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Article: Orange County financial fiasco causes little damage at L.A. banks. (Los Angeles County, California)
- Article from:
- Los Angeles Business Journal
- Article date:
- December 19, 1994
- Author:
CopyrightCOPYRIGHT 1994 CBJ, L.P. 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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The Orange County investment disaster has caused limited damage at California banks and thrifts, and Los Angeles County-based financial institutions have been left unscathed, according to industry experts.
The revelation this month that Orange County's investment fund lost $2 billion and the county's filing for Chapter 9 bankruptcy protection have perturbed investors in California banks and thrifts.
They are concerned because financial institutions routinely invest in municipal bonds and extend credit to California municipalities. Orange County's financial problems place in doubt the value of bonds issued by Orange County agencies and the agencies' ability to ...