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Why Senator Cruz' Undisclosed Goldman Loan Is A Real Problem

Tyler Durden's picture


The recent revelation that Republican hopeful Ted Cruz failed to disclose a 2012 $1 million loan from the Wall Street investment bank, Goldman Sachs, raises legitimate legal concerns, and could spell trouble for the presidential hopeful. As Mediaite.com's Rachel Stockman reports (via LawNewz.com),

The New York Times first reported that campaign disclosure reports show that before a scheduled run-off in the May 2012 senatorial election, Cruz received a low-interest loan from his wife’s bank, which his campaign committee never reported to the Federal Election Commission.


The Cruz camp is brushing this all off as a BIG oversight.  Cruz promised to immediately amend the filing if there were any problems. The Texas Senator said that he and his wife put their liquid net worth into the campaign and the loans in question were “disclosed over and over and over again.”


That’s great but here’s the problem: what he did could still be a violation of federal law.

Here is what Cruz told CNN last night:

“The fact that the information was out there somewhere doesn’t negate the fact that it wasn’t disclosed on the candidate’s campaign disclosure… that’s a violation of federal law,” Paul Ryan with The Campaign Legal Center told LawNewz.com.  The group is a nonpartisan, and goes after Republicans and Democrats alike for campaign finance violations.

To be clear, here’s the federal law that Cruz may have violated:

52 USC 30104 (b)(2) (6) requires the committee of a federal candidate to disclose on a report filed “loans made by or guaranteed by the candidate” and 52 USC 30104(b)(4)(d) requires the reporting of “repayment of loans made by or guaranteed by the candidate”

So the question is, what can happen next? Clearly someone will have to file an official complaint (I have no doubt that will happen). If they do, the FEC could impose fines.

The real problem for Cruz is if evidence somehow emerges that this was ‘knowing and willful.’ If that could be demonstrated, then Cruz could potentially be prosecuted criminally by the U.S. Department of Justice, according to campaign finance experts. Cruz insists that it’s not.

“The bottom line – any money that is obtained or received to fund a campaign needs to be reported,” Ryan said.

As Martin Armstrong concludes,

The dishonesty here is that Cruz has pretended to stand against the bankers. “Like many other players on Wall Street and big business, they seek out and get special favors from government,” Cruz told the New York Times previously. How dishonest is this statement and then forgetting to report a loan from Goldman Sachs? His wife Heidi, is a managing director at Goldman Sachs and has taken a temporary “leave”during his presidential campaign.


I am sorry. But Cruz is bought and paid for and would be in the pocket of the New York Banks no different than Hillary, Bush, or the rest of them who take money from this crowd. You do not forget to report a loan from Goldman Sachs when your wife is a managing director. Come on. How stupid do we have to be to entertain this excuse?

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Fri, 01/15/2016 - 13:23 | 7050922 Wulfkind
Wulfkind's picture

Cruz's wife was a Goldman Sachs hedge. They saw an up and coming Senator and plied her with a job to gain access to him.

Buh bye Cruz.

Fri, 01/15/2016 - 13:27 | 7050971 Xibalba
Xibalba's picture

The guy even looks like a vulture.  Probably got beat up every day and now wants to psychopath his way to vengeance. 

Fri, 01/15/2016 - 13:28 | 7050990 Boris Alatovkrap
Boris Alatovkrap's picture

Please, you are not necessary to defame appearance of what is possible first US president from Canadia.

Fri, 01/15/2016 - 13:31 | 7051011 Xibalba
Xibalba's picture

If they were gonna break all the rules...at least let Arnold run.  #Schwarzeneggerforprez

Fri, 01/15/2016 - 13:42 | 7051133 SuperVinci
SuperVinci's picture

This is the guy from canada or the one from cuba? So many commie infiltrators...hard to keep track.

Hillary for Prison 2016!


Go Trump!

Fri, 01/15/2016 - 13:46 | 7051186 Scooby Dooby Doo
Scooby Dooby Doo's picture

This Pinocchio nose will lie his way out of it.

He said taht President Trump is too New York for the country. He's definitely antisemetric.

Fri, 01/15/2016 - 13:49 | 7051218 BaBaBouy
BaBaBouy's picture

SACKS Vampire Squid Is EVERYWHERE...
Beware, Fucking Out-Of-Control GREED & USD's Drive Everything!!!

Fri, 01/15/2016 - 13:51 | 7051238 Silky Johnson
Silky Johnson's picture

I love that it's Paul Ryan that's breaking it off in his ass.

Fri, 01/15/2016 - 13:55 | 7051279 El Vaquero
El Vaquero's picture


You do not forget to report a loan from Goldman Sachs when your wife is a managing director.

Myself and many others warned of this quite a while back.  Fuck Cruz.  He's just another banker shill. 

