Ted Cruz Just Got a Big Fine From the Federal Elections Commission For Hiding Wall Street Money

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Senator Ted Cruz is facing a $35,000 fine from the Federal Elections Commission after he failed to report a loan from Goldman Sachs during his 2012 Senate race.

The loan, which was first reported by the New York Times in 2016, wasn’t disclosed when Cruz’s campaign filed their reports. Cruz’s wife Heidi worked at Goldman Sachs at the time. On Friday, Mike McIntire, the New York Times reporter who broke the story three years ago, tweeted that the FEC fined Cruz.

At the time, a spokesperson for Cruz’s campaign told the Times that the failure to report the loan was “inadvertent” and that the campaign would work to correct the error with updated reports.

The Campaign Legal Center, which filed an FEC complaint against Cruz in 2016, wrote on Friday that the loans totaled $1,064,000. The organization also noted that Cruz claimed that he and his wife decided to “liquidate” their assets to fund his campaign.

The Goldman Sachs loan isn’t the only time that Cruz has run into trouble with the FEC. In fact, he’s a frequent topic of their ire. In 2018, the FEC sent three letters to Cruz’s campaign for possible violations. The Houston Chronicle reported that was more than any other Senate re-election campaign of that year and only a handful of other Senators received such a letter.

The 2018 violations stemmed from Cruz’s camp taking tens of thousands of dollars more than was legally allowed from donors. The Chronicle also reported that a woman who donated to Cruz was forced to file an FEC complaint just so his campaign would stop taking a monthly donation out of her bank account.

In 2018, Cruz lagged behind Beto O’Rourke as the dynamic candidate pulled in donations. At the end of the race, O’Rourke raised almost 79 million while Cruz was just over 45 million. O’Rourke has since announced that he’s running for president and we can probably expect his fundraising talents to continue to impress.

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James
Member

What about AOC’s violations of the FEC rules? What about O’Rourke’s violations of the FEC rules? What about Tliab’s violations of FEC rules? Don’t they count as election rules violations because they’re masquerading as Democrats?

Ed
Member

So, this single election cost more than $124M? With 50 Senators and 435 Representatives, plus the President, how much do we spend on elections?!? This is madness.

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