Heidi Cruz, the wife of presidential candidate Ted Cruz, offered an explanation in a radio interview on Thursday for the decision to take out two loans during Cruz's 2012 Senate race, saying they took out loans on their assets because it was a good time to keep their money invested.
As first reported by the The New York Times, Ted Cruz failed to disclose a loan against his assets from Goldman Sachs and a separate loan from Citibank that were used to help fund his 2012 Senate campaign.
Heidi Cruz was asked about the loans in an interview on Iowa radio 1400AM KVFD.
Noting her current employment and leave of absence at Goldman Sachs, Cruz said, "When you are an employee of Goldman Sachs, you are required to keep your assets there. We had assets there in Ted's Senate race. We put our life and our financial situation on hold for Ted to be able to run to represent Texans in the U.S. Senate and I believe that Texans are grateful that we did that."
"We took out a loan against our assets at Goldman and we took out a loan at Citibank. We did that because the market was going up that year," she continued. "It was a good time to keep your money invested and to take a loan out on them, and we were able to prominently pay that back because of the money we had in the bank. We borrowed that money at market rates, so I don't see why it's a question. I think at the last minute people bring up things that they think will divert voters' attentions, but Ted and I are a partnership. I've been proud to have a wonderful career and so I'm supportive of Ted because he is going the right thing."
According to the Times, the Texas senator reported the loans on his personal financial disclosures filed with the Senate but did not report them as a source of income for his Senate campaign. Cruz has called the failure to disclose the loans a "technical and inadvertent filing error."