“An Example of People Putting Profits Over People”

McCormick Screwed Over Firefighters and Police Officers Pensions as Hedge Fund CEO

PENNSYLVANIA — On Sep 13th, Pittsburgh Fire Fighters Vice President Tim Leech slammed Connecticut hedge fund CEO and mega-millionaire David McCormick for mismanaging the investment funds of police officers and firefighters during an interview on Evening WURDs with Dr. James Peterson.

Under McCormick, Bridgewater contributed to higher retirement costs for police officers and firefighters and led to hundreds of police officers resigning.

Listen Below:

WURD Radio: Evening WURDs with Dr. James Peterson

• Dr. James Peterson: When I saw this press release about David McCormick and this mismanagement of the [pension] funds associated with both firefighters and police officers retirement, I was reminded of this. But for our listeners can you give them a sense of what exactly happened and why? Why do you feel that Mr. McCormick needs to be held accountable?

• Pittsburgh Fire Fighters Vice President Tim Leech: When I read the news article about the mismanagement of the pension funds of police and firefighters, I was really disturbed by that. We – firefighters, police officers, public safety workers – really depend on our pensions when we retire. […] So, when I read news about investment companies charging exorbitant fees and mismanaging those investment funds to the point where firefighters and police officers either have to put more money out of their paycheck just to receive the same benefits, or they see their benefits slashed before they retire – benefits that they were looking forward to relying on – it’s really disturbing. 

• Pittsburgh Fire Fighters Vice President Tim Leech: So, we need people in those positions to help us that we can trust, and if we can’t trust them to invest that money, I don’t know how we can trust them to serve the U.S. government or the U.S. Senate.

• Dr. James Peterson: There was reporting saying “I was the CEO, so whatever we did, I’m responsible for.” […] Has he apologized in any way? Has he in any way held himself to account for this reporting that we’re seeing today?

• Pittsburgh Fire Fighters Vice President Tim Leech: I have not heard anything to that extent. I have not heard a response on this specific issue about apologizing or if he [has] respond[ed] to these accusations. But you know, if he tried to distance himself from it […] Well when you are the CEO, as he says, “I was responsible for” the company. You’re the CEO, the buck stops with you, right?

• […]

• Pittsburgh Fire Fighters Vice President Tim Leech: I think it’s just an example of people putting profits over people.