Hedge fund billionaire Ray Dalio, who is well-known for advocating “radical transparency” in management, has hired a team of expensive lawyers to threaten the publication of a new book that exposes unsavory truths about his investment firm. The book, titled “The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend,” is set to be released by Macmillan on November 7. Earlier this year, Dalio and Bridgewater threatened a multibillion-dollar lawsuit against the book, according to letters obtained by On The Money.
Dalio, a former attendee of the Burning Man festival and worth $19 billion according to Forbes, has recently turned his bestselling book “Principles” into a children’s book. He has often emphasized the importance of aligning work with passion. “Radical transparency” means being completely honest about one’s own mistakes and weaknesses. However, a source claims that the new book contains numerous scenes depicting Dalio and others acting harshly towards their subordinates and using the supposed “Principles” as a weapon.
The book also delves into the tenure of former FBI Director James Comey as general counsel at Bridgewater from 2010 to 2013. According to On The Money’s source, the book includes several chapters about Comey subjecting underlings to videotaped trials, implementing an over-the-top security apparatus, and currying favor with Dalio in exchange for large paychecks. The 352-page book promises to destroy the carefully-crafted image of Dalio as a benevolent business tycoon, as stated by its promotional materials. The book’s description on Amazon asserts that Dalio’s “principles” are actually a monument to hubris and have fostered a toxic culture of paranoia and betrayal.
Prominent lawyers, such as John Quinn of Quinn Emmanuel, Tom Clare of Clare Locke, and Orin Snyder of Gibson Dunn, have been engaging in legal battles with Macmillan and the book’s author, Rob Copeland, over what they consider to be an inaccurate portrayal of Bridgewater and Dalio. In one letter addressed to Macmillan and Copeland, the lawyers warn of the potential financial and reputational harm caused by Copeland’s alleged false narrative, which could result in damages amounting to billions of dollars. Another letter accuses Copeland of grossly distorting the core of Bridgewater’s business, even making unfounded suggestions of serious criminal misconduct. Bridgewater has demanded the involvement of an independent fact-checker, despite publishing houses relying on their own internal legal experts and fact-checkers.
However, neither the publisher nor the author have shown any signs of backing down. Macmillan’s general counsel declared that the publishing house takes its responsibility as a provider of independent reporting on contemporary matters of public interest seriously, even when it involves scrutinizing the actions of wealthy and powerful individuals like Dalio and Bridgewater. Representatives for Macmillan, Copeland, Dalio, and Bridgewater all declined to make any comments. Sources close to the book assure that it has undergone extensive vetting, including legal reviews by an external lawyer and fact-checking by the author. The book also includes several interviews with former employees, all of which are on the record. Bradley Hope, co-author of “Billion Dollar Whale” and a former colleague who has worked with Copeland, attests to the book’s rigorous reporting and factual basis.
While the book has not yet been read in its entirety by On The Money, Bryan Burrough, author of “Barbarians at the Gate,” hails it as a defining piece for the era of billionaire philosopher-kings. Philipp Meyer, author of “American Rust,” describes the book as a classic American tale about the most famous man on Wall Street, or the person he appears to be. Meyer further notes that “The Fund” manages to shock and entertain simultaneously.
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