J’accuse, NY Times!
Hedgie titan fumes over sex harass story
Bridgewater Associates founder Ray Dalio blasted the New York Times for a “sensationalistic” and “inaccurate” report based on a complaint filed by a former employee that detailed allegations of sexual harassment and depicted an atmosphere of fear and intimidation.
The notoriously press-averse Dalio released a nearly 1,200word rebuttal Thursday morning in response to the Times’ piece, which implied that the $150 billion hedge fund behemoth tries to muzzle employees who air complaints or grievances.
“Although we continue to be reluctant to engage with the media, we again find ourselves in the position of being left with no choice but to respond to sensationalistic and inaccurate stories,” Dalio wrote in the essay, posted on his LinkedIn page.
The Times story detailed the experience of one former Bridge- water employee, Christopher Tarui, who complained to the company that a male supervisor rubbed his back on a business trip and propositioned him for sex. Tarui declined.
The supervisor’s overtures continued for a year, Tarui maintained in a complaint filed with the Connecticut Commission on Human Rights and Opportunities. After he complained to higher-ups last fall, management urged him to withdraw his allegations, according to Tarui.
Tarui described the Westport, Conn., firm as a “cauldron of fear and intimidation,” where all meetings are video-recorded, security guards patrol the hallways and employees are forced to lock away their personal cell phones.
Dalio didn’t comment specifically on the complaint but accused the Times of stringing together “a series of misleading facts” to create a “sensationalistic story.”
“The NewYork Times reporters never made a serious attempt to understand how we operate,” Dalio wrote, adding, “If Bridgewater was really as bad as the New York Times describes, then why would anyone want to work here?”
Dalio also defended the firm’s performance, saying returns year-to-date are within its targeted range.