Republican presidential candidate Ted Cruz says his failure to disclose to the FCC a loan from Goldman Sachs, his wife's employer, to help finance his 2012 U.S. Senate campaign was an ''inadvertent filing error.'' Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) Republican presidential candidate Ted Cruz says it was an "inadvertent filing error." That's how he's describing his failure to disclose to the Federal Election Commission a loan from Goldman Sachs, his wife's employer, that was used to help finance his successful 2012 U.S. Senate campaign. "Our finances are not complicated. We put in the entirety of our savings, we did so through a combination of savings accounts and selling assets and taking a margin loan against other assets, and those facts are clear and transparent. And a technical and inadvertent filing error does not change that at all," said Cruz speaking to reporters after a campaign stop in Dorchester, South Carolina Cruz has surged in recent opinion polls and now leads billionaire businessman Donald Trump in Iowa, which on Feb. 1 holds the first contest in the process to choose the Republican nominee for the November presidential election. Catherine Frazier, a spokeswoman for Cruz, said Cruz had taken out the Goldman Sachs loan against his own assets and had paid off the loan in full. Cruz and his wife, Heidi, who is on leave as a managing director at Goldman Sachs, also received a loan from Citibank for up to $500,000, but it was not clear whether that money was used in the campaign, the New York Times reported. There was no evidence the Cruzes got a break on their bank loans, which were disclosed in personal financial statements filed with the U.S. Senate, according to the newspaper.