Home » Politics » US » Ted Cruz And The Goldman Sachs Loan
Ted Cruz Goldman Sachs

Ted Cruz And The Goldman Sachs Loan

Cruz has criticized Wall Street bailouts and the influence of big banks in Washington.

Republican presidential candidate Ted Cruz failed to disclose to the Federal Election Commission a loan from Goldman Sachs for as much as $500,000 that was used to help finance his successful 2012 U.S. Senate campaign, the New York Times reported on Wednesday.

The loan does not appear in reports the Ted Cruz for Senate Committee filed with the FEC, in which candidates are required to disclose the source of money they borrow to finance their campaigns, the newspaper reported.

Other campaigns have been fined for failing to make such disclosures, which are intended to inform voters and prevent candidates from receiving special treatment from lenders, the Times said.

Ted Cruz Goldman Sachs
The Goldman Sachs logo is displayed on a post above the floor of the New York Stock Exchange, in this September 11, 2013 file photograph. Goldman Sachs Group Inc’s quarterly profit fell 2 percent as weak bond-trading volumes hit revenue in the Wall Street bank’s biggest business. The fifth-largest U.S. bank by assets reported on October 17, 2013 a third-quarter profit of $1.43 billion, or $2.88 per share. This compared with a profit of $1.46 billion, or $2.85 per share, a year earlier. REUTERS/Lucas Jackson/Files (UNITED STATES – Tags: BUSINESS LOGO)

Cruz has surged in recent opinion polls and now leads billionaire businessman Donald Trump in Iowa, which on Feb. 1 holds the first contest in the process to choose the Republican nominee for the November presidential election.

In 2012, Cruz was campaigning for the Texas Senate seat as a populist firebrand who criticized Wall Street bailouts and the influence of big banks in Washington, and the loans could have conveyed the wrong impression about his candidacy, the Times said.

Cruz and his wife, Heidi, who is on leave as a managing director at Goldman Sachs, also received a loan from Citibank for up to $500,000, but it was not clear whether that money was used in the campaign, the newspaper said.

Source: HuffPost