The liquidity of the Orange County Treasurer’s Investment Pool was hammered last week as the City of Tustin withdrew $40 million and the State of California announced its intentions to soon pull out another $90 million. It was also reported that no other member of the Auditor-Controller bureaucracy is willing to accept the head job, following the resignations of County Treasury Oversight Chairman George Jefferies and the exit of the Auditor-Controller David Sundstrom and Assistant Auditor-Controller Shaun Skelly. In a move reminiscent of the listing Titanic telling passengers after hitting the iceberg that the band will continue to play on deck for their enjoyment, the office of the Orange County Treasurer that manages local schools payroll and savings accounts sought to reassure a Friday meeting of school Superintendents that there was a “70% chance they would be able to get their money and only a 30% they would not.” Continue reading