Goldman Sachs Doesn’t Manage Texas Utilities
The Claim
Heidi Cruz, Senator Ted Cruz’s wife, is an executive at Goldman Sachs, who manage and profit from Texas utilities.
News posted on
Emerging story
The first known incidence of this claim can be found in a Facebook post made on February 21, 2021. It states that Goldman Sachs oversees Texan utility companies and implies that, since Heidi Cruz is the managing director of Goldman Sachs, she has an interest in keeping utility costs high.
The claim soon took off across social media platforms.
Misbar’s Analysis
Due to this year’s freezing weather, utility costs in Texas have been skyrocketing. It has put many Texans in the difficult position of paying thousands in heating costs or risking hypothermia. Senator Ted Cruz’s response has been widely criticized, especially his spontaneous trip to Cancun, Mexico. This is likely why the claim about his wife's involvment went viral.
Misbar's investigation found that Heidi Cruz is certainly the managing director at Goldman Sachs. However, Goldman Sachs doesn’t own any energy companies in Texas.
They used to, however. Goldman Sachs bought TXU Corp, a Texan energy company, in 2007. That company went bankrupt following the natural gas boom. After closing down their coal plants, they declared bankruptcy in 2014.
Perhaps the originator of the claim didn’t know said company declared bankruptcy, but considering this evidence, the claim is false.
