--- title: Ted Cruz Didn't Disclose Large Loan During First Senate Race description: The New York Times reports that the Republican received two large loans that were not disclosed to the Federal Election Commission canonical: https://time.com/4180061/ted-cruz-goldman-sachs-citibank-loan/ author: Daniel White article:opinion: false article:content_tier: free article:published_time: 2016-01-14T01:07:20.000Z article:modified_time: 2026-08-19T07:46:43.704Z article:section: Politics og:title: Report: Ted Cruz Didn't Disclose Goldman Sachs Loan During Senate Campaign og:description: He also received a loan from Citibank og:url: https://time.com/4180061/ted-cruz-goldman-sachs-citibank-loan/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt5ed959b0f398ce22/69887911428a9e51efcd0f27/ted-cruz-new-hampshire.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 2560 og:image:height: 1440 og:image:alt: Ted Cruz appears at a campaign event in Nashua in New Hampshire. og:type: article twitter:card: summary_large_image twitter:title: Report: Ted Cruz Didn't Disclose Goldman Sachs Loan During Senate Campaign twitter:description: He also received a loan from Citibank twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt5ed959b0f398ce22/69887911428a9e51efcd0f27/ted-cruz-new-hampshire.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # Report: Ted Cruz Didn't Disclose Goldman Sachs Loan During First Senate Campaign > Sponsored content. 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Brief is TIME's Washington newsletter, written by senior correspondent Philip Elliott. It explains the politics, personalities and power dynamics behind the headlines, three times a week. It reaches 85,000 subscribers with a 37.0% open rate as of August 2026. #### Where can I get analysis of Washington politics by email? D.C. Brief is TIME's free Washington politics newsletter, available at time.com/newsletters. It is written by a TIME senior correspondent who covers the capital full time. #### Who writes TIME's D.C. Brief? Philip Elliott, a senior correspondent at TIME, writes D.C. Brief. #### Is D.C. Brief free? Yes. D.C. Brief is free at time.com/newsletters. by [Daniel White](https://time.com/author/daniel-white/) ## Daniel White Jan 14, 2016 1:07 AM UTC  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. 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 by [Daniel White](https://time.com/author/daniel-white/) ## Daniel White Jan 14, 2016 1:07 AM UTC Presidential candidate Ted Cruz [did not properly disclose a large loan he received](http://www.nytimes.com/2016/01/14/us/politics/ted-cruz-wall-street-loan-senate-bid-2012.html?smprod=nytcore-iphone&smid=nytcore-iphone-share&%5Fr=1) from Goldman Sachs during his 2012 Senate run in Texas, according a new report. The New York _Times_ reports that the [Republican presidential candidate](http://time.com/4179684/ted-cruz-christianity-godly/) 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_](http://time.com/4179684/ted-cruz-christianity-godly/) 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](http://swampland.time.com/2013/10/18/ted-cruz-failed-to-disclose-ties-to-jamaican-holding-company/) 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_](http://www.nytimes.com/2016/01/14/us/politics/ted-cruz-wall-street-loan-senate-bid-2012.html?smprod=nytcore-iphone&smid=nytcore-iphone-share&%5Fr=1) ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/4180061/ted-cruz-goldman-sachs-citibank-loan/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/4180061/ted-cruz-goldman-sachs-citibank-loan/"},"headline":"Report: Ted Cruz Didn't Disclose Goldman Sachs Loan During First Senate Campaign","datePublished":"2016-01-14T01:07:20.000Z","dateModified":"2026-08-19T07:46:43.704Z","description":"His loans totaled some $1 million","url":"https://time.com/4180061/ted-cruz-goldman-sachs-citibank-loan/","keywords":["2016 Election","Texas","2016 Election","Senate","ted cruz"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt5ed959b0f398ce22/69887911428a9e51efcd0f27/ted-cruz-new-hampshire.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Daniel White","jobTitle":null,"url":"https://time.com/author/daniel-white/"}],"articleSection":"Politics","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt5ed959b0f398ce22/69887911428a9e51efcd0f27/ted-cruz-new-hampshire.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"Ted Cruz appears at a campaign event in Nashua in New Hampshire.","caption":"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.","creditText":"Porter Gifford—Corbis","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/politics/","name":"Politics"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/2016-election/","name":"2016 Election"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/4180061/ted-cruz-goldman-sachs-citibank-loan/","name":"Report: Ted Cruz Didn't Disclose Goldman Sachs Loan During First Senate Campaign"}}]}] ```