Advertisement

ORANGE COUNTY BANKRUPTCY / Merrill Lynch Criminal Investigation
Settlement

Voices

June 20, 1997

"It was in everybody's best interest that we reached that resolution. We got everything we could possibly hope to achieve, and we did it at substantial savings to the taxpayers of Orange County. . . . I don't know how you could possibly hope to achieve any more favorable a result."

Orange County Dist. Atty. Michael R. Capizzi

*

"I'm interested in knowing what they're going to do with that extra [money]. I can think of a lot of things other than debt. They are putting a lot of money aside to pay off the debt early. I hope they're not tempted to add this to that but will put it into the social services area and health services that have been cut so badly, and get them back up to where they should be."

Jean Askham, president of the Orange County League of Women Voters

*

"It removes us from the criminal area entirely and puts it back in the civil arena. And that's where we want it. . . . [The district attorney's office] must have concluded that we did not set out to harm anyone, that we acted in good faith."

Paul Critchlow, spokesman for Merrill Lynch & Co.

*

"What the settlement says to me is that Merrill Lynch was afraid of an indictment. . . . [I'm] disappointed that Merrill Lynch didn't get indicted. They made some serious errors in judgment that found them in violation of state codes. I think Merrill Lynch did what was right for Merrill Lynch. I think Merrill Lynch, which was probably more concerned about public relations, has found a way to ease the negativity. But the fat lady hasn't sung yet."

John M.W. Moorlach, Orange County treasurer-tax collector

*

"This is the area of focus that the prosecution should have been using all along, the one that seemed to many people to be the most fruitful. It's an offense involving dollars, and if you can't put a corporation in jail, you might as well get the dollars to help make the county whole. . . . Assuming that the county can still go forward with a civil lawsuit, then this seems to be an appropriate thing, and it seems to me that the D.A. should be commended for obtaining these kinds of dollars."

Allan H. Stokke, attorney for Board of Supervisors Chairman William G. Steiner

*

"I'm not surprised. I'm glad that they've come to some sort of agreement. I'm sure there's errors made on both sides of this issue. The county is the one that did all this, but I'm sure Merrill Lynch's hands aren't lily white. . . . I doubt if anybody [from Merrill Lynch] goes to jail. I do think that Merrill Lynch has some guilt to bear in this, mostly through [bond salesman] Michael Stamenson. But it doesn't upset me that this absolves them from going to jail."

Shirley Grindle, Orange County government and campaign-finance reform advocate

Advertisement
Los Angeles Times Articles
|
|
|