Ted Cruz failed to disclose $1 million in loans during 2012 Senate run

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.

|
Rainier Ehrhardt/AP
Republican presidential candidate Sen. Ted Cruz, R-Texas, speaks during a campaign stop on Wednesday, Jan. 13, 2016, in Dorchester, S.C. 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 $1 million 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 Texas 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.

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 $1 million 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:

The failure to report the Goldman Sachs loan, for as much as $500,000, was “inadvertent,” she said, adding that the campaign would file corrected reports as necessary. Ms. Frazier said there had been no attempt to hide anything.

“These transactions have been reported in one way or another on his many public financial disclosures and the Senate campaign’s F.E.C. filings,” she said.

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.

You've read  of  free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
What is the Monitor difference? Tackling the tough headlines – with humanity. Listening to sources – with respect. Seeing the story that others are missing by reporting what so often gets overlooked: the values that connect us. That’s Monitor reporting – news that changes how you see the world.

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

QR Code to Ted Cruz failed to disclose $1 million in loans during 2012 Senate run
Read this article in
https://www.csmonitor.com/USA/Politics/2016/0113/Ted-Cruz-failed-to-disclose-1-million-in-loans-during-2012-Senate-run
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe