Will OC go bankrupt again?

[muzie_IHB]

Knowing the propensity for our local treasury to fool around with risky derivatives that "aren't supposed to go bad" but inevitably do whenever the "unthinkable" happens, how solvent do you think the county will be?



They must have bought some of the worthless mortage-backed securities out there. Economy slowing down, property and corporate taxes shortfall, markets going bad, lack of liquidity = county runs in the red.



The state is already <a href="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/23/BAFJ11UH46.DTL&tsp=1">forcing paycuts on state workers</a>.

 

[NoWowway_IHB]

If they had the top 1,000 employees ( who make nearly 200k and up to over 700k per year) take a 20% pay cut, maybe they could spare the lower wage earners, which would help prevent more unnecessary financial capitulations in CA.

 

[graphrix_IHB]

If you search the forums for Chrissy Street, then I am sure you find some great [strike]posts[/strike] rants of mine about that moron. In fact, in the headlines thread I took a pot shot at how much money that idiot has lost on paper, not to mention the fact the SIVs are not marked to market. Good thing I had some level headed friends with me when I saw Moorlach walking down the street, otherwise I might have been in a bit of trouble for yelling at him to find his balls and get rid of the lying douchebag of an investment manager Chrissy Street is.