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Report: Ted Cruz Did Not Disclose Goldman Sachs Loan During Senate Bid

Ted Cruz called the lack of disclosure regarding a loan from Goldman Sachs, where his wife is a managing director, an “inadvertent filing error.”

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GOP presidential candidate and Texas Sen. Ted Cruz dismissed a report claiming that he failed to disclose loans from Goldman Sachs during his 2012 Senate campaign on Wednesday, and insisted that it was nothing more than a “technical and inadvertent filing error.”

According to a report released by the New York Times, Cruz poured $1.2 million in “personal funds” into his Senate campaign shortly after he received about $750,000, which grew to $1 million, in loans from Goldman Sachs and Citibank.

The report claims that neither loan was filed with the Federal Election Commission, where candidates are required to disclose the sources of finances they use for their campaigns.

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While campaigning in South Carolina Wednesday, Cruz told reporters, “The facts of the underlying matter have been disclosed for many, many years.” 

“Those loans had been disclosed over and over and over again on multiple filings,” Cruz said. “If it was the case that they were not filed exactly as the [Federal Election Commission] requires, then we’ll amend the filings, but all of the information has been public and transparent for many years, and that’s the end of that.”

The Times also noted that while Cruz has “railed against Wall Street and big banks, and has said Goldman and other firms get special treatment from the government,” his wife, Heidi Cruz, is a managing director at Goldman Sachs, on leave during the senator’s 2016 presidential campaign.

Catherine Frazier, a spokeswoman for the Cruz campaign, admitted that the loan should have been disclosed, and said the campaign is reaching out to the FEC and “asking them their recommendation on anything we need to do to update or amend that report.”

“Cruz wrote a personal check to his campaign for $1.4 million,” Frazier said. “Those funds came from a combination of his personal savings, selling some stock and taking a loan out against his assets. Because he took a loan out against his assets, that detail should’ve been in the FEC form.”

For more election coverage, click here.

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