TIME 2016 Election

Report: Ted Cruz Didn’t Disclose Goldman Sachs Loan During First Senate Campaign

Republican presidential candidate Ted Cruz speaks at a second amendment rally at the Granite State Indoor Range and Gun Shop in Hudson, N.H., Jan. 12, 2016.
Porter Gifford—Corbis Republican presidential candidate Ted Cruz speaks at a second amendment rally at the Granite State Indoor Range and Gun Shop in Hudson, N.H., Jan. 12, 2016.

His loans totaled some $1 million

Presidential candidate Ted Cruz did not properly disclose a large loan he received from Goldman Sachs during his 2012 Senate run in Texas, according a new report.

The New York Times reports that the Republican presidential candidate received two large loans, totaling about $1 million, which coincided with an infusion of personal funds into his campaign but were not disclosed to the Federal Election Commission. The two loans were from Goldman Sachs and Citibank. Cruz’s wife Heidi works at Goldman, and has a large role in his fundraising operation.

Read More: How Ted Cruz Built His Christian Connection

Cruz has previously said that he financed his upstart campaign by risking it all, liquidating much of his personal assets in an all-or-nothing attempt at a seat in Congress. A Cruz spokeswoman told the Times that the loan from Goldman Sachs was used to finance his Senate campaign and that the failure to report it was “inadvertent.”

In 2013, TIME reported that Cruz failed to publicly disclose his financial relationship with a Caribbean-based holding company during the 2012 campaign. Because of TIME’s reporting, Cruz corrected his disclosure.

The report could risk undermining Cruz’s appeal with conservative voters at a populist moment in Republican politics, and with businessman Donald Trump seeking to halt Cruz’s recent rise in the polls ahead of the Iowa caucuses next month.

Read more at the New York Times

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