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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