Sen. Bob Casey (D-PA) has reportedly spent seven figures attacking his Republican opponent, Dave McCormick, for investing in a Chinese company that manufactures fentanyl even though he invested in the same company.
In an advertisement that Casey’s campaign released, McCormick is accused of having invested $1.7 million into Renfu Yiyao while he served as the CEO of Bridgewater Associates. Renfu Yiyao is also known as Yichang Humanwell, which produces roughly 90 percent of the fentanyl in China.
Casey’s accusation comes as reports show that the Pennsylvania senator has invested in the Massachusetts College Portfolio, which owns shares in Yichang Humanwell.
Yichang Humanwell is the “leading specialty pharmaceutical company in China focusing on R&D, manufacturing, domestic and export business of anesthetic drugs and drugs with other specific features,” according to the company’s LinkedIn page.
“The loss is staggering; over 4,000 Pennsylvanians die each year from fentanyl, nearly all of it starting in China,” the advertisement from the Casey campaign says. “And while law enforcement and grieving families see a killer, Dave McCormick saw a way to get even richer. As CEO of Wall Street’s largest hedge fund, McCormick invested millions in China’s biggest fentanyl producer, profiting off people’s pain.”
According to Open Secrets, in 2018, Casey had “15 assets totaling $442,020 to $1,186,000.” Among the listed assets was the Massachusetts College Portfolio, which had a minimum value of $100,002 and a maximum value of $200,000.
The Massachusetts College Portfolio was also among Casey’s listed assets in 2017.
Casey’s financial disclosure forms show that, during the calendar years 2017, 2021, and 2023, Casey invested between $15,001 and $50,000 in the Massachusetts College Portfolio through his Fidelity Investments 529 Account.
For the calendar year 2020, Casey invested between $50,001 and $100,000 into the Massachusetts College Portfolio through his Fidelity Investments 529 Account.
“With his ad, Bob Casey has put his own hypocrisy and lies on display, and it’s proof of why Pennsylvanians are so tired of career politicians,” McCormick said in a statement. “Casey has had 18 years to secure our border and prevent fentanyl from killing 100,000 Americans last year alone — under his weakness, this crisis has worsened beyond imagination.”
While Casey has claimed to be tough on the ongoing fentanyl crisis in the United States, he has previously opposed “tough-on-fentanyl measures” and voted against roughly $800 million “in funds for opioid and narcotic detection,” according to a report from the Daily Caller.
The outlet noted:
In March 2021, Casey voted against an amendment that would have provided $300 million in COVID stimulus money for Customs and Border Protection opioid and narcotic detection activities. Then, in Aug. 2022, he voted against an amendment that would have provided $500 million for CBP for opioid and narcotic detection and cut $500 million intended for sustainability and environmental programs.
“Bob Casey’s lying about me, and I won’t tolerate it,” McCormick said in an advertisement responding to Casey’s ad. “I never made any investments in the makers of illegal fentanyl, ever. The fentanyl crisis is because weak politicians, like Bob Casey, left our border wide open, and it’s killing Pennsylvanians.”
COMMENTS
Please let us know if you're having issues with commenting.