No One Looks Good in Pictures Painted by Grand Jury Probe : Transcripts: Those involved detail deceit in year before bankruptcy, frantic finger-pointing as magnitude of investment pool losses became clear.
ANATOMY OF A MELTDOWN
WORD ASSOCIATION
“You, you and you. You’re all in big trouble over this.”--Supervisor Roger R. Stanton to the county’s chief administrator, top auditor and assistant treasurer on Dec. 6, 1994, the day the county declared bankruptcy.
“They told me they didn’t want department heads informed, because [they] were greedy, particularly the people ... responsible for social welfare programs, the sheriff, people in health care.”--Former Assistant Treasurer Matthew Raabe, who testified that higher-ups urged him not to tell anyone that interest earnings were being siphoned off into a special fund for emergencies.
“Follow-up should be oblique. Not suggest any particular direction. Otherwise, might plant seed for [the U.S. Securities and Exchange Commission’s] follow-up.”-- Notes taken by Robert Austin, deputy county counsel, after county was contacted by an SEC attorney in April 1994 inquiring about county’s investment practices.
Source: Transcripts of the Orange County Grand Jury
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