Orange County 1994
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When Government Fails
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Author : Mark Baldassare
language : en
Publisher: Univ of California Press
Release Date : 1998-06-01
When Government Fails written by Mark Baldassare and has been published by Univ of California Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-06-01 with Social Science categories.
When Orange County, California, filed for Chapter 9 protection on December 6, 1994, it became the largest municipality in United States history to declare bankruptcy. In the first comprehensive analysis of this momentous fiscal crisis, Mark Baldassare uncovers the many twists and turns from the dark days in December 1994 to the financial recovery of June 1996. Utilizing a wealth of primary materials from the county government and Merrill Lynch, as well as interviews with key officials and players in this drama, Mark Baldassare untangles the causes of this $1.64 billion fiasco. He finds three factors critical to understanding the bankruptcy: one, the political fragmentation of the numerous local governments in the area; two, the fiscal conservatism underlying voters' feelings about their tax dollars; three, the financial austerity in state government and in meeting rising state expenditures. Baldassare finds that these forces help to explain how a county known for its affluence and conservative politics could have allowed its cities' school, water, transportation, and sanitation agencies to be held hostage to this failed investment pool. Meticulously examining the events that led up to the bankruptcy, the local officials' response to the fiscal emergency, and the road to fiscal recovery—as well as the governmental reforms engendered by the crisis—When Government Fails is a dramatic and instructive economic morality tale. Eminently readable, it underlines the dangers inherent in a freewheeling bull economy and the imperatives of local and state governments to protect fiscal assets. As Baldassare shows, Orange County need not—and should not—happen again.
Hearing On The Orange County Bankruptcy Dec 19 1994
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Author : California. Legislature. Senate. Special Committee on Local Government Investments
language : en
Publisher:
Release Date : 1994
Hearing On The Orange County Bankruptcy Dec 19 1994 written by California. Legislature. Senate. Special Committee on Local Government Investments and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Debts, Public categories.
Focus
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Author : Dan Harrison
language : en
Publisher:
Release Date : 1994-01-01
Focus written by Dan Harrison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-01 with categories.
Lessons From The Orange County Bankruptcy
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Author : Philippe Jorion
language : en
Publisher:
Release Date : 1998
Lessons From The Orange County Bankruptcy written by Philippe Jorion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
On December 6, 1994, Orange County became the largest municipality ever to file for bankruptcy. This dramatic action was prompted by a loss of $1.64 billion on the Orange County Investment Pool that became quot;realizedquot; as the pool was liquidated. This study provides an update to the Orange County situation and discusses whether the bankruptcy and liquidation were necessary. The bankruptcy decision seems to be justified by the fact that the county was facing liabilities far in excess of its assets. Indeed, the bankruptcy court has ruled that the county's petition was entirely appropriate as it was insolvent at the time of the filing. The liquidation decision, however, involved a substantial opportunity loss, as the subsequent drop in interest rates would have led to a recovery of the portfolio. Whether liquidation was appropriate cannot be judged by the path of interest rates after the fact. The article illustrates how the value at risk methodology could have been used to estimate the risks of the portfolio prior to the facts. By December 1994, there was an estimated 5% probability that the portfolio would suffer a further loss of $1.1 billion or more over the following year.
Orange County Perspective 1994
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Author : Gayle H. Thompson
language : en
Publisher:
Release Date : 1994
Orange County Perspective 1994 written by Gayle H. Thompson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Florida categories.
Selected News Releases Concerning The Orange County Bankruptcy Released December 6 1994 June 12 1996
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Author :
language : en
Publisher:
Release Date : 1994
Selected News Releases Concerning The Orange County Bankruptcy Released December 6 1994 June 12 1996 written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Fiscal policy categories.
Consists of statements concerning the Orange County bankruptcy released to the public under the following titles: News release (Sitrick, Krantz & Company, Inc.) ; News release (County of Orange Press Information Office) ; Press advisory (County of Orange Press Information Office) ; Press release (County of Orange Press Relations Office) ; Media advisory (County of Orange Media Information Office) ; News release (County of Orange Media Information Office) ; Orange County press release ; Media release (Office of the District Attorney (Orange County, Calif.)). Also contains one untitled statement released by the County of Orange Integrated Waste Management Department, and one untitled statement released by the County of Orange Office of the Treasurer-Tax Collector.
The State Of Our Children
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Author : Children's Hospital of Orange County (Calif.)
language : en
Publisher:
Release Date : 1994
The State Of Our Children written by Children's Hospital of Orange County (Calif.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Children categories.
Selected News Releases Concerning The Orange County Bankruptcy Released December 6 1994 June 19 1996
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Author :
language : en
Publisher:
Release Date : 1994
Selected News Releases Concerning The Orange County Bankruptcy Released December 6 1994 June 19 1996 written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Fiscal policy categories.
Consists of statements concerning the Orange County bankruptcy released to the public under the following titles: News release (Sitrick, Krantz & Company, Inc.) ; News release (County of Orange Press Information Office) ; Press advisory (County of Orange Press Information Office) ; Press release (County of Orange Press Relations Office) ; Media advisory (County of Orange Media Information Office) ; News release (County of Orange Media Information Office) ; Orange County press release ; Media release (Office of the District Attorney (Orange County, Calif.)). Also contains one untitled statement released by the County of Orange Integrated Waste Management Department, and one untitled statement released by the County of Orange Office of the Treasurer-Tax Collector
Orange County 1994
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Author : McCormack's Guides, Incorporated
language : en
Publisher: McCormack's Guides
Release Date : 1994-01-01
Orange County 1994 written by McCormack's Guides, Incorporated and has been published by McCormack's Guides this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-01 with categories.
Orange County Times Index 1994
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Author : Computer Software
language : en
Publisher:
Release Date : 1995
Orange County Times Index 1994 written by Computer Software and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Los Angeles times categories.