Word: lynching
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Dates: during 1990-1999
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...high-rolling wizard when it came to public money. In 1979 Citron helped change a state law to allow counties to - borrow vast amounts through arrangements called reverse repurchase agreements. Such deals permit treasurers to take out what amount to short-term loans from firms like Merrill Lynch and invest the proceeds in longer-term bonds that pay more interest. In pursuit of this strategy, Citron added a boggling $12.5 billion of borrowed bonds to the $7.7 billion of public funds that he supervised...
...frantic days that followed, Orange County authorities strove to reassure residents that life after the bankruptcy filing would go on as usual. Officials said the filing would have "no impact" on county police, fire and paramedic services and noted that a $2 billion emergency loan from Merrill Lynch would help meet payrolls. Yet despite the brave words, the county defaulted on a $110 million issue of bonds that had raised money for pensions...
...aftermath of the bankruptcy filing soon led to finger pointing. Holders of Orange County municipal bonds sued county officials as well as Merrill Lynch and Smith Barney, claiming the firms had concealed "reckless investment practices." Not to be outdone, the county sued Nomura Securities for ignoring the bankruptcy filing and selling $900 million of bonds that it held as collateral; county officials indicated that they would sue other firms that had dumped bonds as well. And the Securities and Exchange Commission widened its investigation of the financial collapse by subpoenaing Merrill Lynch to testify...
...high inflation and higher interest rates, two China funds mentioned in an earlier column, a Turkey fund I bought because international expert Barton Biggs was quoted in the press as liking Turkey (maybe he meant to visit), and a handful of issues recently favored by Fidelity's Peter Lynch...
Being the writer for Lynch's books ought to give me an advantage in such matters, but I've shown a proven talent for ignoring his many winners and attaching my money to the small number of duds. This includes Sunbelt Nursery, down about 80%; 50-Off Stores, which is more than 50 off since I bought it; and D&N Financial and Supercuts, all of which are under water...