Ted Cruz, accused of failing to disclose loans from 2012 Senate Run

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ted cruz loans

Texas senator Ted Cruz is under the spotlight, being accused of not disclosing to election officials the loans he took from Wall Street banks, back in 2012, when he first ran for the Senate. According to The Wall Street Journal, his omission could violate campaign rules.

It seems that Mr. Cruz did not report two personal loans to the Federal Election Commission, one taken from Citibank and one from Goldman Sachs, where his wife works, claimed Catherine Frazier, his campaign spokesman.

Everything was sorted out in the mean time

After The New York Times initially reported the error this Wednesday, Ted Cruz‘s campaign acknowledged the mistake and the senator did list the loans on personal financial disclosures.

“These loans have been disclosed over and over and over again,” Ted Cruz told reporters after the news broke. “It is an inadvertent filing question. The facts of the underlying matter have been disclosed for many, many years.”

Under the current campaign rules, if a candidate borrows money to finance his campaign and actually puts those funds in the campaign, he must disclose the original source of those funds.

Ted Cruz’s campaign says that the loan was paid and everything is OK

The total loans Ted Cruz got were less than $500,000 and he did not receive and special terms when contracting them. Also, in the mean time, everything was paid.

“Now we realize that we should have disclosed it, yes,” Catherine Frazier told reporters in South Carolina. “It’s a matter of semantics in terms of listing that that was a loan and we’re asking the FEC what we need to do to update it, if anything.”

Neither Goldman Sachs or Citigroup wanted to comment on this issue, but in the end, they didn’t do anything improper, since the loans were obtained in normal conditions, just like other citizens do.