Page 35 of 2012 version FEC rules require reporting of personal loans made to a candidate when such funds are then used by the campaign. There is some gray area if the candidate takes out the loan for personal expenses after emptying bank accounts. Since the amounts made do not exactly match with checks Cruz wrote to his campaign, it is quite possible that not all of the money went to the campaign.
Cruz said on Levin last night he used the money for the campaign. TV ads in particular. I’m sorry but these loans have never been reported as campaign related. Cruz does not need the FEC’s permission to full disclose the info. What is he hiding?
FYI.
EXHIBIT ONE <><> In January 2016, the New York Times reported that Cruz and his wife had taken out low-interest loans from Goldman Sachs (her employer) and Citibank, and failed to report the nearly $1 million in loans on Federal Election Commission disclosure statements as required by law.[97]
Cruz disclosed the loans on his Senate financial disclosure forms in July 2012, but not on the Federal Election Commission form.[98]
The loans were largely repaid by later campaign fundraising.....even though Cruz/s spox recently said no donor paid off the loans.
A spokesperson for Cruz said his failure to report the loans to the FEC was "inadvertent" and said he would be filing supplementary paperwork.[97]
EXHIBIT TWO <><> Time magazine reported on a potential violation of ethics rules by Senate candidate Cruz. ........by failing to publicly disclose his financial relationship with Caribbean Equity Partners Investment Holdings during the 2012 campaign, Cruz called his failure to disclose these connections an inadvertent omission.[96]
He did report them on his Senate disclosure.