Why Senator Cruz' Undisclosed Goldman Loan Is A Real Problem
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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Most likely the case. It is truly amazing the depths to which the powers that be will go, to manipulate the American people.
sadly many Americans only believe it when its someone from the "other party", they don't realize, there is ONLY ONE party.
To be clear ... Cruz has a 500k loan from Citi and a 500k loan from GS. He has placed his hous ead otyher assets as collateral. Filing errors..can happen.
Heidi Cruz is a retail financial planner for GS. She has undoubtedly benefitted from Cruz's standing to gain customer's , but she is only directing the clients investment monies, not raising capiotal or doing financing "deals' for M&A's or the like.
In the scope of things political, it is a storm in a fabricated Tea Party cup.
Yeah, but he's a sociopathic douchebag, so let's run with it.
If Ted were a real conservative or American the Austin leftists would have had him court years ago, the guy is a manchurian, a pure sharp tongued leftist posing as a Republican.
Ted looked at Texans and said "I need to be Republican", studied the handbook, went to church, said "I love Israel and the bible" and was elected.
And Texans bought it.
Truly, he is a perfect example of a Machiavellian "Prince".
"it is much safer to be feared than loved because ...love is preserved by the link of obligation which, owing to the baseness of men, is broken at every opportunity for their advantage; but fear preserves you by a dread of punishment which never fails"
This info has been collecting dust lying in wait. Now that Rand has been forced off stage, even though he polled as high as Jeb...probably higher in reality...it is time to pull the ringers out. Ineligible, Canadian Cruz never should have been up there in the first place. Rubio is another ineligible neocon (both parents must be citizens when the candidate is born), god awful enough to last but neither of them as horrendous as future delegate thief Jeb.
Managing director of what activities?
Managing director of what activities?
Looks like ZH is putting all of the energy it didn't use scouring obama's record on cruz.
Don't worry, there is plenty of space for more than one villain in Washington, you don't need to choose.
That is to say, we can see how corrupt Cruz obviously is, and Obama too. So that should make you happy.
If the Ryan-O is attacking him, then Cruz is still in good standing with me!
The other side of this is that there have been NO caucuses or primaries - so my thought is that Cruz can still amend his FEC filings.
By not being truthful in his senate race, it gave him the opportunity to go to the senate. It will not work in this race. He railed against banks, but took the money. He is indebted to Goldman.
enough of this liar.
Let's see.2 big loans from 2 big banks,Citigroup and Goldman.Could that be the reason he didn't bother to show up for the vote to audit the fed?
Just another good reason to vote for Trump! GO TRUMP! FUCK BUSINESS AS USUAL!
Yes GO TRUMP! ANOTHER HUGE NARCISIST PROGRESSIVE - WOO-WHO!!!
http://www.zerohedge.com/news/2016-01-15/its-official-trump-now-bookies-favorite If your not disappointed enough... SOON YOU WILL BE!
HE's the best shot you've GOT and you dont even know it!
Im not saying Trump will be the absolute answer he is just a better shot than the establishment CREW! I personally think some type of American Spring would be the best answer but Netflix has everyone GLUED!
”Don’t mess with Texas” signs are all over the highways of Tejas.
Maybe the Lone Star State needs to post some
“ Don’t mess with NY” signs too.
But Cruz is a "constitutional lawyer" so that means he stands up for America so none of these other problems should matter.
/s
These days when the MSM describes a politician as a constitutional lawyer in that reverent voice of theirs it is generally accepted that they are talking about a sociopathic Constitution rapist.
Cruz joins his fellow "constitutional" lawyers Alberto Gonzalez, John Yoo, Barack Obama and David Addington in "shaping" America.
Are you people that fucking stupid? Barack Obama and Ted Cruz are not even in the same universe on knowledge of the Constitution. He was solicitor general of Texas and has argued many supreme court cases. Obama can't even read the Constitution on a good day.
Margin Loan = NBD
lol ZH peeps. You all love Trump who voted for Obama and is a HUGE progressive over Cruz because of one loan.
WOW
SMH
We hate Goldman Sachs as much as (most of us) here hate Satan. The Mafia is much more ethical than Goldman.
Oh come on people. Which of us hasn't receieved a one million dollar low interest loan from Goldman Sachs that we forgot about? Leave him alone. The man has not violated any Canadian laws. Why are we trying to judge him by our standards?
