The L.A. Times is reporting that “Four of the seven public agencies that voluntarily participate in Orange County’s investment portfolio have withdrawn almost all their cash in recent months amid concerns over Treasurer Chriss Street, and others are reviewing whether to keep their money in the pool, according to public finance managers.”
While “Voluntary investors in the pool make up a small fraction of the total, and the amount withdrawn — just under $4 million — is a pittance in the county’s overall $6.95-billion investment fund.,” these withdrawals still “reflect the unease with which some public officials regard Street and underscore the county’s continued aversion to financial risk 14 years after it filed for bankruptcy.”
Don’t forget folks, Street was brought to you by the folks at the OC GOP machine, and over at the Red-faced County Blog. Remember this when they ask you for your support. Some of them are running again this year, including O.C. Supervisor Bill Campbell.
One more quote from the Times: “It was right when it started with Street, and we decided to pull our money out,” said Trudy Ohlig-Hall, a board member with the Mesa Consolidated Water District, which withdrew $1.75 million from the investment fund. “We just said, ‘We’re not comfortable with the situation, and we just need to make sure our money stays safe.’ “
Don’t forget folks, Street was brought to you by the folks at the OC GOP machine, and over at the Red-faced County Blog.
Explain that whopper, genius. Street was elected in this thing called an “election” by people known as “voters.” Trying to pin it on me is plain stupid (and par for the course for you).
Now quickly – hide! I hear the black helicopters coming for you , Art!
With the kind of press Street has been getting, some kind of run on the bank is inevitable. Let’s just hope it does not turn into an avalanche.
When I attended political meetings in 2006 to learn about candidates, Chriss Street made clear that he had the backing of the county GOP machine. Those who were supporting him are now taking cover, saying “You can’t pin that one on us!” Street comes across as a fast-talking con artist, and agencies are wise to protect their funds from him. Anyone who has read the articles about Fruehoff has to notice Street has no respect for what belongs to others.
The county GOP is in disarray because it’s been overtaken by those who intend to profit with the placement of corrupt politicians in office. The damage they have inflicted on the county Republican Party is immense.
I appreciate the writers at Orange Juice pointing out what “Red County” is all about. Red County employees are on the payroll of a lobbyist, but they try to look like the voice of the Republican Party. They are a sham, and Orange Juice has blown their cover. No wonder they are clawing the air.
Seems to fit in with the image of OC a the epicenter of white collar misdeeds, from boiler room charities to sub-prime lenders. Does anyone besides me every wonder why our county seems to attract these wheeler-dealer types? Perchance our Republican leaders should learn to look beyond the surface and not be dazzled by entrepreneurs who suddenly appear on scene with lots of glitzy and expensive trappings. So often they are engaged in less than straightforward business activity that eventually leads to downfall, embarrassment and sometimes jail.
Well, public school districts in OC have no problem with turning over thier surpluses at the end of every year to Street and his “investment pool.” It’s the perfect place to hide tens of millions of dollars and not have to report it to the local community. So when districts such as SAUSD say they are broke, we believe them. The irony is that while the surpluses should really be invested in the students, its invested in the investment pool and the pockets of brokers and local politicians. Its the biggest scam in the county. Wouldn’t it be great to know how much money SAUSD, OUSD,and other districts have in this pool? Its on public record at the OC Treasury office, but they will give every excuse in the book not to furnish it to the average joe.