Ted Cruz failed to disclose ties to Caribbean Holding Company, which violates ethics committee rules

The ethics committee requires full disclosure of all financial holdings including any subsidiary investments held by private equity firms and holding companies. The committee requires Senators to provide sufficient information to indicate the locations and nature of the businesses in which they invest.

The ethics committee needs to have a conversation with Senator Ted Cruz.

An investment which yielded Cruz $25,000 in cash and $75,000 in the form of a promissory note may come back to haunt him.









Time reports:

Texas Republican Senator Ted Cruz potentially violated ethics rules by failing to publicly disclose his financial relationship with a Caribbean-based holding company during the 2012 campaign, a review of financial disclosure and company documents by TIME shows. The relationship originated with a $6,000 investment Cruz made more than a decade ago in a Jamaican private equity firm founded by his college roommate.

When Cruz later reported the financial relationship in 2013, he failed to comply with Senate rules requiring full identification of the holding company and its location, triggering an inquiry by Senate Select Committee on Ethics staff and a second amended disclosure. After additional inquiries by TIME this week, Cruz said he is now in the process making further corrections to his disclosure.

Cruz then received an inquiry from the Senate ethics committee staff about the listing, Cruz and his staff told TIME. The ethics staff told Cruz to amend his filing to indicate the nature of the promissory note, the entity that had issued it, the city in which the entity was located and the date the note had been issued.

Cruz did so in his Oct. 1 amendment, but that filing also contained errors, misnaming the holding company, incorrectly saying it was domiciled in Jamaica, and giving the wrong date for the promissory note. In the filing, Cruz, a former lawyer and magna cum laude graduate of Harvard Law School, lists a wide variety of assets held jointly with his wife, including mutual funds and blue chip stocks totaling between $1.5 million and $4 million. His wife is now an executive at Goldman Sachs.

There’s much more at Time. They have a lengthy detailed report.

  • http://www.tumblr.com/blog/akinsc Carla Akins

    That is some pretty sloppy record keeping, perhaps the IRS should take note and review his return. Bwaaaa.

    • Scorpie

      Ya think? Couldn’t happen to a “nicer” guy.

    • Kenneth J. Hicks

      I really must agree. A “former lawyer and magna cum laude graduate of Harvard Law School,” simply doesn’t make such sloppy errors. He’s clearly just trying to string it out to avoid a full inquiry during his attempts to pump money into his campaign funding companies (These days, with the amount of money and disparate means of funneling that money into the campaign, they can’t be called anything other than companies) in preparation for his 2016 run for president. Oh, and that will certainly include slipping money into the campaigns of 2014 fellow tbaggers.

      • Shanasmiles

        Yeah I liked how the “former lawyer, MCL grad of Harvard law” and the “wife is an exec at Goldman Sachs” lines highlighted the obvious. Lol

    • Shanasmiles

      Sloppy record keeping from an executive at Goldman Sachs too… Lol. It figures. The money changers and lawyers have been reviled since the dawn of society. It’s a marriage made in the bowels of hell. :))

      • http://www.tumblr.com/blog/akinsc Carla Akins

        All I could think was the Elizabeth Warren hearing with the Bank oversight heads – and she just kept asking “So you didn’t understand their process, so you allowed them to make up their own fine?”

        • tiredoftea

          Elizabeth, please run for President!

          • Shanasmiles

            I would vote for her. I would work for E W so hard. She’s got the brains and the balls to handle it all.

          • http://www.tumblr.com/blog/akinsc Carla Akins

            hell, I’d even go on a diet for her. (personal ultimate sacrifice)

        • Shanasmiles

          I could say I am amazed that large numbers of financiers, politicians, economists etc allowed this to happen then feigned ignorance. Maybe it happened like getting fat…oh ill just have this one donut, oh I don’t feel like going for a walk today…then you pass the mirror and say, “oh my god who is this fat person?!” (Cough from experience cough). Otherwise, they all knowing,y did this, were all culpable in the slaying of our economy, our credit, and their own businesses and all was motivated by greed and thinking that they would be able to get away with it…no one would notice.

    • tiredoftea

      “That is some pretty sloppy record keeping” implies mistakes made, as opposed to deliberate attempts to hide the investments and their locations. Canadian Teddy and his GS wife were not sloppy!

      • http://www.tumblr.com/blog/akinsc Carla Akins

        you would be correct sir.

  • fiona64

    I’m shocked, shocked! — do you hear me, to learn that a GOTeabircher is in violation of ethics rules. / h/t to “Casablanca”

    • Billy Farmer

      next thing we know, the gop will say yes we are only for the rich and lol we all know their not lol

  • Elia

    He’s SUCH a good Christian.


  • Tommy6860

    Not surprised, but I see little coming of this really. Did anyone read recently where Tom Delay was let off the hook for the crimes he committed (his conviction was overturned)? I see Cruz getting the same pass as well. Bastards!

    • BanditBasheert

      Most of that had to do with TEXAS….not actual LAWS or FELONIES. His conviction was overturned by the TEXAS Supreme Court ALL GOP flunkies

    • AttilatheBlond

      GOP establishment probably not concerned with getting a conviction in court. They just want him off their turf, and this would do the trick, just like they had to do with Delay.

  • lilyannerose

    I wouldn’t be surprised if the GOP has investigators turning his life inside out at this time!

    • Billy Farmer

      the gop want his crazy ass gone, I do think the gop is going to break the tides with the tea party as fast and as safe as they can

  • Janet Gallagher Warren

    Living in a glass house….throwing stones.

  • rose143

    makes you wonder if all those errors were on purpose…. hmmmm. lol

    • Billy Farmer

      you know it was

    • Antoinette McCoy

      don’t believe they were errors purposely done

  • Walter_T_18

    lol Ted Cruz and ethics in the same sentence what a laugh.

  • mrsgunka

    No wonder they were so upset about the IRS looking into the Tea Party tax evasion groups. Mit kind of opened the gates with his off-shore accounts. It’s easier to get the “small” wannabe investor like Calgary Cruz. You’re no Mit Romney, Cruz, but just as corrupt!

  • juicyfruityyy

    Crud? Unethical? I don’t believe it. He doesn’t have a dishonest bone in his body. But we should still fine him.

  • BanditBasheert

    Petition from Move On to Arrest and Try the House Leadership for Sedition:


  • Billy Farmer

    I am so sure he will be standing at the gates if H_ _ _ lol

  • Antoinette McCoy

    recall ted cruz

  • karenv99

    Petty hogwash – look at Pelosi, Reid, McConnell, McCain, and all the nitwits that have been blatantly abusing the Taxpayer for HOW MANY YEARS? and they want to chastise CRUZ? TOTAL B.S. THEY need to open their closets and drawers and look under the liners!