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Big Bets Gone Bad: Derivatives and Bankruptcy in Orange County. the Largest Municipal Failure in U.S. History
How can a municipal investment pool, which is supposed to be safe, lose billions of dollars? What are derivatives and how did they contribute to this tragedy?
In December 1994, Orange County became the largest municipality in U.S. history to become bankrupt. By borrowing heavily and placing the wrong bets, Orange County Treasurer Robert Citron lost $1.7 billion of Orange Co...more
In December 1994, Orange County became the largest municipality in U.S. history to become bankrupt. By borrowing heavily and placing the wrong bets, Orange County Treasurer Robert Citron lost $1.7 billion of Orange Co...more
Paperback, 176 pages
Published
September 18th 1995
by Emerald Group Publishing
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Philippe Jorion is Professor of Finance at The Paul Merage School of Business at the University of California at Irvine.
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