ORANGE COUNTY IN BANKRUPTCY : WHAT HE SAID

April 28, 1994: “If rates continue to rise even further, we may need to liquidate some securities. However, we do have several strategies in mind that would counter such an occurrence.” (In a letter to Tri-Cities Municipal Water District General Manager Peter J. Oeth)

Nov. 30, 1994: “The pool does, in fact, have a liquidity problem. Further market losses are probable until interest rates stabilize. . . . If all depositing participants in the investment pool remain in the investment pool, it is quite possible that the market value losses will not become real losses.” (Transcript of conference call including Citron and New York brokers)

Dec. 1, 1994: “It’s a liquidity problem. It’s something we need to work through, but it is not a crisis and it is not catastrophic.” (Attempting to minimize portfolio losses as county officials make first public disclosure of the crisis)

Dec. 21, 1994: “It would be fair to say that anywhere I went I was explaining what Mr. Citron’s investment strategy was. I never had anything to do with devising investment strategy.” (In interview with Times reporter)

Jan. 17, 1995: “My knowledge of the county’s investments comes from information provided to me by others who had direct and primary responsibility for such investments.” (Portion of testimony to state Senate Special Committee on Local Government Investments)

March 3, 1995: “I do not choose to testify under these conditions.” (At state Senate special committee hearing)