Texas Sen. Ted Cruz failed to report a loan he obtained through his wife's employer, Goldman Sachs, during his 2012 Senate bid,
The New York Times reports.
Cruz, a tea party favorite who pulled an upset victory over Texas Lt. Gov. David Dewhurst, who far outspent him, has in the past said he convinced his wife, Heidi, a managing director at Goldman Sachs, to use all their liquid assets to fund his campaign.
But the Times reports he left off his campaign finance disclosure forms that part of his effort was funded by two loans totaling $750,000 — one from Goldman Sachs and one from Citibank.
Campaigns in the past have been fined for such omissions, the Times notes, since the purpose is to prevent candidates from getting special deals on their loans. There is no evidence the Cruzes got favorable treatment, the Times says.
The loans are not improper, the Times notes, though they went against Cruz's image as a critic of Wall Street bailouts and the influence of big banks in Washington.
Cruz’s presidential campaign spokeswoman Catherine Frazier said the Goldman Sachs loan, which was drawn against the value of their brokerage account, was indeed used in the race, but she did not confirm to the Times whether the Citibank loan was used for that purpose.
Frazier said the omission was "inadvertent," and that corrected forms will be filed.
Cruz's campaign repaid him for about half the money he lent it in 2012, and his wife repaid the Citibank loan the same year, according to the Times. They still owe $50,000 to $100,000 on the Goldman Sachs loan.
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