one place most insulated from these financial pressures; known as the home of Disneyland, aerospace and high-tech industries, good school districts, and a stronghold of conservative politics. Just days after the 1994 election ushered a Republican congress on a platform of fiscal restraint, the county reluctantly announced that it had lost more than $1.6 billion in risky investments. When its lender banks began to seize ___________ ___________ securities as collateral, the county filed for Chapter 9 ______________. Treasurer Bob Citron borrowed twice as much money as he had on deposit, nearly tripling the size of the county's investment pool, to purchase high-risk, high-yield securities. The factors that made the fiscal crisis possible: political fragmentation, voter distrust, and state austerity. ____________ lasted 18 months, but its effects will be felt for a long time to come.
Orange Country bankruptcy