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Orange County
In December 1994 Orange County Municipality announced that it had lost US$1.6 billion (R12 billion) through its investment pool. This was the largest loss recorded by a local government investment pool, and led to the bankruptcy of the county shortly thereafter.
The loss occurred due to unsupervised trading activity of the County Treasurer, Bob Citron. Bob was entrusted with a US$7.6 billion (approx. R57.8 billion) pool of funds belonging to county schools, cities, special districts and Orange County itself. He was best known for delivering above normal (2% higher than the comparable state pool) returns in financially lean times and as such everyone flocked to him with their investments.
Bob was able to increase his earnings by investing in derivatives securities and leveraging his portfolio to the maximum. The underlying assumption in his investments was that interest rates would fall or remain low. In February 1994, however, the Federal Reserve Bank started a series of six consecutive interest rate increases, which led to major losses in the bond market. This resulted in a US$1.6 billion (approx. R12.2 billion) loss in Bob's portfolio.
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