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Sneaky Ted Cruz avoids disclosing Goldman Sachs loan

 
 
 
 
 
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US presidential candidate Ted Cruz failed to disclose that he had borrowed as much as $1 million from Goldman Sachs to finance his 2012 Senate run, while he was publicly denouncing the giant bank as an agent for “crony capitalism,” according to a new report.

Cruz and his wife Heidi, who worked at Goldman, took out a large low-interest loan from the investment bank and another from Citibank, without disclosing them to the Federal Election Commission, the New York Times reported.

Candidates are required to disclose the source of money they borrow to finance their campaigns.

The Texas Republican, who assumed office on January 3, 2013, used the loans to help finance his 2012 Senate campaign that catapulted him onto the national political stage.

Cruz had claimed that he had liquidated much of his personal assets to win a seat in Congress.

The senator previously described Goldman Sachs as one of the worst examples of Wall Street receiving favors in Washington.

“Goldman is one of the biggest banks on Wall Street, and my criticism with Washington is they engage in crony capitalism. They give favors to Wall Street and big business and that’s why I’ve been an outspoken opponent of crony capitalism, taking on leaders in both parties,” Cruz said last March in an interview with Bloomberg.

“Like many other players on Wall Street and big business, they seek out and get special favors from government,” he continued. “I think they’re entitled to practice their business, but without subsidies or special benefits.”

Goldman Sachs received $12.9 billion from the US Treasury during the 2008 financial meltdown.

A new Bloomberg/Des Moines Register poll released Wednesday shows that Cruz is on top in the first primary state of Iowa with 25 percent support, three points ahead of Donald Trump.

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  • Phantombite

    The NYT has been known to report only those facts that it feels will promote an agenda. Apparently Cruze did in fact report the loans but didn’t specify where they came from. Bottom line, there was disclosure of the business transaction but the specifics apparently weren’t detailed enough.

  • mike

    Look he is required to repay this load and is a real loan. It is not some BS foundation like clintons, get a life. There was no secretion at all. There is no question that Goldman Sachs or stooges of the power structure and that includes the Bushes, in the form of Hank Paulson was a secretary of treasury and Tim Geiger which was Goldman Sachs I was the secretary of treasury under Obama. Let’s not forget Alina Kagan that was on the board of Goldman Sachs. The the stupidity of the hyperbole of the fact that Ted Cruz legitimately borrowed money from a lending institution such a ridiculous disingenuous spin that it adds nausea to the debate. You are forgetting conveniently that the bushes and the RNC, Lindsey Graham, Mitch McConnell and a Motley Crue of stooges absolutely hate Ted Cruz to the point were they have secret meetings about him. He does not share their agenda so quit lying and spinning this misdirection, of half truths, to make it look like he’s in the pocket when he in fact is struggling to get his message out. Give me a break from the endless BS that the media puts out as a side issue to attack a man who legitimately has stood up to the RNC and the Democratic the disgusting crony capitalism, fact that is unquestionably the worst in our history.

  • gene

    What a horseshit story. Borrowing money with nothing in return but the re payment of the debt with interest is not crony capitalism.

  • sleepergirl

    Cruz did disclose the loan to some kind of Senate ethics person/group, not realizing that there was a requisite second disclosure requirement at the FEC (that bastion of ehtics where Los Lerner once worked). Even seasoned tax attorneys find this stuff arcane.

  • Mary Jo

    This article is total BS. Cruz borrowed against his own assets so it was completely collateralized and the loan was disclosed on several forms. SPIN

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