The Old “I was there” Thing
One disconcerting thing about getting older is that nobody tells you how weird it is to receive a passionate lecture that is totally wrong, from a much younger person, about verifiable historical events that you were a party to.
There I was and for some reason, the topic below came up. Said younger person started lecturing me on the arcane topic of 11 United States Code Chapter 9 (Municipal Bankruptcy) – 11 U.S.C. § 109(c), to wit, the 1994 Orange County California Bankruptcy. I replied most politely that the person had absolutely no idea what they were talking about. They took some umbrage at my statement. I said that I was there, led the investigation, and wrote the book.
“Oh. Never mind.”
This report constitutes a factual summary of the criminal investigation, which resulted from the Orange County Bankruptcy. It is not a comprehensive review of the investigation, and should not be construed to be such.
On December 6, 1994, the County of Orange filed for Chapter 9 bankruptcy protection. County officials believed this action was necessary because of market losses to the Orange County Investment Pool (OCIP) estimated at the time to exceed $2,500,000,000. Due to a favorable selling environment, the actual losses were later tabulated at about $1,500,000,000. The OCIP had been leveraged to $21 billion dollars.
Subsequently, the Orange County (CA) District Attorney’s Office opened an investigation to determine criminal culpability. The scope of the investigation was designed to examine whether or not a crime(s) occurred in connection with events that culminated with the bankruptcy filing.
In order to understand the criminal misconduct discovered by this investigation, it is necessary to understand the nature of the OCIP and to have an understanding of the way the investments were handled. It is also important to understand the relationships, that existed between Orange County and its political subdivisions, broker-dealers, the attorneys, which advised the County, and all the participants who had some impact on the financial collapse.
This publication is a historical account of the largest municipal bankruptcy (at the date of this publication) in the history of the United States of America.
Roman fort along Hadrian’s Wall (image from English Heritage).
Most forts along Rome’s northernmost frontier were small outposts, only large enough to house one to two centuries (80 – 160 soldiers). While legionaries built the wall, their garrisons were much further south. The wall forts, as well as the massive fortress of Vindolanda, were garrisoned by auxilia infantry and cavalry.
I don’t think that the depiction above is quite right because the Romans were big on digging defensive moats even around “their side” of the wall to defend fortifications. It was easy for an enemy to scale the wall and drop to the other side, so they needed to defend themselves in a 360-degree arc. It wasn’t only “front toward the enemy”.
Sort of along the lines of the rant above (OC Bankruptcy, I used to live in Carlisle, England, literally a block away from the turf wall that ended at Solway Firth.) The topic of the wall came up and I explained how the turf wall worked since they didn’t complete it with stone in the way it was with most of the wall. Antonine’s Wall further north was a turf wall as well. The uniformed person I spoke to explained to me how I was full of it. I explained “I lived there and saw it every day.”
“Oh. Never mind.”
** (CBS News) House Republicans voted to advance four conservative spending bills on Tuesday in a long-sought display of unity that nonetheless doesn’t move Congress any closer to preventing a government shutdown. Even if the House were to pass all four bills to fund the Departments of Defense, Homeland Security, State, and Agriculture for another year, they contain spending cuts that make them dead on arrival in the Senate, where Democrats are working on their own solution to avoid a shutdown. Read More
** I mentioned in comments a couple of days ago that I’m pursuing a BS in Geology and doing some upper-division research work (GEO 499) now that will lead to a master’s thesis (why buy the same horse twice?). There are variances in the 0.706 87Sr/86Sr line. The explanation of why the strontium line exists is somewhat clear, (as with the differences in silica content between ocean crust and continental plates) but there are some slight variations that have been noted. One in particular is due (I postulate) because of volcanism. I’m using some paleomagnetic data to confirm what I think has happened. I’m not doing it for money or for “the next job” because I’m old. And I have a job. But much of that is managed at night (while Asia is awake). I’m just doing this to learn. The disparity in locations makes the 87Sr/86Sr 0.706 contours unsuitable as a proxy for the “absolute” edge of North America (the craton). However silica content in lava (basalt to rhyolite in extremes) tells a story too particularly when combined with paleomagnetic findings. I realize that this blog has readers who think that the world is 6,000 years old, and that’s fine. Your results may differ.
** These fossilized crinoids look like they came from another planet. They are related to starfish and sea urchins and are 280 million years old.
** Twitter or X – Wei Wu 吴伟
Abortion not good. Why? In China once was one child policy. This mean family only can have 1 child. Many abort kid of girl. I’m lucky. My family do not abort me when find out I’m girl. I’m Alice because my family do not conduct abortion. i’m alive. not i’m alice. this is typing error.
Identify the Aircraft