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Former Orange County Treasurer Chriss Street discusses the major financial crisis that is about to hit Orange County, California and the nation. Like the Titanic hitting an iceberg so will Orange county by June 2012. The OC crisis will have world-wide implications. Chriss has a reputation as one of America's leading financial experts who has a particular sense for institutions and governmental agencies in crisis. Chriss was involved in the Lincoln Savings & Loan scandal of the late 1980's, the discovery of Steven Wagner who was the CFO of an Orange County school district who was embezzling millions of dollars from the school district. Chriss’ investigation of Wagner led him to discover that the very district which lost money through the embezzlement was about to lose millions more through an investment scam by large corporate financiers. Above Chriss’ protestations the district went forward with the scam. Chris soon discovered that the scam was county wide and took his concern to various oversight agencies only to find the oversight agencies were also involved in the same scam pitched by the same corporate financiers! Turning to the press both print and electronic Chriss found none of them would listen or report his findings. Several months after Chriss’ discovery on December 4, 1994 Orange County declared bankruptcy in what was the nation’s largest municipal bankruptcy. The ramifications of the OC BK have reverberated through California’s political and economic environment since. In fact many feel the 1994 OC BK was a ‘Cloward & Piven move designed to create a crisis in OC Government for political reasons that have influenced both California and national politics to this day.
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