• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint
Share this Page URL
Help

Part: 3 Colossal Blunders > An Orange Squeezed

Chapter 13. An Orange Squeezed

Orange County, California, is located just south of Los Angeles County. With 2.5 million residents, it is the fifth most populous county in the United States. The home of Disneyland and sunny beaches, it is also a popular tourist destination. The economy in Orange County is strong and diversified. In addition to tourism, the county boasts aerospace, real estate, and oil-refining industries. Indeed, the economy in the county is one of the strongest in the nation. If Orange County were its own country, its 1993 GDP of $74 billion would have ranked it the eighth largest in the world.[1]

This county also holds another distinction. Among all this prosperity, it had to file for bankruptcy protection—the largest municipal failure in history. The bankruptcy was the result of an investment blunder by the county treasurer, Robert Citron, who in 1994 lost $1.7 billion.


PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint