Meanwhile in Orange County, County supervisor Andrew Do has apparently stolen millions in Covid relief funds via the “Viet America Society”, a do-nothing nonprofit nominally run by his daughter.
> In 1994, an investment fund meltdown led to the criminal prosecution of treasurer Robert Citron. The county lost at least $1.5 billion through high-risk investments in bonds. The loss was blamed on derivatives by some media reports.[46] On December 6, 1994, the County of Orange declared Chapter 9 bankruptcy,[46] from which it emerged on June 12, 1996.[47] The Orange County bankruptcy was at the time the largest municipal bankruptcy in U.S. history.[46]
This seems like similar market conditions that led to First Republics collapse (over investment on long term bonds that lose value when interest rates go up)
https://laist.com/news/politics/orange-county-andrew-do-supe...