Robert Lafee Citron was the treasurer and tax controller of the Orange County, California. Citron has direct control on the handling of the Orange Country fund and he went to the repo market to leverage the fund. In December 1994, the Credit Suisse First Boston blocked his rolling over repos and the Orange County filed for bankruptcy protection. Citron pled guilty for numerous felony counts and the bankruptcy caused the loss of jobs for 3,000 public employees. He was ordered to perform 1000 hours of community services and serve 5 years of supervised probation. Citron never spent any time in prison.
Now that we once again dare to go outside and bask in some springtime sun, our minds start to turn…
If you want a change from the usual Christmas drinks this Christmas, check out this list of the top 10…
Backpacking along less traveled paths can be very dangerous! There are a few tips to keep in mind, that are…
Traveling with someone you are new to, or if you have been together for a while, can be tricky. Not…
While this may seem a little bizarre, you can turn any vacation into an education experience. Learn can be fun,…
No matter where you go in the world, there are always tours you should take. Here are our top 10…