ORANGE COUNTY IN BANKRUPTCY

“I feel the problem in Orange County must be dealt with by the Board of Supervisors. They are the elected officials. They are the policy-makers, and I find it absolutely crazy (to) . . . think that the Board of Supervisors could sit there over the years and not have control over their employees.”

--Sen. Cathie Wright (R-Simi Valley)

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“We believe that the Orange County financial collapse and bankruptcy filing resulted from nothing really short of a reckless abuse of public trust. . . . We do not believe the losses should have occurred or would have occurred if there was appropriate legislation and all parties acted in a responsible manner.”

--Eli Broad, Chairman of a private panel that investigated the financial crisis

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“No unsophisticated city, county, school district . . . is safe as long as these firms are allowed to operate with impunity in the state of California.”

--Sen. Quentin Kopp (I-San Francisco), referring to brokerages and calling for a ban on borrowing and derivatives purchases by public funds

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“Oversight responsibilities were vested with the county auditor, outside auditors doing treasurer audits, Wall Street rating agencies, outside law firm bond counsel, the county counsel, financial advisers, etc. . . . Supervising the treasurer, his investment policy or supervising any other elected agency head was not within my scope of authority.”

--Ernie Schneider, Former county administrative officer