” affiliations is his recent three-year run as a paid trustee of the secretive government-backed investment group In-Q-Tel—quite literally the Central Intelligence Agency’s very own venture capital firm.
  • McCormick’s role at In-Q-Tel appears on his candidate financial disclosures, where he listed the entity’s name as “IQT.” Tax filings from In-Q-Tel, which is registered with the Internal Revenue Service as a nonprofit, show that McCormick joined as a trustee in March 2018 and left in 2022 as he pursued his first Senate campaign. The news report states that McCormick collected an annual $35,000 salary, logging five hours of work a week, according to the tax records, and his election bid has since seen hundreds of thousands of dollars in support from executives tied to IQT and its investments.
  • As it turns out, the deep state overlaps in myriad ways with McCormick’s 13-year tenure as a top executive at Bridgewater.
  • [Bridgewater had an] oppressive internal employee monitoring program, which would later come to be called “The Politburo.”
  • That program, it turns out, was literally modeled on the Chinese Communist Party’s social surveillance program, which Dalio openly admired. He even named the project after the CCP’s own “Politburo” and compared it favorably to “Big Brother” in a 60 Minutes interview.
  • The “Politburo” staffed up with officials from the National Security Agency and the CIA. But Bridgewater workers found it “intimidating” and “humiliating,” and so intrusive that in 2017 one whistleblower filed a human rights complaint with the state of Connecticut, where the fund is headquartered, which was covered at the time in The New York Times. 
  • McCormick stayed aboard, got a promotion, and publicly defended Dalio’s “radical transparency.”
  • Shortly after rising to co-CEO [at Bridgewater], McCormick joined the board at [In-Q-Tel].
  • Today, IQT oversees more than $1 billion in assets and even has its own special-purpose acquisition company. Though the group keeps a low profile, IQT maintains a close relationship with government intelligence and security divisions and runs “almost all investment decisions” by the CIA. 


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