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Supposedly, he's going to address Texas Republicans at the convention.....IF they show up.

Cruz heaped a load OF BS on trusting Texans:

<><> I didn't know I was a Canadian citizen when I ran for the Senate until the media exposed it.

<><> I told trusting Texas voters wifey and I were liquidating family assets so I could get into the Senate.

<><> I didn't know I was supposed to tell the FEC I borrowed over a million from my Wall Street margin accounts to fund my campaign.

<><> I told Mark Levin the borrowed funds were used for campaign ads....but I didn't report this as required.

<><> And so on and so forth, ad infinitum, ad nauseaum.

Cruz better get packing for Calgary.

>> I didn’t know I was a Canadian citizen when I ran for the Senate until the media exposed it. <<

Lies? So you’re saying that he was secretly trying to remain a Canadian citizen until those pesky journalists exposed him?

>> I told trusting Texas voters wifey and I were liquidating family assets so I could get into the Senate. <<

Putting a second mortgage on a house *is* liquidating family assets.

>> I didn’t know I was supposed to tell the FEC I borrowed over a million from my Wall Street margin accounts to fund my campaign. I told Mark Levin the borrowed funds were used for campaign ads....but I didn’t report this as required. <<

Glad to know you’re a mind-reader. Obviously, he reported these facts on other public documents because he never expected that the news media would look at his FEC filings when he ran for president. It’s an unforced blunder. Maybe you don’t want someone who hires staff who makes such blunders. But to call it a load of BS is just stupid.

Liz quoted Cruz as claiming: "I didn't know I was supposed to tell the FEC I borrowed over a million from my Wall Street margin accounts to fund my campaign."

Trading on margin is something that was never attractive to me since I valued my principal too greatly.

However, my understanding of buying stocks on margin from a broker is that the broker maintains possession of the purchased shares.

For example, if I purchase $100,000 worth of stock on margin I might be expected to put up $20,000 and the broker will lend $80,000 toward that purchase, retaining the shares themselves.

The broker then monitors the account to ensure that the shares retain sufficient value to pay off the loan. If, for example, the share prices dropped to the point that it would take 90% of the share values to pay off the loan, then the investor receives a "margin call". That is, the broker contacts the investor and expects the investor to put up more cash so that the margin is re-established.

If the investor is unable to meet the requirements of the margin call, then the broker sells the stock, pays off the loan, and returns any residual to the investor.

So, my question regarding Cruz is: How could Cruz make use of stock shares that by law must be retained by the broker?

The charge against Cruz doesn't make sense to me. What is it that Cruz did wrong in this instance? Did the broker violate the law?