How much damage can one worthless Republican hack politician do? In the case of O.C. Treasurer Chriss Street, quite a lot. Millions in fact.
“Treasurer-Tax Collector Chriss Street’s $800 million bet on complex securities “was an imprudent pursuit of yield compromising the safety of principal,” the Orange County Grand Jury reported Tuesday,” according to the O.C. Register.
Another worthless O.C. GOP hack, Auditor-Controller David Sundstrom, chairs the five-member oversight committee that was supposed to prevent Street from blowing millions of public dollars on stupid investments. Sundstrom’s committee was fingered by the Grand Jury for essentially being lame.
Naturally, the O.C. Supervisors, who are all awful Republicans, appointed Sundstrom’s ineffective committee. That figures!
Street already sold one SIV for a six million dollar loss! And another one, named Whistlejacket, is tanking too. God knows how much we will lose on that one!
I wonder how many of OC GOP consultant John Lewis’ hacks work for Street and Sundstrom?
Nobody seems to have learned much since the last meltdown about investing in risking items. Great when they are going up, but hard on the taxpayers when they tank. So much for watching the money carefully.
The Board of Supervisors also sets investment policy that the Treasurer is to follow. Ultimately, the Board is responsible in spite of their smoke and mirrors efforts to sell the public on believing that they are not.
dont know much about this , but i see art is as usual bashing a rep everyday . how much damage can a republican hack do . gee art lets see how much damage can a democrat hack do = see your pal hussian nobama .
How can this be, the county high-brows fixed this problem years ago after the Citron BK, with the new high priced job of county manager.
Apparently the supervisors then failed to fix the system and the supervisors of today are incapable of fixing the broken overpriced management system operated by the County of Orange.
Seems to me that a complete reworking of the county is needed to fix its problem of over priced ineffectual management.
No. 4, Cook. Don’t look now, but the problem is with the people we elect to these offices. They are not the brightest bulbs in the chadelier, generally, and often succumb to the temptations that come with being treated like a rock star. If you monitor government corruption and malfeasance over the decades, as I have, you find a pattern of electeds going to jail etc. for corruption, whereas few government employees seem to get in that kind of trouble. Some do, but it seems that by far the electeds, from Citron to Duke Cunningham to Sheriff Carona are primarily the ones that let the taxpayers down. Next time you get ready to cast your vote for a candidate in an election, pause for a moment to think about the kind of person you are entrusting elected office to.
Yes Older, I agree with you that the elected officials are ineffectual rank amateurs , but that is the price we pay for term limits.
But they can not game the systems without the help of, and knowledgeable assistances of the executive staff. AKA “the inside job.”