Ted Cruz Failed to Show 2012 Loans From Goldman Sachs, FEC Says
by
Bill Allison
May 25, 2017 5:47 PM U.S. Senator Ted Cruz improperly accounted for loans he received from Goldman Sachs Group Inc. and Citigroup Inc. during his 2012 campaign, saying the funds were his own personal contributions to the Senate race, the Federal Election Commission said Thursday.
The finding, released on the FEC website, marked a rare instance of agreement among the agency’s five commissioners, who voted unanimously that the $1.1 million of loans from the banks should have been disclosed to voters. The FEC didn’t say whether there would be a penalty.
Under federal election law, candidates can take out loans from commercial banks as long as they disclose the source of funds, the interest rate they are paying and the term of the loan. They can also lend or give their campaigns unlimited amounts from personal funds.
In his bid for the Senate, Cruz said that he was financing his bid in part with personal funds, liquidating assets to compete in an expensive runoff election against a well-funded candidate. Cruz’s 2012 financial disclosure showed that he hadn’t sold enough assets to be able to lend his campaign as much as he had claimed. It also listed personal loans from Goldman Sachs, where his wife was an executive, and Citigroup.
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https://www.bloomberg.com/politics/articles/2017-05-25/ted-cruz-failed-to-show-2012-loans-from-goldman-sachs-fec-says