ORANGE COUNTY

Laurent L Jacque

Chapter 14 in Global Derivative Debacles:From Theory to Malpractice, 2015, pp 221-244 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Municipal finance conjures up images of cautious and conservative investment in safe low-yielding tax-free bonds. When Orange County declared bankruptcy in December 1994 after announcing a loss of $1.65 billion it sent shock waves through capital markets: the $1 trillion municipal bond market lost one percent of its value while other California municipal bonds (exclusive of Orange County) lost as much as 3–4% in value…

Keywords: Derivatives; Debacles; Options; Swaps; Futures; Forwards; Financial Engineering; Market Manipulation; Rogue Traders; Speculation; London Whale (search for similar items in EconPapers)
Date: 2015
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