Sen. Ted Cruz Reports Half-Million in Assets That May Not Be Obtainable
Posted at 12:39 p.m. on June 3, 2013
Sen. Ted Cruz, R-Texas, has listed as an asset on his personal financial wealth statement over a half-million dollars that may never be legally obtainable.
As of the end of 2012, Cruz listed a “Loan to Ted Cruz For Senate” as an asset valued at $500,001 to $1 million. However, because of the 2002 changes to campaign finance law, the committee is limited to making loan repayments to the candidate (1) from funds received before an election, or (2) $250,000 from funds received after an election. Because of earlier loan repayments, as of the end of 2012, the committee could only legally repay the candidate $298,000. This includes $48,000 for his outstanding primary election loans, and $250,000 for his outstanding runoff election loans.
In the first quarter of 2013, the Ted Cruz for Senate committee repaid Cruz the $298,000 maximum permitted on the loans. However, the committee is still carrying $545,000 on its books as a debt owed to Cruz. This includes $395,000 in loans for the primary and $150,000 in loans for the runoff election. Perhaps Cruz and his committee are hoping the law will change, or it will be struck down, or that his spouse may craft a new angle. Heidi Cruz is an investment banker and vice president with Goldman Sachs and previously worked at JPMorgan.
Cruz does list on his personal financial disclosure report as liabilities two loans received in 2012. One was a margin loan of $250,001 to $500,000 from Goldman Sachs. The other was a line of credit of $250,001 to $500,000 obtained from Citibank.
During the first three months of 2013, the Ted Cruz for Senate committee raised $281,863 from individuals and $92,750 from PACs and other committees.