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Orange County Defaults On $110 Million Pension Bond
ANTA ANA Calif In the first default related to its troubled investment fund Orange County missed payment on a 110 million pension bond The county declared bankruptcy after disclosing a 15 billion loss in risky investments Moody's lowered the bond rating to junk status Reports said county supervisors were warned last year about risky investments involving Treasurer Robert Citron who resigned last weekend The audit warned of risky and unusual transactions without consulting the investment committee Citron called investing an inexacting art and said he did not recall the audit or his response.
MENTIONED IN THIS ARTICLE
Anta Ana
Calif
Orange County
Ernie Schneider
California
Moody's Investors Service
Moody’s
Los Angeles Times
Orange County Register
Robert Citron
Citron
Steve Lewis
the Times