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Bridgewater Associates The Largest Hedge Fund In The World Calls A New York Times Article “Misleading”

Bridgewater Associates is world’s largest hedge fund. Being the largest hedge fund means a lot in the financial industry. It means the fund has lots of money, power, ego and grit. It also means Bridgewater is a target for the news media and other hedge funds. The New York Times recently published an article about Bridgewater Associates, and the founder and chairman of Bridgewater, Ray Dalio, didn’t like the article. Dalio said the article was misleading because it strung a series of facts together in order to create a sensational story. The Times article reported on the culture at Bridgewater. Former employees and people that have done worked for the hedge fund described how Bridgewater would record meetings, and the surveillance had a chilling impact on people that had complaints or grievances.

Dalio put out a statement that countered all the claims that were listed in the New York Times article. Dalio said employees were encouraged to bring issues to the surface in an appropriate way. Recording meetings was the company’s way for employees to hear all the discussions and to foster a sense of meritocracy within the organization. Dalio also said that bad things could happen behind closed doors so recording the meetings was a form of transparency. Mr. Dalio also said the 1,500 employees have defined channels for reporting private matters, and all employees know what those channels are. There is also an anonymous complaint line if an employee wants to use it.

The Times article also brought the fact that the National Labor Relations Board filed a complaint against Bridgewater. The complaint said Bridgewater interferes with employees’ rights through the confidentiality agreements that all employees are required to sign. The article also noted that in some Bridgewater offices, employees are required to lock up their cell phones when they get to work. Dalio did say that the company doesn’t require employees to lock up their personal phones, but it does not want employees carrying them in areas of the Bridgewater’s trading floor that are cell phone free.

There is no doubt that Bridgewater has been using its clout and a form of subtly to impose their will on employees. That practice has been going on for years in financial companies.