Originally posted on 07/19/2013:
Robert Lafee Citron (April 14, 1925 – January 16, 2013) was a Democratic Party politician who was the longtime Treasurer-Tax Collector of Orange County, California, when it declared Chapter 9 bankruptcy on December 6, 1994. Citron was the only Democrat to hold office in heavily Republican Orange County at the time. The bankruptcy was brought on by Citron's investment strategies,[1] which seemed to be an effort to earn high incomes for the county without raising taxes through risky, leveraged positions in interest-rate derivative contracts. The strategy paid out at first. In 1994, a cash crunch occurred when interest rates increased and financiers for the county required increased collateral from the county.Orange County was at the time the largest American county to have gone bankrupt, when in 1994 longtime treasurer Robert Citron's investment strategies left the county with inadequate capital to allow for any rise in interest rates for its trading positions. When the residents of Orange County voted down a proposal to raise taxes in order to balance the budget, bankruptcy followed soon after. Citron later pleaded guilty to six felonies regarding the matter.
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