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Cruz: Financial Institutions And Wall Street Engage In Crony Capitalism

Although Ted Cruz's wife Heidi works as a managing director for Goldman Sachs in Houston, Ted Cruz had no problem calling them out.

Cruz shared his opinion on 'crony capitalism' and the firm by saying, “Goldman is one of the biggest banks on Wall Street, and my criticism with Washington is they engage in crony capitalism. They give favors to Wall Street and Big Business, and that’s why I’ve been an outspoken opponent of crony capitalism, taking on leaders in both parties.” Cruz also said, “I think they’re entitled to practice their business, but without subsidies or special benefits.”

With his statements, Cruz mentioned the Dodd-Frank Act and its inability to stop "too-big-to-fail" institutions from growing. After the 2008 financial crisis, Goldman Sachs received $10 billion in taxpayer money from the Treasury, repaying the funds with interest in less than a year. Of his wife Cruz said, “I am unabashedly proud of everything about Heidi,” stating that he did “mention the fact that she had an incredibly successful business career.” To help with the campaign, Cruz's wife is taking an unpaid leave of absence.

Photo: Allan West Republic

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