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Article: Citron blames Merrill brokers for Orange County bankruptcy. (former Orange County, California, treasurer Robert L. Citron; Merrill Lynch and Company Inc.)
- Article from:
- The Bond Buyer
- Article date:
- January 18, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SACRAMENTO -- In his first public comments since resigning, former Orange County treasurer-tax collector Robert L. Citron yesterday placed the blame for the nation's largest municipal bankruptcy largely on the shoulders of Merrill Lynch & Co.
Deflecting accusations that he alone was at fault, Citron said he trusted the advice of top Merrill Lynch brokers, and specifically the market projections of Charles I. Clough Jr., the firm's chief investment strategist.
"I relied on the expert advice of financial professionals," Citron told a 10-member state Senate committee investigating the debacle. "In retrospect, it is clear that I followed the wrong course."
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