No Business as Usual With Merrill Lynch

Re “Go Slow on Merrill Lynch Ties,” Editorial, July 7:

It was my dear friend Steve de Graaf who drove from Los Angeles County immediately after I lost the election to former Orange County Treasurer-Tax Collector Robert L. Citron and gave me this advice: “Be better, not bitter.”

The Orange County bankruptcy occurred as the result of a large group of well-meaning people that failed to see the red flags because their eyes were closed. Many have moved on to such jobs as executive director of the Orange County Business Council and the head of the Peace Corps. Many have left the firms whose reputations were soiled by their acts of duplicity.

After seven-plus years, many of us have moved on and exercised grace and forgiveness. Both are very difficult to do. Holding a grudge is the easy road to take. I am guilty of it on a regular basis. But the better side of our conscience tells us we would be healthier in a relationship if we forgive those who have trespassed against us.

The mention of Merrill Lynch still makes me bristle. After all, it was the “County of Orange and John M.W. Moorlach vs. Merrill Lynch & Co.”

The Times insists on a “go slow” approach with restoring “business as usual.” Believe me, it won’t be business as usual. My department selects low-risk investment products while they are available every morning from broker/dealers. We won’t have advisors or another Michael Stamenson when buying products from Merrill Lynch. If its product is competitive and fits, we push the button and we’ve acquired it. Not using Merrill Lynch loses the taxpayers of this county money in missed opportunity costs.

It’s time to move on. Most of us have. We’re smarter and more mature now. It’s time to “be better, not bitter.”

John M.W. Moorlach

Orange County

treasurer-tax collector