Robert Citron

For the aerospace engineer, see Bob Citron.
Robert Citron
Treasurer-Tax Collector of Orange County, California
In office
1970–1994
Personal details
BornApril 14, 1925
DiedJanuary 16, 2013 (aged 87)
Political partyDemocratic Party[1]
Alma materUniversity of Southern California (did not graduate)

Robert Lafee Citron (April 14, 1925 – January 16, 2013) was the longtime Treasurer-Tax Collector of Orange County, California, when it declared Chapter 9 bankruptcy on December 6, 1994. The bankruptcy was brought on by Citron's investment strategies,[2] which seemed to be an effort to earn high incomes for the county, without raising taxes, through risky, leveraged positions in bonds. The strategy paid out at first. In 1994, a cash crunch occurred when interest rates increased and financiers for the county required increased collateral from the county.[1] It was later revealed that Citron relied upon a mail-order astrologer and a psychic for interest rate predictions as the county's finances began to falter.[3]

  1. ^ a b Martin, Douglas (18 January 2013). "Robert Citron, Culprit in California Fraud, Dies at 87". The New York Times.
  2. ^ Jacque, Laurent L. (2010). Global Derivative Debacles: From Theory to Malpractice. Singapore: World Scientific. ISBN 978-981-283-770-7. Chapter 14: Orange County, pp.  221–244.
  3. ^ "Robert Citron, treasurer at center of O.C. Bankruptcy, dies". 16 January 2013.