Is Chriss Street leading O.C. to another bankruptcy?

Last time the County of Orange went bankrupt, some Republicans blamed the Democrats because the O.C. Treasurer, Bob Citron, was a Democrat. Who will they blame this time? The O.C. Register is reporting that Chriss Street, the current O.C. Treasurer, has “another investment problem, potentially affecting as much as 14 percent of the county’s $6 billion investment portfolio.”

Here are a few excerpts from the Register’s article:

Moody’s Investors Service has announced that it may downgrade $105 billion in structured investment vehicles, including 11 in which Orange County has invested $460 million. A downgrade would reduce the securities’ sale value. Orange County is the only major government agency in California to put public money into this controversial type of security.

Treasurer-Tax Collector Chriss Street

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