James Comey, the former FBI director, known for his high-profile career in law enforcement, took on a rather unconventional role at the world’s largest hedge fund, Bridgewater Associates. This article delves into "Inside James Comey’s Bizarre $7M Job as a Top Hedge Fund’s In-House Inquisitor," exploring the intriguing and, at times, controversial aspects of his tenure.
Comey’s Transition to Bridgewater
Before becoming the FBI director, Comey served as the general counsel of Bridgewater Associates in 2010. This transition from a prominent law enforcement role to a hedge fund raised eyebrows, as his motive was no secret: a jaw-dropping annual salary of $7 million.
Radical Transparency and Comey’s Role
Bridgewater’s founder, Ray Dalio, was known for his "Principles," a philosophy of "radical transparency" that permeated the firm’s culture. This involved rigorous internal investigations, often referred to as "diagnoses," to uncover issues within the organization. Comey was brought in to oversee these processes and act as an adjudicator.
Comey’s Initial Challenges
Comey’s early days at Bridgewater were not without hiccups. He struggled to fully embrace Bridgewater’s Principles, often attempting to apply his own ideas rather than following the firm’s unique approach. His adjustments were met with skepticism from his colleagues.
Earning His Stripes
To prove his worth, Comey seized an opportunity to evaluate an incident involving a junior employee, Leah Guggenheimer. She had become notorious for her zealous pursuit of "badness" within the firm, which even led to a colleague’s dismissal. Dalio, however, questioned the harsh measures taken against Guggenheimer, leading to Comey’s involvement.
A Case of Bagels and Beyond
The investigation initially focused on a seemingly trivial issue but soon escalated. Comey meticulously scrutinized Guggenheimer’s company-issued phone records and her office computer, where he stumbled upon personal messages that he considered compromising. This approach left Dalio unimpressed, and he ordered a third investigation.
As the head of security, Comey had a far-reaching role, allowing him to delve into various corners of Bridgewater. The firm’s surveillance practices extended beyond meetings, encompassing extensive camera coverage and vigilant monitoring, with penalties for even minor infractions.
Notably, Comey’s team devised an unconventional plan to test the firm’s security. They left an unattended binder in plain sight and observed an employee who came across it. This employee was put on trial, found guilty, and subsequently terminated.
The Saga of Eileen Murray
One of Comey’s most infamous cases at Bridgewater involved Eileen Murray, the co-chief executive officer. Her unconventional background and casual style made her stand out in the formal executive suite. The incident that sparked the investigation began with a job candidate’s comments about one of Murray’s hires, which led to a series of inquiries.
A Prolonged Investigation
The investigation of Murray and her colleague, Perry Poulos, spanned nine months, with cameras documenting the entire process. Comey’s approach resembled a comprehensive examination of every aspect of Murray’s life.
"Eileen Lies" – A Public Trial
Dalio transformed the investigation into a real-time case, titling it "Eileen Lies." Weekly videos were released, turning the situation into a mix of reality TV, soap opera, and cinema verité. Comey played the role of the tough interrogator, while Jensen portrayed the victim.
An Unexpected Outcome
Despite the extensive investigation, the final verdict left both Comey and Jensen unsatisfied. Dalio ruled that while Murray had lied, she was not proven to be a liar, which led to her demotion from co-CEO to firm president.
Over time, Comey began to realize that his position at the hedge fund had the potential to tarnish his career rather than enhance it. His reputation was being discussed in relation to high-level government roles, and the unconventional methods employed at Bridgewater raised questions about his suitability for such positions.
James Comey’s $7 million job as Bridgewater Associates’ in-house inquisitor proved to be an extraordinary and challenging endeavor. His role in maintaining "radical transparency" came with a set of unconventional methods and investigations that turned out to be just as dramatic as any high-profile legal case.
The Intriguing Investigative Methods of James Comey
How much did James Comey sell his house for?
In a quiet corner of Westport, Connecticut, the former FBI director and author, James Comey, discreetly sold his house for $2.5 million last year. Comey’s peaceful life in this picturesque town took an unexpected turn with this significant real estate transaction.
Who is Jim Comey?
Jim Comey, often dubbed as the "Godfather," has a multifaceted background that extends beyond his role as FBI director. Before leading the Federal Bureau of Investigation, Comey served as the general counsel of Bridgewater Associates, the world’s largest hedge fund. It was during his tenure at Bridgewater that he honed his skills for dramatic decision-making, setting the stage for his eventual entry into the heart of the national political arena, where Wall Street, Washington, and Silicon Valley converged.
What happened to James Comey after he joined the FBI?
Following his role at the FBI, James Comey’s connection to Westport, Connecticut, remained strong. He continued to visit his previous residence, even referring a team of Secret Service agents to the area in December 2014, as reported by the Westport News. Two years after his move to Washington, Comey listed his Westport house for $3.395 million in June 2015, a testament to the changes and connections in his life during that period.
How did Comey investigate Guggenheimer?
Upon Ray Dalio’s request for a third investigation, James Comey took an assertive approach. He delved into the records of Guggenheimer’s company-issued cell phone, discovering that it had been activated at her home following the trial. Guggenheimer’s explanation, stating that it was for saving personal contacts, prompted Comey to insist that she should have sought permission for such actions.
What were James Comey’s responsibilities at Bridgewater Associates?
James Comey’s professional journey led him to diverse roles after leaving the Justice Department in 2005. Notably, he assumed the position of General Counsel at the Lockheed Martin Corporation, the largest defense contractor at the time. Subsequently, from 2010 to 2013, he served as General Counsel at Bridgewater Associates, then the world’s largest hedge fund, where his responsibilities encompassed a wide array of legal and strategic functions.
James Comey | Biography & Facts | Britannica
James Comey’s career path saw him departing from the Justice Department in 2005, where he took on the role of General Counsel at the Lockheed Martin Corporation, a prominent defense contractor at that time. Subsequently, he held the position of General Counsel at Bridgewater Associates from 2010 to 2013, the largest hedge fund globally, marking significant chapters in his remarkable journey.
How did Bridgewater Associates perform in the first half of 2022?
In the first half of 2022, Bridgewater Associates achieved a remarkable 32% return for its flagship hedge fund, as reported by a source familiar with the fund’s performance. This exceptional success was attributed to the increased market volatility during this period, signifying a strong performance for the renowned hedge fund.
What did James Comey do after he left Lockheed Martin?
Following his nearly five-year tenure at Lockheed Martin, James Comey embarked on a diverse career path. He dedicated three years to Bridgewater Associates, the world’s largest hedge fund. Subsequently, Comey transitioned to roles as a senior research scholar and Hertog Fellow on National Security at Columbia Law School in February 2013. Concurrently, he joined the board of London-based HSBC Holdings, marking significant milestones in his post-Lockheed Martin journey.
Did Justice Department come up with reasons to fire James Comey?
Reports indicated that the Justice Department was instructed to formulate justifications for the termination of James Comey. This revelation raised questions about the circumstances leading to his dismissal and stirred significant discussion in the media, as highlighted in sources like CNBC and The New York Times.