Fri, 01/15/2016 - 15:02 | 7051466 dfwpike
dfwpike's picture

Zero Hedge... You're referencing a New York Times article.  Hello?  The NYT is the most liberal anti-conservative, anti-freedom scumbag publication in America.

Most people on this site are probabaly Trump supporters.  I like Trump but like Cruz better.

Fri, 01/15/2016 - 15:04 | 7051789 SuperRay
SuperRay's picture

"How stupid do you have to be?"

I don't know. As stupid as Americans have proven themselves to be every election cycle?

Fri, 01/15/2016 - 16:27 | 7052266 RaceToTheBottom
RaceToTheBottom's picture

Quicken should step forward and take the heat.

Their political debachery module wasn't working well.

Or maybe it was?

The beta testers at GS thought it was great.

Fri, 01/15/2016 - 15:51 | 7052086 dfwpike
dfwpike's picture

All you Trump supporters who think Donald is a conservative/libertarian are going to be in for a rude awakening if he gets elected president.  Just sayin'

Fri, 01/15/2016 - 17:01 | 7052435 detached.amusement
detached.amusement's picture

shoot the messenger because you dont like how he looks, hell with what he's saying?             

truth is truth no matter where it comes from, you  df-wipe

Fri, 01/15/2016 - 14:51 | 7051697 Pounder
Pounder's picture

GS is not exactly in the business of underwriting personal loans. Could he have written a check against his(or her) assets and it went on margin? WTF?

Fri, 01/15/2016 - 15:40 | 7051954 ThroxxOfVron
ThroxxOfVron's picture

Goldman Sachs made a $1m loan against Cruz' ability to vote Goldman's will in the U.S. Senate.

Goldman Sachs made a $1m 'margin loan' against Cruz' less than $1m stock portfolio.

Sat, 01/16/2016 - 12:59 | 7055213 Urban Redneck
Urban Redneck's picture


(Per the Senate FDS the amount of the loan from GS was between 100k and 250k)

Fri, 01/15/2016 - 14:57 | 7051734 City_Of_Champyinz
City_Of_Champyinz's picture

Sigh, this loan has been reported over and over again in multiple other federal filings, so to state that the loan has never been reported is simply not true.   The 'GS Loan' was a simple margin loan based on a portfolio of stocks that was used as collateral.  The media is attempting to make it look like Cruz received a super duper special loan from an evil bank, when it was the complete opposite.  Pathetic at best, a truly weak slur that will be forgotten about as quickly as it became an 'issue'.

Fri, 01/15/2016 - 15:17 | 7051894 The Polish Hammer
The Polish Hammer's picture

And the media DID report on the fact that he DID disclose this loan.

Fun times!!!

From June, 2013:


"Cruz does list on his personal financial disclosure report as liabilities two loans received in 2012. One was a margin loan of $250,001 to $500,000 from Goldman Sachs. The other was a line of credit of $250,001 to $500,000 obtained from Citibank."

Fri, 01/15/2016 - 15:06 | 7051808 WillyGroper
WillyGroper's picture

speaking of GS...anyone seen this?

wonder if the homeless will get agenda 21 housing?

WTF...agreement in principle?

earnings next week should be interesting.


Fri, 01/15/2016 - 14:18 | 7051461 Wulfkind
Wulfkind's picture

I don't think it's the same Paul Ryan.

Fri, 01/15/2016 - 13:55 | 7051190 BaBaBouy
BaBaBouy's picture

Buy PHYS GOLD SILVER While U Still Can...

Fri, 01/15/2016 - 14:41 | 7051628 WillyGroper
WillyGroper's picture

Posted this yesterday.

MA is missing the elephant in the room.

Revelation is at the end concerning his wife & it ain't GS.


Fri, 01/15/2016 - 16:31 | 7052286 BullyBearish
BullyBearish's picture

Oh yeah...I'm sure Shrump doesn't have a "relationship" with GoldNutsacks...

Fri, 01/15/2016 - 17:02 | 7052448 detached.amusement
detached.amusement's picture

you spelled Drumpf wrong.  hell, so did Trump.

Fri, 01/15/2016 - 17:20 | 7052597 BullyBearish
BullyBearish's picture

No...it's SHRUMP...look it up

Fri, 01/15/2016 - 17:15 | 7052550 gizmotron
gizmotron's picture



Hillary for Prison 2016!

Go Bernie!

Sat, 01/16/2016 - 19:51 | 7056345 ZD1
ZD1's picture

Go Bernie?

Bernie is a communist putz who has benefited from big government his whole life.

