Banks loaned Ted Cruz as much as $1 million during his first Senate campaign in Texas back in 2012, but you wouldn't know it from campaign finance reports. While Cruz eventually disclosed the loans from Citibank and Goldman Sachs—each valued at $250,000 to $500,000—to Senate officials, he failed to inform the Federal Election Commission as required, reports the New York Times. At the time, Cruz spoke of how he and his wife put "our entire net worth" into the campaign. NBC News reports he used $1.43 million in personal funds. But "a review of personal financial disclosures that Mr. Cruz filed later with the Senate does not find a liquidation of assets that would have accounted for all the money he spent on his campaign," per the Times.
A Cruz rep admits the Goldman Sachs loan was used for the Senate race and a failure to disclose it was "inadvertent." She didn't comment on the Citibank loan, which the Times notes would have freed up other assets even if it wasn't used on Cruz's campaign. The Times notes, too, that disclosing the loans might have hurt Cruz's campaign, given that he was criticizing Wall Street bailouts and big banks. Cruz, who says the loans were borrowed against the couple's own assets, cites a "filing error," per NBC. "Those loans have been disclosed over and over and over again on multiple filings," he adds, per the Wall Street Journal. "If it was the case that they were not filed exactly as the FEC requires, then we'll amend the filings."