The liquidity of the Orange County Treasurer’s Investment Pool was hammered last week when the City of Tustin withdrew $40 million and the State of California announced its intentions to soon pull out another $90 million. It was also reported that no other member of the Auditor-Controller bureaucracy is willing to accept the head job, [...]
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Like the Titanic a hundred years ago that ignored warnings and ran full-speed into a massive iceberg, Orange County is taking enormous financial risks rather than addressing their gapping cash-flow deficit. To stay afloat the county resorted to making $518 million illiquid and unsecured interest rate wagers funded mostly from the payroll and savings account funds [...]
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