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ORANGE COUNTY IN BANKRUPTCY : BOND TICKER : Next Senate Hearing Will Focus on Wall Street Bond Raters, SEC

February 18, 1995

Officials from bond credit rating agencies and the Securities and Exchange Commission are likely to be summoned to testify at the March 3 state Senate committee hearing on Orange County's bankruptcy, according to Scott Johnson, counsel for the committee.

Attempts will also be made to subpoena former Assistant County Treasurer Matthew Raabe again, Johnson said.

Raabe evaded being subpoenaed for Thursday's committee hearing. A note from his doctor, delivered to county officials by his ex-wife, said he was too ill to work.

At the next hearing, to be held at Irvine City Hall, lawmakers want to question Wall Street rating officials who gave high marks to Orange County bonds, some of which later defaulted, and rating analysts who said there was little to be concerned about regarding the Orange County investment pool. Senators also want to quiz the SEC, possibly its chairman, Arthur Levitt, said Johnson.

Compiled by Shelby Grad, with Lee Romney, Debora Vrana, Gebe Martinez and Mark Platte.

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