Ted Cruz Failed To Disclose Ties To Caribbean Holding Company

And the Cruz stock continues to decline.

It woudl appear the freshman senator failed to disclose some off shore investments. He got called on it and amended his disclosure.

No big deal, right? Not really.

Except his amended disclosure failed to pass the sniff test.

Well, then he amended it again.

Except his second amended disclosure also had some failings, namely failing do identify it;s location and the principals involved, making it, in my opinion odd that he would not simply fully disclose as required by law. For a man who is moderately wealthy, certainly of his own accord, to not be forthright with what I would think is a moderately small investment when compared to his net worth just strange.

But his disclosures seem to indicate significant investments with offshore companies that don't exist, or at least are not registered with Jamaican authorities.

Poor showing Ted.

More at the link.

http://swampland.time.com/2013/10/18/ted-cruz-failed-to-disclose-ties-to-jamaican-holding-company/

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 told TIME Thursday that the initial failure to report the financial relationship was an oversight that he corrected last May on his own initiative in his first filing after his election to the Senate. “It was an omission that was inadvertent,” Cruz said.

He said the later amendment to the May filing was part of the normal interaction with Senate ethics committee staffers. “There is a routine back and forth with the staff with whom you file the report where they make inquiries,” Cruz says. He provided TIME with copies of a number of relevant documents supporting his explanation of the incorrect disclosures.

The legally required disclosures arise from an apparently dormant business relationship, according to documents reviewed by TIME. When his wife served in George W. Bush’s Treasury Department in 2003, Cruz went to considerable lengths to disclose his positions to the government, and to divest himself of his Caribbean holdings. But there was one exception.

(MORE: Democrats’ Biggest 2014 Weapon: Ted Cruz)

In an amended financial disclosure form filed Oct. 1, Cruz said he still holds a promissory note from a Kingston-based company called Caribbean Equity Partners Investment Holdings LTD, worth between $100,000 and $250,000. No company with that name is registered in Jamaica. There is however a dormant Jamaica-based private equity firm called Caribbean Equity Partners Limited of which Cruz was a founding director and preferential shareholder, according to documents filed with the Jamaican government and reviewed by TIME. The firm held $100 million in assets under management in the mid-2000s, according to local news reports, with a focus on service and tourism investments in Jamaica and the Caribbean.

Cruz says he has not had any relationship with the private equity firm since he cashed out an initial investment of $6,000 for a total return of $100,000 a decade ago in a private agreement with his former college roommate, a Jamaican Rhodes scholar named David Panton, with whom Cruz co-founded the firm. Cruz says the agreement yielded him $25,000 in cash and $75,000 in the form of a promissory note on the holding company. The agreement included an oral provision for the accrual of reasonable interest on the debt, Cruz says. He says he initially deferred and then paid capital gains taxes on his profits from the investment.

After inquiries from TIME, Cruz provided a copy of the promissory note, which gives the name of the holding company as CEP Investments Holdings Limited. Cruz says the agreement is effectively an IOU to him from Panton, who is the owner of the holding company. Cruz says that while the holding company operates out of Jamaica, it is in fact domiciled in the British Virgin Islands.

Cruz says he failed to include the promissory note among his assets on his first financial disclosure in July 2012 when he was a candidate for the U.S. Senate because he had forgotten about it. “In 2011, there was an inadvertent omission of this promissory note, and after a conversation with my college roommate I remembered it,” Cruz says. Cruz’s initial filing was made in the heat of his campaign. He was fined $200 for filing the document late.

On his financial disclosure form for the year 2012, filed in May this year, Cruz listed the promissory note and said he received no income from it or the company. Cruz identified the note as a non-publicly traded asset among other holdings, which he listed by their ticker symbols. Cruz said the asset was a “Promissory Note from CEP investments holdings LTD.” Caribbean Equity Partners has no connection to Constellation Energy Partners, the American company with the ticker symbol CEP.

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.

Read more: http://swampland.time.com/2013/10/1...es-to-jamaican-holding-company/#ixzz2i4PpZoxq

 

Figures. Sounds like he stinks just like most of the rest of the politician's in Washington, except most aren't hyped as a people's champion like he is.

 

Heh...Ted Who?

