4 ms·

Didn't Orange County go bankrupt at least once?

• serf 2y ago
  yeah in 94, and the reasons were ridiculous.[0] [0]: https://merage.uci.edu/~jorion/oc/case.html https://merage.uci.edu/~jorion/oc/case.html
  • throwaway2037 2y ago
    Wiki says: > In 1994, an investment fund meltdown led to the criminal prosecution of treasurer Robert Citron. The county lost at least $1.5 billion through high-risk investments in bonds. The loss was blamed on derivatives by some media reports.[46] On December 6, 1994, the County of Orange declared Chapter 9 bankruptcy,[46] from which it emerged on June 12, 1996.[47] The Orange County bankruptcy was at the time the largest municipal bankruptcy in U.S. history.[46]
    • 1oooqooq 2y ago
      > orange county > mr citron is Disney writing this?
  • fblp 2y ago
    This seems like similar market conditions that led to First Republics collapse (over investment on long term bonds that lose value when interest rates go up)