News - Orange County's Financial Waters: Echoes of Past Exploits

Orange County, notorious for its history of involvement in looting, is on unstable financial footing once again. Past incidents, such as Pirate Hipolito Bouchard's 1818 attack on the San Juan Capistrano mission and Treasurer Robert L. 'Bob' Citron's risky financial maneuvers in the 1990s, serve as warnings for today's actions. Citron's high-risk investment strategies, initially lucrative, turned disastrous when interest rates changed, resulting in bankruptcy. With the transfer of investment authority from the Treasurer to the County Executive Officer and the disbanding of key oversight committees, former California state senator and Orange County official John Moorlach raises concerns about potential financial instability. The weighted average maturity of investments has increased, sparking fears of another financial collapse similar to the past. Moorlach highlights the lack of attention from media and financial analysts, suggesting that the county might be ignoring impending financial errors as it did in the 1990s. The absence of thorough reporting and analysis, despite historical lessons, creates unease and implies that the county may be poised to repeat a cycle of recklessness, driven by greed and lack of oversight.