Is it true that Orange Country, CA declared bankruptcy in 1994?
Yes they declared bankruptcy. There were prosecutions because when the betting strategy on the retirement funds took some loses it was decided that the high risk, high return investment program was wrong. The investment program was of putting a major portion on the funds into derivatives [betting on how others are betting] and in high sight it was descibed by those who had been bragging about how astute they were when winning and hund the countys CFO out to dry.