Merrill Lynch Is Not the Only One to Blame
* The obliteration of the truth of the Orange County bankruptcy goes on.
I read the disgusting July 26 article painting Merrill Lynch as the only bad guy, manipulator of poor little ol’ weak-brained former County Treasurer Robert Citron, formerly widely acclaimed as the savviest county treasurer in the United States and former president of the statewide treasurers’ association, an honor not given to nitwits.
He presided over years of brinkmanship investing of the people’s money almost purely for ego, based on tenuous but impressive results. For crying out loud! What kind of person would invest public funds entrusted to him in something, the thought of which “was so uncomfortable he felt sick and was having chest pains.” The only praise I can think of for him is that he had the decency to suffer chest pains.
As grossly inaccurate as the picture of Merrill Lynch and Citron is the total omission, let alone criticism, of our vaunted county supervisors, who presided, though that’s not the actual word, over this loose cannon of theirs.
What ever happened to President Harry S. Truman’s fine example: “The buck stops here.”
EDWARD M. EGAN
Laguna Hills
* I have been following the recently released transcripts from the Orange County fiasco.
Did not Merrill, according to your report, offer to take Citron out of his positions twice and both times at a profit? On both occasions Citron refused. Yea!
Merrill is partly at fault, but so were the treasurer and the Board of Supervisors who depended on the treasurer’s high return during tight budget years. Obviously the “buck stops here” theory is not recognized by the county’s elected government, so let’s not be nice and spread the blame around to all parties.
Unfortunately for the taxpayers, the Board of Supervisors and the treasurer don’t have $437 million to spare.
DANIEL A. THURBER
Buena Park
* The July 24 headline, “After Merrill Debate, Profit Beat Prudence,” needed a subtitle. Like: Who counts? Me or them?
Them, being those who lost their jobs, opportunities, lifestyles earned by hard work because of the uncaring attitudes of those associated with the failures and losses.
What kinds of examples are being set for today’s generation, many of whom are lost to gangs, drugs, inertia before they ever even begin to make the journeys in life?
I hope my five grandchildren learn early: While it is OK to get ahead, it is not OK to drown those who are toting you across the river!
At the bottom line, “making the world a better place” is not just conversation and a bunch of words but deeds aimed toward accomplishment.
JUDITH JACOVITZ
Laguna Hills
