Tuesday, August 30, 2011

Orange County, CA, may go bankrupt...again???

Second District Supervisor John Moorlach warned in a weekend editorial in the Register that the county is poised at the edge of bankruptcy – again.
Thus spake Orange County Second District Supervisor John Moorlach, who was the county treasurer for 12 years--following the first Orange County bankruptcy in 1994. That time, it was the result of bonehead financial decisions made by the previous treasurer, Robert Citron, who thought investing public money in complex derivatives was a great way for the Republicans of Orange County to avoid paying taxes. This time? It sounds like a combination of factors, but the tax phobia of Orange County residents is a perennial fact of life for county officials.

No comments: