“The Tea Party, or however you call the United State’s conservative populist movement, often portrays its origin story as an outraged response to the government bailout of Wall Street during the 2008 financial crisis.
“But that rhetoric has never quite jibed with the pro-bank voting record of its representatives. Now the New York Times has revealed that one of the most prominent voices in the movement, Senator-turned-presidential candidate Ted Cruz, received but did not disclose loans of up to $1 million from Goldman Sachs and Citigroup to fund his first Senate campaign in 2012. Receiving the funds is legal. Failing to disclose them to the Federal Election Commission is not.”
“Sticking these provisions in much bigger, more complex, must-pass legislation enables them to disguise and hide their support for Wall Street and prevent the American people from knowing what they are up to and holding them accountable,” Dennis Kelleher, CEO of the reform group Better Markets, wrote last year.
Read the full Quartz article by Tim Fernholz here.