October 18, 2013 3:12 pm -


Over at Swampland, an oh-so-intriguing story is brewing on our favorite poster child for Brylcream (even while you’re sleeping!), Senator Ted Cruz.

It appears (no, it has been proven) that everyone’s pet populist neglected to report his direct involvement in an offshore financial entity — one that netted him a cool 1500%+ return on his investment. Sound like a tidy profit? But there’s more.

The Senate Select Committee on Ethics has taken quite an interest in our Mr. Cruz, and why? Well, because this isn’t all historical financial creativity; it’s going on right now.

Senator Cruz still holds a promissory note — for anywhere from $100,000 to $250,000 — from an entity in Jamaica that, somewhat conveniently, doesn’t exist. Weird, huh?

It’s all rather technical, but hey! — these things usually are. That’s why the Senate has disclosure rules, and that’s why a certain Senator married to a certain Goldman Sachs executive is expected to follow them as closely as anyone else.

Surely there’s a reason that Senator Cruz misreported a profoundly lucrative investment, made offshore through a phantom corporate entity, arranged through his college roommate, carried on his books as a long-term capital gain despite a promissory note, and bolstering a private equity firm the existence of which Cruz denies.