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Grand jury: Street’s big bet ‘imprudent’
June 9th, 2009, 9:27 am · 11 Comments · posted by Ronald Campbell
UPDATED: For the full story, CLICK HERE.
The Orange County grand jury said this morning that OC Treasurer-Tax Collector Chriss Street’s $800 million bet on structured investment vehicles was “imprudent.”
But rather than blame Street, the grand jury focused on the Treasury Oversight Committee, a group appointed by county supervisors to keep an eye on county investments. It said that group was ineffective.
The full report is HERE.
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11 Comments
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Didn’t this same sort of thing happen with another OC finance official a decade ago? Also what’s with OC being the center of all the subprime mortgage companies? Are we gamblers in this county?
The entire Board of Supervisors is the biggest waste of OC taxpayers’ money. Recall them all! Pompous, bags of wind…All of them!
I so agree with you on this…
the bos are pompus windbags– well said– in particular Moorlack— what a waste of space.
Looks like the Board of Supervisors gets a big F for establishing effective oversight boards which cost us MILLIONS in taxdollars. Same with the Office of Independent Review (OIR) that is supposed to watch over the sheriff’s department. Another big joke and waste of money in the middle of an economic crisis.
Maybe the “bet” can be blamed on the “Oversight Committee”. I thought Street was in hot water for things like double billing for a PC etc. Time clean house this voting season and get rid of them all. What got me was Moorlach lambasting Citron for mismanagement in order to get elected. We have all these “committes”, “experts”, “professionals” etc. but the only thing they seem to be good at is arrogance. Bigger government always means bigger, more expensive problems.
Can’t we just impeach ALL of them? LOL
im bruja ‘58 dammit, and im not laughing out loud! where the hell is the money!
SHOW THE WOMEN!!
stop this now— i want a BILION WOMAN MARCH ON ORANGE COUNTY whatever the heck they call the stupid building!
this is waaaaaaaaaaaay passed funny!
SHOW US THE $$$— MEN dammit
or pay us back!!
Christopher Street and John Moorlach (when he was Treasurer) both “invested” in these high risk speculative pieces of paper. They are worthless. If you are okay with working and allowing them to take money from your children’s mouths and future only to wipe their as$ with it, they keep on voting for them.
Terry Fleskes’ comments sure got a lot of coverage in the paper, even a photo. Fleskes…Fleskes.. now where do we know that name? Ahhh, now we remember… Terry Fleskes is Vice President, Controller at Sempra Energy Solutions in San Diego. Sempra has contributed many times to the political campaigns of Supervisor John Moorlach. Moorlach is already on record saying that he did not like the way the Grand Jury operates. And, by now we know Moorlach would do just about anything to discredit Street. Could that include manipulation of the Jury outcome by a donor? Just a thought….
Maybe its because Moorlach was born in the Netherlands that he thinks the way he does.