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November 14, 2011

California Bankruptcies Show Jefferson County Cost of Failures

"John Moorlach, who became treasurer of Orange County, California, after it filed the biggest municipal bankruptcy in U.S. history in 1994, has some advice for the new record-holder, Jefferson County, Alabama.

'What they might be able to learn from us is: Who can you sue for bringing you to this crazy place?' said Moorlach, who got $800 million in settlements from Merrill Lynch & Co., Standard & Poor's, broker-dealers and bond counsel after the county's investment pool lost $1.7 billion when bets on interest rates soured."

Read more here.

November 14, 2011 in Current Affairs | Permalink

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