Ted Cruz Failed to Disclose Wall St. Bank Loans in '12 Race

When Ted Cruz, now Republican Sen. Cruz (TX), ran for the U.S. Senate in 2012 he told a touching story of how he proposed to his wife that they liquidate all of the couple’s assets and pour them into his unlikely campaign. Supposedly, she immediately agreed. It’s a love story of total trust. The Cruz couple had money and assets, certainly. Ted made a million dollars a year as a law partner. Mrs. Cruz had a good job too.

However, Sen. Cruz didn’t disclose two Goldman Sachs and Citigroup loans, either to the public or to the Senate Committee filed with the Federal Election Commission. The two loans totaled approximately $1 million. His wife, Heidi Cruz, earned a six-figure income as a managing director in Goldman Sachs’s Houston office. Think that had anything to do with the Goldman Sachs loan?

Meanwhile, Sen. Cruz ran on a tough anti-Wall Street campaign. When asked about Goldman Sachs in particular, he said, “Like many other players on Wall Street and big business, they seek out and get special favors from government.”

He was speaking about his wife’s employer and a bank that had just lent him a lot of money for his campaign. He also failed to disclose the amount and the purpose of the loan to the FEC, which is illegal.

Do you think Wall Street expects a little love in return for their loans at a crucial time in Sen. Cruz’s career? He has paid off Citigroup, but he still owes Goldman Sachs the balance of his loan.