Goldman Sachs Funded Ted Cruz’s Tea Party Bid For Senate

Instead, the loan turned up in personal finance filings that Cruz later made with the Senate.

Sen. Ted Cruz (R-Texas), one of the leading candidates in the 2016 Republican presidential primary, might have some explaining to do, after questions about his 2012 Senate campaign surfaced on Wednesday. “But all of the information has been public and transparent for many years”. The loan didn’t appear in the reports Cruz filed with the Federal Election Commission during his 2012 run. A Cruz spokeswoman acknowledged they did receive a loan, but the failure to report it was “inadvertent” and the campaign would be taking care of it immediately.

Heidi Cruz is now on leave from her position as a Goldman Sachs executive to help with her husband’s presidential campaign.

On the campaign trail, Ted Cruz has spoken movingly about the sacrifice that he and his wife, Heidi, made in order to fund his 2012 Senate campaign in Texas.

Campaign aides on Wednesday were publicly treating the fracas lightly, sharing other examples of #CruzCrimes on social media and downplaying it as nothing more than a clerical overlook.

But you can ask yourself: Does it seem more likely that Cruz was just careless and “forgot” he’d taken out huge sums from Goldman and Citibank-money he badly needed, seeing as his GOP primary opponent, Lt. Gov. David Dewhurst, was busy spending $24 million of his own money on the race?

Cruz has paid off the loan from Citigroup, the Times reported, but still owes between $50,000 and $100,000 on the amount the couple borrowed from Goldman Sachs. Frazier said there had been no attempt to hide anything.

“Sweetheart, I’d like us to liquidate our entire net worth, liquid net worth, and put it into the campaign”, he says he told his wife, Heidi, who readily agreed. Additional money added two months later brought his campaign’s total haul that year to $1.2 million.

The federal guide to campaign finance reporting for congressional candidates makes it clear that if the original source of money for a candidate’s personal loan was a margin loan or a line of credit, it must be disclosed. The loan was “drawn against the value of the Cruzes’ brokerage account”, according to the New York Times.