Here’s how Orange County went broke 25 years ago

[Gunnar Larson]

https://www.ocregister.com/2019/12/06/heres-how-orange-county-went-broke/amp/

The scene, 25 years ago this month, could have been lifted from a mob movie:

Ten top power-brokers in Orange County government headed to an exclusive
Italian restaurant for a secret Saturday dinner. Strung out from a string
of all-nighters — they’d been working to keep the county’s $20 billion
investment pool from imploding — the meal was to be a pressure-reliever, a
breather, a reward.

Despite the headlines just two days earlier — “O.C. fund down $1.5 billion”
—  it seemed, on Dec. 3, 1994, that things might work out. During marathon
calls with Wall Street brokers and local city bureaucrats they’d delivered
a smooth new mantra — *“It’s just a paper loss. Everything’s under control…
Don’t panic!”*
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