Ted Cruz is a sleaze and it is not at all surprising that he mis-reported the source of $1Mil in loans taken out from Goldman Sachs and CitiBank for his senate campaign in 2012. But today the chickens came home to roost and Cruz was fined $35,000 by the Federal Election Commission for failure to properly report the source of his funding.
The complaints centered on loans Cruz had taken from Goldman Sachs, where Cruz's wife worked, and Citibank for his 2012 Senate campaign. The cash infusion was described as having come from "personal funds," when it should've been clearly labeled as sourced from loans.
The discrepancy came as Cruz touted how he and his wife, Heidi, had agreed to "liquidate" their "entire net worth" and "put it into the campaign" for Senate.
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"In the homestretch of a high-profile election, voters were misled about Cruz's personal and campaign finances," said Tara Malloy, the center's senior director of appellate litigation and strategy, adding that proper disclosure "could have factored into voters' decision-making at the ballot box."
You may recall the New York Times writing in 2016, about how the personal financial disclosures that Cruz filed didn’t exactly jibe with all the money that he eventually spent on his campaign.
There would have been nothing improper about Mr. Cruz obtaining bank loans for his campaign, as long as they were disclosed. But such a disclosure might have conveyed the wrong impression for his candidacy.
Mr. Cruz, a conservative former Texas solicitor general, was campaigning as a populist firebrand who criticized Wall Street bailouts and the influence of big banks in Washington. It is a theme he has carried into his bid for the Republican nomination for president.
So much for the “darling of the tea party” as the Times put it. Busted.