(POLITICO) NEW YORK — On Monday, assorted bankers, traders and Wall Street lawyers will gather inside the neo-Georgian walls of the Harvard Club in midtown Manhattan to write big checks to an unlikely recipient: Ted Cruz.
Cruz, who attended Harvard Law School, isn’t one to trade too heavily on old school ties and friendships at the likes of Goldman Sachs, where his wife works. On the campaign trail, the Texas senator has railed against Wall Street “crony capitalism,” ripped giant banks as “too big to fail” and wrapped himself in populist garb in his quest to take down Donald Trump. But now he’s desperate: Cruz, who has already received $12 million in support from the financial industry, needs Wall Street money more than ever.
If he is going to keep Trump from getting the 1,237 delegates he needs to secure the nomination before the GOP convention, Cruz will have to spend heavily on the airwaves in the remaining primary and caucus states, especially California, which closes out the voting on June 7. Cruz ended February with $8 million in the bank. His campaign says he pulled in $12 million — only a modest haul, for this stage of the campaign — in March, but that money will evaporate quickly during the final sprint.
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