TITLE

Orange County vs. Enron

AUTHOR(S)
Hume, Lynn
PUB. DATE
December 2004
SOURCE
Bond Buyer;12/8/2004, Vol. 350 Issue 32025, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article focuses on the Orange County, California financial disaster which is considered the Enron of the municipal market. Some securities law experts and market participants are drawing that comparison 10 years after the county's December 6, 1994, bankruptcy filing. Others are wary of comparing the two debacles. Enron Corp. used an overly aggressive undisclosed accounting strategy that led to its demise as well as to a series of new governance and accounting reforms in the corporate market. Orange County used an overly aggressive, undisclosed investment strategy that resulted in its bankruptcy filing and focused federal regulators' attention on municipal issuers and their responsibilities in the municipal market.
ACCESSION #
15309034

 

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