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 — currently a leading contender for his party’s presidential nomination — 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 — "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 ...
Dead issue...it’s been disclosed long ago....copies and dated material forthcoming....
That's the thing. Cruz only reported it after he won (while campaigning on "I liquidated my savings!" to Texans, while ending the campaign 400 thousand richer) to a separate "reporting regime":
Kenneth A. Gross, a former election commission lawyer who specializes in campaign finance law, said that listing a bank loan in an annual Senate ethics report — which deals only with personal finances — would not satisfy the requirement that it be promptly disclosed to election officials during a campaign.
"They're two different reporting regimes," he said. "The law says if you get a loan for the purpose of funding a campaign, you have to show the original source of the loan, the terms of the loan and you even have to provide a copy of the loan document to the Federal Election Commission."
Will the scumbags at NYT investigate and publish his academic records?
Where’s Trump’s Certificate of Renunciation from the British Home Office? Shouldn’t he have to post that too, as long as we’re posting citizenship stuff?
C’mon, you can’t expect the Cruzes to understand all that complicated legal and financial stuff, can you?
Oh, wait...
Oh my. DT is one hundred million more gotchas ahead of Cruz. DT is so low info he will be easy to take out now that Teddy is making his move.
That Cruz noted the loans on his personal disclosures in 2012 suggests there was no nefarious attempt to hide them. Far more likely that as Frazier claims, this was a simple reporting error. No special loan terms were granted, so it’s not as though Cruz was given special concessions because of his wife’s job. Further, as the NYT reports, the loans have been paid down. While the NYT story is technically accurate, it’s not a super secret exposed! piece by any stretch. It might appear so for those unaware of Cruz’s long-standing Wall Street connections, but that’s about it.
From legal insurrection.
I am really glad he borrowed that money and became senator and is on his way to being 45.
Puny, you don’t belong on a conservative site such as this. All of your attacks are regurgitations from the left.
But Cruz did not disclose them to the Federal Elections Committee, and apparently was telling Texans about a touching story of love and sacrifice when none of it was true.
Far more likely that as Frazier claims, this was a simple reporting error.
It was at least 500 thousand dollars up to a million. Frazier admits 500 thousand was used towards his campaign run.
I just realized that someone else already posted this thread, but for some reason they used a different title than what the article was (so I didn’t see it). The original thread is in the breaking news section, in case you need to change its title or not.
I have been played. I gave $25 to Cruz's original plea to help him with his "grass roots campaign". I WANT MY MONEY BACK!!!
I’m more interested in the hundreds of millions loaned to Trump by Credit Swiss and Morgan Stanley. Talk about bought and paid for!
Everyday Americans get loans to start businesses, to do everything. The fortunate ones are successful and can pay it back. I can relate to that. I can’t relate to the limo liberals.. No matter what party they run with.... People who love the bright shiny lights.. Especially when there is a camera or a mirror nearby.
Are you kidding? You post the same smear articles against Cruz every 15 minutes.
What are you, hall monitor?
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