Republican presidential candidate Ted Cruz has long been critical of corporate welfare and Wall Street bailouts. Now, critics are accusing the presidential candidate of hypocrisy, as some of Cruz’s biggest supporters are these same Wall Street millionaires he’s targeting.
Questions on Cruz’s reliance on Wall Street come after reports that Cruz’s campaign has received over 18% of it’s funding from the financial industry, according to the Center for Responsive Politics, a Federal Election Commission
Some $22 million in donations have come in from bankers.
But according to Cruz defenders, that’s not a conflict of interest. Many wealthy donors support Cruz’s proposed tax plan, according to The Wall Street Journal, and see it as highly beneficial to both their businesses and their personal finances.
picked up the backing of a big Texas billionaire, his campaign reported.
Darwin Deason, a technology entrepreneur, and his son, Doug, had given millions of dollars to the 2016 efforts of former Texas Gov. Rick Perry, who ended his bid for the White House last month.
Cruz called his own fundraising “astonishing” and said it’s “positively nuts” that he’s in some ways in a stronger financial position than Bush.
“There are some other campaigns that have a lot of high-dollar donors and bundlers, but not much grassroots support,” he said, speaking just a few miles away from where the Bush family was rallying around Jeb Bush at an event for his donors.
Earlier this year, Darwin Deason poured $5 million into pro-Perry super PACs — making him one of the biggest contributors in presidential politics. After Perry’s withdrawal from the race, the super PACs returned much of that money.
Cruz also has super PACs working on his behalf. Those groups can take unlimited amounts from donors, while the campaigns themselves cannot accept contribution checks from each donor of more than $2,700 per election.
When super PACs are factored into the mix, Cruz’s fundraising is second only to candidate Jeb Bush’s in the GOP field. Together, the pro-Cruz groups had raised at least $64 million by the end of September, fundraising documents show.
The Deasons are marquee names for Cruz, but he has quietly consolidated the support of many former donors to Perry and another 2016 dropout, Wisconsin Gov. Scott Walker. The Cruz campaign added five other former Perry backers to its finance team, officials said on Monday.
The Associated Press contributed to this article
TED PERANTINIDES says
GOD HELP THE U.S.A. IF CRUZ IS PRESIDENT.
pat kelley says
I’ll take him over Hillary if it comes down to a choice !
I used to vote hoping that I would elect the winning horse, but that stopped after I held my nose and voted for Bob Dole. Since then I vote for the candidate that best represents my viewpoints which has always been an independent that will not get elected (I KNOW ) but after the election I’m not cursing myself for voting for a loser that the two parties agreed before the election would be fall guy.
God help the USA if he’s not the President !!!!!
Andi Price says
That’s the plan, Ted. Maybe, finally, God will help us.
Al Schmidt says
You must be a liberal.
Ted Cruz is a decent, intelligent, God-fearing, patriotic American. All Americans, Wall Street included, would benefit from having a man of his caliber in the Oval Office. Ted Cruz is a breath of fresh air in Washington.
Bud Wood says
You’re correct. Only the fat cats are concerned that Cruz may becomes the POTUS.
Al Schmidt says
Ted Cruz is the only true Constitutional Conservative running for POTUS. Both Democrats & the Republican Elite fear him as he would destroy doing business as usual. He believes in all of the Constitution!
So we tell wall street to stop funding all candidates???? I guess the BILLIONS Trump has never touches Wall Street? I guess the self funding Trump is doing does not REALIZE I get email every day asking for ……..FUNDS for Trump?? Wall Street IS going to fund every candidate period!!! They ALWAYS HAVE AND ALWAYS WILL!! Grow up!! No unicorns allowed in conservative ranks! Only reality here!
Moe Verner says
Billionaires can buy elections and you’re saying “oh well”? I guess you’re looking forward to a corporate oligarchy. Money in politics is not patriotic. It is not what democracy is about. If you care about that issue, don’t support anyone who’s bought out by big money.
John Wahlgren says
Ted Cruz is a true conservative and has shown it many times over in the past.I will support him.
Eric Schaade says
Ted Cruz is the best candidate for president. Consistently conservative and we need a guy like him to unscrew 8 yrs of uncle Obama.
bob arnold says
while Ted is a good man I cannot understand why people would not rather have a governor who has proved himself in his state and running it successfully instead of these times to have an on the job training from the same people from congress who ever body is against
Justin W says
Wall Street may have enough sense to realize that a financial collapse caused by a mountain of government debt would not be in their best interest. When President Obama leaves office America will be in debt for approximately $20,000,000,000,000. That doesn’t count future obligations for things like Social Security.
In 2016 voters are going to have to choose between two radically different ideologies. The Democrats believe in more government control, more taxes, more spending and more debt. The Republicans believe in less government, less taxes, less spending and reducing the federal debt. The choice we make is going to affect our nation for generations to come.
Moe Verner says
It’s not totally black and white. Republicans believe in more military spending, while Democrats tend not to… except Hillary, of course. A whopping 15% of total federal spending goes into the military. That doesn’t include Veteran benefits. What percentage of total federal spending goes to Veterans? A sad, measly 4%. Don’t expect republicans to give more money to Veterans. They never have.
Cruz has a job he isn’t doing now. He is just a big mouth that just attacks Obama in every sentence. Cruz or Rubio mean a landslide win for Clinton . The voters are tired of talk talk talk .
Obama is the one not doing his job! His job is to protect Americans and secure our borders. He’s too busy playing golf, hobnobbing with celebrities and race baiters! Can’t wait for him to be gone! Cruz 2016!!!!
Andi Price says
I see Cruz in the Senate chamber and present for votes consistently. What ‘job’ are you referring to?
bob arnold says
I am afraid you are right, we need a seasoned governor with accomplishments that have been tested
You are the typical Liberal! When you hear the truth you hide from it. I would listen if you could disprove anything this very smart man has to say!
Daniel S Smith says
Cruz has experience fighting in the belly of the beast – Congress and K Street. Left a high paying job to be a senator. Wife took unpaid LOA from a high paying job to not have a perceived conflict of interest. Ted Cruz has actually defended the 2nd Ammend. s number of times before the SCOTUS and won them all! We do not need someone who can or has run a state. We need a PATRIOT that knows the Constitution and will defend it!
Retired US Marine
Ted Cruz was born in Canada his parents are from Cuba!Not a natural born citizen!Cruz holds allegiance to another sovereign country!NO WAY!Voting Rand Paul!!!