BLINDSIDED / ORANGE COUNTY’S FINANCIAL CRISIS : In the Eye of the Storm
ROBERT L. CITRON
Citron, 69, Orange County’s treasurer and tax collector after public disclosure that the value of his investment fund had lost at least $1.5 billion, 20% of its capital.
A HIGH ROLLER
His investment policies were earning unusually high returns, attracting governmental investors from outside Orange County. In a Times interview in 1988, he boasted about making $122,700 for county government through a single overnight transaction.
POLITCAL SUCCESS
He was first elected county tax collector in 1970, taking office in 1971 and immediately applying his personal stamp.
His only opposition to reelection came early this year from an accountant who said Citron’s tactics were too risky. Citron pooh-poohed the criticism and won easily.
A PERSONAL TOUCH
Soon county taxpayers were instructed on their tax bills to make their checks out to Citron by name. Tax envelopes bore the maxim “Citron Says: Taxes Paid on Time Never Draw Fines.” When a county supervisor objected, Citron mockingly held a contest for a new jingle, himself suggesting “A diller, a dollar, pay your taxes or I’ll holler.”
DODGING THE SPOTLIGHT
Since the fund’s troubles were disclosed, he has remained in seclusion, refusing interviews and issuing only a terse denial that any of his actions were for the benefit of brokers.
