Robert Citron | |
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Treasurer-Tax Collector of Orange County, California | |
In office 1970–1994 | |
Personal details | |
Born | April 14, 1925 |
Died | January 16, 2013 (aged 87) |
Political party | Democratic Party[1] |
Alma mater | University 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]