Public agencies pulling money out of Chriss Street’s reach

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that “Four of the seven public agencies that voluntarily participate in Orange County’s investment portfolio have withdrawn almost all their cash in recent months amid concerns over Treasurer Chriss Street, and others are reviewing whether to keep their money in the pool, according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While “Voluntary investors in the pool make up a small fraction of the total, and the amount withdrawn — just under $4 million — is a pittance in the county’s overall $6.95-billion investment fund.,” these withdrawals still “reflect the unease with which some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.’ “


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"Admin" is just editors Vern Nelson, Greg Diamond, or Ryan Cantor sharing something that they mostly didn't write themselves, but think you should see. Before December 2010, "Admin" may have been former blog owner Art Pedroza.