[duplicate post for reference purposes]
Update: Cruz Did In Fact Disclose the Goldman Sachs Loan
http://www.freerepublic.com/focus/news/3383599/posts?q=1&;page=151
I’m glad. Who could know me and think I wanted a Tea Party leader to crash-and-burn? This is called ‘vetting’.
I don’t know a thing about the kind of loan he had, but sphinx wrote ...
‘Per a Cruz video clip, it was a loan against his own brokerage account at Goldman Sachs. So: a loan against his own assets, not a loan from Goldman Sachs.’
Those are the kind of posts I respect. Well done, sphinx.
Now the only problem is perception — a misfiling or effort to hide how rich he was? I dunno if there in fact was a filing error and how democrats could use it. Many Cruz critics wonder of course. The vetting continues.
With regard to the FEC reporting, there is a two-step involved. Cruz took a brokerage loan from Goldman Sachs (reported on his Senate financial disclosure). He then used those funds to make a personal loan to the campaign. This personal loan WAS reported by the campaign to the FEC, although a lot of careless commentary is losing sight of this. I presume it was also reported on his Senate financial disclosure; that doesn't seem to be in question.
What the campaign failed to report was the fact that the funds Cruz loaned to it were a pass-through of Cruz's earlier brokerage loan. This is not a wrinkle I had ever thought about and am frankly a little surprised to find that it is apparently required. I am also reasonably confident that none of the reporters and pundits hyperventilating over this oversight had any idea either.
I have never filled out an FEC report and have no idea of the details. The campaign is required to report contributions and loans, which it did. I was not aware that the campaign had any obligation to report anything beyond that, such as where a donor got the funds to contribute. This is new to me. I'm guessing that it is a rule that applies only to the candidates themselves, or perhaps to close family. If I wrote a big check tomorrow to the Cruz campaign (as if I had the money to play in the big leagues), I do not think the campaign is under any obligation to report how I got the funds. Nor should it be.