Ted Cruz failed to notify federal election officials about two loans he took out to finance his 2012 senatorial campaign, a direct violation of campaign rules coming on the heels of the Iowa caucus, which he narrowly leads.
As Ted Cruz tells it, the story of how he financed his upstart campaign for the United States Senate four years ago is an endearing example of loyalty and shared sacrifice between a married couple.
“Sweetheart, I’d like us to liquidate our entire net worth, liquid net worth, and put it into the campaign,” he says he told his wife, Heidi, who readily agreed.
But 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. That loan was not disclosed in campaign finance reports.
Those reports show that in the critical weeks before the May 2012Republican primary, Mr. Cruz — currently a leading contender for his party’s presidential nomination — 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.
For a candidate with serious elect-ability issues already, this is an absolutely disastrous discovery for a campaign hoping to use its recent front-runner status in Iowa to catapult him to the GOP nomination.
Will the GOP voter base react as virulently to Ted Cruz as they have to Hillary Clinton’s repeated half-truths?