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Ted Cruz failed to disclose loans that helped finance 2012 Senate campaign Ted Cruz failed to disclose loans that helped finance 2012 Senate campaign
(about 17 hours later)
Republican presidential candidate Ted Cruz failed to disclose on federal fundraising reports that he relied on $1 million in loans to help finance his 2012 Senate campaign. Republican presidential candidate Ted Cruz failed to disclose on federal fundraising reports that he relied on $1m in loans to help finance his 2012 Senate campaign.
The borrowed money included a sum from Goldman Sachs, where his wife, Heidi Cruz, is an employee.The borrowed money included a sum from Goldman Sachs, where his wife, Heidi Cruz, is an employee.
The senator’s 2016 campaign spokeswoman, Catherine Frazier, called the failure to report those loans on fundraising documents, as required, a “mistake”. She said Wednesday that the campaign is seeking guidance from federal regulators on how to update the old reports. The senator’s 2016 campaign spokeswoman, Catherine Frazier, called the failure to report those loans on fundraising documents, as required, a “mistake”. She said on Wednesday that the campaign is seeking guidance from federal regulators on how to update the old reports.
Cruz learned he should have disclosed the loans as part of his fundraising from a New York Times reporter, who published a story on the matter late Wednesday. The Times described the loans as totaling as much as $1m from Goldman and Citibank and said they were paid down in late 2012. Frazier did not dispute those details. On Thursday she added: “As Senator Cruz has said before, he used his personal savings to help fund his Senate campaign - it has been widely reported in the past. He did so by liquidating his savings, selling stocks and borrowing against an equity account.
“These transactions have been reported in one way or another on his many public financial disclosures and the Senate campaign’s FEC reports. While the details of these transactions have been entirely transparent for years, it has come to our attention that one of these transactions may inadvertently not have been listed exactly the way the FEC requires.”
She added: “We are going to contact the FEC to determine if that’s the case, and, if necessary, we’ll be happy to update the reports from the 2012 election cycle.”
Cruz learned he should have disclosed the loans as part of his fundraising from a New York Times reporter, who published a story on the matter late on Wednesday. The Times described the loans as totaling as much as $1m from Goldman and Citibank and said they were paid down in late 2012. Frazier did not dispute those details.
Frazier said Cruz has made no secret of the loans, pointing to their disclosure later in separate personal financial reports required of all federal elected officials.Frazier said Cruz has made no secret of the loans, pointing to their disclosure later in separate personal financial reports required of all federal elected officials.
Yet Cruz has never mentioned the loans on the 2016 campaign trail. Instead, he has said that he and his wife liquidated “our entire net worth” to finance his underdog Senate bid.Yet Cruz has never mentioned the loans on the 2016 campaign trail. Instead, he has said that he and his wife liquidated “our entire net worth” to finance his underdog Senate bid.
The Associated Press contributed to this report