Word: citron
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...trouble began with former treasurer Robert Citron, who has since pleaded guilty to misappropriation of funds. Yet the bankruptcy need not have been ruinous. Orange County is vastly rich: its gross economic output of $77 billion is about the same as Greece's. According to a study, the proposed sales-tax increase of a half-cent per dollar would have cost the average resident only $50 a year while reaping $140 million in tax revenue, enough to procure a new loan to cover the county's maturing obligations...
TREASURER ROBERT CITRON...
...came last Tuesday, one day after Citron resigned and CS First Boston demanded immediate repayment of a $1.2 billion loan that the treasurer had used to buy bonds. County supervisor Harriett Wieder awoke before dawn to the sound of a police officer pounding on her door and summoning her to an emergency briefing. By 11 a.m. California time, Orange County's troubles were the talk of regulators in Washington. At 5:30 p.m. the county filed for bankruptcy protection to prevent other creditors from calling their loans and selling the fund's bonds that they held as collateral...
...Citron, he remained at home and out of sight after surrendering his $100,000-a-year job and declaring that "what I did was not irresponsible in any manner, shape or form." When Citron's investment strategy came under attack earlier this year, Bert Scott, who heads the Orange County General Services Agency, said, "It's like he walked down the street, and someone just stepped in front of him and punched him in the stomach. This has taken him totally by surprise." Even more surprising, perhaps, has been the revelation that this shy, bespectacled public servant had this kind...
Facing losses of at least $1.5 billion in its investment portfolio, Orange County, California, declared bankruptcy. The announcement followed the resignation of county treasurer Robert Citron, whose high-risk investment strategies triggered the crisis. The greatest municipal bankruptcy in U.S. history, the disaster sent stock and bond prices tumbling...