Update: Cruz Did In Fact Disclose the Goldman Sachs Loan

Mediate ^ | 1/13/2016 | Josh Feldman

[Zhang Fei]

There is nothing deceptive or improper about taking a loan out against your own account so why was it not included? Put the two together.

Because he was a first time pol? Because the clerical staff he hired to do his paperwork dropped the ball?

[EQAndyBuzz]

“But did you see he got a Line of Credit from Citibank??? They’re in NEW YORK CITY!! How can he talk about NY values when he does business with people in NEW YORK?? He probably buys their salsa too./sarc”

No Texan in his right mind would buy salsa from NY.

[conservativejoy]

Cruz would have had to file financial disclosure with the FEC when he decided to run, which occurred in 2011. The loans weren’t taken out until 2012.

Maybe the explanation for why they weren’t in his FEC disclosure is that they didn’t yet exist. The Senate disclosure was filed in 2012.

[deport]

The above image of a document filed by Cruz to the Senate contains the loan. However,
the charge is it wasn't filed with the FEC as require of candidates. Two different
entities but was supposedly corrected according to info listed below.

snip

Neither loan appears in reports the Ted Cruz for Senate Committee filed with the
Federal Election Commission, in which candidates are required to disclose the source
of money they borrow to finance their campaigns. Other campaigns have been investigated
and fined for failing to make such disclosures, which are intended to inform voters and
prevent candidates from receiving special treatment from lenders. There is no evidence that
the Cruzes got a break on their loans.
......
A spokeswoman for Mr. Cruz's presidential campaign, Catherine Frazier, acknowledged that
the loan from Goldman Sachs, drawn against the value of the Cruzes’ brokerage account, was
a source of money for the Senate race.......

The failure to report the Goldman Sachs loan, for as much as $500,000, was "inadvertent,"
she said, adding that the campaign would file corrected reports as necessary. Ms. Frazier
said there had been no attempt to hide anything.

[conservativejoy]

Cruz had to file with the FEC in 2011 when he launched his run. These loans didn’t exist at that time. They were taken out in 2012.

[over3Owithabrain]

Cruz’s wife is on loan from Goldman Sachs why shouldn’t his money be?

[conservativejoy]

Cruz had to file with the FEC when he launched his campaign, in 2011. That filing was before these loans existed.

[deport]

LINK to NY TIMES ARTICLE referenced in post #84 above.

Ted Cruz Didn't Report Goldman Sachs Loan in a Senate Race

[Shery]

I still find it difficult to believe that true conservatives read and believe everything they see on the NYT, or any other lefty rag. You know they will never retract the story and if there is ANY apology at all, it will be on page 13 in fine print as the bottom of another disclaimer.

Part of the problem EVERY Damn election cycle is the outright lies perpetrated by the media. It gets major coverage and WAY TOO MANY people, to include those who should be shrugging it off, believe the opening story hook, line, and sinker. For crying out loud...PLEASE stop this nonsense! Why even waste money on these lies? You know very well that every lie has some effect, even a small amount can change your impression. They do this for that VERY REASON!

This is why I have no TV, and have not had one for over 35 years. This is why I do not subscribe to newspapers. It is all propaganda. It is all crap.

[RummyChick]

And yet, now some are claiming that Cruz is now saying it was disclosed but on the wrong line? So which is it?

[sphinx]

What was the interest rate compared to other loans from that institution at the time? Was the loan repaid in the amounts and time frame it should have been?

He borrowed on a line of credit against his own assets in a brokerage account. He was borrowing from himself. I imagine he got whatever rate was standard at the time for lines of credit.

This is no different from getting a home equity line of credit or borrowing against your 401(k).

[FerociousRabbit]

you can’t hold Republicans to a high standard then don’t try to do it to the Dems.

---

I am not.

[FerociousRabbit]

That’s it in a nut shell.

[conservativejoy]

I haven’t seen the photocopies, so I don’t know. I don’t know how many times candidates are required to file with the FEC during a campaign.

[RummyChick]

Securities-based Line of Credit is not the same thing as a Margin Loan.

The distinction is likely moot for your point but there is a difference and certainly a Reg difference.

[deport]

And yet, now some are claiming that Cruz is now saying it
was disclosed but on the wrong line? So which is it?

***************

A simple solution would be to release a redacted copy of the FEC filing with
redactions if need be but show the line of reporting that loan. Nothing ever
seems simply with these damn things. But does make for good press coverage.

[deport]

I don’t know how many times candidates are required to file
with the FEC during a campaign.

**********

FEC financials are reported Quarterly......

[Mastador1]

Well, wait a minute. Didn't I see an article yesterday where he acknowledged that not disclosing was a mistake or an oversight?

Not in the bag for Cruz or Trump yet, still waiting, but I can see with the large quantity of paperwork required by candidates that if some reporter came up and said "Mr. Cruz, you didn't report XYZ, was that a mistake? and Cruz responding with something like if I didn't that was wrong and if we need to fix it we will. I would expect that Trump would have trouble remembering everything he filled out and signed also. Trump and Cruz, or Cruz and Trump, are my top two, but I have time before I will commit 100% to either, right now I just enjoy the Freeper wars.

[altura]

That should end the discussion but, apparently Trump people are still scared.

[Spunky]

Ping to self for later.