Both Ted Cruz and his spokeswoman, Catherine Frazier, denied any wrongdoing on Cruz's part Wednesday night. Cruz pushes back on report of undisclosed Goldman Sachs loan

Ted Cruz’s campaign is pushing back against a New York Times report saying that the Texas senator failed to report a loan from the New York investment bank Goldman Sachs, his wife Heidi’s firm, during his 2012 run for Senate.

“The couple’s decision to pump more than $1 million into Mr. Cruz’s successful Tea Party-darling Senate bid in Texas was made easier by a large loan from Goldman Sachs, where Mrs. Cruz works,” the Times reported. “That loan was not disclosed in campaign finance reports.”


“Those reports show that in the critical weeks before the May 2012 Republican primary, Mr. Cruz ... put ‘personal funds’ totaling $960,000 into his Senate campaign. Two months later, shortly before a scheduled runoff election, he added more, bringing the total to $1.2 million — ‘which is all we had saved,’ as Mr. Cruz described it in an interview with The New York Times several years ago.”

On Wednesday night, Cruz and his spokeswoman, Catherine Frazier, denied any wrongdoing on Cruz's part.

“He wrote a personal check of $1.4 million in the very last days of the campaign that was a combination of personal savings, sales on stocks and a loan that was taken out against his own assets,” Frazier said, speaking to reporters at a Cruz rally in South Carolina. “So this is his personal money. What we have recently found out, what came to our attention is, because he took a loan out against his assets it should have been noted in the FEC report.”

Frazier said the Cruz campaign was reaching out to the Federal Election Commission to ask “what their recommendation is and any action we need to take.”

The loan was, in fact, disclosed, she said, because it was reported on his personal financial disclosure form. “This has all been out in the open, it’s simply an issue of semantics,” she said. “This was all of his own personal money.”

Cruz dismissed the issue as “an inadvertent filing question.”

“Those loans have been disclosed over and over and over again on multiple filings,” he said. “If it was the case that they were not filed exactly as the FEC requires, then 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.”

There were no special terms on the loan, Frazier said, and it has been paid off since.

Asked whether Cruz failed to disclose the loan on his FEC report because it came from Goldman Sachs, a big bank that might color the candidate’s populist image, Frazier said, “Absolutely not.”

