December 3, 1994 |
At the end of October, Orange County Water District Treasurer Andrew Czorny got a directive from his board: Look into alternatives to keeping the district's $110-million rainy-day fund in the county investment pool. The board's unease over its money--90% of its investment portfolio--was understandable. By then, the pool managed by Orange County Treasurer/Tax Collector Robert L. Citron was earning about 6% a year, with a fantastically high degree of risk.
December 3, 1994 |
Wall Street went on the defensive on Friday, downplaying concerns about massive fallout from the Orange County investment fund's troubles and defending the use of so-called derivative securities against another barrage of political criticism. Merrill Lynch & Co. and Morgan Stanley Group, each of which has lent the $18.5-billion Orange County fund about $2 billion with which to buy bonds on credit, said their loans were fully collateralized and that they had no reason to fear losses.
April 20, 1997 |
Americans' love affair with the stock market is even more passionate in Orange County, where half of all residents own stock, compared with 43% nationwide, according to a recent Times Orange County Poll. Although county residents still consider their houses to be their biggest single asset, the poll findings clearly demonstrate the region's shift away from real estate and into the stock market as a means of saving for the future and building wealth.
December 2, 1994 |
The potential debacle brewing with Orange County's public investment fund will probably slam the California municipal bond market in coming days, but the damage isn't likely to be permanent, many analysts say. That means most investors who directly or through mutual funds own tax-exempt muni bonds issued by or tied to Orange County--or bonds from the other issuers that have money invested in the O.C. fund--should avoid panicking and selling.
December 22, 1994 |
The criminal inquiry into former Orange County Treasurer-Tax Collector Robert L. Citron's office focuses on whether he warned investors that the county's portfolio was losing value and on how he planned to guard against losses, according to search warrants served this week.
CALIFORNIA | LOCAL
June 15, 1990
A securities dealer has been indicted for allegedly masterminding a scam that bilked 35 investors out of more than $1.3 million, prosecutors said Thursday. Robert Corsaut, 46, is charged with 39 counts of mail and securities fraud--crimes he allegedly committed to carry out an 18-month scheme run though his company, Alpha Trust. A federal grand jury in Los Angeles returned the indictment this week, Assistant U.S. Atty. John Walsh said. Corsaut, who moved to Tulsa, Okla.