UPDATE: The New York Times has discovered a second undisclosed loan to Ted Cruz - this one from Citibank also totaling $500,000.
Ted Cruz's outsider credibility took yet another hit this week when the New York Times discovered that his 2012 U.S. Senate campaign was financed by massive Wall Street loans that he failed to properly disclose.
The loan from Goldman Sachs - his wife's employer - totaled as much as $500,000. Additionally, he took another loan from Citibank, for a smaller amount.
Cruz and his campaign, according to the Times, failed to properly disclose the loans during his Texas primary campaign against former Lt. Governor David Dewhurst.
From the Times, "Ted Cruz Didn't Report Goldman Sachs Loan in a Senate Race":
In the first half of 2012, Ted and Heidi Cruz obtained the low-interest [~$500,000] loan from Goldman Sachs, as well as another one from Citibank. The loans totaled as much as $750,000 and eventually increased to a maximum of $1 million...There is no explanation of their purpose.
Cruz's entire campaign narrative is that he's an outsider. Yet the news of the Wall St. loans were enough to earn scorn from his own party.
From the Texas Tribune story, "Loan Issues Put Asterisk on Ted Cruz’s U.S. Senate Victory" -
A former strategist for a rival Republican Senate campaign said Cruz has a history with a “murderers’ row of insider institutions”: Princeton University and Harvard Law Schoolwhere he studied, the U.S. Supreme Courtwhere he clerked and the Bush administration, where he was a policy adviser.
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