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Happy Bankruptcy Anniversary!
It was five years ago next Monday that Orange County filed the bankruptcy heard 'round the world. Treasurer Bob Citron's gamble on interest rates had gone terribly awry, and after jittery brokerage houses dumped its collateral, the county's investment pool was left with a $1.6 billion loss, dozens of clamoring government entities and A a mountain of litigation. World financial markets trembled briefly, and the national media feasted on stories about rich, cozy OC sinking into the ocean.
Today, it's a faded memory. Though less chronicled than the debacle, Orange County's recovery was almost as quick, and equally...