Saturday, December 16, 2017
Politics

Cruz says he may amend U.S. financial disclosures to show loans to 2012 Senate campaign

SAN FRANCISCO — Republican presidential candidate Ted Cruz said he'll amend finance reports from his successful 2012 Texas Senate bid, if necessary, to show he received loans to cover campaign costs.

Cruz made the comments Wednesday after a New York Times report said he and his wife, Heidi, obtained low-interest loans from Goldman Sachs Group Inc. and Citigroup Inc. in the first half of 2012. The funds totaled as much as $750,000 and increased to a maximum of $1 million, according to the Times, which cited personal financial disclosures that didn't cite an explanation for their purpose.

The loans weren't disclosed in campaign finance reports at the time, the newspaper reported. Candidates are required to file paperwork showing loans used to pay for their campaigns. Heidi Cruz is on leave from her job as a managing director at Goldman Sachs.

"Heidi and I, when we ran for Senate, we made the decision to put our liquid net worth into the campaign," Cruz told reporters in Dorchester, S.C. "And so we did so through a combination of liquidating our savings, through a combination of selling assets, and then we had a brokerage account that has a standard margin loan, like any brokerage account had, and we borrowed against the stocks and assets we had under ordinary terms."

If the loans weren't reported as required by the Federal Election Commission, "we'll amend the filings. But all of the information has been public and transparent for many years, and that's the end of that."

Candidates for political office are legally required to disclose their campaign funding sources with the FEC. Cruz sought to downplay the reporting failure as a clerical error Wednesday.

"It is an inadvertent filing question," he said. "The facts of the underlying filing question have been disclosed for many, many years. It is not complicated. Our finances are not complicated."

In a March interview with Bloomberg's With All Due Respect, Cruz took aim at Goldman Sachs as being a beneficiary of "crony capitalism."

"Because, like many other players on Wall Street and big business, they seek out and get special favors from government," Cruz said of the New York investment bank. "I think they're entitled to practice their business, but without subsidies or special benefits."

On the campaign trail, Cruz often rails against Wall Street bailouts and recently has launched an attack on Republican frontrunner Donald Trump for what Cruz calls his "New York values."

Cruz has paid off the loan from Citibank, the New York Times reported, but still owes between $50,000 and $100,000 on the amount the couple borrowed from Goldman Sachs. Both of the loans carried interest rates of roughly 3 percent, according to the newspaper.

Mark Costiglio, a Citigroup Inc. spokesman, declined to comment, as did Andrew Williams at Goldman Sachs Group Inc.

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