Fri, 01/15/2016 - 13:42 | 7051147 Uncle Sugar
Uncle Sugar's picture

You mean run as a Dem

Fri, 01/15/2016 - 13:51 | 7051212 Xibalba
Xibalba's picture

Red Team v. Blue Team = Same filthy, shitty, and corrupt for-sale team. Just like the NFL, you think you're playing but really you're just a pawn to enrich the owners.

You think Trump is immune?  Wait until they fuck up his enterprise...he'll go soft just like the rest.


Good luck.  I'm expat.

Fri, 01/15/2016 - 13:59 | 7051316 upWising
upWising's picture

"With the Republicans and the Democrats, it's like Tweedle Dee and Tweedle Dumb.  There's not a dime's worth of difference between the two of them."
––George C. Wallace, 1968 


Fri, 01/15/2016 - 14:33 | 7051572 HowdyDoody
HowdyDoody's picture

These days it is Tweedle Dumb and Tweedle Dumber.

Fri, 01/15/2016 - 15:25 | 7051947 Theosebes Goodfellow
Theosebes Goodfellow's picture

~"If they were gonna break all the rules...at least let Arnold run."~

Screw that. Didn't you learn anythin by watching that pushover run California for 8 years? Arnie may be a big muscle guy but the man lacks a backbone.

Fri, 01/15/2016 - 13:34 | 7051063 Perimetr
Perimetr's picture

Do you think it is time for him to discose his collection of child porn?

Fri, 01/15/2016 - 13:42 | 7051142 BlindMonkey
BlindMonkey's picture

That would be handled quitely when the deep state has had enough of him.  The tell will be his resignation announcement that he wants to spend more time with the family.

Fri, 01/15/2016 - 14:20 | 7051474 dochood
dochood's picture

No, the NSA will disclose it after they upload it to his computer.

But it probably won't come to that.  Stink on Republicans is magnified 500X by the media, while it is dimished 500X on Democrats.  The press will harp on this until he's knocked out of the race.

Fri, 01/15/2016 - 14:30 | 7051548 MasterControl
MasterControl's picture

Reads like projection.

Fri, 01/15/2016 - 13:40 | 7051130 BlindMonkey
BlindMonkey's picture

Boris, it is properly called Canukastan now.

Fri, 01/15/2016 - 14:06 | 7051372 CClarity
CClarity's picture

For the oil   ;)

Fri, 01/15/2016 - 14:36 | 7051592 Whalley World
Whalley World's picture

Boris, as a Canadian, I am overjoyed this Bozo is now disavowing his Canadian background.

Keep him, another bible thumping hypocrite.

Fri, 01/15/2016 - 19:46 | 7053273 Cynicles
Cynicles's picture

Apt follow up to the first POTUS from kenya

Fri, 01/15/2016 - 13:27 | 7050973 Boris Alatovkrap
Boris Alatovkrap's picture

Easy money is tell story of politician for sale. "We will call it loan, but you are work for us!"

Fri, 01/15/2016 - 13:30 | 7051009 Wulfkind
Wulfkind's picture

As with ALL debt....once you take a loan, you are owned by the Banks.

Fri, 01/15/2016 - 13:28 | 7050983 New England Patriot
New England Patriot's picture

Cruz, perhaps as much as anyone else, stands for co-opting the Tea Party movement.

Fri, 01/15/2016 - 13:30 | 7051007 greenskeeper carl
greenskeeper carl's picture

So cruz isn't "different" from the rest of them? Trying to work on my surprised face over here...


This, along with his bravery in not voting on the audit the fed bill, should hopefully finish him off. I haven't liked him from the first time I saw him. I didn't even need to hear him talk, and wouldn't care if he sounded exactly like Ron Paul in every way, just looking at a picture of him, I knew he was nothing but another shameless grifter like all the rest. Look at his stock photo. He just looks like the type of person who would piss on your head and tell you it was raining. If being a senator ever gets old, he would make a great used car salesman. Nothing but a shyster, as Ive said from the time he was elected to the senate.

Fri, 01/15/2016 - 13:53 | 7051257 pops
pops's picture

Everything about him just screams "Flim-Flam Man"

Fri, 01/15/2016 - 13:32 | 7051038 SethDealer
SethDealer's picture

after watching some of the debate last night my first question is... Are these the only people in America that will take this job?? they are all so awful.

Fri, 01/15/2016 - 13:39 | 7051111 Wulfkind
Wulfkind's picture

George Carlin :  "This is the best we can do folks.  GARBAGE IN....GARBAGE OUT ! "

Fri, 01/15/2016 - 13:40 | 7051120 chunga
chunga's picture

No normal, decent person can survive the horrible environment of politics.

Fri, 01/15/2016 - 13:57 | 7051293 Gadocat99
Gadocat99's picture

You're so cute!  Whadda widdle cutie!  Look everyone, a whole group of believers in candidate differences!

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