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August 21, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Ray Dalio faults media coverage of Bridgewater sexual conduct incidents

Ray Dalio, the Westport hedge fund executive who cited “radical transparency” as a principle of his company, is pushing back at media coverage of previously unreported incidents regarding a top executive’s relationships with two female employees.

Ray Dalio

Dalio, founder of Bridgewater Associates, objected to coverage by The Wall Street Journal of incidents involving Greg Jensen, co-chief investment officer, which stated the company paid $1 million to a female employee who had a consensual relationship with Jensen. Another female employee complained that Jensen groped her backside, but she left the company on her own accord and did not receive a financial settlement.

Dalio was reportedly personally involved in mediating both cases and assigned James Comey, who was Bridgewater’s general counsel at the time, to conduct his own internal investigation on the matter. The incidents took place three years ago but were never made public until The Wall Street Journal’s article, which based its reporting on “people familiar with the matter.”

After the news coverage was published online last week, Dalio issued a statement that read, “I judge Greg to be a man of high character and I would not have tolerated the pattern of behavior inaccurately described by The Wall Street Journal.” He also took to Twitter, referencing his recently published book “Principles” by writing, “A good principle is ‘Don’t believe everything you read in the newspapers’”

This is the not the first time that Dalio criticized media coverage of a Bridgewater story sexual misconduct. Last year, a male employee was placed on indefinite paid leave after filing a complaint with the National Labor Relations Board (NLRB) that a male supervisor allegedly propositioned him for sex. The story was initially reported in The New York Times. Dalio took to LinkedIn to complain that the newspaper “intentionally strung together a series of misleading ‘facts’ in ways they felt would create the most sensationalistic story.” The NLRB and Bridgewater later agreed to a settlement that was  not made public.