/s
Not surprised. I never trusted him, the moment I saw first republican GOP and the way he spoke it was THE most fake accent and talk from all of them. And his excessive use of words like "children", "American family", "my wife" with that fake tone made me hard to watch. Also, I think it was during the first GOP, after the show ended his 2 kids immediately ran to him on stage from the seats. Purpose was to paint him as a caring father and honest person. It was such an old cheap trick it left me disgusted.
I couldnt figure out how many people including here on ZH couldnt see it. Same like with Sanders but that one does much better job hiding it.
And while I am at it I also want to mention Fiorina. She wont win nor lead so its not important but still one thing on her:
In last or one of more recent GOP debates notice how she constantly repeat her fight against H.Clinton. She almost dont see anybody but her. Not Trump nor even Sanders. She is an arrogant woman that absolutely dont care about America or its people at all, she dont even see other men around her for threat. All she care about is to beat H.Clinton. This is how women are, she want to beat her for her own ego of being better than her, she dont see nor care about anyone else. Its because women always compete with another women. They each want to be the top one. That mean she is totally selfish ignorant person, which can also be read from her face mimic if you watch carefully. If a women read this comment and go and check it for themself, I am sure they will agree and know very well what I mean. Most of men dont have that insight and experience to recognize this though.
Anyway, thats all for now.
Pssst....he actually DID report that loan.
From June, 2013:
http://blogs.rollcall.com/moneyline/sen-ted-cruz-reports-half-million-as...
"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."
The fact that he took money from Golem Sux and forgot to report it, and that it may/may not have been illegal, is really not even a concern of mine. What *is* a concern, my only concern, that anyone would vote for president someone so monumentally, seriously on a biblical scale, SO FUCKING STUPID. I mean, come on...you do not claw your way to the top of the dung heap that is Washington without being a criminal. It is the nature of the beast, end of story.But these candidates know they are going to be vetted pretty closely for this job. He wasted our time and he lost our trust. No excuses necessary, dude. You fucked up, tuck your tail between your legs and go home.
That fine line...you crossed it.
Am I missing something here? While I'm not a fan on GS (or TC for that matter)
"reporting of “repayment of loans made by or guaranteed by the candidate”"
...it sounds like TC was the recipient of a loan, not receiving repayment of a loan that he had made to others, nor guaranteeing a loan (i.e. assuming the debt obligation of a debtor in the event of a default)
Did I read this entirely wrong? Doesn't sound in violation of the mentioned law, but fuck anyone with ties to GS in any fashion.
This is dog-wagging away from Hillary's scandal that's blowing up.
The person who posted this article is an idiot and a hack. Hiding something in all forms and not declaring something on one form are two completely different things. He declared the loan on other occasions. It is there for anyone to see. It's really simple. This is a non-issue. So glad to see ZH throwing in with the political hacks...
There is more to come. Why not another bank? Why City & Goldman Sachs when Cruz knows how conservatives and independents feel about the banksters? Promises were made.
As bent as a new silver dime is Cruz.
Bernie's too long in the tooth for 8 years of ' defense slashes ' and the Bankers suicide bomber retaliation, however, he can pick a successor, someone who'll take up/on his mantle.
Sen Cruz is probably one of the most honest members of the Senate, if that menas anyhting. Campaign finance fillings are a big pain in the ass. Campare what Hillary has done in her first 5 minutes as Secy of State v. Cruz's entire Senate career.
This is not a problem.
1) The guy wanted to get more money to fund his campaign, so he went to a bank to take a loan that was not some kind of special favor/favorable interest rate. Nothing to see here.
2) Cruz repaid the loan. Nothing to see here
3) Cruz filed this loan with other agencies so it isn't like he was trying to hide it. Nothing to see here.
4) Cruz did not file it with the FEC because even most politicians don't know you have to disclose persopnal loans- this comes from an FEC lawyer. is this a big deal? I think not.
5) Cruz will go back and file government form with a name like "form EZxctfus4/ac" and correct the oversight.
At the end of the day, when you need to borrow money, yes you need to go to a bank.
BUNK! This is a Bush hit job article.
Go Cruz!!
This is relevant:
Trump, Clinton, Lawrence Krauss, Jeffrey Epstein and Copernicus in 2016
wait till they find the real money the zionists slipped him