He lives in the real world. Did you read his detailed post about margin loans and how they work. This whole thing is a tempest in a teapot and will not amount to a hill of beans.
Good post. I’m reposting this here so that people understand this better. This IS a non-story for the following reasons:
1. The loan was essentially a loan to himself. It was based on an investment account he and his wife had at GS. Why there? Because for compliance reasons it’s very difficult to have an account anywhere other than where you work
2. Anyone can get this loan because you are essentially loaning yourself your own money. If you have a small CD at a bank, go ask if they can loan you money based on the CD. They will do that. Why? because the money is safe for them.. it’s “your†money they are loaning.
3. Where did the NYTimes get this big news? From Cruz’s own public filings.
https://twitter.com/kerpen/status/687461435522285568
this has all been publicly disclosed in multiple ways. There was no coverup, no secrecy.
4. As he was loaning himself money, he was essentially putting at risk somewhere around a 1/3 of he and his wife’s life savings.
there is a longer response by Cruz here.
https://twitter.com/PatrickSvitek/status/687463737431842816
I thought it was a good thing for candidates to spend their own money trying to do the right thing even when they were an underdog in the race?