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Investments

Ted Cruz under fire for Goldman Sachs connections

Goldman Sachs dabbles in the 2016 presidential campaign

GOP Presidential candidate Ted Cruz continues to be criticized for his links to Goldman Sachs, the company where his wife Heidi, is a managing director at the firm in Houston.

While It’s no surprise that politicians need to raise money for their campaigns whether they are Democrats or Republicans, according to Maria Recio from McClatchyDC, even though liberals do not like deregulated banking and conservatives call it “crony capitalism”. But it’s banking itself that candidates deny any trade-offs.

It was reported by New York Times author Mike McIntire, that while the Texas senator was running for his second term, he borrowed $500,000 but didn’t disclose it. Cruz then said it was a mistake on his part as he didn’t report it to the Federal Election Commission campaign.

“What astonished me, then and now, was Heidi within 60 seconds said, ‘Absolutely,’ with no hesitation,” Mr. Cruz said.

According to the McClatchyDC, Goldman Sachs, like all financial institutions, wants to influence legislation and regulation, and it opposes additional taxes and the regulation of financial instruments.

Even though Cruz is under fire for borrowing money from Goldman, Washington receives monetary contributions all the time. Apparently the firm has also contributed $760,740 to former Secretary of State Hillary Clinton’s campaigns since she began her race for senate in 1999 to her current run for president. 

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