Orange County Supervisors Vote to Do Business With Merrill

Finestone, Deborah
June 2003
Bond Buyer;6/6/2003, Vol. 344 Issue 31651, p5
Trade Publication
The Board of Supervisors in Orange County, California, voted earlier in the week ending June 6, 2003 to renew business ties with Merrill Lynch & Co. Inc., nine years after the county accused the firm of recommending risky investments that contributed to its historic bankruptcy. The board approved using the firm as a broker-dealer for securities purchased by the county's $5 billion pooled money investment fund. County Treasurer-Tax collector John Moorlach said the county's current investment policies and procedures, including the existence of an oversight committee, are designed to prevent risky investments like those that caused Orange County to lose $1.6 billion in 1994 and seek protection from creditors with the largest municipal bankruptcy filing in U.S. history.


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