Whoops, it looks as if Ted Cruz’s “paperwork problems” over loans he took out to boost his 2012 Senate campaign might be even worse than previously thought.
A day after the New York Times reported that Cruz never disclosed a $500,000 loan he took out from Goldman Sachs during the Republican primary that year, the senator sent the Federal Election Commission a letter admitting the existence of yet another $500,000 loan which he also took out that year for his campaign. This second loan was a line of credit from Citibank. The Times reports that the source of collateral for this second loan is unclear, but so what? Cruz was a lawyer making a million dollars a year and running for the Senate, while his wife was a Goldman Sachs executive with a six-figure salary. Frankly, from Citibank’s point of view, a line of credit for the campaign must have looked like a good investment.