 

When running for office, Obama also failed to disclose he was a moron. So what? Low information voters still voted for him...

 

Another reason not to like the Tea Party. Just another example of their hypocrisy. They are always willing to give advice, but unwilling to take it, even their own.

 

This sound very small potatoes to me.

We know the Obama flunkies are addicted to bigger government.

Why don't you just stick to real policy issues and fight Cruz on that?

 

Nickles and dimes, Baby! He sure ain't no Charlie Rangle.

 

Sticking to real policy issues would mean trying to understand why there are so many out of work black people...



... but that would mean asking questions and challenging Obama and his regime.. and as you know, questioning and challenging Obama means you're racist, and an idiot...

 

Wow! Crime of the century! A six thousand dollar investment that Cruz didn't disclose properly and then later he did. Oh my God!

>>>MOD EDIT: PERSONAL REMARKS<<<

 

This is just more proof that Cruz has all the right enemies.

 

Cruz is the new Palin, only much more
successful. They will spend all their waking hours thinking of new ways to attack and smear him.

 

Anyone can see how desperate the LIBs are when they have to put up this sort of 'non-story'.
The other day some idiot talking head who has a show on MSNBC actually stated that Cruz was not an American.

- - - Updated - - -

Anyone can see how desperate the LIBs are when they have to put up this sort of 'non-story'.
The other day some idiot talking head who has a show on MSNBC actually stated that Cruz was not an American.

 

Cruz is American.. His mother was American.

 

As soon as the MSM adequately vets and broadcasts all of Obama's shady dealings and associations prior to running for office then I wiill seriously consider the vetting of Ted Cruz.

If Obama can get away with all the anti-American stuff, why can't Cruz get a pass on a financial recording oversight?

I'm not advocating Tit4Tat, mind you, I just want a level playing field.

That's IF the allegation is true.

 

What a great guy he is!

He has chosen NOT to reciprocate the attacks on him by his enemies. He manages to rise above the hog slop and look not only adult-like, but good-natured, good humored, in control...Presidential.

 

Well, when you demonstrate some anti-American "stuff" from Obama, we can check out the "Tit4Tat".

Like your absurd and silly signature, you will have to quote some nutcase "channeling" Obama rather than Obama himself to get what you want.

 

Should I remind you of an apology tour? How American was that?

 

He is smarter than you. He is a master con man. helpful qualities for an attorney to have. Or a politician.

He has pulled off the greatest feat in political history, IMHO.

He has parlayed his considerable skills and intellect and knowledge and personal characteristics and his smooth talk and his good looks into becoming President of the United States of America.

And he has fundamentally changed America to make it reflect the dreams and ideas of his radical, third world, Marxist, revolutionary, Muslim fathers, mentors and teachers.

He has shown a callous, almost ruthless, disregard for the people he steps on, rolls over or makes suffer to achieve his political goals.

He has aided and empowered radical Islamist governments around the world and treated our traditional allies like bums.

There are ten million more people out of the job market under him.

Our country is now divided and tense from the political conflicts he's, indirectly, caused.

He is rolling out his alien agenda right before our eyes and no one has yet been able to lay a glove on him.

So, do you really think he's dumb enough to allow the dirt from his past to be easily found and allowed to bring his grand plan to a dead halt?

*pffft*

Be real.

He's not dumb like his dumb followers.

 

Cruz made $94,000 in a holding company 10 years ago long before he was elected to office and that's a big deal? Harry Reid and his shady land deal in 2001/2004 that got him $1.1 million makes Cruz look like an amateur. That happened while Harry WAS in office and he didn't disclose it either till he was caught by an AP reporter. The hypocrisy of the Democrats is simply breathtaking.

 

It's okay..... Liberals like their politicians corrupt and their unemployment high.



They think it shows how smart they are

 

Well, he still holds notes for that company, notes that are assets, assets that seemingly are offshore, assets that he twice failed to disclose.

 

It's the personal attack time for Ted Cruz. The sad part is, it could be McCain and McConnel behind it.

 

Or the NSA digging through his personal data.

 

^^^ Good chance of that too.... or IRS for political reasons.

They did it to Romney donators and Dr. Ben Carson.