Posted on 01/14/2016 1:14:01 AM PST by Greetings_Puny_Humans
As Ted Cruz tells it, the story of how he financed his upstart campaign for the United States Senate four years ago is an endearing example of loyalty and shared sacrifice between a married couple.
"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.
But the couple's decision to pump more than $1 million into Mr. Cruz's successful Tea Party-darling Senate bid in Texas was made easier by a large loan from Goldman Sachs, where Mrs. Cruz works. That loan was not disclosed in campaign finance reports. Those reports show that in the critical weeks before the May 2012 Republican primary, Mr. Cruz â currently a leading contender for his partyâs presidential nomination â put "personal funds" totaling $960,000 into his Senate campaign. Two months later, shortly before a scheduled runoff election, he added more, bringing the total to $1.2 million â "which is all we had saved," as Mr. Cruz described it in an interview with The New York Times several years ago.
A review of personal financial disclosures that Mr. Cruz filed later with the Senate does not find a liquidation of assets that would have accounted for all the money he spent on his campaign. What it does show, however, is that in the first half of 2012, Ted and Heidi Cruz obtained the low-interest loan from Goldman Sachs, as well as another one from Citibank. The loans totaled as much as $750,000 and eventually increased to a maximum of $1 million before being paid down later that year. There is no explanation of their purpose. Neither loan appears in reports the Ted Cruz for Senate Committee filed with the Federal Election Commission...
(Excerpt) Read more at nytimes.com ...
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.
I don't think it was to "hide how rich he was" necessarily, but it probably was designed to avoid revealing to the public too soon that his spiel about raiding his savings funds wasn't true (in fact, Cruz's networth and savings increased the whole way through). Listing them in financial disclosures allows him to hide their purpose as well, as they're just listed as liabilities, not as part of his campaign.
Jeb destroyed himself.
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