While Goldman is best known for creating the revolving door, where it either soaks up SEC “regulators”, spawns countless central bankers, Treasury Secretaries like Hank Paulson (whose departure from the firm allowed him a tax free cash out on his vested GS equity), NJ governors and client fund comminglers like Jon Corzine, a new function was revealed today: providing sabbaticals for the spouses of presidential candidates. Case in point: Heidi Cruz, who left Goldman Sachs last year to help her husband Ted Cruz in his quest for the Republican presidential nomination, is returning to the bank in a newly created role in the Houston office.
According to Bloomberg which first reported the story, Cruz will focus on helping to win new clients, focusing on strategic relationships, and report to David Fox, head of private wealth management for the southwest region, according to a memo to staff on Friday.
Here is her latest bio:
Heidi Suzanne Cruz is an American investment manager at Goldman Sachs. She served in the Bush White House as the economic director for the Western Hemisphere at the National Security Council, as the director of the Latin America Office at the U.S. Treasury Department, as Special Assistant to U.S. Trade Representative Robert B. Zoellick, and as economic policy advisor to the 2000 George W. Bush presidential campaign. She is the wife of Republican Texas senator and former 2016 U.S. presidential candidate Ted Cruz.
Perhaps this answers the question why her husband Ted was unable to endorse Trump during the RNC.
While normally we would say that unlike Wells Fargo, at least Heidi won’t be instructing her minions to open fake accounts for ultra rich clients, now that Goldman is a full-scale bank, with a retail deposit operation, we can’t be so certain.
The silver lining is that for anyone who may have doubted where the Cruz family allegiance lies, we now have the answer.
Ironically, Heidi’s return to Goldman comes at the same time as Goldman reports that it has fired some 30% of all its Asian investment bankers.
And perhaps in related news, moments ago Politico reported that Ted Cruz is expected indicate his support for Donald Trump as soon as Friday.
“It is unclear whether Cruz will say only that he is voting for the Republican nominee, as other lawmakers have done, or offer a more full-throated endorsement, but the idea of throwing any support to Trump is controversial within Cruzworld.”
“If he announces he endorses, it destroys his political brand,” said someone who had worked for Cruz’s campaign.
A loss of a brand which can be quickly made whole with several bonus payments to the former presidential candidate’s wife.